SkyWater Technology, a U.S.-based independent technology foundry, reported a significant increase in revenue for fiscal year 2023, with a 35% rise to $286.7 million compared to $212.9 million in fiscal year 2022. The company's gross profit saw a substantial increase of 128%, reaching $59.3 million, up from $26.0 million in the previous year. Despite these gains, SkyWater experienced a net loss of $25.1 million, which was a 32% improvement from the $36.9 million net loss in fiscal year 2022. The company attributes the revenue growth primarily to an increase in Advanced Technology Services (ATS) development revenue, driven by U.S. government programs and activity in cloud and computing end markets. SkyWater's business development has been marked by its Technology as a Service (TaaS) model and Wafer Services, which...Show More

SkyWater Technology, a U.S.-based independent technology foundry, reported a significant increase in revenue for fiscal year 2023, with a 35% rise to $286.7 million compared to $212.9 million in fiscal year 2022. The company's gross profit saw a substantial increase of 128%, reaching $59.3 million, up from $26.0 million in the previous year. Despite these gains, SkyWater experienced a net loss of $25.1 million, which was a 32% improvement from the $36.9 million net loss in fiscal year 2022. The company attributes the revenue growth primarily to an increase in Advanced Technology Services (ATS) development revenue, driven by U.S. government programs and activity in cloud and computing end markets. SkyWater's business development has been marked by its Technology as a Service (TaaS) model and Wafer Services, which cater to high-growth markets such as advanced compute, A&D, automotive, bio-health, and industrial sectors. The company's future plans include applying for funding through the CHIPS and Science Act to modernize and upgrade equipment at its Minnesota facility, aiming to enhance production capabilities. SkyWater's financial performance indicates a strategic focus on differentiated technology development and manufacturing services, positioning itself to benefit from the U.S. government's renewed focus on semiconductor technology and manufacturing.