Summary by Moomoo AI
SkyWater Technology achieved its eighth consecutive quarter of record revenue, reaching $93.3 million in Q2 2024, up 34% YoY. Advanced Technology Services (ATS) revenue grew 18% YoY to $61.7 million, while tools revenue increased significantly to $25.9 million. The company reported a GAAP net loss of $1.9 million but achieved non-GAAP net income of $0.8 million.Gross margin decreased to 18.3% on a GAAP basis from 23.9% in Q2 2023, while adjusted EBITDA was $8.1 million or 8.7% of revenue. The company made significant progress in cost-control efforts, enabling positive non-GAAP EPS and strong operating cash flow generation.Recent highlights include accelerated demand in aerospace and defense programs, successful transition of Quantum-Si's technology to Wafer Services, and installation of Multibeam's direct-write patterning system. The company also achieved a milestone in Florida operations with the delivery of its first fan-out wafer-level packaging tool, preparing for an expected 2025 ramp of advanced packaging services.