Home Business Wire SkyWater Technology Reports First Quarter 2023 Results

SkyWater Technology Reports First Quarter 2023 Results

Record Revenues for Q1 2023

BLOOMINGTON, Minn.–(BUSINESS WIRE)–SkyWater Technology (NASDAQ: SKYT), the trusted technology realization partner, today announced financial results for the first quarter 2023, ended April 2, 2023.

Highlights for Q1 2023:

  • Revenue increased 37% year-over-year to a record $66.1 million.
  • Gross margin increased to 24.9% on a GAAP basis, compared to (2.0)% in Q1 2022, and increased to 25.8% on a non-GAAP basis, compared to 1.1% in Q1 2022.
  • Net loss to shareholders of $4.3 million, or $(0.10) per share on a GAAP basis, and net loss to shareholders of $2.5 million, or $(0.06) per share on a non-GAAP basis, compared to net loss to shareholders of $16.6 million, or $(0.42) per share on a GAAP basis, and net loss to shareholders $13.0 million, or $(0.33) per share on a non-GAAP basis in Q1 2022.
  • Adjusted EBITDA of $8.1 million, or 12.3% of revenue, compared to $(4.8) million, or (10.0)% of revenue in Q1 2022.

“We are pleased to report a strong start to 2023, as we set another record for quarterly revenues,” commented Thomas Sonderman, SkyWater president and chief executive officer. “Q1 revenues exceeded our expectations going into the quarter, chiefly due to increased demand and urgency on multiple existing aerospace and defense programs. As we continue to demonstrate our ability to execute on several critical programs, in Q1 we were awarded extensions and expansions of several key contract awards, and as a result we have entered 2023 with an increased program scope on multiple defense initiatives. While this accelerated demand from government programs has been partially offset by further weakening in the commercial business environment year to date, our diversified portfolio and strong execution in the quarter provides us with continued confidence in our ability to approach our long-term annual revenue growth objective of 25% in 2023, in spite of the overall macro headwinds and softening semiconductor demand environment.”

Q1 Business Highlights:

  • Record revenues exceeded expectations due to accelerated demand and expanded scope of multiple U.S. government contract awards year to date.
  • Gross margin expansion ahead of schedule as a result of flow-through performance ahead of expectations, with strong adjusted EBITDA equal to 12% of quarterly revenues.
  • Continued to make progress on the productization and qualification of SkyWater’s 90nm RadHard platform to prepare for the planned production ramp in 2025.
  • Expanded development agreement with PsiQuantum to produce silicon photonic chips that will become part of future quantum computing systems.
  • Continued confidence in securing CHIPS Act funding to further expand the capabilities at our existing sites in Minnesota and Florida, while transforming the industry with our unique Purdue partnership.

Q1 2023 Summary:

GAAP

 

 

 

 

 

 

 

 

 

In USD millions, except per share data

Q1 23

 

Q1 22

 

Y/Y

 

Q4 22

 

Q/Q

Advanced Technology Services revenue

$48.3

 

$26.6

 

82%

 

$47.9

 

1%

Wafer Services revenue

$17.8

 

$21.5

 

(17)%

 

$17.2

 

3%

Revenue

$66.1

 

$48.1

 

37%

 

$65.1

 

2%

Gross profit (loss)

$16.5

 

$(0.9)

 

nm

 

$16.6

 

(1)%

Gross margin

24.9%

 

(2.0)%

 

nm

 

25.4%

 

(50) bps

Net loss to shareholders

$(4.3)

 

$(16.6)

 

74%

 

$(3.0)

 

(41)%

Basic loss per share

$(0.10)

 

$(0.42)

 

76%

 

$(0.07)

 

(43)%

Non-GAAP

 

 

 

 

 

 

 

 

 

In USD millions, except per share data

Q1 23

 

Q1 22

 

Y/Y

 

Q4 22

 

Q/Q

Non-GAAP gross profit

$16.9

 

$0.5

 

3118%

 

$17.0

 

(1)%

Non-GAAP gross margin

25.8%

 

1.1%

 

2,470 bps

 

26.2%

 

(40) bps

Non-GAAP net loss to shareholders

$(2.5)

 

$(13.0)

 

81%

 

$(1.4)

 

(72)%

Non-GAAP basic loss per share

$(0.06)

 

$(0.33)

 

82%

 

$(0.03)

 

(100)%

Adjusted EBITDA

$8.1

 

$(4.8)

 

nm

 

$10.3

 

(22)%

Adjusted EBITDA margin

12.3%

 

(10.0)%

 

nm

 

15.9%

 

(360) bps

nm – Not meaningful

Q1 2023 Results:

  • Revenue: Revenue of $66.1 million increased 37% year-over-year. Advanced Technology Services revenue of $48.3 million increased 82% year-over-year driven by continued momentum with key customers in the Aerospace & Defense sector. Advanced Technology Services revenue contained $0.5 million of tool revenue in the first quarter of 2023 and $1.0 million in the first quarter of 2022. Wafer Services revenue of $17.8 million decreased (17)% compared to the first quarter of 2022 driven by the GAAP accounting treatment of a revised large customer contract, which resulted in immediate revenue recognition of $8.2 million of work-in-process wafer inventory in the first quarter of 2022.
  • Gross Profit (Loss): GAAP gross profit was $16.5 million, or 24.9% of revenue, compared to gross loss of $0.9 million, or (2.0)% of revenue, in the first quarter of 2022. Non-GAAP gross profit was $16.9 million, or 25.8% of revenue, compared to non-GAAP gross profit of $0.5 million, or 1.1% of revenue, in the first quarter of 2022.
  • Net Loss: GAAP net loss to shareholders of $4.3 million, or $(0.10) per share, compared to a net loss to shareholders of $16.6 million, or $(0.42) per share, in the first quarter of 2022. Non-GAAP net loss to shareholders of $2.5 million, or $(0.06) per share, compared to a non-GAAP net loss to shareholders of $13.0 million, or $(0.33) per share, in the first quarter of 2022.
  • Adjusted EBITDA: Adjusted EBITDA was $8.1 million, or 12.3% of revenue, compared to $(4.8) million, or (10.0)% of revenue, in the first quarter of 2022.
  • Balance Sheet: Cash and cash equivalents of $13.8 million compared to $30.0 million on January 1, 2023.

A reconciliation between historical GAAP and non-GAAP information is contained in the tables below in the section titled, “Non-GAAP Financial Measures.”

Investor Webcast

SkyWater will host a conference call on Monday, May 8, 2023, at 3:30 p.m. CT to discuss its first quarter 2023 financial results. A live webcast of the call will be available online at IR.SkyWaterTechnology.com.

About SkyWater Technology

SkyWater (NASDAQ: SKYT) is a U.S.-based semiconductor manufacturer and a DMEA-accredited Category 1A Trusted Foundry. SkyWater’s Technology as a Service model streamlines the path to production for customers with development services, volume production and heterogeneous integration solutions in its world-class U.S. facilities. This pioneering model enables innovators to co-create the next wave of technology with diverse categories including mixed-signal CMOS, ROICs, rad-hard ICs, power management, MEMS, superconducting ICs, photonics, carbon nanotubes and interposers. SkyWater serves growing markets including aerospace & defense, automotive, biomedical, cloud & computing, consumer, industrial and IoT. For more information, visit: www.skywatertechnology.com.

Cautionary Statement Regarding Preliminary Results

The Company’s results for the fiscal quarter ended April 2, 2023 are preliminary, unaudited and subject to the finalization of the Company’s first quarter review and full-year audit and should not be viewed as a substitute for full financial statements prepared in accordance with GAAP. The Company cautions that actual results may differ materially from those described in this press release.

SkyWater Technology Forward-Looking Statements

This press release contains “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements that are based on the Company’s current expectations or forecasts of future events, rather than past, events and outcomes, and such statements are not guarantees of future performance. Forward-looking statements include all statements other than statements of historical fact contained in this presentation, including information or predictions concerning the Company’s future business, results of operations, financial performance, plans and objectives, competitive position, market trends, and potential growth and market opportunities. In some cases, you can identify forward-looking statements by words such as “intends,” “estimates,” “predicts,” “potential,” “continues,” “anticipates,” “plans,” “expects,” “believes,” “should,” “could,” “may,” “will,” “targets,” “projects,” “seeks” or the negative of these terms or other comparable terminology.

Forward-looking statements are subject to risks, uncertainties and assumptions, which may cause the Company’s actual results, performance or achievements to be materially different from those expressed or implied by such forward-looking statements. Key factors that could cause the Company’s actual results to be different than expected or anticipated include, but are not limited to: our goals and strategies; our future business development, financial condition and results of operations; our ability to continue operating our sole semiconductor foundry at full capacity; our ability to appropriately respond to changing technologies on a timely and cost-effective basis; our customer relationships and our ability to retain and expand our customer relationships; our ability to accurately predict our future revenues for the purpose of appropriately budgeting and adjusting our expenses; our expectations regarding dependence on our largest customers; our ability to diversify our customer base and develop relationships in new markets; the performance and reliability of our third-party suppliers and manufacturers; our ability to procure tools, materials, and chemicals amid industry-wide supply chain shortages; our ability to control costs, including our operating and capital expenses; the size and growth potential of the markets for our solutions, and our ability to serve and expand our presence in those markets; the level of demand in our customers’ end markets; our ability to attract, train and retain key qualified personnel in a competitive labor market; adverse litigation judgments, settlements or other litigation-related costs; changes in trade policies, including the imposition of tariffs; our ability to raise additional capital or financing; our ability to accurately forecast demand; the level and timing of U.S. government program funding; our ability to maintain compliance with certain U.S. government contracting requirements; regulatory developments in the United States and foreign countries; our ability to protect our intellectual property rights; our ability to meet our long-term growth targets; and other factors discussed in the “Risk Factors” section of the annual report on Form 10-K the Company filed with the SEC on March 15, 2023 and in other documents that the Company files with the SEC, which are available at http://www.sec.gov. The Company assumes no obligation to update any forward-looking statements, which speak only as of the date of this press release.

SKYWATER TECHNOLOGY, INC.

Consolidated Balance Sheets

(Unaudited)

 

 

April 2, 2023

 

January 1, 2023

 

(in thousands, except share data)

Assets

 

 

 

Current assets:

 

 

 

Cash and cash equivalents

$

13,840

 

 

$

30,025

 

Accounts receivable, net

 

67,016

 

 

 

62,670

 

Inventories

 

14,366

 

 

 

13,397

 

Prepaid expenses and other current assets

 

12,457

 

 

 

10,290

 

Income tax receivable

 

169

 

 

 

169

 

Total current assets

 

107,848

 

 

 

116,551

 

Property and equipment, net

 

175,368

 

 

 

179,915

 

Intangible assets, net

 

5,324

 

 

 

5,608

 

Other assets

 

4,286

 

 

 

3,690

 

Total assets

$

292,826

 

 

$

305,764

 

Liabilities and shareholders’ equity

 

 

 

Current liabilities:

 

 

 

Current portion of long-term debt

$

2,021

 

 

$

1,855

 

Accounts payable

 

13,931

 

 

 

21,102

 

Accrued expenses

 

26,264

 

 

 

25,212

 

Short-term financing, less unamortized debt issuance costs

 

52,213

 

 

 

55,817

 

Deferred revenue – current

 

28,168

 

 

 

28,186

 

Total current liabilities

 

122,597

 

 

 

132,172

 

Long-term liabilities:

 

 

 

Long-term debt, less current portion and net of unamortized debt issuance costs

 

35,194

 

 

 

35,181

 

Long-term incentive plan

 

 

 

 

1,643

 

Deferred revenue – long-term

 

62,740

 

 

 

67,967

 

Deferred income tax liability, net

 

1,239

 

 

 

1,239

 

Other long-term liabilities

 

13,584

 

 

 

13,585

 

Total long-term liabilities

 

112,757

 

 

 

119,615

 

Total liabilities

 

235,354

 

 

 

251,787

 

Commitments and contingencies

 

 

 

Shareholders’ equity:

 

 

 

Preferred stock, $0.01 par value per share (80,000,000 shares authorized, zero shares issued and outstanding)

 

 

 

 

 

Common stock, $0.01 par value per share (200,000,000 shares authorized; 44,280,198 and 43,704,876 shares issued and outstanding)

 

443

 

 

 

437

 

Additional paid-in capital

 

154,764

 

 

 

147,304

 

Accumulated deficit

 

(98,720

)

 

 

(94,072

)

Total shareholders’ equity, SkyWater Technology, Inc.

 

56,487

 

 

 

53,669

 

Non-controlling interests

 

985

 

 

 

308

 

Total shareholders’ equity

 

57,472

 

 

 

53,977

 

Total liabilities and shareholders’ equity

$

292,826

 

 

$

305,764

 

SKYWATER TECHNOLOGY, INC.

Consolidated Statements of Operations

(Unaudited)

 

 

Three Months Ended

 

April 2, 2023

 

January 1, 2023

 

April 3, 2022

 

(in thousands, except share data)

Revenue

$

66,094

 

 

$

65,087

 

 

$

48,121

 

Cost of revenue:

 

 

 

 

 

Cost of revenue

 

49,626

 

 

 

48,536

 

 

 

49,061

 

Total cost of revenue

 

49,626

 

 

 

48,536

 

 

 

49,061

 

Gross profit (loss)

 

16,468

 

 

 

16,551

 

 

 

(940

)

Research and development

 

2,668

 

 

 

2,208

 

 

 

2,282

 

Selling, general and administrative expenses

 

14,895

 

 

 

13,040

 

 

 

11,690

 

Operating income (loss)

 

(1,095

)

 

 

1,303

 

 

 

(14,912

)

Other income (expense):

 

 

 

 

 

Loss on debt extinguishment

 

 

 

 

(1,101

)

 

 

 

Interest expense

 

(2,471

)

 

 

(1,794

)

 

 

(1,029

)

Total other income (expense)

 

(2,471

)

 

 

(2,895

)

 

 

(1,029

)

Income (loss) before income taxes

 

(3,566

)

 

 

(1,592

)

 

 

(15,941

)

Income tax expense (benefit)

 

 

 

 

852

 

 

 

(194

)

Net income (loss)

 

(3,566

)

 

 

(2,444

)

 

 

(15,747

)

Less: net income attributable to non-controlling interests

 

707

 

 

 

597

 

 

 

859

 

Net income (loss) attributable to SkyWater Technology, Inc.

$

(4,273

)

 

$

(3,041

)

 

$

(16,606

)

Net income (loss) per share attributable to common shareholders, basic and diluted:

$

(0.10

)

 

$

(0.07

)

 

$

(0.42

)

Weighted average shares used in computing net income (loss) per common share, basic and diluted:

 

43,817,417

 

 

 

42,612,763

 

 

 

39,861,688

 

SKYWATER TECHNOLOGY, INC.

Consolidated Statements of Cash Flows

(Unaudited)

 

 

Three Months Ended

 

April 2, 2023

 

April 3, 2022

 

 

 

 

 

(in thousands)

Cash flows from operating activities:

 

 

 

Net income (loss)

$

(3,566

)

 

$

(15,747

)

Adjustments to reconcile net income (loss) to net cash flows used in operating activities:

 

 

 

Depreciation and amortization

 

7,352

 

 

 

6,458

 

Amortization of debt issuance costs included in interest expense

 

357

 

 

 

172

 

Long-term incentive and stock-based compensation

 

1,853

 

 

 

3,216

 

Deferred income taxes

 

 

 

 

(197

)

Cash paid for operating leases

 

(12

)

 

 

(12

)

Cash paid for finance leases

 

(212

)

 

 

(88

)

Provision for credit losses

 

2,154

 

 

 

 

Changes in operating assets and liabilities:

 

 

 

Accounts receivable

 

(6,875

)

 

 

(86

)

Inventories

 

(969

)

 

 

(3,843

)

Prepaid expenses and other assets

 

(2,653

)

 

 

(2,139

)

Accounts payable

 

(3,270

)

 

 

4,157

 

Deferred revenue

 

(5,245

)

 

 

(2,684

)

Income tax receivable and payable

 

 

 

 

1

 

Net cash used in operating activities

 

(11,086

)

 

 

(10,792

)

Cash flows from investing activities:

 

 

 

Purchase of software and licenses

 

(213

)

 

 

(400

)

Purchases of property and equipment

 

(2,851

)

 

 

(4,414

)

Net cash used in investing activities

 

(3,064

)

 

 

(4,814

)

Cash flows from financing activities:

 

 

 

Draws on revolving line of credit

 

59,350

 

 

 

 

Paydowns of revolving line of credit

 

(63,310

)

 

 

 

Net (repayment) proceeds on Revolver

 

 

 

 

9,392

 

Net proceeds from tool financing

 

494

 

 

 

 

Repayment of VIE financing

 

(317

)

 

 

(256

)

Cash paid for finance leases

 

(343

)

 

 

(334

)

Proceeds from the issuance of common stock pursuant to the employee stock purchase plan

 

1,275

 

 

 

659

 

Proceeds from the issuance of common stock, net of commissions

 

2,696

 

 

 

 

Cash paid on license technology obligations

 

(1,850

)

 

 

 

Net distributions to VIE member

 

(30

)

 

 

(337

)

Net cash (used in) provided by financing activities

 

(2,035

)

 

 

9,124

 

Net change in cash and cash equivalents

 

(16,185

)

 

 

(6,482

)

Cash and cash equivalents – beginning of period

 

30,025

 

 

 

12,917

 

Cash and cash equivalents – end of period

$

13,840

 

 

$

6,435

 

Supplemental Revenue Information by Quarter

 

Q1 2023

 

Q4 2022

 

Q3 2022

 

Q2 2022

 

Q1 2022

 

(in thousands)

Wafer Services revenue

$

17,788

 

$

17,211

 

$

17,154

 

$

17,584

 

$

21,546

Advanced Technology Services revenue

 

48,306

 

 

47,876

 

 

35,172

 

 

29,823

 

 

26,575

Revenue

$

66,094

 

$

65,087

 

$

52,326

 

$

47,407

 

$

48,121

 

 

 

 

 

 

 

 

 

 

Tool revenue (included in ATS revenue)

$

536

 

$

30

 

$

219

 

$

313

 

$

984

Tool cost of revenue

$

484

 

$

46

 

$

152

 

$

200

 

$

984

Revenue impact of new contract with significant customer (included in Wafer Services revenue)

$

 

$

 

$

 

$

 

$

8,230

Cost of revenue impact of new contract with significant customer

$

 

$

 

$

 

$

 

$

10,887

Non-GAAP Financial Measures

We provide supplemental, non-GAAP financial information that our management utilizes to evaluate our ongoing financial performance and provide additional insight to investors as supplemental information to our results reported using U.S. generally accepted accounting principles (GAAP). We provide non-GAAP gross profit, non-GAAP gross margin, non-GAAP net loss to shareholders, and non-GAAP net loss per share. We provide these non-GAAP financial measures because we believe this non-GAAP presentation provides a baseline for analyzing trends in our business and to exclude certain items that may not be indicative of our core operating results. The non-GAAP financial measures disclosed in this earnings press release should not be viewed as an alternative to, or more meaningful than, the reported results prepared in accordance with GAAP. In addition, because our non-GAAP measures are not determined in accordance with GAAP, these measures are susceptible to differing calculations, and not all comparable or peer companies may calculate their non-GAAP measures in the same manner. As a result, the non-GAAP financial measures presented in this earnings press release may not be directly comparable to similarly titled measures presented by other companies.

We also provide adjusted earnings before interest, income taxes, depreciation and amortization (EBITDA) and adjusted EBITDA margin as supplemental non-GAAP measurements. We define adjusted EBITDA as net income (loss) before interest expense, income tax provision (benefit), depreciation and amortization, equity-based compensation and certain other items that we do not view as indicative of our ongoing performance, including SkyWater Florida start-up costs and net income attributable to non-controlling interests. We believe adjusted EBITDA is a useful performance measure because it allows for an effective evaluation of our operating performance when compared to our peers, without regard to our financing methods or capital structure. We exclude the items listed above from net income or loss in arriving at adjusted EBITDA because these amounts can vary substantially within our industry depending upon accounting methods and book values of assets, capital structures and the method by which the assets were acquired. Adjusted EBITDA should not be considered as an alternative to, or more meaningful than, net income determined in accordance with GAAP. Certain items excluded from adjusted EBITDA are significant components in understanding and assessing financial performance, including, but not limited to, the cost of capital, income taxes, and the historic cost bases of depreciable assets, none of which are reflected in adjusted EBITDA. Our presentation of adjusted EBITDA should not be construed as an indication that our results will be unaffected by the items excluded from adjusted EBITDA. In future fiscal periods, we may exclude such items and may incur income and expenses similar to these excluded items. Accordingly, the exclusion of these items and other similar items in our non-GAAP presentation should not be interpreted as implying that these items are non-recurring, infrequent or unusual, unless otherwise expressly indicated.

The following tables present a reconciliation of the most directly comparable financial measures, calculated and presented in accordance with GAAP, to our non-GAAP financial measures.

SKYWATER TECHNOLOGY, INC.

Reconciliation of GAAP to Non-GAAP Financial Measures

(Unaudited)

 

 

Three Months Ended

 

April 2, 2023

 

January 1, 2023

 

April 3, 2022

 

(in thousands)

GAAP revenue

$

66,094

 

 

$

65,087

 

 

$

48,121

 

Tool revenue (5)

 

(536

)

 

 

(30

)

 

 

(984

)

 

 

 

 

 

 

GAAP cost of revenue

$

49,626

 

 

$

48,536

 

 

$

49,061

 

Equity-based compensation (3)

 

(513

)

 

 

(452

)

 

 

(1,125

)

SkyWater Florida start-up costs (2)

 

 

 

 

(14

)

 

 

(341

)

Cost of tool revenue (5)

$

(484

)

 

$

(46

)

 

$

(984

)

Non-GAAP cost of revenue

$

48,629

 

 

$

48,024

 

 

$

46,611

 

 

 

 

 

 

 

GAAP gross profit (loss)

$

16,468

 

 

$

16,551

 

 

$

(940

)

GAAP gross margin

 

24.9

%

 

 

25.4

%

 

 

(2.0

)%

Equity-based compensation (3)

 

513

 

 

 

452

 

 

 

1,125

 

SkyWater Florida start-up costs (2)

 

 

 

 

14

 

 

 

341

 

Tool Revenue (5)

$

(536

)

 

$

(30

)

 

$

(984

)

Cost of Tool Revenue (5)

 

484

 

 

 

46

 

 

 

984

 

Non-GAAP gross profit

$

16,929

 

 

$

17,033

 

 

$

526

 

Non-GAAP gross margin

 

25.8

%

 

 

26.2

%

 

 

1.1

%

 

 

 

 

 

 

GAAP research and development

$

2,668

 

 

$

2,208

 

 

$

2,282

 

Equity-based compensation (3)

 

(162

)

 

 

(126

)

 

 

(225

)

Non-GAAP research and development

$

2,506

 

 

$

2,082

 

 

$

2,057

 

 

 

 

 

 

 

GAAP selling, general and administrative expenses

$

14,895

 

 

$

13,040

 

 

$

11,690

 

SkyWater Florida start-up costs (2)

 

 

 

 

2

 

 

 

(61

)

Equity-based compensation (3)

 

(1,178

)

 

 

(995

)

 

 

(1,866

)

Non-GAAP selling, general and administrative expenses

$

13,717

 

 

$

12,047

 

 

$

9,763

 

 

Three Months Ended

 

April 2,
2023

 

January 1,
2023

 

April 3,
2022

 

(in thousands)

GAAP net loss to shareholders

$

(4,273

)

 

$

(3,041

)

 

$

(16,606

)

Tool revenue (5)

 

(536

)

 

 

(30

)

 

 

(984

)

Cost of tool revenue (5)

 

484

 

 

 

46

 

 

 

984

 

SkyWater Florida start-up costs (2)

 

 

 

 

12

 

 

 

402

 

Equity-based compensation (3)

 

1,853

 

 

 

1,573

 

 

 

3,216

 

Non-GAAP net loss to shareholders

$

(2,472

)

 

$

(1,440

)

 

$

(12,988

)

 

 

 

 

 

 

Equity-based compensation allocation in the consolidated statements of operations (3):

 

 

 

 

 

Cost of revenue

$

513

 

 

$

452

 

 

$

1,125

 

Research and development

 

162

 

 

 

126

 

 

 

225

 

Selling, general and administrative expenses

 

1,178

 

 

 

995

 

 

 

1,866

 

 

$

1,853

 

 

$

1,573

 

 

$

3,216

 

 

 

 

 

 

 

SkyWater Florida start-up costs allocation in the consolidated statements of operations (2):

 

 

 

 

 

Cost of revenue

$

 

 

$

14

 

 

$

341

 

Selling, general and administrative expenses

 

 

 

 

(2

)

 

 

61

 

 

$

 

 

$

12

 

 

$

402

 

 

Three Months Ended
April 2, 2023

 

GAAP

 

Non-GAAP

Computation of net loss per common share, basic and diluted:

(in thousands, except per share data)

Numerator:

 

 

 

Net loss attributable to SkyWater Technology, Inc.

 

(4,273

)

 

 

(2,472

)

Denominator:

 

 

 

Weighted-average common shares outstanding, basic and diluted

 

43,817

 

 

 

43,817

 

Net loss per common share, basic and diluted

$

(0.10

)

 

$

(0.06

)

 

 

 

 

 

Three Months Ended
April 3, 2022

 

GAAP

 

Non-GAAP

Computation of net loss per common share, basic and diluted:

(in thousands, except per unit data)

Numerator:

 

 

 

Net loss attributable to SkyWater Technology, Inc.

 

(16,606

)

 

 

(12,988

)

Denominator:

 

 

 

Weighted-average common shares outstanding, basic and diluted

 

39,862

 

 

 

39,862

 

Net loss per common share, basic and diluted

$

(0.42

)

 

$

(0.33

)

 

 

 

 

 

Three Months Ended January 1, 2023

 

GAAP

 

Non-GAAP

Computation of net loss per common share, basic and diluted:

(in thousands, except per share data)

Numerator:

 

 

 

Net loss attributable to SkyWater Technology, Inc.

 

(3,041

)

 

 

(1,456

)

Denominator:

 

 

 

Weighted-average common shares outstanding, basic and diluted

 

42,613

 

 

 

42,613

 

Net loss per common share, basic and diluted

$

(0.07

)

 

$

(0.03

)

Contacts

SkyWater Investor Contact: Claire McAdams | claire@headgatepartners.com
SkyWater Media Contact: Lauri Julian | Media@SkyWaterTechnology.com

Read full story here

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