NASDAQ$SKYT
SkyWater Technology Inc · Q1 2024 earnings
Q1 2024 earnings · · Investor relations
Briefing
SkyWater's Q1 2024 revenue increased, marked by record ATS revenue and challenges in gross margin due to increased costs.
SkyWater Technology reported a 20% year-over-year increase in revenue to a record $79.6 million for Q1 2024. The company experienced a decrease in gross margin and a net loss to shareholders, but saw strong growth in its Advanced Technology Services (ATS) business.
- Revenue increased 20% year-over-year to a record $79.6 million.
- ATS development revenue increased 28% year-over-year, exceeding expectations.
- Gross margin decreased to 16.3% on a GAAP basis, compared to 24.9% in Q1 2023.
- Customer-funded capex funding and awards since 2020 now exceed $100 million.
Headline financials
Revenue & EPS history
SkyWater · Revenue · Quarterly
$79.6M
Revenue by segment
SkyWater · $69.8M total across 2 segments · Q2 2023
- Legacy ATS Development$53M+77.7%75.9%
- Legacy Wafer Services$16.8M-4.5%24.1%
Forward guidance
SkyWater anticipates another year of revenue growth in 2024, driven by increased ATS development revenue and customer-funded capex, with a decreasing contribution from legacy products.
Tailwinds
- Strong momentum and revenue growth in differentiated Advanced Technology Services business.
- ATS development revenue increasing 7% sequentially from Q4 2023.
- At the forefront of an expected unprecedented year in customer-funded capital investments.
- Unique business model offers a compelling value proposition for the development of new technology platforms and products.
- Revenue profile for fiscal 2024 continues to indicate a growth year for SkyWater.
Headwinds
- Q1 tool revenue came in lower than forecast due to delays in equipment deliveries.
- Gross margin decreased to 16.3% on a GAAP basis, compared to 24.9% in Q1 2023.
- Net loss to shareholders of $5.7 million, or $0.12 per share on a GAAP basis.
- Adjusted EBITDA of $4.9 million, or 6.2% of revenue, compared to $8.1 million, or 12.3% of revenue in Q1 2023.
- Cost of revenue for the first quarter of 2024 included an approximately $8 million accrual reflecting the anticipated additional costs for us to complete certain development milestones for a significant aerospace and defense program.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 19 quarterly earnings reports · overlaid with Q1 2024
+4.7%
Avg return
Earnings day
+9.0%
Avg return
5 days after
+8.3%
Avg return
30 days after
65%
13 / 20 earnings
Positive
+41.4%
Q2 2024
Best reaction
-39.1%
Q3 2021
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +2.1% | +5.7% | +5.7% | |
| Q4 2025 | +7.1% | +3.6% | -6.2% | |
| Q3 2025 | +26.9% | +50.2% | +22.2% | |
| Q1 2025 | +4.5% | +15.6% | +24.6% | |
| Q4 2024 | -10.4% | -15.3% | -30.7% | |
| Q3 2024 | -9.1% | -16.1% | -5.8% | |
| Q2 2024 | +41.4% | +41.2% | +35.3% | |
| Q1 2024 | -36.5% | -26.0% | -27.3% | |
| Q4 2023 | +13.8% | +21.3% | +9.9% | |
| Q3 2023 | +2.0% | +4.3% | +50.0% | |
| Q2 2023 | -19.2% | -30.9% | -32.4% | |
| Q1 2023 | -5.3% | -0.7% | +6.0% | |
| Q4 2022 | +21.6% | +30.4% | +2.3% | |
| Q3 2022 | +34.6% | +37.3% | +9.2% | |
| Q2 2022 | +27.5% | +17.4% | -33.2% | |
| Q1 2022 | +14.4% | -2.7% | +14.0% | |
| Q4 2021 | -4.8% | +10.4% | +15.0% | |
| Q3 2021 | -39.1% | -29.8% | -46.7% | |
| Q2 2021 | +15.1% | +26.8% | +79.1% | |
| Q1 2021 | +8.2% | +37.4% | +74.8% | |
| Q3 2020 | — | — | — | |
| Q2 2020 | — | — | — | |
| Q1 2020 | — | — | — | |
| Q4 2019 | — | — | — | |
| Q3 2019 | — | — | — |
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