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SkyWater Technology, Inc., together with its subsidiaries, provides semiconductor manufacturing services in the United States. The company operates through two segments, Legacy SkyWater and SkyWater Texas. The company offers foundry services; advanced technology services (ATS); wafer manufacturing services for analog, mixed-signal, MEMS, and specialty CMOS devices; and advanced semiconductor packaging. The company serves quantum computing, aerospace and defense, automotive, bio-health, and industrial sectors. SkyWater Technology, Inc. was incorporated in 2016 and is headquartered in Bloomington, Minnesota.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $442M | $145M | $119M | $-56M | 60.7% | 29.2% | - |
| 2024 | $342M | $25M | $-7M | $7M | -11.0% | 19.4% | - |
| 2023 | $287M | $14M | $-31M | $-0M | -50.7% | 34.6% | - |
| 2022 | $213M | $-3M | $-40M | $-32M | -73.4% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 212.94 | 286.68 | 342.27 | 442.14 |
| Cost Of Revenue | 186.97 | 227.39 | 272.64 | 355.21 |
| Gross Profit | 25.97 | 59.29 | 69.63 | 86.93 |
| Operating Expense | 55.73 | 74.08 | 63.07 | 89.50 |
| Operating Income | -29.77 | -14.79 | 6.56 | -2.58 |
| EBITDA | -2.68 | 14.14 | 25.25 | 144.84 |
| EBIT | -30.87 | -14.79 | 6.56 | 109.17 |
| Pretax Income | -36.06 | -25.61 | -2.28 | 95.46 |
| Tax Provision | 0.81 | -0.52 | 0.24 | -27.99 |
| Net Income | -39.59 | -30.76 | -6.79 | 118.91 |
| Net Income Common Stockholders | -39.59 | -30.76 | -6.79 | 118.91 |
| Total Expenses | 242.71 | 301.47 | 335.71 | 444.71 |
| Interest Expense | 5.19 | 10.83 | 8.84 | 13.71 |
| Research And Development | 9.43 | 10.17 | 15.04 | 14.62 |
| Selling General And Administration | 46.30 | 63.91 | 48.03 | 74.88 |
| Normalized EBITDA | -1.57 | 14.14 | 25.25 | 33.09 |
| Normalized Income | -38.72 | -30.76 | -6.79 | 30.63 |
| Basic EPS | -0.97 | -0.68 | -0.14 | 0 |
| Diluted EPS | -0.97 | -0.68 | -0.14 | 0 |
| Tax Effect Of Unusual Items | -0.23 | 0 | 0 | 23.47 |
| Tax Rate For Calcs | 0.21 | 0.02 | 0.21 | 0.21 |
| Total Unusual Items | -1.10 | 0 | 0 | 111.75 |
| Total Unusual Items Excluding Goodwill | -1.10 | 0 | 0 | 111.75 |
| Net Income From Continuing Operation Net Minority Interest | -39.59 | -30.76 | -6.79 | 118.91 |
| Reconciled Depreciation | 28.19 | 28.93 | 18.69 | 35.67 |
| Reconciled Cost Of Revenue | 186.97 | 227.39 | 272.64 | 355.21 |
| Net Interest Income | -5.19 | -10.83 | -8.84 | -13.71 |
| Net Income From Continuing And Discontinued Operation | -39.59 | -30.76 | -6.79 | 118.91 |
| Total Operating Income As Reported | -29.77 | -14.79 | 6.56 | -2.58 |
| Diluted Average Shares | 40.84 | 45.51 | 47.40 | 0 |
| Basic Average Shares | 40.84 | 45.51 | 47.40 | 0 |
| Diluted NI Availto Com Stockholders | -39.59 | -30.76 | -6.79 | 118.91 |
| Preferred Stock Dividends | 0 | 0 | 0 | 0 |
| Minority Interests | -2.72 | -5.66 | -4.28 | -4.54 |
| Net Income Including Noncontrolling Interests | -36.87 | -25.09 | -2.52 | 123.45 |
| Net Income Continuous Operations | -36.87 | -25.09 | -2.52 | 123.45 |
| Other Income Expense | -1.10 | 0 | 0 | 111.75 |
| Special Income Charges | -1.10 | 0 | 0 | 111.75 |
| Other Special Charges | 1.10 | 0 | 0 | 0 |
| Restructuring And Mergern Acquisition | 0 | 0 | 0 | -111.75 |
| Net Non Operating Interest Income Expense | -5.19 | -10.83 | -8.84 | -13.71 |
| Interest Expense Non Operating | 5.19 | 10.83 | 8.84 | 13.71 |
| Operating Revenue | 212.94 | 286.68 | 342.27 | 442.14 |
Technology sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| SkyWater Technology, Inc.this co. | SKYT | $1.5B | 12.50↓ discount | 7.90 | 60.7% | 53.50 |
| PC Connection, Inc. | CNXN | $1.6B | 19.39 | 1.78 | 9.2% | 11.63 |
| Ouster, Inc. | OUST | $1.6B | - | 5.95 | -23.1% | -19.32 |
| Appian Corporation | APPN | $1.6B | 1086.00 | -34.20 | -2.6% | 79.94 |
| GigaCloud Technology Inc. | GCT | $1.6B |
| 12.09 |
| 3.30 |
| 28.3% |
| 10.71 |
| Wealthfront Corporation | WLTH | $1.6B | - | 2.55 | -6.8% | -10.29 |
| Asana, Inc. | ASAN | $1.5B | - | 9.88 | -122.6% | -8.96 |
| Donnelley Financial Solutions, Inc. | DFIN | $1.4B | 44.46 | 3.80 | 8.5% | 12.94 |
| ADTRAN Holdings, Inc. | ADTN | $1.4B | - | 9.20 | -8.8% | 24.29 |
| Peer Median | - | 31.92 | 3.55 | -4.7% | 11.17 | |