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SKYT

SkyWater Technology, Inc.

SKYT

SkyWater Technology, Inc. • NASDAQ
$15.39 ▲ 5.63% (+0.82)
Market Cap $737.65 M
52w High $24.23
52w Low $5.67
Dividend Yield 0%
P/E 5.9
Volume 722.73K
Outstanding Shares 47.93M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $150.741M ▲ $25.28M ▲ $144.013M ▲ 95.537% ▲ $2.98 ▲ $130.83M ▲
Q2-2025 $59.063M ▼ $17.377M ▼ $-9.978M ▼ -16.894% ▼ $-0.21 ▼ $-2.177M ▼
Q1-2025 $61.296M ▼ $18.279M ▲ $-7.345M ▼ -11.983% ▼ $-0.15 ▼ $336K ▼
Q4-2024 $75.487M ▼ $16.643M ▲ $-679K ▼ -0.899% ▼ $-0.014 ▼ $8.052M ▼
Q3-2024 $93.817M $15.526M $1.512M 1.612% $0.032 $8.875M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $30.895M ▼ $787.029M ▲ $587.281M ▲ $192.805M ▲
Q2-2025 $49.373M ▼ $334.693M ▲ $282.727M ▲ $45.236M ▼
Q1-2025 $51.234M ▲ $326.763M ▲ $267.327M ▲ $53.407M ▼
Q4-2024 $18.844M ▼ $313.775M ▼ $250.285M ▲ $57.614M ▲
Q3-2024 $20.684M $315.079M $246.525M $56.164M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $144.013M ▲ $-47.193M ▼ $-88.187M ▼ $116.902M ▲ $-18.478M ▼ $-48.023M ▼
Q2-2025 $-9.978M ▼ $-1.667M ▼ $-3.59M ▲ $3.396M ▲ $-1.861M ▼ $-4.304M ▼
Q1-2025 $-6.218M ▼ $55.967M ▲ $-15.183M ▼ $-8.394M ▼ $32.39M ▲ $41.197M ▲
Q4-2024 $443K ▼ $-1.279M ▼ $4.587M ▲ $-5.149M ▼ $-1.84M ▼ $4.674M ▲
Q3-2024 $2.627M $14.316M $-12.574M $580K $2.322M $1.71M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Advanced Technology Services Fixed Price
Advanced Technology Services Fixed Price
 $50.00M ▲$10.00M ▼$20.00M ▲$20.00M ▲
Wafer Services
Wafer Services
 $10.00M ▲$10.00M ▲$10.00M ▲$90.00M ▲
Advanced Technology Services Other
Advanced Technology Services Other
 $0 ▲$0 ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement SkyWater’s income statement shows a young manufacturing business moving in the right direction but not yet fully profitable. Revenue has grown steadily each year, and the company has shifted from losing money at the gross profit level to generating a healthy gross profit. Operating results have improved from meaningful losses to roughly break-even and then slightly positive. However, after interest and other costs, the company is still posting net losses, though those losses have narrowed over time. In plain terms, the core business is maturing and scaling, but margins are still thin and the room for error is limited. Sustained profitability will depend on keeping utilization high and controlling costs as the company grows.

Balance Sheet

Balance Sheet The balance sheet looks relatively stable, with assets gradually increasing as the business builds out its capabilities. Debt is meaningful but not extreme for a manufacturing-heavy company, and equity has been rebuilt and is now positive, which is important after earlier years of strain. Cash on hand appears modest, which means SkyWater does not have an oversized safety cushion and may need continued careful cash management, especially given its capital-intensive operations. Overall, the financial structure is not alarming, but it does not provide a lot of slack if the environment or demand turns weaker.

Cash Flow

Cash Flow Cash flow has improved significantly over the period. The company moved from burning cash in its day-to-day operations to generating positive operating cash flow more recently, which is a key sign of maturing economics. Free cash flow has followed a similar path, swinging from clearly negative to roughly breakeven or slightly positive as capital spending normalized after earlier heavy investment. That said, as a specialty foundry, SkyWater will likely face ongoing needs for equipment and facility upgrades, so future cash flow will depend heavily on maintaining strong customer demand and effectively using external support such as CHIPS Act funding.

Competitive Edge

Competitive Edge SkyWater competes by being different from the giant global chip foundries rather than trying to match them on scale or bleeding-edge technology. Its strength lies in being a trusted, U.S.-based specialty foundry with accreditation from the U.S. Department of Defense, which is valuable for defense, aerospace, and other sensitive applications that require secure domestic production. The company focuses on mature but specialized technologies—like radiation-hardened chips and custom processes—where reliability, security, and customization matter more than having the absolute smallest transistors. Deep, collaborative relationships with customers and the tailwind from U.S. industrial policy strengthen its position. The flip side is that SkyWater remains relatively small and dependent on a narrower set of customers and programs, so it is more exposed to contract timing, government budgets, and execution risk than the largest peers.

Innovation and R&D

Innovation and R&D Innovation is at the core of SkyWater’s strategy. Instead of simply selling standard manufacturing capacity, it uses a “Technology as a Service” approach, co-developing custom processes with customers. The company is active in several advanced areas: radiation-hardened platforms for defense and space, quantum computing partnerships, superconducting integrated circuits, advanced packaging, and specialized solutions for biomedical and automotive uses. Programs like multi-project wafers and a growing library of process-specific intellectual property make it easier for smaller customers and researchers to experiment on its platforms. CHIPS Act support and customer co-investment are intended to help expand capacity and accelerate technology roadmaps. The opportunity is that these niches can be high-value and sticky; the risk is that many are emerging markets, where adoption timing and ultimate scale are uncertain.

Summary

SkyWater is evolving from an early-stage, loss-making specialty foundry into a more mature, more efficient business, with clear progress on revenue growth, margins, and cash flow, but it still has not achieved consistent bottom-line profitability. The balance sheet is adequate but not overly cushioned, making disciplined capital allocation and successful execution of funded expansion plans especially important. Strategically, the company’s niche—secure, U.S.-based, highly customized semiconductor manufacturing for defense, aerospace, quantum, and other mission-critical uses—gives it a differentiated role in the broader semiconductor ecosystem, supported by government policy and deep customer collaboration. At the same time, its smaller scale, dependence on specialized markets, and ongoing investment needs create execution and financial risks that investors should weigh alongside the clear strategic opportunities.

NEWS

November 20, 2025 · 7:05 AM UTC

SkyWater Technology and Silicon Quantum Computing Team to Advance Hybrid Quantum-Classical Computing

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November 6, 2025 · 7:30 AM UTC

SkyWater Technology and QuamCore Announce Collaboration to Advance Scalable Superconducting Quantum Computing

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November 6, 2025 · 7:05 AM UTC

SkyWater Technology and QuamCore Announce Collaboration to Fabricate Digital Superconducting Controller for Scalable Quantum Computing

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November 5, 2025 · 4:05 PM UTC

SkyWater Technology Reports Record Third Quarter 2025 Results

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October 15, 2025 · 7:05 AM UTC

SkyWater Technology to Announce Third Quarter Financial Results on November 5, 2025

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