SkyWater Technology, Inc.(NASDAQ:SKYT) 
SkyWater Technology, Inc. manufactures integrated circuits. The company provides technology services for various microelectronics comprising integrated circuits (ICs); and related micro- and nanotechnology applications. It serves customers developing and manufacturing ICs in various markets, includi...
Website: http://www.skywatertechnology.com
Founded: 2017
CEO: Thomas Sonderman
Sector: Technology
Industry: Semiconductors
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At a glance:
Bull Thesis:
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Income Statements:
Quarterly
Annual
| Unit: USD | 2026-03-29 | 2025-12-28 | 2025-09-28 | 2025-06-29 | 2025-03-30 | 2024-12-29 | 2024-09-29 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-10-01 | 2023-07-02 | 2023-04-02 | 2023-01-01 | 2022-10-02 | 2022-07-03 | 2022-04-03 | 2022-01-02 | 2021-10-03 | 2021-07-04 | 2021-04-04 |
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revenue | 160,686,000 | 150,741,000 | 59,063,000 | 61,296,000 | 93,817,000 | 93,329,000 | 79,636,000 | 71,624,000 | 69,811,000 | 66,094,000 | 65,087,000 | 52,326,000 | 47,407,000 | 48,121,000 | 38,533,000 | 35,025,000 | |||||
yoy | 162.15% | 60.68% | -36.72% | -23.03% | 30.99% | 33.69% | 20.49% | 36.88% | 47.26% | 37.35% | 68.91% | 49.40% | |||||||||
qoq | 155.22% | -3.64% | 0.52% | 17.19% | 2.60% | 5.62% | 1.55% | 24.39% | 10.38% | -1.48% | 24.88% | 10.02% | |||||||||
cost of revenue | 128,534,000 | 114,520,000 | 48,164,000 | 47,039,000 | 73,582,000 | 76,215,000 | 66,656,000 | 57,477,000 | 53,144,000 | 49,626,000 | 34,609,250 | 44,049,000 | 45,327,000 | 49,061,000 | 28,791,000 | 36,852,000 | |||||
gross profit | 32,152,000 | 36,221,000 | 10,899,000 | 14,257,000 | 20,235,000 | 17,114,000 | 12,980,000 | 14,147,000 | 16,667,000 | 16,468,000 | 16,550,000 | 8,277,000 | 2,080,000 | -940,000 | -16,623,000 | -1,827,000 | 1,812,000 | 9,166,000 | |||
yoy | 125.52% | 79.00% | -36.32% | 9.84% | 43.03% | 2.68% | -21.18% | 70.92% | 701.30% | -1851.91% | -199.56% | -553.04% | 14.79% | -110.26% | |||||||
qoq | 232.33% | -23.55% | 18.24% | 31.85% | -15.12% | 1.21% | -0.50% | 99.95% | 297.93% | -321.28% | -94.35% | 809.85% | -200.83% | -80.23% | |||||||
gross margin % | 20.01% | NaN% | 24.03% | 18.45% | 23.26% | NaN% | 21.57% | 18.34% | 16.30% | NaN% | 19.75% | 23.87% | 24.92% | 25.43% | 15.82% | 4.39% | -1.95% | -43.14% | -5.22% | Infinity% | Infinity% |
research and development expense | 4,997,000 | 4,370,000 | 3,368,000 | 3,249,000 | 3,431,000 | 3,382,000 | 4,012,000 | 2,233,000 | |||||||||||||
selling, general, and administrative expense | 32,432,000 | 23,997,000 | 14,009,000 | 15,030,000 | 12,095,000 | 12,332,000 | 11,169,000 | 16,105,000 | |||||||||||||
operating income | -5,277,000 | 7,854,000 | -6,478,000 | -4,022,000 | 4,709,000 | 1,400,000 | -2,201,000 | -4,191,000 | -3,549,000 | -1,095,000 | 1,302,000 | -5,081,000 | -11,076,000 | -14,912,000 | -27,648,000 | -12,036,000 | -16,000,000 | -1,420,000 | |||
yoy | 31.20% | 66.79% | -562.71% | 82.74% | -212.36% | -139.45% | 101.00% | -17.52% | -67.96% | -92.66% | -104.71% | -57.78% | -30.77% | 950.14% | |||||||
qoq | -221.24% | 61.06% | 236.36% | -163.61% | 18.09% | 224.11% | -184.10% | -125.62% | -54.13% | -25.72% | -46.06% | 129.71% | -24.78% | 1026.76% | |||||||
operating margin % | -3.28% | NaN% | 5.21% | -10.97% | -6.56% | NaN% | 5.02% | 1.50% | -2.76% | NaN% | -5.85% | -5.08% | -1.66% | 2.00% | -9.71% | -23.36% | -30.99% | -71.75% | -34.36% | -Infinity% | -Infinity% |
other income: | |||||||||||||||||||||
interest expense | -6,159,000 | -5,322,000 | 1,637,000 | 1,812,000 | 1,988,000 | -2,482,000 | -2,390,000 | -2,507,000 | -2,950,000 | -2,471,000 | -1,794,000 | -1,331,000 | -1,040,000 | -1,029,000 | -839,000 | -733,000 | -912,000 | -1,058,000 | |||
total other income | -6,159,000 | -2,471,000 | -2,895,000 | -1,331,000 | -1,040,000 | ||||||||||||||||
income before income taxes | -11,436,000 | 113,322,000 | -8,115,000 | -5,834,000 | 2,721,000 | -1,082,000 | -4,591,000 | -6,698,000 | -6,499,000 | -3,566,000 | -1,593,000 | -6,412,000 | -12,116,000 | -15,941,000 | -28,487,000 | -12,769,000 | -10,459,000 | -2,478,000 | |||
income tax expense | -284,000 | -31,830,000 | 742,000 | 384,000 | 93,000 | -127,000 | 41,000 | -96,000 | 25,000 | 853,000 | 87,000 | 63,000 | -194,000 | -2,322,000 | 194,000 | -4,237,000 | |||||
net income | -11,152,000 | 145,152,000 | -8,857,000 | -6,218,000 | 2,628,000 | -955,000 | -4,632,000 | -6,602,000 | -6,524,000 | -3,566,000 | -2,446,000 | -6,499,000 | -12,179,000 | -15,747,000 | -26,165,000 | -12,963,000 | -6,222,000 | -2,053,000 | |||
yoy | 79.35% | 5423.29% | 827.43% | 34.24% | -139.81% | -85.36% | 29.89% | 1.58% | -46.43% | -77.35% | -90.65% | -49.87% | 95.74% | 667.02% | |||||||
qoq | -1738.84% | 42.44% | -375.18% | -79.38% | 1.20% | 82.95% | 45.79% | -62.36% | -46.64% | -22.66% | -39.82% | 101.84% | 108.34% | 203.07% | |||||||
net income margin % | -6.94% | NaN% | 96.29% | -15.00% | -10.14% | NaN% | 2.80% | -1.02% | -5.82% | NaN% | -9.22% | -9.35% | -5.40% | -3.76% | -12.42% | -25.69% | -32.72% | -67.90% | -37.01% | -Infinity% | -Infinity% |
less: net income attributable to noncontrolling interests | 1,156,000 | 1,139,000 | 1,121,000 | 1,127,000 | 1,116,000 | 942,000 | 1,097,000 | 966,000 | 2,066,000 | ||||||||||||
net loss attributable to skywater technology, inc. | -12,308,000 | -9,978,000 | -7,345,000 | -1,897,000 | -5,729,000 | -7,568,000 | -3,043,000 | -6,939,000 | -13,005,000 | -16,606,000 | -27,036,000 | -13,870,000 | -6,979,000 | ||||||||
net income per share | -0.25 | 2.98 | -0.21 | -0.15 | 0.03 | -0.04 | -0.12 | -0.16 | -0.19 | -0.1 | -0.06 | -0.17 | -0.32 | -0.42 | -0.82 | -0.36 | -0.2 | ||||
weighted-average shares used for eps calculation | 48,775 | 48,182 | 48,275 | 48,091 | 47,791 | 47,394,969 | 47,098,519 | 45,506,598 | 46,445,309 | 44,743,269 | 43,817,417 | 40,835,186 | 40,669,322 | 40,203,050 | 39,861,688 | 29,038,174 | 39,059,743 | 34,707,758 | |||
bargain purchase gain | 110,790,000 | ||||||||||||||||||||
net income attributable to skywater technology, inc. | 144,013,000 | 1,512,000 | -8,590,000 | -4,273,000 | |||||||||||||||||
weighted-average shares outstanding, basic | 47,523 | ||||||||||||||||||||
weighted-average shares outstanding, diluted | 47,640 | ||||||||||||||||||||
research and development | 2,396,000 | 2,668,000 | 2,208,000 | 2,580,000 | 2,361,000 | 2,282,000 | 1,228,000 | 2,253,000 | 3,339,000 | 1,927,000 | |||||||||||
selling, general and administrative expense | 17,820,000 | ||||||||||||||||||||
selling, general and administrative expenses | 14,895,000 | 13,040,000 | 10,778,000 | 10,795,000 | 11,690,000 | 9,951,000 | 9,626,000 | 15,415,000 | 8,603,000 | ||||||||||||
less: net income attributable to non-controlling interests | 707,000 | 597,000 | 440,000 | 826,000 | 859,000 | 871,000 | 907,000 | 757,000 | 758,000 | ||||||||||||
change in fair value of contingent consideration | -154,000 | -1,670,000 | -942,000 | 56,000 | |||||||||||||||||
paycheck protection program loan forgiveness | 6,453,000 | ||||||||||||||||||||
total other expense | -1,029,000 | 937,500 | -733,000 | 5,541,000 | -1,058,000 | ||||||||||||||||
change in fair value of warrant liability | |||||||||||||||||||||
net loss per unit attributable to class b preferred unitholders, basic and diluted: | |||||||||||||||||||||
weighted-average units used in computing net loss per class b preferred unit, basic and diluted: | |||||||||||||||||||||
net sales | 41,189,000 | 48,101,000 | |||||||||||||||||||
cost of sales | 39,377,000 | 38,935,000 | |||||||||||||||||||
other expense: | |||||||||||||||||||||
income tax benefit | -425,000 | ||||||||||||||||||||
net loss attributable to cmi acquisition, llc | -2,811,000 | ||||||||||||||||||||
net loss per unit attributable to common unitholders, basic and diluted: | -1,040 | ||||||||||||||||||||
weighted-average units used in computing net loss per common unit, basic and diluted: | 3,060,343,000 |
Balance Sheets:
Quarterly
Annual
| Unit: USD | 2026-03-29 | 2025-12-28 | 2025-09-28 | 2025-06-29 | 2025-03-30 | 2024-12-29 | 2024-09-29 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-10-01 | 2023-07-02 | 2023-04-02 | 2023-01-01 | 2022-10-02 | 2022-07-03 | 2022-04-03 | 2022-01-02 | 2021-10-03 | 2021-07-04 | 2021-04-04 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
assets | |||||||||||||||||||||
current assets | |||||||||||||||||||||
cash and cash equivalents | 22,232,000 | 23,224,000 | 30,895,000 | 49,373,000 | 51,234,000 | 18,844,000 | 20,684,000 | 18,362,000 | 20,002,000 | 18,382,000 | 17,346,000 | 16,178,000 | 13,840,000 | 30,025,000 | 9,322,000 | 10,974,000 | 6,435,000 | 12,917,000 | 8,458,000 | 64,603,000 | 4,216,000 |
accounts receivable | 89,194,000 | 100,083,000 | 85,056,000 | 32,016,000 | 39,108,000 | 54,332,000 | 60,562,000 | 52,237,000 | 57,895,000 | 65,961,000 | 43,492,000 | 77,085,000 | 67,016,000 | 62,670,000 | 49,051,000 | 49,906,000 | 47,698,000 | 39,381,000 | 35,086,000 | 33,396,000 | 26,730,000 |
contract assets, net of allowance for credit losses of 26 and 26, respectively | 24,727,000 | ||||||||||||||||||||
inventory | 25,576,000 | 24,600,000 | 20,304,000 | 13,385,000 | 14,221,000 | 14,535,000 | 14,429,000 | 14,614,000 | 15,558,000 | 15,341,000 | 16,648,000 | ||||||||||
prepaid expenses and other current assets | 20,347,000 | 27,269,000 | 51,044,000 | 41,914,000 | 25,322,000 | 23,476,000 | 15,127,000 | 16,732,000 | 24,528,000 | 16,853,000 | 8,654,000 | 9,069,000 | 12,457,000 | 10,290,000 | 6,120,000 | 6,077,000 | 6,417,000 | 3,854,000 | 3,875,000 | 3,597,000 | 8,009,000 |
total current assets | 182,076,000 | 193,196,000 | 238,625,000 | 155,938,000 | 150,351,000 | 132,077,000 | 139,981,000 | 120,667,000 | 142,987,000 | 146,375,000 | 123,995,000 | 118,463,000 | 107,848,000 | 116,551,000 | 77,426,000 | 79,567,000 | 74,407,000 | 74,397,000 | 78,325,000 | 130,763,000 | 70,185,000 |
property and equipment | 510,124,000 | 511,720,000 | 517,484,000 | 161,582,000 | 162,842,000 | 165,431,000 | 162,972,000 | 156,926,000 | 157,281,000 | 159,367,000 | 165,818,000 | 169,540,000 | 175,368,000 | 179,915,000 | 183,650,000 | 187,141,000 | 187,364,000 | 180,475,000 | 184,142,000 | 179,441,000 | 173,174,000 |
intangible assets | 10,006,000 | 9,168,000 | 8,967,000 | 8,441,000 | 7,786,000 | 7,779,000 | 7,220,000 | 6,798,000 | 6,320,000 | 5,672,000 | 4,843,000 | 5,216,000 | 5,324,000 | 5,608,000 | 6,092,000 | 6,576,000 | 5,494,000 | 3,891,000 | 4,018,000 | 4,029,000 | 4,345,000 |
other assets | 30,695,000 | 19,823,000 | 21,953,000 | 8,732,000 | 5,784,000 | 8,488,000 | 4,906,000 | 6,024,000 | 5,693,000 | 5,342,000 | 5,053,000 | 5,517,000 | 4,286,000 | 3,690,000 | 3,780,000 | 3,363,000 | 4,411,000 | 4,835,000 | 5,200,000 | 4,518,000 | 4,607,000 |
total assets | 732,901,000 | 733,907,000 | 787,029,000 | 334,693,000 | 326,763,000 | 313,775,000 | 315,079,000 | 290,415,000 | 312,281,000 | 316,756,000 | 299,709,000 | 298,736,000 | 292,826,000 | 305,764,000 | 270,948,000 | 276,647,000 | 271,676,000 | 263,598,000 | 271,685,000 | 318,751,000 | 252,311,000 |
liabilities and shareholders’ equity | |||||||||||||||||||||
current liabilities | |||||||||||||||||||||
current portion of long-term debt | 5,190,000 | 5,940,000 | 6,179,000 | 6,752,000 | 4,941,000 | 5,073,000 | 5,099,000 | 4,984,000 | 3,631,000 | 3,976,000 | 4,241,000 | 1,964,000 | 2,021,000 | 1,855,000 | 1,051,000 | 1,042,000 | 1,030,000 | 1,021,000 | 1,012,000 | 1,006,000 | 3,853,000 |
accounts payable | 59,708,000 | 34,871,000 | 51,335,000 | 15,353,000 | 11,691,000 | 29,590,000 | 30,217,000 | 18,976,000 | 25,919,000 | 19,614,000 | 14,378,000 | 14,182,000 | 13,931,000 | 21,102,000 | 19,119,000 | 13,848,000 | 6,014,000 | 7,637,000 | 12,213,000 | 15,880,000 | 15,845,000 |
accrued expenses | 64,383,000 | 56,612,000 | 62,715,000 | 40,627,000 | 27,942,000 | 36,829,000 | 31,430,000 | 32,998,000 | 30,512,000 | 48,291,000 | 39,381,000 | 32,112,000 | 26,264,000 | 25,212,000 | 28,659,000 | 25,094,000 | 24,082,000 | 17,483,000 | 15,109,000 | 20,733,000 | 22,107,000 |
short-term financing, net of unamortized debt issuance costs | 171,995,000 | 184,402,000 | 143,367,000 | 23,614,000 | 21,535,000 | 27,669,000 | 19,552,000 | 23,879,000 | 32,612,000 | 22,765,000 | 45,253,000 | 54,233,000 | 55,817,000 | ||||||||
contract liabilities | 52,406,000 | 42,195,000 | 92,278,000 | 61,250,000 | 61,215,000 | 55,166,000 | 73,353,000 | 53,087,000 | 56,109,000 | 49,551,000 | 24,674,000 | ||||||||||
income taxes payable | 448,000 | 392,000 | 382,000 | 539,000 | 4,517,000 | ||||||||||||||||
total current liabilities | 354,130,000 | 324,020,000 | 355,874,000 | 147,596,000 | 127,324,000 | 154,327,000 | 160,043,000 | 133,924,000 | 148,783,000 | 144,197,000 | 127,927,000 | 130,434,000 | 122,597,000 | 132,172,000 | 73,041,000 | 64,764,000 | 55,215,000 | 47,765,000 | 55,188,000 | 66,977,000 | 75,500,000 |
long-term liabilities | |||||||||||||||||||||
long-term debt, less current portion and net of unamortized debt issuance costs | 32,332,000 | 32,939,000 | 34,262,000 | 35,316,000 | 33,693,000 | 34,704,000 | 36,179,000 | 37,410,000 | 35,665,000 | 36,098,000 | 37,729,000 | 34,778,000 | 35,194,000 | 35,181,000 | |||||||
long-term contract liabilities | 126,149,000 | 149,470,000 | 163,563,000 | 90,887,000 | 97,264,000 | 51,901,000 | 41,145,000 | 52,790,000 | 58,605,000 | 65,754,000 | 55,636,000 | ||||||||||
deferred income tax liability | 5,638,000 | 6,369,000 | 7,903,000 | 604,000 | 603,000 | 632,000 | 378,000 | 565,000 | 623,000 | 679,000 | 1,121,000 | 1,202,000 | 1,239,000 | 1,239,000 | 965,000 | 858,000 | 798,000 | 995,000 | 3,216,000 | 2,866,000 | 6,361,000 |
other long-term liabilities | 26,797,000 | 25,297,000 | 25,679,000 | 8,324,000 | 8,443,000 | 8,721,000 | 8,780,000 | 8,906,000 | 9,204,000 | 9,327,000 | 9,466,000 | 9,601,000 | 13,584,000 | 13,585,000 | 10,934,000 | 13,178,000 | 13,234,000 | 4,350,000 | 4,284,000 | ||
total long-term liabilities | 190,916,000 | 214,075,000 | 231,407,000 | 135,131,000 | 140,003,000 | 95,958,000 | 86,482,000 | 99,671,000 | 104,097,000 | 111,858,000 | 103,952,000 | 105,420,000 | 112,757,000 | 119,615,000 | 161,826,000 | 174,254,000 | 168,952,000 | 155,906,000 | 131,440,000 | 156,300,000 | 181,424,000 |
total liabilities | 545,046,000 | 538,095,000 | 587,281,000 | 282,727,000 | 267,327,000 | 250,285,000 | 246,525,000 | 233,595,000 | 252,880,000 | 256,055,000 | 231,879,000 | 235,854,000 | 235,354,000 | 251,787,000 | 234,867,000 | 239,018,000 | 224,167,000 | 203,671,000 | 186,628,000 | 223,277,000 | 256,924,000 |
commitments and contingencies | |||||||||||||||||||||
shareholders’ equity | |||||||||||||||||||||
preferred stock, 0.01 par value per share... | |||||||||||||||||||||
common stock, 0.01 par value per share... | 495,000 | 489,000 | 489,000 | 485,000 | 484,000 | 478,000 | 477,000 | 474,000 | 473,000 | 470,000 | 470,000 | 454,000 | 443,000 | 437,000 | 415,000 | 404,000 | 399,000 | 398,000 | 391,000 | 391,000 | |
additional paid-in capital | 207,091,000 | 202,386,000 | 199,592,000 | 194,070,000 | 192,264,000 | 189,132,000 | 187,004,000 | 183,817,000 | 181,802,000 | 178,473,000 | 177,286,000 | 166,179,000 | 154,764,000 | 147,304,000 | 127,067,000 | 121,697,000 | 118,873,000 | 115,208,000 | 113,223,000 | 110,082,000 | |
accumulated deficit | -27,364,000 | -15,056,000 | -7,276,000 | -149,319,000 | -139,341,000 | -131,996,000 | -131,317,000 | -132,829,000 | -130,932,000 | -125,203,000 | -114,878,000 | -107,310,000 | -98,720,000 | -94,072,000 | -91,029,000 | -84,090,000 | -71,085,000 | -54,479,000 | -27,443,000 | -13,573,000 | |
total shareholders’ equity, skywater technology, inc. | 180,222,000 | 187,819,000 | 192,805,000 | 45,236,000 | 53,407,000 | 57,614,000 | 56,164,000 | 51,462,000 | 51,343,000 | 53,740,000 | 59,323,000 | 56,487,000 | 53,669,000 | 36,453,000 | 38,011,000 | 48,187,000 | |||||
noncontrolling interests | 7,633,000 | 7,993,000 | 6,943,000 | 6,730,000 | 6,029,000 | 5,876,000 | 12,390,000 | 5,358,000 | 8,058,000 | 6,961,000 | 4,952,000 | 3,559,000 | |||||||||
total shareholders’ equity | 187,855,000 | 199,748,000 | 51,966,000 | 59,436,000 | 68,554,000 | 56,820,000 | 59,401,000 | 62,882,000 | 57,472,000 | 53,977,000 | 36,081,000 | 37,629,000 | 47,509,000 | 59,927,000 | 85,057,000 | 95,474,000 | |||||
total liabilities and shareholders’ equity | 732,901,000 | 733,907,000 | 787,029,000 | 334,693,000 | 326,763,000 | 313,775,000 | 315,079,000 | 290,415,000 | 312,281,000 | 316,756,000 | 298,736,000 | 292,826,000 | 305,764,000 | 270,948,000 | 276,647,000 | 271,676,000 | 263,598,000 | 271,685,000 | 318,751,000 | ||
contract assets | 18,020,000 | 51,326,000 | 19,250,000 | 20,466,000 | 20,890,000 | 29,179,000 | 18,467,000 | 24,922,000 | 29,666,000 | 37,733,000 | |||||||||||
total shareholders' equity | 195,812,000 | 63,490,000 | 60,701,000 | 67,830,000 | |||||||||||||||||
income tax receivable | 255,000 | 82,000 | 172,000 | 122,000 | 107,000 | 169,000 | 169,000 | 744,000 | 744,000 | 744,000 | 745,000 | ||||||||||
long-term incentive plan | 1,643,000 | 3,172,000 | 3,636,000 | 4,249,000 | 4,039,000 | 3,902,000 | 3,648,000 | 3,415,000 | |||||||||||||
liabilities and shareholders' equity | |||||||||||||||||||||
shareholders' equity | |||||||||||||||||||||
total shareholders' equity, skywater technology, inc. | 62,878,000 | ||||||||||||||||||||
total liabilities and shareholders' equity | 299,709,000 | ||||||||||||||||||||
current assets: | |||||||||||||||||||||
inventories | 16,024,000 | 14,366,000 | 13,397,000 | 12,189,000 | 11,866,000 | 13,113,000 | 17,500,000 | 30,906,000 | 29,167,000 | 31,230,000 | |||||||||||
current liabilities: | |||||||||||||||||||||
deferred revenue - current | 27,943,000 | 28,168,000 | 28,186,000 | 24,212,000 | 24,339,000 | 23,273,000 | 20,808,000 | 24,772,000 | 24,919,000 | 22,537,000 | |||||||||||
long-term liabilities: | |||||||||||||||||||||
deferred revenue - long-term | 59,839,000 | 62,740,000 | 67,967,000 | 74,078,000 | 79,392,000 | 82,944,000 | 88,094,000 | 85,449,000 | 84,438,000 | 89,001,000 | |||||||||||
shareholders’ equity: | |||||||||||||||||||||
short-term financing, less unamortized debt issuance costs | 52,213,000 | ||||||||||||||||||||
non-controlling interests | 985,000 | 308,000 | -372,000 | -382,000 | -678,000 | -1,200,000 | -1,114,000 | -1,426,000 | -1,791,000 | ||||||||||||
current portion of contingent consideration | 441,000 | 816,000 | 816,000 | 1,700,000 | 3,900,000 | 6,641,000 | |||||||||||||||
long-term debt, less current portion and unamortized debt issuance costs | 72,677,000 | 77,190,000 | 67,727,000 | 58,428,000 | 34,589,000 | 65,348,000 | 81,688,000 | ||||||||||||||
contingent consideration, less current portion | 959,000 | ||||||||||||||||||||
class a preferred units | |||||||||||||||||||||
class b preferred units | |||||||||||||||||||||
common units | 3,772,000 | ||||||||||||||||||||
total shareholders’ equity (deficit), skywater technology, inc. | 61,127,000 | 86,171,000 | 96,900,000 | ||||||||||||||||||
liabilities and members’ equity | |||||||||||||||||||||
members’ equity | |||||||||||||||||||||
retained deficit | -6,594,000 | ||||||||||||||||||||
total members’ deficit, cmi acquisition, llc | -2,822,000 | ||||||||||||||||||||
total members’ deficit | -4,613,000 | ||||||||||||||||||||
total liabilities and members’ deficit | 252,311,000 | ||||||||||||||||||||
net sales | 48,101,000 | ||||||||||||||||||||
cost of sales | 38,935,000 | ||||||||||||||||||||
gross profit | 9,166,000 | ||||||||||||||||||||
research and development | 1,927,000 | ||||||||||||||||||||
selling, general and administrative expenses | 8,603,000 | ||||||||||||||||||||
change in fair value of contingent consideration | 56,000 | ||||||||||||||||||||
operating income | -1,420,000 | ||||||||||||||||||||
other income: | |||||||||||||||||||||
change in fair value of warrant liability | |||||||||||||||||||||
interest expense | -1,058,000 | ||||||||||||||||||||
total other income | -1,058,000 | ||||||||||||||||||||
income before income taxes | -2,478,000 | ||||||||||||||||||||
income tax benefit | -425,000 | ||||||||||||||||||||
net income | -2,053,000 | ||||||||||||||||||||
less: net income attributable to non-controlling interests | 758,000 | ||||||||||||||||||||
net income attributable to cmi acquisition, llc | -2,811,000 | ||||||||||||||||||||
net income per unit attributable to common unitholders, basic and diluted: | -1,040 | ||||||||||||||||||||
net income per unit attributable to class b preferred unitholders, basic and diluted: | |||||||||||||||||||||
weighted-average units used in computing net income per common unit, basic and diluted: | 3,060,343,000 | ||||||||||||||||||||
weighted-average units used in computing net income per class b preferred unit, basic and diluted: |
Cashflow Statements:
Quarterly
Annual
| Unit: USD | 2026-03-29 | 2025-09-28 | 2025-06-29 | 2025-03-30 | 2024-09-29 | 2024-06-30 | 2024-03-31 | 2023-10-01 | 2023-07-02 | 2023-04-02 | 2023-01-01 | 2022-10-02 | 2022-07-03 | 2022-04-03 | 2022-01-02 | 2021-10-03 | 2021-07-04 | 2021-04-04 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
cash flows from operating activities | ||||||||||||||||||
net loss | -11,152,000 | -15,075,000 | -6,218,000 | -2,960,000 | -5,587,000 | -4,632,000 | -16,692,000 | -2,446,000 | -6,499,000 | -12,179,000 | -15,747,000 | -26,165,000 | -12,963,000 | -6,222,000 | -2,053,000 | |||
adjustments to reconcile net loss to net cash flows from operating activities | ||||||||||||||||||
revenue from off-market component of supply agreement recorded in purchase accounting | -10,221,000 | -8,571,000 | ||||||||||||||||
depreciation and amortization expense | 14,199,000 | 21,525,000 | ||||||||||||||||
accretion of investment tax credits | -1,568,000 | -681,000 | -385,000 | -147,000 | ||||||||||||||
amortization of debt issuance costs included in interest expense | 701,000 | 1,184,000 | 484,000 | 242,000 | 1,322,000 | 880,000 | 440,000 | 1,349,000 | 519,000 | 357,000 | 388,000 | 173,000 | 176,000 | 172,000 | 91,000 | 210,000 | 160,000 | 160,000 |
equity-based compensation expense | 2,610,000 | 6,825,000 | 4,220,000 | 1,879,000 | 6,105,000 | |||||||||||||
deferred income taxes | -732,000 | -29,962,000 | -28,000 | 39,000 | -301,000 | -115,000 | -56,000 | -118,000 | 274,000 | 107,000 | 60,000 | -197,000 | -2,222,000 | 350,000 | -3,494,000 | -1,697,000 | ||
provision for credit losses | 428,000 | 262,000 | 203,000 | -121,000 | 4,133,000 | 1,448,000 | 2,154,000 | |||||||||||
changes in operating assets and liabilities | ||||||||||||||||||
accounts receivable and contract assets | 19,163,000 | -38,599,000 | 23,648,000 | 15,292,000 | 5,624,000 | 24,775,000 | 12,933,000 | -23,063,000 | ||||||||||
inventory | -976,000 | 34,000 | 1,151,000 | 315,000 | -3,251,000 | |||||||||||||
prepaid expenses, other current assets, and other assets | -3,949,000 | -30,142,000 | -18,665,000 | 858,000 | ||||||||||||||
accounts payable and accrued expenses | 22,265,000 | 28,516,000 | 4,548,000 | -12,565,000 | -6,386,000 | -18,529,000 | -10,883,000 | 4,868,000 | 10,658,000 | 1,990,000 | 4,057,000 | |||||||
contract liabilities, current and long-term | -2,888,000 | 37,263,000 | 45,069,000 | 51,412,000 | -806,000 | -9,427,000 | -590,000 | -15,843,000 | ||||||||||
income taxes receivable | 448,000 | |||||||||||||||||
net cash from operating activities | 27,900,000 | 7,107,000 | 54,300,000 | 55,967,000 | 19,739,000 | 5,423,000 | -3,924,000 | -21,662,000 | -6,922,000 | -11,086,000 | -8,289,000 | 7,854,000 | -3,070,000 | -10,792,000 | -18,439,000 | -6,430,000 | -22,387,000 | -8,424,000 |
capital expenditures | -9,050,000 | -18,237,000 | -17,407,000 | -14,770,000 | -13,894,000 | -2,086,000 | -1,259,000 | -3,864,000 | 243,000 | -2,851,000 | -5,728,000 | -5,862,000 | -1,049,000 | -4,414,000 | -985,000 | -16,879,000 | -7,720,000 | -5,178,000 |
free cash flows | 18,850,000 | -11,130,000 | 36,893,000 | 41,197,000 | 5,845,000 | 3,337,000 | -5,183,000 | -25,526,000 | -6,679,000 | -13,937,000 | -14,017,000 | 1,992,000 | -4,119,000 | -15,206,000 | -19,424,000 | -23,309,000 | -30,107,000 | -13,602,000 |
cash flows from investing activities | ||||||||||||||||||
purchase of software and technology licenses | -1,050,000 | -1,953,000 | -1,155,000 | |||||||||||||||
purchases of property and equipment | -9,050,000 | -18,237,000 | -17,407,000 | -14,770,000 | -13,894,000 | -2,086,000 | -1,259,000 | -3,864,000 | 243,000 | -2,851,000 | -5,728,000 | -5,862,000 | -1,049,000 | -4,414,000 | -985,000 | -16,879,000 | -7,720,000 | -5,178,000 |
net cash from investing activities | -10,100,000 | -106,959,000 | -18,773,000 | -15,183,000 | -15,792,000 | -3,218,000 | -2,070,000 | -4,476,000 | -156,000 | -3,064,000 | -5,728,000 | -5,862,000 | -1,049,000 | -4,814,000 | 624,000 | -17,192,000 | -7,858,000 | -5,397,000 |
cash flows from financing activities | ||||||||||||||||||
proceeds from draws on the revolving line of credit | 147,500,000 | 394,330,000 | 189,466,000 | 125,000,000 | 251,000,000 | |||||||||||||
repayment of draws on the revolving line of credit | -164,752,000 | -273,583,000 | -195,544,000 | -132,181,000 | -251,463,000 | |||||||||||||
principal payments on long-term debt | -1,443,000 | -4,192,000 | -2,479,000 | -1,229,000 | -3,248,000 | -2,047,000 | -862,000 | -1,839,000 | ||||||||||
cash paid for principal on finance leases | -682,000 | -410,000 | -371,000 | -269,000 | -520,000 | -396,000 | -274,000 | -818,000 | ||||||||||
proceeds from the issuance of common stock pursuant to equity compensation plans | 2,101,000 | 3,577,000 | 725,000 | 1,259,000 | 2,433,000 | 1,260,000 | 1,260,000 | |||||||||||
contributions from noncontrolling interest | 624,000 | 626,000 | 626,000 | 6,957,000 | 323,000 | |||||||||||||
distributions to noncontrolling interest | -1,516,000 | -2,944,000 | -2,020,000 | -1,600,000 | -4,682,000 | -3,965,000 | ||||||||||||
net cash from financing activities | -18,792,000 | 111,903,000 | -4,998,000 | -8,394,000 | -1,645,000 | -2,225,000 | 7,614,000 | 13,459,000 | 9,416,000 | -2,035,000 | 34,720,000 | -3,644,000 | 8,658,000 | 9,124,000 | 22,274,000 | -32,523,000 | 90,632,000 | 10,601,000 |
net change in cash and cash equivalents | -992,000 | 12,051,000 | 30,529,000 | -16,185,000 | 20,703,000 | -1,652,000 | 4,539,000 | -6,482,000 | 4,459,000 | -56,145,000 | 60,387,000 | -3,220,000 | ||||||
cash and cash equivalents - beginning of period | 23,224,000 | 18,382,000 | 18,382,000 | 30,025,000 | 0 | 30,025,000 | 0 | 0 | 0 | 12,917,000 | 0 | 0 | 0 | 7,436,000 | ||||
cash and cash equivalents - end of period | 22,232,000 | 18,362,000 | 20,002,000 | 17,346,000 | 2,338,000 | 13,840,000 | 20,703,000 | -1,652,000 | 4,539,000 | 6,435,000 | 4,459,000 | -56,145,000 | 60,387,000 | 4,216,000 | ||||
net income | 130,077,000 | -6,524,000 | -3,566,000 | |||||||||||||||
adjustments to reconcile net income to net cash flows from operating activities | ||||||||||||||||||
bargain purchase gain | -110,790,000 | |||||||||||||||||
gain on sale of property and equipment | -55,000 | -78,000 | -1,938,000 | |||||||||||||||
changes in operating assets and liabilities, net of the effects of a business acquisition | ||||||||||||||||||
income tax receivable and payable | 564,000 | -83,000 | 90,000 | 47,000 | ||||||||||||||
cash paid to acquire a business | -86,466,000 | |||||||||||||||||
purchase of software and licenses | -2,256,000 | -1,366,000 | -413,000 | -811,000 | -612,000 | -399,000 | -213,000 | 0 | 0 | 0 | -400,000 | -401,000 | -462,000 | -138,000 | -219,000 | |||
proceeds from sale of property and equipment | 55,000 | 23,000 | 2,010,000 | |||||||||||||||
cash paid for debt issuance costs | -10,098,000 | |||||||||||||||||
proceeds from tool financings | 1,298,000 | 920,000 | 920,000 | 6,492,000 | ||||||||||||||
repayment of tool financing advanced payments | -920,000 | |||||||||||||||||
proceeds from sale leaseback transactions | 4,599,000 | |||||||||||||||||
cash paid on licensed technology obligations | -2,500,000 | -2,000,000 | -2,000,000 | |||||||||||||||
cash and cash equivalents, beginning of period | 18,844,000 | 18,844,000 | 18,844,000 | 18,382,000 | ||||||||||||||
cash and cash equivalents, end of period | 30,895,000 | 49,373,000 | 51,234,000 | 20,684,000 | ||||||||||||||
depreciation and amortization | 9,044,000 | 4,505,000 | 13,295,000 | 9,129,000 | 5,065,000 | 21,651,000 | 7,207,000 | 7,352,000 | 7,452,000 | 7,083,000 | 7,199,000 | 6,458,000 | 7,068,000 | 6,964,000 | 6,854,000 | 6,482,000 | ||
allowance for credit losses | 289,000 | |||||||||||||||||
proceeds from sale leaseback transaction | 4,599,000 | |||||||||||||||||
provision (allowance) for credit losses | 355,000 | |||||||||||||||||
cash paid for contingent consideration in excess of initial valuation | 0 | -441,000 | -730,000 | -530,000 | -2,758,000 | -3,356,000 | ||||||||||||
benefit from credit losses | ||||||||||||||||||
loss on debt extinguishment | ||||||||||||||||||
write-off of capital projects in process | ||||||||||||||||||
prepaid expenses and other current assets | ||||||||||||||||||
net repayment on revolver | 24,208,000 | |||||||||||||||||
proceeds from the issuance of common stock pursuant to a secondary stock offering | ||||||||||||||||||
cash paid for offering costs | 0 | -662,000 | -6,000 | -1,199,000 | ||||||||||||||
proceeds from the issuance of common stock under the atm | ||||||||||||||||||
cash and cash equivalents - beginning of fiscal year | ||||||||||||||||||
cash and cash equivalents - end of fiscal year | ||||||||||||||||||
inventories | 911,000 | 727,000 | -217,000 | -1,658,000 | -969,000 | -4,539,000 | -821,000 | -22,000 | -3,843,000 | -36,000 | -1,739,000 | 2,063,000 | -4,061,000 | |||||
prepaid expenses and other assets | 2,164,000 | -560,000 | -8,025,000 | 270,000 | 2,047,000 | -2,653,000 | -4,076,000 | -461,000 | 1,388,000 | -2,139,000 | 385,000 | -959,000 | 1,126,000 | 4,546,000 | ||||
net increase in cash and cash equivalents | 2,302,000 | 1,620,000 | ||||||||||||||||
long-term incentive and equity-based compensation | 4,088,000 | 2,072,000 | 5,673,000 | |||||||||||||||
draws on revolving line of credit | 168,500,000 | 90,500,000 | 182,763,000 | 62,000,000 | 59,350,000 | |||||||||||||
paydowns of revolving line of credit | -163,900,000 | -81,930,000 | -194,396,000 | -60,500,000 | -63,310,000 | |||||||||||||
repayment of tool financings | -920,000 | |||||||||||||||||
net decrease in cash and cash equivalents | -20,000 | |||||||||||||||||
net distributions to noncontrolling interest | ||||||||||||||||||
inventory write-down | ||||||||||||||||||
non-cash revenue related to customer equipment | 0 | 0 | 0 | -2,481,000 | ||||||||||||||
gain on paycheck protection program loan forgiveness | 0 | 0 | ||||||||||||||||
change in fair value of contingent consideration | -154,000 | -1,670,000 | -942,000 | 56,000 | ||||||||||||||
proceeds from issuance of common stock pursuant to the initial public offering | ||||||||||||||||||
net contributions (distributions) from (to) noncontrolling interest | 905,000 | |||||||||||||||||
cash paid for operating leases | -37,000 | 0 | -12,000 | |||||||||||||||
cash paid for interest on finance leases | -649,000 | |||||||||||||||||
net proceeds on revolver | -4,424,000 | 9,554,000 | 9,392,000 | |||||||||||||||
proceeds from the issuance of common stock pursuant to the employee stock purchase plan | 2,305,000 | 1,000 | 1,275,000 | 0 | ||||||||||||||
proceeds from the issuance of common stock, net of commissions | 20,397,000 | 9,448,000 | 2,696,000 | |||||||||||||||
cash paid on license technology obligations | -2,350,000 | -500,000 | -1,850,000 | 0 | -650,000 | |||||||||||||
net uses of cash and cash equivalents | -12,679,000 | |||||||||||||||||
cash flows from operating activities: | ||||||||||||||||||
adjustments to reconcile net income to net cash flows from operating activities: | ||||||||||||||||||
long-term incentive and stock-based compensation | 1,967,000 | 1,853,000 | 1,577,000 | 1,699,000 | 2,118,000 | 3,216,000 | 2,130,000 | 3,395,000 | ||||||||||
changes in operating assets and liabilities: | ||||||||||||||||||
accounts receivable | -10,550,000 | -6,875,000 | -10,731,000 | 1,797,000 | -938,000 | -86,000 | -4,296,000 | -1,690,000 | -6,666,000 | 3,265,000 | ||||||||
deferred revenue | -3,126,000 | -5,245,000 | -2,137,000 | -5,442,000 | -2,486,000 | -2,684,000 | -1,319,000 | 864,000 | -2,181,000 | -14,514,000 | ||||||||
cash flows from investing activities: | ||||||||||||||||||
cash flows from financing activities: | ||||||||||||||||||
net proceeds from tool financing | 2,000 | 494,000 | ||||||||||||||||
repayment of vie financing | -474,000 | -317,000 | ||||||||||||||||
cash paid for finance leases | -212,000 | |||||||||||||||||
accounts payable | -3,270,000 | -6,090,000 | 788,000 | -4,205,000 | 3,595,000 | |||||||||||||
net (repayment) proceeds on revolver | ||||||||||||||||||
net distributions to vie member | -30,000 | |||||||||||||||||
adjustments to reconcile net loss to net cash flows from operating activities: | ||||||||||||||||||
foundry services obligation | ||||||||||||||||||
change in fair value of warrant liability | ||||||||||||||||||
income tax payable and receivable | 575,000 | 1,000 | -1,127,000 | -157,000 | -3,978,000 | 2,807,000 | ||||||||||||
proceeds from issuance of common stock pursuant to the initial public offering, net of underwriting discounts and commissions | 0 | 0 | ||||||||||||||||
proceeds from financing | ||||||||||||||||||
proceeds from paycheck protection program loan | ||||||||||||||||||
repayment of term loan | ||||||||||||||||||
cash paid for term loan extinguishment | ||||||||||||||||||
net repayment on line of credit | ||||||||||||||||||
proceeds from atm program, net of underwriting discounts and commissions | ||||||||||||||||||
proceeds from the issuance of common stock, net of underwriting discounts and commissions | ||||||||||||||||||
repayment of financing | -459,000 | -256,000 | -253,000 | -256,000 | -203,000 | -292,000 | -246,000 | -249,000 | ||||||||||
cash paid for financing leases | ||||||||||||||||||
repurchase of warrants | ||||||||||||||||||
proceeds from exercise of common unit options | ||||||||||||||||||
repurchase of common units | ||||||||||||||||||
cash paid for contingent consideration | ||||||||||||||||||
distributions to vie member | 83,000 | -430,000 | -530,000 | -337,000 | -957,000 | -595,000 | -392,000 | -981,000 | ||||||||||
proceeds from atm program, net of commissions | ||||||||||||||||||
cash paid for capital leases | -742,000 | -82,000 | -334,000 | -524,000 | -303,000 | |||||||||||||
proceeds from the issuance of common stock pursuant to the employee stock purchase plan and a long term incentive plan | ||||||||||||||||||
proceeds from employee stock purchase plan | 659,000 | |||||||||||||||||
accrued expenses | 2,522,000 | 781,000 | -2,464,000 | -1,408,000 | ||||||||||||||
net proceeds from revolver | -12,648,000 | 13,030,000 | ||||||||||||||||
long-term incentive and unit-based compensation | 235,000 | |||||||||||||||||
supplemental disclosure of cash flow information: | ||||||||||||||||||
cash paid during the period for: | ||||||||||||||||||
interest | 1,009,000 | |||||||||||||||||
income taxes | -1,534,000 | |||||||||||||||||
supplemental disclosures of noncash investing and financing activity: | ||||||||||||||||||
capital expenditures incurred, not yet paid | 6,622,000 | |||||||||||||||||
equipment acquired through capital lease obligations | 2,470,000 |