Summary by Moomoo AI
On November 7, 2024, SkyWater Technology, Inc. reported its financial results for the third quarter of 2024, which ended on September 29, 2024. The company announced a significant year-over-year revenue increase of 31% to a record $93.8 million. Gross margin also saw an improvement, rising to 21.6% on a GAAP basis and 22.3% on a non-GAAP basis. Net income to shareholders was reported at $1.5 million, or $0.03 per diluted share on a GAAP basis, and $3.6 million, or $0.08 per diluted share on a non-GAAP basis, marking a turnaround from a net loss in the same quarter of the previous year. Adjusted EBITDA for the quarter was $11.0 million, or 11.7% of revenue. CEO Thomas Sonderman highlighted the company's strong quarter, with records in revenues and earnings, and pointed...Show More