SkyWater Technology Inc · Q3 2024 earnings

Briefing

Achieved record revenues with increased gross margin and earnings.

SkyWater Technology reported a strong third quarter with record revenues of $93.8 million, a gross margin increase to 21.6% on a GAAP basis, and net income to shareholders of $1.5 million, or $0.03 per diluted share on a GAAP basis.

• Revenue increased 31% year-over-year to a record $93.8 million.
• Gross margin increased to 21.6% on a GAAP basis, compared to 19.8% in Q3 2023.
• Net income to shareholders of $1.5 million, or $0.03 per diluted share on a GAAP basis.
• Adjusted EBITDA of $11.0 million, or 11.7% of revenue, compared to $8.3 million, or 11.6% of revenue in Q3 2023.

Headline financials

Revenue & EPS history

For the fourth quarter of 2024, SkyWater expects total revenue to be in the range of $72 million to $76 million, of which approximately $11 million is expected to be tools revenue. They expect GAAP diluted EPS to be in the range of $(0.12) to $(0.06) and non-GAAP diluted EPS to be in the range of $(0.10) to $(0.04).