Record Revenues and Continued Year-over-Year
Increase in Gross Margin
SkyWater Technology, Inc. (NASDAQ: SKYT), the trusted technology
realization partner, today announced financial results for the
third quarter of 2023, ended October 1, 2023.
Financial Highlights for Q3 2023:
- Revenue increased 37% year-over-year to a record $71.6
million.
- Gross margin increased to 19.8% on a GAAP basis, compared to
15.8% in Q3 2022, and increased to 20.4% on a non-GAAP basis,
compared to 16.9% in Q3 2022.
- Net loss to shareholders of $7.6 million, or $(0.16) per share
on a GAAP basis, and net loss to shareholders of $2.2 million, or
$(0.05) per share on a non-GAAP basis, compared to net loss to
shareholders of $6.9 million, or $(0.17) per share on a GAAP basis,
and net loss to shareholders $5.1 million, or $(0.13) per share on
a non-GAAP basis in Q3 2022.
- Adjusted EBITDA of $8.3 million, or 11.6% of revenue, compared
to $3.8 million, or 7.3% of revenue in Q3 2022.
“SkyWater again achieved revenue upside and sequential growth in
what was a very strong third quarter for our ATS business,”
commented Thomas Sonderman, SkyWater chief executive officer. “The
outperformance we’ve achieved in 2023 to date is largely driven by
increased demand – and strong operational execution – as we
continue to drive improvements in fab efficiency, velocity,
linearity, and output. We are also starting to see an increasing
contribution of customer-funded capital expenditures, which is a
trend we expect to continue, as our customers are significantly
increasing their investments in SkyWater. The transformative
process currently underway is proceeding well and is accelerating,
especially now that John Sakamoto is on board as our new president
and COO. We anticipate another year of revenue growth and continued
strong financial results ahead for 2024.”
Recent Business Highlights:
- Year-to-date revenues of $208 million, up 40% compared to the
first nine months of 2022, are ahead of our long-term annual
revenue growth objectives due to strong demand and improved
operational execution for our Advanced Technology Services (ATS)
business, which has also driven strong improvement in gross margin
and adjusted EBITDA in 2023.
- Increased size and scope of multiple strategic aerospace and
defense programs; continued progress on the productization and
qualification of SkyWater’s RadHard 90nm platform during Q3 ahead
of the planned production ramp in 2025.
- Increased tool revenues in Q3 mark the beginning of a period of
significant increases in customer-funded capital expenditures
expected in the quarters ahead, which we believe is a strong
indicator of our customers’ desires to make increased investments
in SkyWater to enable the growth ramp for multiple products and
platforms currently under development.
- Electronic systems design leader Cadence Design Systems, Inc.
is now offering a full SKY130 process design kit (PDK) to their
broad subscribed user base, encouraging and facilitating design
work and subsequent tapeouts on one of SkyWater’s key CMOS
technology platforms.
- Continued momentum for our CHIPS Act funding applications, in
particular for our planned expansion in Bloomington MN, and we look
forward to the continued due diligence process with the Department
of Commerce for mature node fabrication facilities.
Q3 2023 Summary:
GAAP
In millions, except per share data
Q3 2023
Q3 2022
Y/Y
Q2 2023
Q/Q
ATS revenue
$57.1
$35.2
62%
$53.0
8%
Wafer Services revenue
$14.5
$17.2
(16)%
$16.8
(14)%
Total revenue
$71.6
$52.3
37%
$69.8
3%
Gross profit
$14.1
$8.3
71%
$16.7
(15)%
Gross margin
19.8%
15.8%
400 bps
23.9%
(410) bps
Net loss to shareholders
$(7.6)
$(6.9)
(9)%
$(8.6)
NM
Basic loss per share
$(0.16)
$(0.17)
NM
$(0.19)
NM
Net loss margin to shareholders
(10.6)%
(13.3)%
270 bps
(12.3)%
170 bps
Non-GAAP
In millions, except per share data
Q3 2023
Q3 2022
Y/Y
Q2 2023
Q/Q
Non-GAAP gross profit
$14.6
$8.8
65%
$17.7
(17)%
Non-GAAP gross margin
20.4%
16.9%
350 bps
25.3%
(490) bps
Non-GAAP net loss to shareholders
$(2.2)
$(5.1)
57%
$(2.0)
(11)%
Non-GAAP basic loss per share
$(0.05)
$(0.13)
62%
$(0.04)
(25)%
Adjusted EBITDA
$8.3
$3.8
117%
$10.3
(19)%
Adjusted EBITDA margin
11.6%
7.3%
430 bps
14.7%
(310) bps
NM - Not meaningful
Q3 2023 Results:
- Revenue: Revenue of $71.6 million increased 37%
year-over-year. ATS revenue of $57.1 million increased 62%
year-over-year. ATS revenue contained $3.2 million of tool revenue
in the third quarter of 2023 and $0.2 million in the third quarter
of 2022. Wafer Services revenue of $14.5 million decreased (16)%
compared to the third quarter of 2022.
- Gross Profit: GAAP gross profit was $14.1 million, or
19.8% of revenue, compared to gross profit of $8.3 million, or
15.8% of revenue, in the third quarter of 2022. Non-GAAP gross
profit was $14.6 million, or 20.4% of revenue, compared to non-GAAP
gross profit of $8.8 million, or 16.9% of revenue, in the third
quarter of 2022.
- Operating Expenses: GAAP operating expenses were $18.3
million, compared to $13.4 million in the third quarter of 2022,
and included $3.5 million of project-based management consulting
transformation fees related to long-term improvement in automation
and operational efficiency that were not a component of operating
expenses in the third quarter of 2022.
- Net Loss: GAAP net loss to shareholders of $7.6 million,
or $(0.16) per share, compared to a net loss to shareholders of
$6.9 million, or $(0.17) per share, in the third quarter of 2022.
Non-GAAP net loss to shareholders of $2.2 million, or $(0.05) per
share, compared to a non-GAAP net loss to shareholders of $5.1
million, or $(0.13) per share, in the third quarter of 2022.
- Adjusted EBITDA: Adjusted EBITDA was $8.3 million, or
11.6% of revenue, compared to $3.8 million, or 7.3% of revenue, in
the third quarter of 2022.
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, November 8,
2023, at 3:30 p.m. CT to discuss its third quarter 2023 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 Foundry.
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
world-class U.S. facilities. This pioneering model enables
innovators to co-create the next wave of technology with diverse
categories including mixed-signal CMOS, read-out ICs, rad-hard ICs,
power management, MEMS, superconducting ICs, photonics, carbon
nanotubes and interposers. SkyWater serves growing markets
including aerospace & defense, automotive, biomedical, cloud
& computing, consumer, industrial and IoT. For more
information, visit: www.skywatertechnology.com.
Cautionary Statement Regarding Preliminary Results
The Company’s results for the third quarter of 2023 are
preliminary, unaudited and subject to the finalization of the
Company’s third 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 sole semiconductor foundry 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, 2023 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.
Consolidated Balance
Sheets
(Unaudited)
October 1, 2023
January 1, 2023
(in thousands, except share
data)
Assets
Current assets
Cash and cash equivalents
$
17,346
$
30,025
Accounts receivable (net of allowance for
credit losses of $4,699 and $1,638, respectively)
43,492
28,045
Contract assets (net of allowance for
credit losses of $227 and $0, respectively)
37,733
34,625
Inventory
16,648
13,397
Prepaid expenses and other current
assets
8,654
10,290
Income tax receivable
122
169
Total current assets
123,995
116,551
Property and equipment, net
165,818
179,915
Intangible assets, net
4,843
5,608
Other assets
5,053
3,690
Total assets
$
299,709
$
305,764
Liabilities and shareholders'
equity
Current liabilities
Current portion of long-term debt
$
4,241
$
1,855
Accounts payable
14,378
21,102
Accrued expenses
39,381
25,212
Short-term financing, net of unamortized
debt issuance costs
45,253
55,817
Contract liabilities
24,674
28,186
Total current liabilities
127,927
132,172
Long-term liabilities
Long-term debt, less current portion and
net of unamortized debt issuance costs
37,729
35,181
Long-term incentive plan
—
1,643
Long-term contract liabilities
55,636
67,967
Deferred income tax liability, net
1,121
1,239
Other long-term liabilities
9,466
13,585
Total long-term liabilities
103,952
119,615
Total liabilities
231,879
251,787
Shareholders' equity
Preferred stock, $0.01 par value per share
(80,000,000 shares authorized, zero shares issued and
outstanding)
—
—
Common stock, $0.01 par value per share
(200,000,000 shares authorized; 47,006,694 and 43,704,876 shares
issued and outstanding)
470
437
Additional paid-in capital
177,286
147,304
Accumulated deficit
(114,878
)
(94,072
)
Total shareholders' equity, SkyWater
Technology, Inc.
62,878
53,669
Noncontrolling interests
4,952
308
Total shareholders' equity
67,830
53,977
Total liabilities and shareholders'
equity
$
299,709
$
305,764
SKYWATER TECHNOLOGY,
INC.
Consolidated Statements of
Operations
(Unaudited)
Three-Month Period
Ended
Nine-Month Period
Ended
October 1, 2023
July 2, 2023
October 2, 2022
October 1, 2023
October 2, 2022
(in thousands, except share
data)
Revenue
$
71,624
$
69,811
$
52,326
$
207,529
$
147,854
Cost of revenue
57,477
53,144
44,049
160,247
138,437
Gross profit
14,147
16,667
8,277
47,282
9,417
Research and development expense
2,233
2,396
2,580
7,296
7,223
Selling, general, and administrative
expense
16,105
17,820
10,778
48,821
33,263
Operating loss
(4,191
)
(3,549
)
(5,081
)
(8,835
)
(31,069
)
Interest expense
(2,507
)
(2,950
)
(1,331
)
(7,928
)
(3,400
)
Loss before income taxes
(6,698
)
(6,499
)
(6,412
)
(16,763
)
(34,469
)
Income tax (benefit) expense
(96
)
25
87
(71
)
(44
)
Net loss
(6,602
)
(6,524
)
(6,499
)
(16,692
)
(34,425
)
Less: net income attributable to
noncontrolling interests
966
2,066
440
3,739
2,125
Net loss attributable to SkyWater
Technology, Inc.
$
(7,568
)
$
(8,590
)
$
(6,939
)
$
(20,431
)
$
(36,550
)
Net loss per share attributable to common
shareholders, basic and diluted
$
(0.16
)
$
(0.19
)
$
(0.17
)
$
(0.45
)
$
(0.91
)
Weighted average shares used in computing
net loss per common share, basic and diluted
46,445,309
44,743,269
40,669,322
45,001,998
40,245,736
SKYWATER TECHNOLOGY,
INC.
Consolidated Statements of
Cash Flows
(Unaudited)
Nine-Month Period
Ended
October 1, 2023
October 2, 2022
(in thousands)
Cash flows from operating activities
Net loss
$
(16,692
)
$
(34,425
)
Adjustments to reconcile net loss to net
cash flows used in operating activities
Depreciation and amortization
21,651
20,740
Amortization of debt issuance costs
included in interest expense
1,349
521
Long-term incentive and equity-based
compensation
5,673
7,033
Cash paid for contingent consideration in
excess of initial valuation
—
(816
)
Deferred income taxes
(118
)
(30
)
Cash paid for operating leases
(37
)
—
Cash paid for interest on finance
leases
(649
)
—
Provision for credit losses
4,133
—
Changes in operating assets and
liabilities
Accounts receivable and contract
assets
(23,063
)
773
Inventory
(3,251
)
(4,686
)
Prepaid expenses and other assets
270
(1,212
)
Accounts payable and accrued expenses
4,868
16,705
Contract liabilities, current and
long-term
(15,843
)
(10,612
)
Income tax receivable and payable
47
1
Net cash used in operating activities
(21,662
)
(6,008
)
Cash flows from investing activities
Purchase of software and licenses
(612
)
(400
)
Purchases of property and equipment
(3,864
)
(11,325
)
Net cash used in investing activities
(4,476
)
(11,725
)
Cash flows from financing activities
Draws on revolving line of credit
182,763
—
Paydowns of revolving line of credit
(194,396
)
—
Net proceeds on Revolver
—
14,522
Proceeds from tool financings
6,492
—
Repayment of VIE financing
(1,839
)
(765
)
Cash paid for principal on finance
leases
(818
)
(1,158
)
Proceeds from the issuance of common stock
pursuant to the employee stock purchase plan
2,305
1,800
Proceeds from the issuance of common
stock, net of commissions
20,397
2,186
Cash paid on license technology
obligations
(2,350
)
(1,150
)
Net contributions (distributions) from
(to) noncontrolling interest
905
(1,297
)
Net cash provided by financing
activities
13,459
14,138
Net uses of cash and cash equivalents
(12,679
)
(3,595
)
Cash and cash equivalents - beginning of
period
30,025
12,917
Cash and cash equivalents - end of
period
$
17,346
$
9,322
Supplemental Financial Information by Quarter
Q3 2023
Q2 2023
Q1 2023
Q4 2022
Q3 2022
Q2 2022
Q1 2022
(in thousands)
ATS revenue
$
57,134
$
53,009
$
48,306
$
47,876
$
35,172
$
29,823
$
26,575
Wafer Services revenue
14,490
16,802
17,788
17,211
17,154
17,584
21,546
Total revenue
$
71,624
$
69,811
$
66,094
$
65,087
$
52,326
$
47,407
$
48,121
Tool revenue (1)
$
3,243
$
936
$
536
$
30
$
219
$
313
$
984
Tool cost of revenue (1)
2,861
290
484
46
152
200
984
Tool gross profit (loss)
$
382
$
646
$
52
$
(16
)
$
67
$
113
$
—
Revenue impact of modified customer
contracts
$
—
$
3,601
$
—
$
4,685
$
—
$
—
$
8,230
Cost of revenue impact of modified
customer contracts
—
—
—
—
—
—
10,887
Gross profit (loss) impact of modified
customer contracts
$
—
$
3,601
$
—
$
4,685
$
—
$
—
$
(2,657
)
__________________
(1)
Tool revenue and cost of tool revenue
arise from the purchase, installation, and qualification of
equipment for our customers. This equipment is used to complete ATS
customer programs. Tool revenue is recorded in ATS revenue.
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 gross profit, non-GAAP gross margin, 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 net 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, certain management consulting fees, CHIPS
Act specialist fees, management transition expense, and SkyWater
Florida start-up costs. 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.
We continuously evaluate the non-GAAP financial measures we use,
the manner in which non-GAAP financial measures are calculated, and
the adjustments we make to GAAP results to derive our non-GAAP
financial measures. In the third quarter of 2023, we made the
following changes to our non-GAAP financial measures and revised
prior period non-GAAP financial measures to conform the calculation
of non-GAAP financial measures across all periods and provide
comparability:
- Tool sales have historically been infrequent and viewed by
management as secondary to ATS development programs. Accordingly,
we previously excluded the margin on tool sales when calculating
non-GAAP gross profit, non-GAAP gross margin, non-GAAP earnings to
shareholders and non-GAAP earnings to shareholders per basic share.
Recently, our ATS customers have increasingly sought us to purchase
tools on their behalf and we expect this trend to continue going
forward. Accordingly, we no longer believe tool sales are
infrequent and therefore do not exclude the impact of tool revenue
and tool cost of revenue in the calculation of our non-GAAP
financial measures.
- Since the second quarter of 2023, we have incurred
project-based, management consulting fees related to long-term
transformation activities focused on improvement in automation and
operational efficiency. Similarly, we have also incurred
project-based specialist fees associated with our CHIPS Act
application. Neither of these types of fees are required to run our
business and, therefore, are incremental to our ongoing operations
and are not a normal operating expense. Beginning in the third
quarter of 2023, we began excluding these fees in the calculation
of non-GAAP earnings, non-GAAP earnings to shareholders per share,
and adjusted EBITDA.
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
October 1, 2023
July 2, 2023
(Revised)
October 2, 2022
(Revised)
(in thousands)
GAAP revenue
$
71,624
$
69,811
$
52,326
GAAP cost of revenue
$
57,477
$
53,144
$
44,049
Equity-based compensation (1)
(438
)
(291
)
(456
)
Management transition expense (2)
—
(705
)
—
SkyWater Florida start-up costs (3)
—
—
(114
)
Non-GAAP cost of revenue
$
57,039
$
52,148
$
43,479
GAAP gross profit
$
14,147
$
16,667
$
8,277
GAAP gross margin
19.8
%
23.9
%
15.8
%
Equity-based compensation (1)
$
438
$
291
$
456
Management transition expense (2)
—
705
—
SkyWater Florida start-up costs (3)
—
—
114
Non-GAAP gross profit
$
14,585
$
17,663
$
8,847
Non-GAAP gross margin
20.4
%
25.3
%
16.9
%
GAAP research and development expense
$
2,233
$
2,396
$
2,580
Equity-based compensation (1)
(218
)
(217
)
(115
)
Non-GAAP research and development
expense
$
2,015
$
2,179
$
2,465
GAAP selling, general, and administrative
expense
$
16,105
$
17,820
$
10,778
Equity-based compensation (1)
(1,197
)
(1,459
)
(1,128
)
Management transition expense (2)
—
(130
)
—
Management consulting fees (4)
(3,522
)
(2,500
)
—
CHIPS Act specialist fees (5)
—
(1,320
)
—
Non-GAAP selling, general, and
administrative expense
$
11,386
$
12,411
$
9,650
Three-Month Period
Ended
October 1, 2023
July 2, 2023
(Revised)
October 2, 2022
(Revised)
(in thousands)
GAAP net loss to shareholders
$
(7,568
)
$
(8,590
)
$
(6,939
)
Equity-based compensation (1)
1,853
1,967
1,699
Management transition expense (2)
—
835
—
SkyWater Florida start-up costs (3)
—
—
114
Management consulting fees (4)
3,522
2,500
—
CHIPS Act specialist fees (5)
—
1,320
—
Non-GAAP net loss to shareholders
$
(2,193
)
$
(1,968
)
$
(5,126
)
Equity-based compensation allocation in
the consolidated statements of operations (1):
Cost of revenue
$
438
$
291
$
456
Research and development expense
218
217
115
Selling, general, and administrative
expense
1,197
1,459
1,128
$
1,853
$
1,967
$
1,699
Management transition expense allocation
in the consolidated statements of operations (2):
Cost of revenue
$
—
$
705
$
—
Selling, general, and administrative
expense
—
130
—
$
—
$
835
$
—
Three-Month Period Ended
October 1, 2023
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.
$
(7,568
)
$
(2,193
)
Denominator:
Weighted-average common shares
outstanding, basic and diluted
46,445
46,445
Net loss per common share, basic and
diluted
$
(0.16
)
$
(0.05
)
Three-Month Period Ended
July 2, 2023 (Revised)
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
)
Denominator:
Weighted-average common shares
outstanding, basic and diluted
44,743
44,743
Net loss per common share, basic and
diluted
$
(0.19
)
$
(0.04
)
Three-Month Period Ended
October 2, 2022
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.
$
(6,939
)
$
(5,126
)
Denominator:
Weighted-average common shares
outstanding, basic and diluted
40,669
40,669
Net loss per common share, basic and
diluted
$
(0.17
)
$
(0.13
)
Three-Month Period
Ended
Nine-Month Period
Ended
October 1, 2023
July 2, 2023 (Revised)
October 2, 2022
October 1, 2023
October 2, 2022
(in thousands)
Net loss to shareholders (GAAP)
$
(7,568
)
$
(8,590
)
$
(6,939
)
$
(20,431
)
$
(36,550
)
Net loss margin to shareholders
(10.6
)%
(12.3
)%
(13.3
)%
(9.8
)%
(24.7
)%
Interest expense (6)
$
2,507
$
2,950
$
1,331
$
7,928
$
3,400
Income tax (benefit) expense
(96
)
25
87
(71
)
(44
)
Depreciation and amortization
7,092
7,207
7,083
21,651
20,740
EBITDA
1,935
1,592
1,562
9,077
(12,454
)
Equity-based compensation (1)
1,853
1,967
1,699
5,673
7,033
Management transition expense (2)
—
835
—
835
—
SkyWater Florida start-up costs (3)
—
—
114
—
674
Management consulting fees (4)
3,522
2,500
—
6,022
—
CHIPS Act specialist fees (5)
—
1,320
—
1,320
—
Net income attributable to noncontrolling
interests (7)
966
2,066
440
3,739
2,125
Adjusted EBITDA
$
8,276
$
10,280
$
3,815
$
26,666
$
(2,622
)
Adjusted EBITDA margin
11.6
%
14.7
%
7.3
%
12.8
%
(1.8
)%
__________________
(1)
Represents non-cash equity-based
compensation expense.
(2)
Represents severance and other costs
related to the reorganization of the manufacturing and operations
leadership team.
(3)
Represents start-up costs associated with
our 200 mm heterogeneous integration facility in Kissimmee,
Florida, which includes legal fees, recruiting expenses, retention
awards and facility start-up expenses. These expenses are not
representative of our expected ongoing costs. Effective 2023, our
Kissimmee, Florida plant is up and running and no longer in its
start-up phase.
(4)
Represents project-based management
consulting fees related to long-term transformation activities
focused on improvement in automation and operational
efficiency.
(5)
Represents project-based specialist fees
related to our CHIPS Act application process.
(6)
Includes losses related to the
extinguishment of our revolving credit agreement in 2022.
(7)
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 depreciation and interest expense are excluded
from net loss in our adjusted EBITDA financial measure, we also
exclude the net income attributable to the VIE.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231108444761/en/
SkyWater Investor Contact: Claire McAdams |
claire@headgatepartners.com
SkyWater Media Contact: Lauri Julian |
Media@SkyWaterTechnology.com
SkyWater Technology (NASDAQ:SKYT)
Gráfico Histórico do Ativo
De Dez 2024 até Jan 2025
SkyWater Technology (NASDAQ:SKYT)
Gráfico Histórico do Ativo
De Jan 2024 até Jan 2025
