SkyWater Technology reported strong Q3 2024 financial results with revenue increasing 31% to $93.8 million compared to $71.6 million in Q3 2023. The company achieved net income of $1.5 million, a significant improvement from a net loss of $7.6 million in the prior year quarter. Gross profit rose 43% to $20.2 million, with operating income reaching $4.7 million compared to a loss of $4.2 million in Q3 2023.The revenue growth was primarily driven by a $27.5 million increase in tools revenue and a $2.5 million rise in Advanced Technology Services (ATS) development revenue, partially offset by a $7.8 million decrease in Wafer Services revenue. The improvement in profitability was supported by lower operating costs, including reduced consulting expenses and improved collections, while maintaining strong operational execution.Looking ahead, SkyWater maintains a solid financial position with $20.7 million in cash and $75.6 million available under its revolving credit facility. The company continues to invest in development and manufacturing capabilities, with $15.8 million spent on capital expenditures during the first nine months of 2024. Management remains focused on executing its technology development roadmap while maintaining operational efficiency and strong customer relationships.

SkyWater Technology reported strong Q3 2024 financial results with revenue increasing 31% to $93.8 million compared to $71.6 million in Q3 2023. The company achieved net income of $1.5 million, a significant improvement from a net loss of $7.6 million in the prior year quarter. Gross profit rose 43% to $20.2 million, with operating income reaching $4.7 million compared to a loss of $4.2 million in Q3 2023.The revenue growth was primarily driven by a $27.5 million increase in tools revenue and a $2.5 million rise in Advanced Technology Services (ATS) development revenue, partially offset by a $7.8 million decrease in Wafer Services revenue. The improvement in profitability was supported by lower operating costs, including reduced consulting expenses and improved collections, while maintaining strong operational execution.Looking ahead, SkyWater maintains a solid financial position with $20.7 million in cash and $75.6 million available under its revolving credit facility. The company continues to invest in development and manufacturing capabilities, with $15.8 million spent on capital expenditures during the first nine months of 2024. Management remains focused on executing its technology development roadmap while maintaining operational efficiency and strong customer relationships.