Eighth Straight Quarter of Record Revenue
and 34% Growth Year-Over-Year
SkyWater Technology, Inc. (NASDAQ: SKYT), the trusted technology
realization partner, today announced financial results for the
second quarter 2024 ended June 30, 2024.
Financial Highlights for Q2 2024:
- Revenue increased 34% year-over-year to a record $93.3
million.
- Gross margin decreased to 18.3% on a GAAP basis, compared to
23.9% in Q2 2023, and decreased to 18.9% on a non-GAAP basis,
compared to 25.3% in Q2 2023.
- Net loss to shareholders of $1.9 million, or $0.04 per share on
a GAAP basis, and net income to shareholders of $0.8 million, or
$0.02 per share on a non-GAAP basis, compared to net loss to
shareholders of $8.6 million, or $0.19 per share on a GAAP basis,
and net loss to shareholders of $2.0 million, or $0.04 per share on
a non-GAAP basis in Q2 2023.
- Adjusted EBITDA of $8.1 million, or 8.7% of revenue, compared
to $10.3 million, or 14.7% of revenue in Q2 2023.
“We are pleased to report continued strong results for our
unique and differentiated Advanced Technology Services business,
which – coupled with record levels of customer-funded CapEx – drove
another record revenue quarter and positive non-GAAP EPS,”
commented Thomas Sonderman, SkyWater Chief Executive Officer. “With
continued progress in efficiency gains, our second quarter results
are indicative of the new revenue baseline required to support
future profitability and positive cash flow from operations as we
move into next year and beyond. With our revenue outlook for the
underlying business remaining relatively consistent as we have
progressed through 2024, our customers’ commitments to fund the
technical capabilities and capacity that will support future growth
have continued to expand further. We believe these unprecedented
levels of customer co-investment make SkyWater a uniquely
CapEx-light semiconductor manufacturing partner, with an expanding
gross margin profile and significant earnings growth potential in
the years to come.”
Recent Business Highlights:
- Advanced Technology Service (ATS) development revenue exceeded
expectations to reach a new record in Q2, reflecting strong
operational execution and improved cycle times in response to
accelerated demand on multiple aerospace and defense programs.
- Record revenue results, along with significant progress
achieved in our ongoing cost-control efforts, enabled positive
non-GAAP EPS along with strong operating cash flow generation in
Q2.
- In next-generation medical applications, through our recent ATS
collaboration with Quantum-Si, we are now transitioning their
baseline technology to Wafer Services, a key milestone as they
progress commercialization efforts for their state-of-the-art
proteome sequencing technology.
- The recent installation of Multibeam’s high-productivity,
direct-write patterning system is a key development supporting
strong customer demand for our Technology as a Service (“TaaS”)
business model. The first-of-its-kind Multicolumn E-Beam
Lithography (MEBL) system enables advanced lithography capability
from early-concept prototyping through the production ramp.
- The recent delivery of the first fan-out wafer-level packaging
tool to SkyWater Florida is a significant milestone as we
accelerate the tooling and facilitation of our operations in
preparation for an expected 2025 ramp of our advanced packaging
service offering.
Q2 2024 Summary:
GAAP
In millions, except per share data
Q2 2024
Q2 2023
Y/Y
Q1 2024
Q/Q
ATS development revenue (1)
$61.7
$52.1
18%
$61.2
1%
Tools revenue (2)
$25.9
$0.9
NM
$8.5
206%
Wafer Services revenue
$5.8
$16.8
(66)%
$10.0
(42)%
Total revenue
$93.3
$69.8
34%
$79.6
17%
Gross profit
$17.1
$16.7
3%
$13.0
32%
Gross margin
18.3%
23.9%
(560) bps
16.3%
200 bps
Net loss to shareholders
$(1.9)
$(8.6)
78%
$(5.7)
67%
Basic loss per share
$(0.04)
$(0.19)
79%
$(0.12)
67%
Net loss margin to shareholders
(2.0)%
(12.3)%
1,030 bps
(7.2)%
520 bps
__________________
NM - Not meaningful
(1)
ATS development revenue
represents GAAP revenue primarily derived from process development
services, tool installation and qualification services, facility
and tool access, and security services.
(2)
Tools revenue and cost of tools
revenue represents GAAP revenue and cost primarily derived from the
procurement and subsequent sale of equipment to our customers.
While this equipment is owned by our customers, the equipment is
retained in one of SkyWater’s fabs and is used to complete ATS
customer programs.
Non-GAAP
In millions, except per share data
Q2 2024
Q2 2023
Y/Y
Q1 2024
Q/Q
Non-GAAP gross profit
$17.6
$17.7
—%
$13.4
31%
Non-GAAP gross margin
18.9%
25.3%
(640) bps
16.9%
200 bps
Non-GAAP net income (loss) to
shareholders
$0.8
$(2.0)
NM
$(3.7)
NM
Non-GAAP basic income (loss) per share
$0.02
$(0.04)
NM
$(0.08)
NM
Adjusted EBITDA
$8.1
$10.3
(21)%
$4.9
65%
Adjusted EBITDA margin
8.7%
14.7%
(600) bps
6.2%
250 bps
__________________
NM - Not meaningful
Q2 2024 Results:
- Revenue: Revenue of $93.3 million increased 34%
year-over-year. ATS development revenue of $61.7 million increased
18% year-over-year. Tools revenue was $25.9 million in the second
quarter of 2024 compared to $0.9 million in the second quarter of
2023. Wafer Services revenue of $5.8 million decreased 66% compared
to the second quarter of 2023.
- Gross Profit: GAAP gross profit was $17.1 million, or
18.3% of total revenue, compared to gross profit of $16.7 million,
or 23.9% of total revenue, in the second quarter of 2023. Non-GAAP
gross profit was $17.6 million, or 18.9% of total revenue, compared
to non-GAAP gross profit of $17.7 million, or 25.3% of total
revenue, in the second quarter of 2023.
- Operating Expenses: GAAP operating expenses were $15.7
million, compared to $20.2 million in the second quarter of
2023.
- Net Loss: GAAP net loss to shareholders was $1.9
million, or $0.04 per share, compared to a net loss to shareholders
of $8.6 million, or $0.19 per share, in the second quarter of 2023.
Non-GAAP net income to shareholders was $0.8 million, or $0.02 per
share, compared to a non-GAAP net loss to shareholders of $2.0
million, or $0.04 per share, in the second quarter of 2023.
- Adjusted EBITDA: Adjusted EBITDA was $8.1 million, or
8.7% of total revenue, compared to $10.3 million, or 14.7% of total
revenue, in the second quarter of 2023.
A reconciliation between historical GAAP and non-GAAP
information is contained in the tables below in the section titled
“Non-GAAP Financial Measures.”
Investor Webcast
SkyWater will host a conference call on Wednesday, August 7,
2024, at 3:30 p.m. CT to discuss its second quarter 2024 financial
results. A live webcast of the call will be available online at
IR.SkyWaterTechnology.com.
About SkyWater Technology
SkyWater (NASDAQ: SKYT) is a U.S.-based semiconductor
manufacturer and a DMEA-accredited Category 1A Trusted Supplier.
SkyWater’s Technology as a Service model streamlines the path to
production for customers with development services, volume
production and heterogeneous integration solutions in its U.S.
facilities. This pioneering model enables innovators to co-create
the next wave of technology within diverse categories including
mixed-signal CMOS, ROICs, rad-hard ICs, MEMS, superconducting ICs,
photonics and advanced packaging. SkyWater serves the growing
markets of aerospace & defense, automotive, biomedical,
industrial and quantum computing. For more information, visit:
www.skywatertechnology.com.
Cautionary Statement Regarding Preliminary Results
The Company’s results for the second quarter ended June 30, 2024
are preliminary, unaudited and subject to the finalization of the
Company’s second quarter review and full-year audit and should not
be viewed as a substitute for full financial statements prepared in
accordance with GAAP. The Company cautions that actual results may
differ materially from those described in this press release.
SkyWater Technology Forward-Looking Statements
This press release contains “forward-looking” statements within
the meaning of the Private Securities Litigation Reform Act of
1995, including statements that are based on the Company’s current
expectations or forecasts of future events, rather than past events
and outcomes, and such statements are not guarantees of future
performance. Forward-looking statements include all statements
other than statements of historical fact contained in this
presentation, including information or predictions concerning the
Company’s future business, results of operations, financial
performance, plans and objectives, competitive position, market
trends, and potential growth and market opportunities. In some
cases, you can identify forward-looking statements by words such as
“intends,” “estimates,” “predicts,” “potential,” “continues,”
“anticipates,” “plans,” “expects,” “believes,” “should,” “could,”
“may,” “will,” “targets,” “projects,” “seeks” or the negative of
these terms or other comparable terminology.
Forward-looking statements are subject to risks, uncertainties
and assumptions, which may cause the Company’s actual results,
performance or achievements to be materially different from those
expressed or implied by such forward-looking statements. Key
factors that could cause the Company’s actual results to be
different than expected or anticipated include, but are not limited
to: our goals and strategies; our future business development,
financial condition and results of operations; our ability to
continue operating our fabrication facilities at full capacity; our
ability to appropriately respond to changing technologies on a
timely and cost-effective basis; our customer relationships and our
ability to retain and expand our customer relationships; our
ability to accurately predict our future revenues for the purpose
of appropriately budgeting and adjusting our expenses; our
expectations regarding dependence on our largest customers; our
ability to diversify our customer base and develop relationships in
new markets; the performance and reliability of our third-party
suppliers and manufacturers; our ability to procure tools,
materials, and chemicals; our ability to control costs, including
our operating and capital expenses; the size and growth potential
of the markets for our solutions, and our ability to serve and
expand our presence in those markets; the level of demand in our
customers’ end markets; our ability to attract, train and retain
key qualified personnel in a competitive labor market; adverse
litigation judgments, settlements or other litigation-related
costs; changes in trade policies, including the imposition of
tariffs; our ability to raise additional capital or financing; our
ability to accurately forecast demand; the level and timing of U.S.
government program funding; our ability to maintain compliance with
certain U.S. government contracting requirements; regulatory
developments in the United States and foreign countries; our
ability to protect our intellectual property rights; our ability to
meet our long-term growth targets; and other factors discussed in
the “Risk Factors” section of the annual report on Form 10-K the
Company filed with the SEC on March 15, 2024 and in other documents
that the Company files with the SEC, which are available at
http://www.sec.gov. The Company assumes no obligation to update any
forward-looking statements, which speak only as of the date of this
press release.
SKYWATER TECHNOLOGY,
INC.
Condensed Consolidated Balance
Sheets
(Unaudited)
June 30, 2024
December 31, 2023
(in thousands, except share
data)
Assets
Current assets
Cash and cash equivalents
$
18,362
$
18,382
Accounts receivable (net of allowance for
credit losses of $433 and $180, respectively)
52,237
65,961
Contract assets (net of allowance for
credit losses of $49 and $99, respectively)
18,467
29,666
Inventory
14,614
15,341
Prepaid expenses and other current
assets
16,732
16,853
Income tax receivable
255
172
Total current assets
120,667
146,375
Property and equipment, net
156,926
159,367
Intangible assets, net
6,798
5,672
Other assets
6,024
5,342
Total assets
$
290,415
$
316,756
Liabilities and shareholders’
equity
Current liabilities
Current portion of long-term debt
$
4,984
$
3,976
Accounts payable
18,976
19,614
Accrued expenses
32,998
48,291
Short-term financing, net of unamortized
debt issuance costs
23,879
22,765
Contract liabilities
53,087
49,551
Total current liabilities
133,924
144,197
Long-term liabilities
Long-term debt, less current portion and
net of unamortized debt issuance costs
37,410
36,098
Long-term contract liabilities
52,790
65,754
Deferred income tax liability, net
565
679
Other long-term liabilities
8,906
9,327
Total long-term liabilities
99,671
111,858
Total liabilities
233,595
256,055
Shareholders’ equity
Preferred stock, $0.01 par value per share
(80,000,000 shares authorized, zero shares issued and outstanding
as of June 30, 2024 and December 31, 2023)
—
—
Common stock, $0.01 par value per share
(200,000,000 shares authorized; 47,468,475 and 47,028,159 shares
issued and outstanding as of June 30, 2024 and December 31, 2023,
respectively)
474
470
Additional paid-in capital
183,817
178,473
Accumulated deficit
(132,829
)
(125,203
)
Total shareholders’ equity, SkyWater
Technology, Inc.
51,462
53,740
Noncontrolling interests
5,358
6,961
Total shareholders’ equity
56,820
60,701
Total liabilities and shareholders’
equity
$
290,415
$
316,756
SKYWATER TECHNOLOGY,
INC.
Condensed Consolidated
Statements of Operations
(Unaudited)
Three-Month Period
Ended
Six-Month Period Ended
June 30, 2024
March 31, 2024
July 2, 2023
June 30, 2024
July 2, 2023
(in thousands, except share
data)
Revenue
$
93,329
$
79,636
$
69,811
$
172,965
$
135,905
Cost of revenue
76,215
66,656
53,144
142,871
102,770
Gross profit
17,114
12,980
16,667
30,094
33,135
Research and development expense
3,382
4,012
2,396
7,394
5,063
Selling, general, and administrative
expense
12,332
11,169
17,820
23,502
32,716
Operating income (loss)
1,400
(2,201
)
(3,549
)
(802
)
(4,644
)
Interest expense
(2,482
)
(2,390
)
(2,950
)
(4,871
)
(5,421
)
Loss before income taxes
(1,082
)
(4,591
)
(6,499
)
(5,673
)
(10,065
)
Income tax (benefit) expense
(127
)
41
25
(86
)
25
Net loss
(955
)
(4,632
)
(6,524
)
(5,587
)
(10,090
)
Less: net income attributable to
noncontrolling interests
942
1,097
2,066
2,039
2,773
Net loss attributable to SkyWater
Technology, Inc.
$
(1,897
)
$
(5,729
)
$
(8,590
)
$
(7,626
)
$
(12,863
)
Net loss per share attributable to common
shareholders, basic and diluted
$
(0.04
)
$
(0.12
)
$
(0.19
)
$
(0.16
)
$
(0.29
)
Weighted average shares used in computing
net loss per common share, basic and diluted
47,394,969
47,098,519
44,743,269
47,246,744
44,280,343
SKYWATER TECHNOLOGY,
INC.
Condensed Consolidated
Statements of Cash Flows
(Unaudited)
Six-Month Period Ended
June 30, 2024
July 2, 2023
(in thousands)
Cash flows from operating activities
Net loss
$
(5,587
)
$
(10,090
)
Adjustments to reconcile net loss to net
cash flows provided by (used in) operating activities
Depreciation and amortization
9,129
14,559
Gain on sale of property and equipment
(78
)
—
Amortization of debt issuance costs
included in interest expense
880
876
Long-term incentive and equity-based
compensation
4,088
3,820
Deferred income taxes
(115
)
(37
)
Provision for credit losses
203
3,602
Changes in operating assets and
liabilities
Accounts receivable and contract
assets
24,775
(17,425
)
Inventories
727
(2,627
)
Prepaid expenses and other assets
(560
)
(606
)
Accounts payable and accrued expenses
(18,529
)
(1,771
)
Contract liabilities, current and
long-term
(9,427
)
(8,371
)
Income tax receivable and payable
(83
)
62
Net cash provided by (used in) operating
activities
5,423
(18,008
)
Cash flows from investing activities
Purchase of software and technology
licenses
(1,155
)
(612
)
Proceeds from sale of property and
equipment
23
—
Purchases of property and equipment
(2,086
)
(2,608
)
Net cash used in investing activities
(3,218
)
(3,220
)
Cash flows from financing activities
Draws on revolving line of credit
168,500
121,350
Paydowns of revolving line of credit
(163,900
)
(123,810
)
Proceeds from tool financings
920
496
Repayment of tool financings
(920
)
—
Principal payments on long-term debt
(2,047
)
(791
)
Cash paid for principal on finance
leases
(396
)
(456
)
Proceeds from the issuance of common stock
pursuant to equity compensation plans
1,260
1,276
Proceeds from the issuance of common stock
under the ATM
—
12,144
Cash paid on licensed technology
obligations
(2,000
)
(2,350
)
Contributions from noncontrolling
interest
323
—
Distributions to noncontrolling
interest
(3,965
)
(478
)
Net cash (used in) provided by financing
activities
(2,225
)
7,381
Net decrease in cash and cash
equivalents
(20
)
(13,847
)
Cash and cash equivalents - beginning of
period
18,382
30,025
Cash and cash equivalents - end of
period
$
18,362
$
16,178
Supplemental Financial Information by
Quarter
Q2 2024
Q1 2024
Q4 2023
Q3 2023
Q2 2023
Q1 2023
(in thousands)
ATS development revenue (1)
$
61,669
$
61,185
$
57,170
$
53,891
$
52,073
$
47,770
Tools revenue (2)
25,880
8,459
9,936
3,243
936
536
Wafer Services revenue
5,780
9,992
12,048
14,490
16,802
17,788
Total revenue
$
93,329
$
79,636
$
79,154
$
71,624
$
69,811
$
66,094
Tools revenue (2)
$
25,880
$
8,459
$
9,936
$
3,243
$
936
$
536
Cost of tools revenue (2)
24,869
8,260
9,125
2,861
290
484
Tools gross profit
$
1,011
$
199
$
811
$
382
$
646
$
52
Revenue impact of modified customer
contracts
$
—
$
—
$
—
$
—
$
3,601
$
—
Cost of revenue impact of modified
customer contracts
—
—
—
—
—
—
Gross profit (loss) impact of modified
customer contracts
$
—
$
—
$
—
$
—
$
3,601
$
—
__________________
(1)
ATS development revenue
represents GAAP revenue primarily derived from process development
services, tool installation and qualification services, facility
and tool access, and security services.
(2)
Tools revenue and cost of tools
revenue represents GAAP revenue and cost primarily derived from the
procurement and subsequent sale of equipment to our customers.
While this equipment is owned by our customers, the equipment is
retained in one of SkyWater’s fabs and is used to complete ATS
customer programs.
Non-GAAP Financial Measures
We provide supplemental, non-GAAP financial information that our
management regularly evaluates to provide additional insight to
investors as supplemental information to our results reported using
U.S. generally accepted accounting principles (GAAP). We provide
non-GAAP cost of revenue, non-GAAP gross profit, non-GAAP gross
margin, non-GAAP research and development expense, non-GAAP
selling, general and administrative expense, non-GAAP net loss to
shareholders, and non-GAAP net loss to shareholders per share. Our
management uses these non-GAAP financial measures to make informed
operating decisions, complete strategic planning, prepare annual
budgets, and evaluate Company and management performance. We
believe these non-GAAP financial measures are useful performance
measures to our investors because they provide a baseline for
analyzing trends in our business and exclude certain items that may
not be indicative of our core operating results. The non-GAAP
financial measures disclosed in this earnings press release should
not be viewed as an alternative to, or more meaningful than, the
reported results prepared in accordance with GAAP. In addition,
because these non-GAAP financial measures are not determined in
accordance with GAAP, other companies, including our peers, may
calculate their non-GAAP financial measures differently than we do.
As a result, the non-GAAP financial measures presented in this
earnings press release may not be directly comparable to similarly
titled measures presented by other companies.
We also provide adjusted earnings before interest, income taxes,
depreciation and amortization (EBITDA) and adjusted EBITDA margin
as supplemental non-GAAP measures. We define adjusted EBITDA as net
(loss) income before interest expense, income tax (benefit)
expense, depreciation and amortization, equity-based compensation
and certain other items that we do not view as indicative of our
ongoing performance, including net income attributable to
noncontrolling interests, business transformation costs, management
transition expense, and CHIPS Act specialist fees. Our management
uses adjusted EBITDA and adjusted EBITDA margin to make informed
operating decisions, complete strategic planning, prepare annual
budgets, and evaluate Company and management performance. We
believe adjusted EBITDA is a useful performance measure to our
investors because it allows for an effective evaluation of our
operating performance when compared to other companies, including
our peers, without regard to financing methods or capital
structures. We exclude the items listed above from net income or
loss in arriving at adjusted EBITDA because the amounts of these
items can vary substantially within our industry depending on the
accounting methods and policies used, book values of assets,
capital structures, and the methods by which assets were acquired.
Adjusted EBITDA should not be considered as an alternative to, or
more meaningful than, net (loss) income determined in accordance
with GAAP. Certain items excluded from adjusted EBITDA are
significant components in understanding and assessing a company’s
financial performance, such as a company’s cost of capital and tax
structure, as well as the historic cost bases of depreciable
assets, none of which are reflected in adjusted EBITDA. Our
presentation of adjusted EBITDA should not be construed as an
indication that our results will be unaffected by the items
excluded from adjusted EBITDA. In future fiscal periods, we may
exclude such items and may incur income and expenses similar to
these excluded items. Accordingly, the exclusion of these items and
other similar items in our non-GAAP financial measures should not
be interpreted as implying that these items are non-recurring,
infrequent or unusual, unless otherwise expressly indicated.
The following tables present a reconciliation of the most
directly comparable financial measures, calculated and presented in
accordance with GAAP, to our non-GAAP financial measures.
SKYWATER TECHNOLOGY,
INC.
Reconciliation of GAAP to
Non-GAAP Financial Measures
(Unaudited)
Three-Month Period
Ended
Six-Month Period Ended
June 30, 2024
March 31, 2024
July 2, 2023
June 30, 2024
July 2, 2023
(in thousands)
GAAP revenue
$
93,329
$
79,636
$
69,811
$
172,965
$
135,905
GAAP cost of revenue
$
76,215
$
66,656
$
53,144
$
142,871
$
102,770
Equity-based compensation (1)
(504
)
(455
)
(291
)
(959
)
(804
)
Management transition expense (2)
—
—
(705
)
—
(705
)
Non-GAAP cost of revenue
$
75,711
$
66,201
$
52,148
$
141,912
$
101,261
GAAP gross profit
$
17,114
$
12,980
$
16,667
$
30,094
$
33,135
GAAP gross margin
18.3
%
16.3
%
23.9
%
17.4
%
24.4
%
Equity-based compensation (1)
$
504
$
455
$
291
$
959
$
804
Management transition expense (2)
—
—
705
—
705
Non-GAAP gross profit
$
17,618
$
13,435
$
17,663
$
31,053
$
34,644
Non-GAAP gross margin
18.9
%
16.9
%
25.3
%
18.0
%
25.5
%
GAAP research and development expense
$
3,382
$
4,012
$
2,396
$
7,394
$
5,063
Equity-based compensation (1)
(90
)
(107
)
(217
)
(197
)
(379
)
Non-GAAP research and development
expense
$
3,292
$
3,905
$
2,179
$
7,197
$
4,684
GAAP selling, general, and administrative
expense
$
12,332
$
11,169
$
17,820
$
23,502
$
32,716
Equity-based compensation (1)
(1,422
)
(1,510
)
(1,459
)
(2,932
)
(2,637
)
Management transition expense (2)
(664
)
—
(130
)
(664
)
(130
)
Business transformation costs (3)
—
—
(2,500
)
—
(2,500
)
CHIPS Act specialist fees (4)
—
—
(1,320
)
—
(1,320
)
Non-GAAP selling, general, and
administrative expense
$
10,246
$
9,659
$
12,411
$
19,906
$
26,129
GAAP net loss to shareholders
$
(1,897
)
$
(5,729
)
$
(8,590
)
$
(7,626
)
$
(12,863
)
Equity-based compensation (1)
2,016
2,072
1,967
4,088
3,820
Management transition expense (2)
664
—
835
664
835
Business transformation costs (3)
—
—
2,500
—
2,500
CHIPS Act specialist fees (4)
—
—
1,320
—
1,320
Non-GAAP net income (loss) to
shareholders
$
783
$
(3,657
)
$
(1,968
)
$
(2,874
)
$
(4,388
)
Three-Month Period
Ended
Six-Month Period Ended
June 30, 2024
March 31, 2024
July 2, 2023
June 30, 2024
July 2, 2023
(in thousands)
Equity-based compensation allocation in
the consolidated statements of operations (1):
Cost of revenue
$
504
$
455
$
291
$
959
$
804
Research and development expense
90
107
217
197
379
Selling, general, and administrative
expense
1,422
1,510
1,459
2,932
2,637
$
2,016
$
2,072
$
1,967
$
4,088
$
3,820
Management transition expense allocation
in the consolidated statements of operations (2):
Cost of revenue
$
—
$
—
$
705
$
—
$
705
Selling, general, and administrative
expense
664
—
130
664
130
$
664
$
—
$
835
$
664
$
835
Three-Month Period
Ended
June 30, 2024
Six-Month Period Ended
June 30, 2024
GAAP
Non-GAAP
GAAP
Non-GAAP
Computation of net income (loss) per
common share, basic and diluted:
(in thousands, except per
share data)
Numerator:
Net income (loss) attributable to SkyWater
Technology, Inc.
$
(1,897
)
$
783
$
(7,626
)
$
(2,874
)
Denominator:
Weighted-average common shares
outstanding, basic
47,395
47,395
47,247
47,247
Net income (loss) per common share,
basic
$
(0.04
)
$
0.02
$
(0.16
)
$
(0.06
)
Weighted-average common shares
outstanding, diluted
47,395
47,521
47,247
47,247
Net income (loss) per common share,
diluted
$
(0.04
)
$
0.02
$
(0.16
)
$
(0.06
)
Three-Month Period
Ended
March 31, 2024
GAAP
Non-GAAP
Computation of net loss per common share,
basic and diluted:
(in thousands, except per
share data)
Numerator:
Net loss attributable to SkyWater
Technology, Inc.
$
(5,729
)
$
(3,657
)
Denominator:
Weighted-average common shares
outstanding, basic and diluted
47,099
47,099
Net loss per common share, basic and
diluted
$
(0.12
)
$
(0.08
)
Three-Month Period
Ended
July 2, 2023
Six-Month Period Ended
July 2, 2023
GAAP
Non-GAAP
GAAP
Non-GAAP
Computation of net loss per common share,
basic and diluted:
(in thousands, except per
share data)
Numerator:
Net loss attributable to SkyWater
Technology, Inc.
$
(8,590
)
$
(1,968
)
$
(12,863
)
$
(4,388
)
Denominator:
Weighted-average common shares
outstanding, basic and diluted
44,743
44,743
44,280
44,280
Net loss per common share, basic and
diluted
$
(0.19
)
$
(0.04
)
$
(0.29
)
$
(0.10
)
Three-Month Period
Ended
Six-Month Period Ended
June 30, 2024
March 31, 2024
July 2, 2023
June 30, 2024
July 2, 2023
(in thousands)
Net loss to shareholders (GAAP)
$
(1,897
)
$
(5,729
)
$
(8,590
)
$
(7,626
)
$
(12,863
)
Net loss margin to shareholders
(2.0
)%
(7.2
)%
(12.3
)%
(4.4
)%
(9.5
)%
Interest expense
$
2,482
$
2,390
$
2,950
$
4,871
$
5,421
Income tax (benefit) expense
(127
)
41
25
(86
)
25
Depreciation and amortization
4,064
5,065
7,207
9,129
14,559
EBITDA
4,522
1,767
1,592
6,288
7,142
Equity-based compensation (1)
2,016
2,072
1,967
4,088
3,820
Management transition expense (2)
664
—
835
664
835
Business transformation costs (3)
—
—
2,500
—
2,500
CHIPS Act specialist fees (4)
—
—
1,320
—
1,320
Net income attributable to noncontrolling
interests (5)
942
1,097
2,066
2,039
2,773
Adjusted EBITDA
$
8,144
$
4,936
$
10,280
$
13,079
$
18,390
Adjusted EBITDA margin
8.7
%
6.2
%
14.7
%
7.6
%
13.5
%
__________________
(1)
Represents non-cash equity-based
compensation expense.
(2)
Represents severance, separation,
and other costs related to the reorganization of the manufacturing,
sales, marketing, and operations leadership team.
(3)
Represents expenses related to
long-term transformation activities focused on improvement in
automation and operational efficiency and includes project-based
management consulting fees.
(4)
Represents project-based
specialist fees related to our CHIPS Act application process.
(5)
Represents net income
attributable to our VIE, which was formed for the purpose of
purchasing the land and building of our primary operating facility
in Bloomington, Minnesota. Since interest expense is added back to
net loss to shareholders in our adjusted EBITDA financial measure,
we also add back the net income attributable to the VIE as its net
income is derived from interest the VIE charges SkyWater.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240807955058/en/
SkyWater Investor Contact: Claire McAdams |
claire@headgatepartners.com SkyWater Media Contact: Lauri Julian |
Media@SkyWaterTechnology.com
Grafico Azioni SkyWater Technology (NASDAQ:SKYT)
Storico
Da Dic 2024 a Gen 2025
Grafico Azioni SkyWater Technology (NASDAQ:SKYT)
Storico
Da Gen 2024 a Gen 2025
