SkyWater Technology, Inc. reported its financial results for the first quarter of 2024 on May 8, 2024. The company announced a 20% year-over-year increase in revenue, reaching a record $79.6 million. However, gross margins declined to 16.3% on a GAAP basis and 16.9% on a non-GAAP basis, compared to 24.9% and 25.7% in the first quarter of 2023, respectively. The net loss to shareholders widened to $5.7 million, or $0.12 per share on a GAAP basis, and $3.7 million, or $0.08 per share on a non-GAAP basis. This is an increase from the net loss of $4.3 million, or $0.10 per share on a GAAP basis, and $2.4 million, or $0.06 per share on a non-GAAP basis in Q1 2023. Adjusted EBITDA for the quarter was $4.9 million, or 6.2% of revenue, a decrease from $8.1 million, or...Show More

SkyWater Technology, Inc. reported its financial results for the first quarter of 2024 on May 8, 2024. The company announced a 20% year-over-year increase in revenue, reaching a record $79.6 million. However, gross margins declined to 16.3% on a GAAP basis and 16.9% on a non-GAAP basis, compared to 24.9% and 25.7% in the first quarter of 2023, respectively. The net loss to shareholders widened to $5.7 million, or $0.12 per share on a GAAP basis, and $3.7 million, or $0.08 per share on a non-GAAP basis. This is an increase from the net loss of $4.3 million, or $0.10 per share on a GAAP basis, and $2.4 million, or $0.06 per share on a non-GAAP basis in Q1 2023. Adjusted EBITDA for the quarter was $4.9 million, or 6.2% of revenue, a decrease from $8.1 million, or 12.3% of revenue in the same quarter of the previous year. The company's CEO, Thomas Sonderman, highlighted strong momentum and revenue growth, particularly in the Advanced Technology Services business, despite lower tool revenue due to delays in equipment deliveries. SkyWater anticipates continued revenue growth in 2024, driven by its unique business model and customer-funded capital investments, which have exceeded $100 million since 2020, with a pipeline over the next three years anticipated to be in the range of $200 million.