NASDAQ$SKYT
SkyWater Technology Inc · Q2 2023 earnings
Q2 2023 earnings · · Investor relations
Briefing
Reported record revenues and continued year-over-year increase in gross margin.
SkyWater Technology reported a record revenue of $69.8 million, a 47% increase year-over-year. The gross margin also increased to 23.9% on a GAAP basis. Net loss to shareholders was $8.6 million, or $(0.19) per share on a GAAP basis.
- Revenue increased 47% year-over-year to a record $69.8 million.
- Gross margin increased to 23.9% on a GAAP basis, compared to 4.4% in Q2 2022.
- Net loss to shareholders of $8.6 million, or $(0.19) per share on a GAAP basis.
- Adjusted EBITDA of $6.5 million, or 9.3% of revenue, compared to $(1.6) million in Q2 2022.
Headline financials
Revenue & EPS history
SkyWater · Revenue · Quarterly
$69.8M
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 is confident in its ability to achieve its long-term annual revenue growth objective of 25% in 2023.
Tailwinds
- Continued strong customer demand
- Expansion of multiple key Advanced Technology Services (ATS) programs year to date
- A $3.6 million pull-in of revenues that resulted from the restructuring of one ATS contract.
- Continued progress on the productization and qualification of SkyWater’s 90nm RadHard platform, in preparation for the planned production ramp in 2025.
- Growing engagement with multiple commercial ATS customers, particularly in the bio-health and advanced computing end markets, each of which could contribute multiple-$M of revenue for SkyWater in 2023.
Headwinds
- Macro weakness affecting the overall semiconductor industry
- GAAP operating expenses included $3.8 million of project-based consulting fees that were not a component of operating expenses in the second quarter of 2022.
- GAAP operating expenses also included $1.4 million of additional bad debt accrual that was not a component of operating expenses in the second quarter of 2022.
- Net loss to shareholders of $8.6 million.
- Operating income (loss) of $(3,549,000)
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 18 quarterly earnings reports · overlaid with Q2 2023
+4.7%
Avg return
Earnings day
+9.0%
Avg return
5 days after
+8.4%
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 | +2.0% | +5.6% | — | |
| 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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