SkyWater Technology Inc (SKYT)

Marker:

SKYT

$36.61 0.08 (0.22%)
Volume: 823

* up over 300% + in last year
** not a buy or sell recommendation

SkyWater Technology Stockholders Approve Merger Agreement with IonQMay 8, 2026 12:24 PM
Business Wire SkyWater Technology, Inc. (NASDAQ: SKYT) (the “Company”), the largest exclusively U.S.-based, semiconductor foundry, today announced that its stockholders approved at a special meeting held earlier today, the Company’s previously announced merger agreement with IonQ, Inc. (“IonQ”) for the acquisition of the Company by IonQ. The final voting results will be reported in a Current Report on Form 8-K to be filed with the U.S. Securities and Exchange Commission. The transaction, which is expected to close in the second or third quarter of 2026, remains subject to receipt of required regulatory approvals and satisfaction of other customary closing conditions. About SkyWater Technology SkyWater Technology (NASDAQ: SKYT) is the largest U.S.-based, pure-play semiconductor foundry. A trusted partner to both commercial customers and federal defense programs, SkyWater’s Technology as a Service model empowers innovators to bring emerging technologies like quantum computing and next-generation systems from concept to reality. With state-of-the-art facilities in Minnesota, Florida, and Texas, SkyWater specializes in foundational nodes and advanced packaging to support the nation’s critical infrastructure, strengthen supply chain resilience, and ensure long-term U.S. technology leadership. SkyWater is a DMEA-accredited Category 1A Trusted Foundry. To learn more, visit www.skywatertechnology.com. 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 press release, 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: the inability to consummate the acquisition of SkyWater by IonQ (the “Transaction”) within the anticipated time period, or at all, due to any reason, including the failure to obtain required regulatory approvals or satisfy the other conditions to the consummation of the Transaction; the risk that the Transaction disrupts our current plans and operations or diverts management’s attention from its ongoing business; the effects of the Transaction on our business, operating results, and ability to retain and hire key personnel and maintain relationships with customers, suppliers and others with whom we do business; the risk that our stock price may decline significantly if the Transaction is not consummated; the nature, cost and outcome of any legal proceedings related to the Transaction; our goals and strategies; our future business development, financial condition and results of operations; our ability to operate our fabrication facilities 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; the timing and amount of funding our customers are able to secure for their purchase commitments; 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 and expand our customer base and develop relationships in new markets, our ability to integrate the operations of the Fab 25 facility with our operations and risks associated with operating the Fab 25 facility; the performance and reliability of our third-party suppliers and manufacturers; our ability to procure tools, materials, and chemicals; 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; adverse litigation judgments, settlements or other litigation-related costs; changes in trade policies, including the imposition of or increase in tariffs; our ability to raise additional capital or financing; our ability to accurately forecast demand; changes in local, regional, national and international economic or political conditions, including those resulting from increases in inflation and interest rates, a recession, or intensified international hostilities; 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; 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 11, 2026 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. View source version on businesswire.com: https://www.businesswire.com/news/home/20260508584062/en/ SkyWater Investor Contact: Claire McAdams | claire@headgatepartners.com
SkyWater Media Contact: Tammy Swanson | tammy.swanson@skywatertechnology.com Original: SkyWater Technology Stockholders Approve Merger Agreement with IonQ

SkyWater Technology Reports Fourth Quarter and Full Fiscal Year 2025 ResultsFebruary 25, 2026 4:05 PM
Business Wire
Record revenues and 29% year-over-year growth for fiscal year 2025 reflect acquisition of Fab 25 and strong momentum in quantum computing


SkyWater Technology, Inc. (NASDAQ: SKYT) today announced financial results for the fourth quarter and full fiscal year 2025 ended December 28, 2025.


Previously Announced Agreement to Acquire SkyWater Technology:


On January 26, 2026, IonQ (NYSE: IONQ), the world’s leading quantum company, and SkyWater Technology, the largest exclusively U.S.-based, pure-play semiconductor foundry, announced they had entered into a definitive agreement pursuant to which IonQ will acquire SkyWater for $35.00 per share in a cash-and-stock transaction. The transaction, which is expected to close in the second or third quarter of 2026, is subject to approval by SkyWater shareholders, receipt of required regulatory approvals and satisfaction of other customary closing conditions.


Recent Business Highlights:



Record financial results and strong growth for fiscal 2025. SkyWater’s record revenues of $442.1 million for fiscal 2025 demonstrated strong growth compared to fiscal 2024, driven primarily by the acquisition of Fab 25. The 29% growth in revenues for the year likewise drove record gross profit, net income to shareholders, and Adjusted EBITDA.



Strong momentum in quantum computing. SkyWater completed 2025 with eight commercial ATS (Advanced Technology Services) engagements with quantum computing companies. Quantum-related ATS revenues increased by over 30% in fiscal 2025.



Strong results from Texas operations. Financial results from Fab 25 exceeded earlier expectations, with $175.6 million in total revenue recorded for the second half of fiscal 2025. Fab 25’s contributions to gross margin, net income to shareholders, and Adjusted EBITDA were likewise favorable to earlier expectations.



Advanced Packaging revenues starting to ramp in Florida. Advanced Packaging facilitization progressed ahead of plan, with both ATS and Tools revenue in Florida exceeding earlier expectations for the fourth quarter.




 



Q4 2025 Summary: 







 



GAAP








$ in millions, except per share data






Q4 2025






 






Q4 2024






 






Y/Y *






 






Q3 2025






 






Q/Q *








 






 






 






 






 






 






 






 






 






 








Legacy SkyWater






 






 






 






 






 






 






 






 






 








ATS development revenue (1)






$53.2






 






$59.4






 






(10)%






 






$54.2






 






(2)%








Wafer services revenue






$6.0






 






$4.4






 






37%






 






$6.2






 






(4)%








Combined ATS development and wafer services revenue *






$59.2






 






$63.8






 






(7)%






 






$60.4






 






(2)%








Tools revenue (2)






$22.9






 






$11.7






 






95%






 






$3.7






 






521%








Total Legacy SkyWater revenue *






$82.1






 






$75.5






 






9%






 






$64.1






 






28%








 






 






 






 






 






 






 






 






 






 








SkyWater Texas






 






 






 






 






 






 






 






 






 








Wafer services revenue






$89.0






 






$—






 






NM






 






$86.6






 






3%








Total SkyWater Texas revenue *






$89.0






 






$—






 






NM






 






$86.6






 






3%








 






 






 






 






 






 






 






 






 






 








Total consolidated revenue *






$171.0






 






$75.5






 






127%






 






$150.7






 






13%








Gross profit






$25.6






 






$19.3






 






32%






 






$36.2






 






(29)%








Gross margin *






14.9%






 






25.6%






 






(42)%






 






24.0%






 






(38)%








Net income (loss) to shareholders






$(7.8)






 






$(0.7)






 






NM






 






$144.0






 






(105)%








Basic income (loss) per share






$(0.16)






 






$(0.01)






 






NM






 






$2.98






 






(105)%








Diluted income (loss) per share






$(0.16)






 






$(0.01)






 






NM






 






$2.95






 






(105)%








Net income (loss) margin to shareholders






(4.5)%






 






(0.9)%






 






NM






 






95.5%






 






(105)%








* Amounts calculated based on figures reported in thousands


NM - Not meaningful



(1)






ATS development revenue represents GAAP revenue primarily derived from process development services, tool installation and qualification services, facility and tool access, leases where SkyWater serves as lessor, and security services. 








(2)






Tools revenue represents GAAP revenue primarily derived from the procurement and subsequent sale of equipment to our customers. While this equipment is owned by our customers, the equipment is retained in one of our fabs and is used to complete ATS customer programs. 









Non-GAAP






 






 






 






 






 






 






 






 






 








$ in millions, except per share data






Q4 2025






 






Q4 2024






 






Y/Y *






 






Q3 2025






 






Q/Q *








 






 






 






 






 






 






 






 






 






 








Non-GAAP gross profit






$27.9






 






$20.1






 






39%






 






$37.1






 






(25)%








Non-GAAP gross margin *






16.3%






 






26.6%






 






(39)%






 






24.6%






 






(34)%








Non-GAAP net income (loss) to shareholders






$(1.6)






 






$1.9






 






(184)%






 






$11.5






 






(114)%








Non-GAAP basic income (loss) per share






$(0.03)






 






$0.04






 






(182)%






 






$0.24






 






(114)%








Non-GAAP diluted income (loss) per share






$(0.03)






 






$0.04






 






(182)%






 






$0.24






 






(114)%








Adjusted EBITDA






$21.0






 






$10.2






 






112%






 






$25.8






 






(16)%








Adjusted EBITDA margin






12.3%






 






13.5%






 






(6)%






 






17.1%






 






(26)%








* Amounts calculated based on figures reported in thousands


 


 


Q4 2025 Results:



Revenue: Legacy SkyWater revenue of $82.1 million increased 9% compared to the fourth quarter of 2024, and is inclusive of $53.2 million of ATS development revenue, $6.0 million of Wafer Services revenue and $22.9 million of Tools revenue. Legacy SkyWater ATS development revenue decreased 10% compared to the fourth quarter of 2024. Legacy SkyWater Wafer Services revenue increased 37% compared to the fourth quarter of 2024. Legacy SkyWater Tools revenue increased 95% compared to the fourth quarter of 2024. SkyWater Texas revenue was $89.0 million and is composed of Wafer Services revenue which includes revenues recognized on the off-market component of the supply agreement recorded as part of purchase accounting for Fab 25.



Gross Profit: GAAP gross profit was $25.6 million, or 14.9% of total revenue, compared to gross profit of $19.3 million, or 25.6% of total revenue, in the fourth quarter of 2024. Non-GAAP gross profit was $27.9 million, or 16.3% of total revenue, compared to non-GAAP gross profit of $20.1 million, or 26.6% of total revenue, in the fourth quarter of 2024. Cost of revenue related to tooling installations in our Florida operations exceeded original program estimates by approximately $9.3 million as a result of inflation-related cost changes, leading to lower-than-expected gross profit for the fourth quarter of 2025.



Operating Expenses: GAAP operating expenses were $25.5 million, compared to $16.6 million in the fourth quarter of 2024. Non-GAAP operating expenses were $20.7 million, compared to $14.8 million in the fourth quarter of 2024.



Net Income (Loss): GAAP net loss to shareholders was $7.8 million, or $(0.16) per diluted share, compared to a net loss to shareholders of $0.7 million, or $(0.01) per diluted share, in the fourth quarter of 2024. Non-GAAP net loss to shareholders was $1.6 million, or $0.03 per diluted share, compared to a non-GAAP net income to shareholders of $1.9 million, or $0.04 per diluted share, in the fourth quarter of 2024.



Adjusted EBITDA: Adjusted EBITDA was $21.0 million, or 12.3% of total revenue, compared to $10.2 million, or 13.5% of total revenue, in the fourth quarter of 2024.



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



 



Fiscal Year 2025 Summary: 







 



GAAP






 






 






 






 






 








$ in millions, except per share data






FY2025






 






FY2024






 






Y/Y *








 






 






 






 






 






 








Legacy SkyWater






 






 






 






 






 








ATS development revenue (1)






$212.5






 






$238.6






 






(11)%








Wafer services revenue






$25.2






 






$26.9






 






(6)%








Combined ATS development and wafer services revenue






$237.7






 






$265.5






 






(10)%








Tool revenue (2)






$28.9






 






$76.8






 






(62)%








Total Legacy SkyWater revenue *






$266.6






 






$342.3






 






(22)%








 






 






 






 






 






 








SkyWater Texas






 






 






 






 






 








Wafer services revenue






$175.6






 






$—






 






NM








Total SkyWater Texas revenue *






$175.6






 






$—






 






NM








 






 






 






 






 






 








Total consolidated revenue *






$442.1






 






$342.3






 






29%








Gross profit






$86.9






 






$69.6






 






25%








Gross margin *






19.7%






 






20.3%






 






(3)%








Net income (loss) to shareholders






$118.9






 






$(6.8)






 






NM








Basic net income (loss) per share






$2.47






 






$(0.14)






 






NM








Diluted net income (loss) per share






$2.44






 






$(0.14)






 






NM








Net income (loss) margin to shareholders






26.9%






 






(2.0)%






 






NM








* Amounts calculated based on figures reported in thousands


NM - Not meaningful



(1)






ATS development revenue represents GAAP revenue primarily derived from process development services, tool installation and qualification services, facility and tool access, leases where SkyWater serves as lessor, and security services. 








(2)






Tools revenue represents GAAP revenue primarily derived from the procurement and subsequent sale of equipment to our customers. While this equipment is owned by our customers, the equipment is retained in one of our fabs and is used to complete ATS customer programs. 













 



Non-GAAP






 






 






 






 






 








$ in millions, except per share data






FY2025






 






FY2024






 






Y/Y *








 






 






 






 






 






 








Non-GAAP gross profit






$91.3






 






$72.0






 






27%








Non-GAAP gross margin *






20.7%






 






21.0%






 






(2)%








Non-GAAP net income to shareholders






$0.7






 






$2.7






 






(73)%








Non-GAAP basic income per share






$0.01






 






$0.06






 






(75)%








Non-GAAP diluted income per share






$0.01






 






$0.06






 






(75)%








Adjusted EBITDA






$53.2






 






$34.3






 






57%








Adjusted EBITDA margin






12.0%






 






10.0%






 






21%








* Amounts calculated based on figures reported in thousands


NM - Not meaningful


 


Fiscal Year 2025 Results:



Revenue: Legacy SkyWater revenue of $266.6 million decreased 22% year-over-year, and is inclusive of $212.5 million of ATS development revenue, $25.2 million of Wafer Services revenue and $28.9 million of Tools revenue. Legacy SkyWater ATS development revenue decreased 11% year-over-year. Legacy SkyWater Wafer Services revenue decreased 6% year-over-year. Legacy SkyWater Tools revenue decreased 62% year-over-year. SkyWater Texas revenue was $175.6 million and is composed of Wafer Services revenue which includes revenues recognized on the off-market component of the supply agreement recorded as part of purchase accounting for Fab 25.



Gross Profit: GAAP gross profit was $86.9 million, or 19.7% of total revenue, compared to gross profit of $69.6 million, or 20.3% of total revenue, in 2024. Non-GAAP gross profit was $91.3 million, or 20.7% of total revenue, compared to non-GAAP gross profit of $72.0 million, or 21.0% of total revenue, in 2024.



Operating Expenses: GAAP operating expenses were $89.5 million, compared to $63.1 million in 2024. Non-GAAP operating expenses were $72.9 million, compared to $56.0 million in 2024.



Net Income (Loss): GAAP net income to shareholders was $118.9 million, or $2.44 per diluted share, compared to a net loss to shareholders of $6.8 million, or $(0.14) per diluted share, in 2024. Non-GAAP net income to shareholders was $0.7 million, or $0.01 per diluted share, compared to a non-GAAP net income to shareholders of $2.7 million, or $0.06 per diluted share, in 2024.



Adjusted EBITDA: Adjusted EBITDA was $53.2 million, or 12.0% of total revenue, compared to $34.3 million, or 10.0% of total revenue, in 2024.



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


About SkyWater Technology


SkyWater Technology (NASDAQ: SKYT) is securing America’s silicon foundation as the largest exclusively U.S.-based, pure-play semiconductor foundry. A trusted partner to both commercial customers and federal defense programs, SkyWater’s Technology as a Service model empowers innovators to bring emerging technologies like quantum computing and next-generation systems from concept to reality. With state-of-the-art facilities in Minnesota, Florida, and Texas, SkyWater specializes in foundational nodes and advanced packaging to support the nation’s critical infrastructure, strengthen supply chain resilience, and ensure long-term U.S. technology leadership. SkyWater is a DMEA-accredited Category 1A Trusted Foundry. To learn more, visit www.skywatertechnology.com.


Cautionary Statement Regarding Preliminary Results


The Company’s results for the fourth quarter and fiscal year ended December 28, 2025 are preliminary, unaudited and subject to the finalization of the Company’s fourth 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.


Revision to Historical Financial Statements


As previously communicated, in the accompanying financial information, the Company has revised the beginning accumulated deficit balance as of January 1, 2024, the first day of the Company’s 2024 fiscal year, downward by $1.970 million to reflect the correction of overstatements of ATS development revenue from the Company’s 2022 and 2023 fiscal years. These revenue overstatements were immaterial to the consolidated financial statements of the Company for each respective fiscal year, as well as immaterial in the aggregate.


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 press release, 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: the inability to consummate the acquisition of SkyWater by IonQ (the “Transaction”) within the anticipated time period, or at all, due to any reason, including the failure to obtain required regulatory approvals or satisfy the other conditions to the consummation of the Transaction; the risk that the Transaction disrupts our current plans and operations or diverts management’s attention from its ongoing business; the effects of the Transaction on our business, operating results, and ability to retain and hire key personnel and maintain relationships with customers, suppliers and others with whom we do business; the risk that our stock price may decline significantly if the Transaction is not consummated; the nature, cost and outcome of any legal proceedings related to the Transaction; our goals and strategies; our future business development, financial condition and results of operations; our ability to operate our fabrication facilities 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; the timing and amount of funding our customers are able to secure for their purchase commitments; 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 and expand our customer base and develop relationships in new markets, our ability to integrate the operations of the Fab 25 facility with our operations and risks associated with operating the Fab 25 facility; the performance and reliability of our third-party suppliers and manufacturers; our ability to procure tools, materials, and chemicals; 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; adverse litigation judgments, settlements or other litigation-related costs; changes in trade policies, including the imposition of or increase in tariffs; our ability to raise additional capital or financing; our ability to accurately forecast demand; changes in local, regional, national and international economic or political conditions, including those resulting from increases in inflation and interest rates, a recession, or intensified international hostilities; 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; 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 14, 2025 and the Quarterly Reports on Form 10-Q the Company filed with the SEC on August 07, 2025 and November 12, 2025 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.


Important Information and Where to Find It


In connection with the Transaction, IonQ intends to file with the Securities and Exchange Commission (the “SEC”) a Registration Statement on Form S-4 (the “Registration Statement”), which will include a prospectus with respect to the shares of IonQ common stock (the “IonQ Shares”) to be issued in the Transaction and a proxy statement for SkyWater’s stockholders (the “Proxy Statement/Prospectus”), and SkyWater intends to file with the SEC the Proxy Statement/Prospectus included in the Registration Statement. The definitive Proxy Statement/Prospectus (if and when available) will be mailed to stockholders of SkyWater. Each of IonQ and SkyWater may also file with or furnish to the SEC other relevant documents regarding the Transaction. This press release is not a substitute for the Registration Statement, the Proxy Statement/Prospectus or any other document that IonQ or SkyWater may file with the SEC or mail to SkyWater’s stockholders in connection with the Transaction. INVESTORS AND SECURITY HOLDERS OF IONQ AND SKYWATER ARE URGED TO READ THE REGISTRATION STATEMENT AND THE PROXY STATEMENT/PROSPECTUS INCLUDED WITHIN THE REGISTRATION STATEMENT WHEN THEY BECOME AVAILABLE, AS WELL AS ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC IN CONNECTION WITH THE TRANSACTION OR INCORPORATED BY REFERENCE INTO THE REGISTRATION STATEMENT AND THE PROXY STATEMENT/PROSPECTUS (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO), BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION REGARDING IONQ, SKYWATER, THE TRANSACTION AND RELATED MATTERS. The documents filed by IonQ and SkyWater with the SEC may be obtained free of charge through the website maintained by the SEC at www.sec.gov. The documents filed by IonQ with the SEC also may be obtained free of charge at IonQ’s website at investors.IonQ.com. The documents filed by SkyWater with the SEC also may be obtained free of charge at SkyWater’s website at ir.skywatertechnology.com.


Participants in the Solicitation


IonQ, SkyWater and certain of their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from the stockholders of SkyWater in connection with the Transaction under the rules of the SEC. Information about the interests of the directors and executive officers of IonQ and SkyWater and other persons who may be deemed to be participants in the solicitation of stockholders of SkyWater in connection with the Transaction and a description of their direct and indirect interests, by security holdings or otherwise, will be included in the Proxy Statement/Prospectus, which will be filed with the SEC. Information about SkyWater’s directors and executive officers is set forth in SkyWater’s proxy statement for its 2025 Annual Meeting of Stockholders on Schedule 14A filed with the SEC on April 8, 2025, SkyWater’s Annual Report on Form 10-K for the year ended December 29, 2024 and any subsequent filings with the SEC. Information about certain of IonQ’s directors and executive officers is set forth in IonQ’s proxy statement for its 2025 Annual Meeting of Stockholders on Schedule 14A filed with the SEC on April 28, 2025 and any subsequent filings with the SEC. To the extent that holdings of SkyWater’s securities by the directors and executive officers of SkyWater have changed from the amounts set forth in the Annual Meeting Proxy Statement, such changes have been or will be reflected on Statements of Changes in Beneficial Ownership on Form 4 filed with the SEC. Additional information regarding the direct and indirect interests of those persons and other persons who may be deemed participants in the Transaction may be obtained by reading the Proxy Statement/Prospectus regarding the Transaction when it becomes available. Free copies of these documents may be obtained as described above.


No Offer or Solicitation


This communication is for informational purposes only and does not constitute, or form a part of, an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, and otherwise in accordance with applicable law.



 


 


 



SKYWATER TECHNOLOGY, INC.

Consolidated Balance Sheets

(Unaudited) 







 



 






Fiscal Year Ended








 






December 28, 2025






 






December 29, 2024








 






 






 






 








 






(in thousands, except per share data)








Assets






 






 






 








Current assets






 






 






 








Cash and cash equivalents






$






23,224






 






 






$






18,844






 








Accounts receivable (net of allowance for credit losses of $80 and $398, respectively)






 






100,083






 






 






 






52,362






 








Contract assets (net of allowance for credit losses of $26 and $42, respectively)






 






17,895






 






 






 






20,890






 








Inventory






 






24,600






 






 






 






14,535






 








Prepaid expenses and other current assets






 






27,268






 






 






 






23,476






 








Total current assets






 






193,070






 






 






 






130,107






 








Property and equipment, net






 






511,720






 






 






 






165,431






 








Intangible assets, net






 






9,168






 






 






 






7,779






 








Other assets






 






19,823






 






 






 






8,488






 








Total assets






$






733,781






 






 






$






311,805






 








 






 






 






 








Liabilities and shareholders’ equity






 






 






 








Current liabilities






 






 






 








Current portion of long-term debt






$






5,838






 






 






$






5,073






 








Accounts payable






 






34,866






 






 






 






29,590






 








Accrued expenses






 






56,613






 






 






 






36,829






 








Short-term financing, net of unamortized debt issuance costs






 






184,402






 






 






 






27,669






 








Contract liabilities






 






42,494






 






 






 






55,166






 








Total current liabilities






 






324,213






 






 






 






154,327






 








Long-term liabilities






 






 






 








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






 






33,040






 






 






 






34,704






 








Long-term contract liabilities






 






149,046






 






 






 






51,901






 








Deferred income tax liability, net






 






6,369






 






 






 






632






 








Other long-term liabilities






 






25,296






 






 






 






8,721






 








Total long-term liabilities






 






213,751






 






 






 






95,958






 








Total liabilities






 






537,964






 






 






 






250,285






 








Shareholders’ equity






 






 






 








Preferred stock, $0.01 par value per share (80,000 shares authorized, zero shares issued and outstanding as of December 28, 2025 and December 29, 2024)






 






—






 






 






 






—






 








Common stock, $0.01 par value per share (200,000 shares authorized; 48,608 and 47,704 shares issued and outstanding as of December 28, 2025 and December 29, 2024, respectively)






 






489






 






 






 






478






 








Additional paid-in capital






 






202,387






 






 






 






189,132






 








Accumulated deficit






 






(15,052






)






 






 






(133,966






)








Total shareholders’ equity, SkyWater Technology, Inc.






 






187,824






 






 






 






55,644






 








Noncontrolling interests






 






7,993






 






 






 






5,876






 








Total shareholders’ equity






 






195,817






 






 






 






61,520






 








Total liabilities and shareholders’ equity






$






733,781






 






 






$






311,805






 








 


 


 


 



SKYWATER TECHNOLOGY, INC.

Consolidated Statements of Operations

(Unaudited) 







 



 






Three-Month Period Ended






 






Fiscal Year Ended








 






December 28,




2025






 






September 28,




2025






 






December 29,




2024






 






December 28,




2025






 






December 29,




2024








 






 






 






 






 






 






 






 






 






 








 






(in thousands, except per share data)








Revenue






$






171,040






 






 






$






150,741






 






 






$






75,487






 






 






$






442,139






 






 






$






342,269






 








Cost of revenue






 






145,484






 






 






 






114,520






 






 






 






56,190






 






 






 






355,207






 






 






 






272,643






 








Gross profit






 






25,556






 






 






 






36,221






 






 






 






19,297






 






 






 






86,932






 






 






 






69,626






 








Research and development expense






 






3,634






 






 






 






4,370






 






 






 






4,214






 






 






 






14,621






 






 






 






15,040






 








Selling, general, and administrative expense






 






21,847






 






 






 






23,997






 






 






 






12,430






 






 






 






74,882






 






 






 






48,026






 








Operating income (loss)






 






75






 






 






 






7,854






 






 






 






2,653






 






 






 






(2,571






)






 






 






6,560






 








Other income (expense)






 






 






 






 






 






 






 






 






 








Bargain purchase gain






 






955






 






 






 






110,790






 






 






 






—






 






 






 






111,746






 






 






 






—






 








Interest expense






 






(4,942






)






 






 






(5,322






)






 






 






(1,978






)






 






 






(13,714






)






 






 






(8,837






)








Income (loss) before income taxes






 






(3,912






)






 






 






113,322






 






 






 






675






 






 






 






95,461






 






 






 






(2,277






)








Income tax expense (benefit)






 






2,714






 






 






 






(31,830






)






 






 






234






 






 






 






(27,990






)






 






 






240






 








Net income (loss)






 






(6,626






)






 






 






145,152






 






 






 






441






 






 






 






123,451






 






 






 






(2,517






)








Less: net income attributable to noncontrolling interests






 






1,149






 






 






 






1,139






 






 






 






1,120






 






 






 






4,536






 






 






 






4,276






 








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






$






(7,775






)






 






$






144,013






 






 






$






(679






)






 






$






118,915






 






 






$






(6,793






)








 






 






 






 






 






 






 






 






 






 








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






$






(0.16






)






 






$






2.98






 






 






$






(0.01






)






 






$






2.47






 






 






$






(0.14






)








Weighted average shares outstanding, basic






 






48,573






 






 






 






48,275






 






 






 






47,659






 






 






 






48,182






 






 






 






47,396






 








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






$






(0.16






)






 






$






2.95






 






 






$






(0.01






)






 






$






2.44






 






 






$






(0.14






)








Weighted average shares outstanding, diluted






 






48,573






 






 






 






48,770






 






 






 






47,659






 






 






 






48,708






 






 






 






47,396






 








 


 


 


 



SKYWATER TECHNOLOGY, INC.

Consolidated Statements of Cash Flows

(Unaudited) 







 



 






Fiscal Year Ended








 






December 28, 2025






 






December 29, 2024








 






 






 






 








 






(in thousands)








Cash flows from operating activities






 






 






 








Net income (loss)






$






123,451






 






 






$






(2,517






)








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






 






 






 








Bargain purchase gain






 






(111,746






)






 






 






—






 








Revenue from off-market component of supply agreement recorded in purchase accounting






 






(17,909






)






 






 






—






 








Depreciation and amortization expense






 






35,670






 






 






 






18,693






 








Accretion of investment tax credits






 






(967






)






 






 






(449






)








Gain on sale of property and equipment






 






(388






)






 






 






(55






)








Amortization of debt issuance costs included in interest expense






 






1,885






 






 






 






1,676






 








Equity-based compensation expense






 






9,422






 






 






 






8,168






 








Deferred income taxes






 






(31,495






)






 






 






(47






)








Provision for credit losses






 






447






 






 






 






203






 








Changes in operating assets and liabilities, net of the effects of a business acquisition






 






 






 








Accounts receivable and contract assets






 






(22,442






)






 






 






20,202






 








Inventory






 






(4,263






)






 






 






805






 








Prepaid expenses, other current assets, and other assets






 






(1,853






)






 






 






(9,595






)








Accounts payable and accrued expenses






 






13,658






 






 






 






(10,387






)








Contract liabilities, current and long-term






 






(17,619






)






 






 






(8,237






)








Net cash (used in) provided by operating activities






 






(24,149






)






 






 






18,460






 








 






 






 






 








Cash flows from investing activities






 






 






 








Purchase of software and technology licenses






 






(2,871






)






 






 






(3,319






)








Proceeds from sale of property and equipment






 






388






 






 






 






55






 








Purchases of property and equipment






 






(29,046






)






 






 






(7,941






)








Acquisition






 






(86,466






)






 






 






—






 








Net cash used in investing activities






 






(117,995






)






 






 






(11,205






)








 






 






 






 








Cash flows from financing activities






 






 






 








Proceeds from draws on the revolving line of credit






 






551,298






 






 






 






346,500






 








Repayment of draws on the revolving line of credit






 






(393,579






)






 






 






(342,329






)








Proceeds from sale leaseback






 






4,599






 






 






 






—






 








Proceeds from tool financings






 






—






 






 






 






1,298






 








Repayment of tool financing advanced payments






 






—






 






 






 






(920






)








Principal payments on long-term debt






 






(5,841






)






 






 






(4,834






)








Cash paid for debt issuance costs






 






(10,098






)






 






 






—






 








Cash paid for principal on finance leases






 






(1,232






)






 






 






(646






)








Proceeds from the issuance of common stock pursuant to equity compensation plans






 






3,846






 






 






 






2,499






 








Cash paid on licensed technology obligations






 






—






 






 






 






(3,001






)








Contributions from noncontrolling interest






 






625






 






 






 






260






 








Distributions to noncontrolling interest






 






(3,094






)






 






 






(5,621






)








Net cash provided by (used in) financing activities






 






146,524






 






 






 






(6,794






)








 






 






 






 








Net change in cash and cash equivalents






 






4,380






 






 






 






462






 








Cash and cash equivalents - beginning of fiscal year






 






18,844






 






 






 






18,382






 








Cash and cash equivalents - end of fiscal year






$






23,224






 






 






$






18,844






 








 


 


 


 



Supplemental GAAP Financial Information by Quarter 







 



 






Q4 2025






 






Q3 2025






 






Q2 2025






 






Q1 2025






 






Q4 2024






 






Q3 2024






 






Q2 2024






 






Q1 2024








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








 






(in thousands)








Legacy SkyWater






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








ATS development revenue (1)






$






53,209






 






 






$






54,196






 






 






$






52,605






 






$






52,535






 






$






59,401






 






$






56,390






 






 






$






61,669






 






$






61,185








Wafer services revenue






 






5,969






 






 






 






6,245






 






 






 






5,411






 






 






7,527






 






 






4,371






 






 






6,718






 






 






 






5,780






 






 






9,992








Combined ATS development and wafer services revenue






 






59,178






 






 






 






60,441






 






 






 






58,016






 






 






60,062






 






 






63,772






 






 






63,108






 






 






 






67,449






 






 






71,177








Tools revenue (2)






 






22,893






 






 






 






3,686






 






 






 






1,047






 






 






1,234






 






 






11,715






 






 






30,709






 






 






 






25,880






 






 






8,459








Total Legacy SkyWater revenue






 






82,071






 






 






 






64,127






 






 






 






59,063






 






 






61,296






 






 






75,487






 






 






93,817






 






 






 






93,329






 






 






79,636








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Cost of revenue, excluding tools






 






54,577






 






 






 






41,428






 






 






 






47,283






 






 






46,009






 






 






46,516






 






 






43,105






 






 






 






51,346






 






 






58,396








Cost of tools revenue (2)






 






25,002






 






 






 






3,743






 






 






 






881






 






 






1,030






 






 






9,674






 






 






30,477






 






 






 






24,869






 






 






8,260








Total Legacy SkyWater cost of revenue






 






79,579






 






 






 






45,171






 






 






 






48,164






 






 






47,039






 






 






56,190






 






 






73,582






 






 






 






76,215






 






 






66,656








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Legacy SkyWater gross profit, excluding tools






 






4,601






 






 






 






19,013






 






 






 






10,733






 






 






14,053






 






 






17,256






 






 






20,003






 






 






 






16,103






 






 






12,781








Tools gross profit (loss)






 






(2,109






)






 






 






(57






)






 






 






166






 






 






204






 






 






2,041






 






 






232






 






 






 






1,011






 






 






199








Legacy SkyWater gross profit






 






2,492






 






 






 






18,956






 






 






 






10,899






 






 






14,257






 






 






19,297






 






 






20,235






 






 






 






17,114






 






 






12,980








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








SkyWater Texas






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Wafer services revenue






 






88,969






 






 






 






86,614






 






 






 






—






 






 






—






 






 






—






 






 






—






 






 






 






—






 






 






—








Total SkyWater Texas revenue






 






88,969






 






 






 






86,614






 






 






 






—






 






 






—






 






 






—






 






 






—






 






 






 






—






 






 






—








Cost of revenue






 






65,905






 






 






 






69,349






 






 






 






—






 






 






—






 






 






—






 






 






—






 






 






 






—






 






 






—








SkyWater Texas gross profit






 






23,064






 






 






 






17,265






 






 






 






—






 






 






—






 






 






—






 






 






—






 






 






 






—






 






 






—








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Revenue impact of modified customer contracts (3)






$






—






 






 






$






—






 






 






$






—






 






$






—






 






$






—






 






$






—






 






 






$






—






 






$






—








Cost of revenue impact of modified customer contracts (3)






 






—






 






 






 






—






 






 






 






—






 






 






—






 






 






—






 






 






(5,616






)






 






 






—






 






 






—








Gross profit impact of modified customer contracts (3)






$






—






 






 






$






—






 






 






$






—






 






$






—






 






$






—






 






$






5,616






 






 






$






—






 






$






—









(1)






ATS development revenue represents GAAP revenue primarily derived from process development services, tool installation and qualification services, facility and tool access, leases where SkyWater serves as lessor, and security services.








(2)






Tools revenue and cost of tools revenue represents GAAP revenue and cost primarily derived from the procurement and subsequent sale of equipment to our customers. While this equipment is owned by our customers, the equipment is retained in one of our fabs and is used to complete ATS customer programs. 








(3)






SkyWater accounts for the impacts of customer contract modifications in accordance with GAAP. Customer contract modifications that add or eliminate performance obligations and thereby change the scope of our customer programs often impact the revenue and/or cost of revenue associated with performance on customer programs. In the first quarter of 2024, we recorded a $8,004 charge to recognize future estimated losses for one significant customer program based on anticipated cost increases to complete the customer’s program. In the third quarter of 2024, we successfully modified a significant customer contract, which resulted in a decrease in our estimate of future costs to complete their program. The remaining $5,616 loss accrual recorded at the time the contract was modified was released, which reduced cost of revenue for the three-month period ended September 29, 2024. 








 



 



 



 


Non-GAAP Financial Measures


We provide non-GAAP financial information that our management regularly evaluates to provide additional insight to investors and to supplement our results reported using U.S. generally accepted accounting principles (GAAP). We provide non-GAAP cost of revenue, non-GAAP gross profit, non-GAAP gross margin, non-GAAP research and development expense, non-GAAP selling, general and administrative expense, non-GAAP net income (loss) to shareholders, non-GAAP net income (loss) to shareholders per basic share and non-GAAP net income (loss) per diluted share. Our management uses these non-GAAP financial measures to make informed operating decisions, complete strategic planning, prepare annual budgets, and evaluate Company and management performance. We believe these non-GAAP financial measures are useful performance measures to our investors because they provide a baseline for analyzing trends in our business and exclude certain items that may not be indicative of our core operating results. The non-GAAP financial measures disclosed in this earnings release should not be viewed as an alternative to, or more meaningful than, the reported results prepared in accordance with GAAP. In addition, because these non-GAAP financial measures are not determined in accordance with GAAP, other companies, including our peers, may calculate their non-GAAP financial measures differently than we do. As a result, the non-GAAP financial measures presented in this earnings release may not be directly comparable to similarly titled measures presented by other companies.


We also provide earnings before interest, income taxes, depreciation and amortization (EBITDA), adjusted EBITDA and adjusted EBITDA margin as supplemental non-GAAP measures. We define adjusted EBITDA as net income (loss) before interest expense, income tax expense (benefit), depreciation and amortization and certain other items that we do not view as indicative of our ongoing performance, including equity-based compensation expense; net income attributable to noncontrolling interests; management transition expense; restructuring costs; transaction and integration costs; sale process costs; and bargain purchase gain. Our management uses EBITDA, adjusted EBITDA and adjusted EBITDA margin to make informed operating decisions, complete strategic planning, prepare annual budgets, and evaluate Company and management performance. We believe these non-GAAP financial measures are useful performance measures to our investors because they allow for an effective evaluation of our operating performance when compared to other companies, including our peers, without regard to financing methods or capital structures. We exclude the items listed above from net income (loss) in arriving at adjusted EBITDA and adjusted EBITDA margin because the amounts of these items can vary substantially within our industry depending on the accounting methods and policies used, book values of assets, capital structures, and the methods by which assets were acquired. These non-GAAP financial measures should not be considered as an alternative to, or more meaningful than, the reported results prepared in accordance with GAAP. Certain items excluded from these non-GAAP financial measures are significant components in understanding and assessing a company’s financial performance, such as a company’s cost of capital and tax structure, as well as the historic cost bases of depreciable assets, none of which are reflected in these non-GAAP financial measures. Our presentation of these non-GAAP financial measures should not be construed as an indication that our results will be unaffected by the items excluded from adjusted EBITDA and adjusted EBITDA margin. 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, from these non-GAAP financial measures 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.






 





 





 



 






Three-Month Period Ended






 






Fiscal Year Ended








 






December 28,




2025






 






September 28,




2025






 






December 29,




2024






 






December 28,




2025






 






December 29,




2024








 






 






 






 






 






 






 






 






 






 








 






(in thousands)








GAAP revenue






$






171,040






 






 






$






150,741






 






 






$






75,487






 






 






$






442,139






 






 






$






342,269






 








 






 






 






 






 






 






 






 






 






 








GAAP cost of revenue






$






145,484






 






 






$






114,520






 






 






$






56,190






 






 






$






355,207






 






 






$






272,643






 








Equity-based compensation expense (1)






 






(905






)






 






 






(895






)






 






 






(589






)






 






 






(2,993






)






 






 






(2,113






)








Management transition expense (3)






 






—






 






 






 






—






 






 






 






—






 






 






 






—






 






 






 






(97






)








Restructuring costs (7)






 






(1,403






)






 






 






—






 






 






 






(179






)






 






 






(1,403






)






 






 






(179






)








Non-GAAP cost of revenue






$






143,176






 






 






$






113,625






 






 






$






55,422






 






 






$






350,811






 






 






$






270,254






 








 






 






 






 






 






 






 






 






 






 








GAAP gross profit






$






25,556






 






 






$






36,221






 






 






$






19,297






 






 






$






86,932






 






 






$






69,626






 








GAAP gross margin






 






14.9






%






 






 






24.0






%






 






 






25.6






%






 






 






19.7






%






 






 






20.3






%








Equity-based compensation expense (1)






 






905






 






 






 






895






 






 






 






589






 






 






 






2,993






 






 






 






2,113






 








Management transition expense (3)






 






—






 






 






 






—






 






 






 






—






 






 






 






—






 






 






 






97






 








Restructuring costs (7)






 






1,403






 






 






 






—






 






 






 






179






 






 






 






1,403






 






 






 






179






 








Non-GAAP gross profit






$






27,864






 






 






$






37,116






 






 






$






20,065






 






 






$






91,328






 






 






$






72,015






 








Non-GAAP gross margin






 






16.3






%






 






 






24.6






%






 






 






26.6






%






 






 






20.7






%






 






 






21.0






%








 






 






 






 






 






 






 






 






 






 








GAAP research and development expense






$






3,634






 






 






$






4,370






 






 






$






4,214






 






 






$






14,621






 






 






$






15,040






 








Equity-based compensation expense (1)






 






(146






)






 






 






(142






)






 






 






(76






)






 






 






(485






)






 






 






(342






)








Non-GAAP research and development expense






$






3,488






 






 






$






4,228






 






 






$






4,138






 






 






$






14,136






 






 






$






14,698






 








 






 






 






 






 






 






 






 






 






 








GAAP selling, general, and administrative expense






$






21,847






 






 






$






23,997






 






 






$






12,430






 






 






$






74,882






 






 






$






48,026






 








Equity-based compensation expense (1)






 






(1,545






)






 






 






(1,627






)






 






 






(1,397






)






 






 






(5,944






)






 






 






(5,713






)








Management transition expense (3)






 






—






 






 






 






—






 






 






 






(141






)






 






 






—






 






 






 






(806






)








Restructuring costs (7)






 






—






 






 






 






—






 






 






 






(9






)






 






 






—






 






 






 






(9






)








Sale process costs (8)






 






(153






)






 






 






—






 






 






 






—






 






 






 






(153






)






 






 






—






 








Transaction and integration costs (4)






 






(2,960






)






 






 






(3,117






)






 






 






(220






)






 






 






(10,058






)






 






 






(220






)








Non-GAAP selling, general, and administrative expense






$






17,189






 






 






$






19,253






 






 






$






10,663






 






 






$






58,727






 






 






$






41,278






 








 






 






 






 






 






 






 






 






 






 








GAAP net income (loss) to shareholders






$






(7,775






)






 






$






144,013






 






 






$






(679






)






 






$






118,915






 






 






$






(6,793






)








Equity-based compensation expense (1)






 






2,596






 






 






 






2,664






 






 






 






2,062






 






 






 






9,422






 






 






 






8,168






 








Management transition expense (3)






 






—






 






 






 






—






 






 






 






141






 






 






 






—






 






 






 






903






 








Restructuring costs (7)






 






1,403






 






 






 






—






 






 






 






188






 






 






 






1,403






 






 






 






188






 








Sale process costs (8)






 






153






 






 






 






—






 






 






 






—






 






 






 






153






 






 






 






—






 








Transaction and integration costs (4)






 






2,960






 






 






 






3,117






 






 






 






220






 






 






 






10,058






 






 






 






220






 








Tax benefit from release of tax valuation allowances (2)






 






—






 






 






 






(27,486






)






 






 






—






 






 






 






(27,486






)






 






 






—






 








Bargain purchase gain (6)






 






(955






)






 






 






(110,790






)






 






 






—






 






 






 






(111,746






)






 






 






—






 








Non-GAAP net income (loss) to shareholders






$






(1,618






)






 






$






11,518






 






 






$






1,932






 






 






$






719






 






 






$






2,686






 











 





 



 






Three-Month Period Ended






 






Fiscal Year Ended








 






December 28,




2025






 






September 28,




2025






 






December 29,




2024






 






December 28,




2025






 






December 29,




2024








 






 






 






 






 






 






 






 






 






 








 






(in thousands)








Equity-based compensation expense allocation in the consolidated statements of operations (1):






 






 






 






 






 






 






 






 






 








Cost of revenue






$






905






 






$






895






 






$






589






 






$






2,993






 






$






2,113








Research and development expense






 






146






 






 






142






 






 






76






 






 






485






 






 






342








Selling, general, and administrative expense






 






1,545






 






 






1,627






 






 






1,397






 






 






5,944






 






 






5,713








Total equity-based compensation expense






$






2,596






 






$






2,664






 






$






2,062






 






$






9,422






 






$






8,168








 






 






 






 






 






 






 






 






 






 








Management transition expense allocation in the consolidated statements of operations (3):






 






 






 






 






 






 






 






 






 








Cost of revenue






$






—






 






$






—






 






$






—






 






$






—






 






$






97








Research and development expense






 






—






 






 






—






 






 






—






 






 






—






 






 






—








Selling, general, and administrative expense






 






—






 






 






—






 






 






141






 






 






—






 






 






806








Total management transition expense






$






—






 






$






—






 






$






141






 






$






—






 






$






903








 






 






 






 






 






 






 






 






 






 








Restructuring costs allocation in the consolidated statements of operations (7):






 






 






 






 






 






 






 






 






 








Cost of revenue






$






1,403






 






$






—






 






$






179






 






$






1,403






 






$






179








Research and development expense






 






—






 






 






—






 






 






—






 






 






—






 






 






—








Selling, general, and administrative expense






 






—






 






 






—






 






 






9






 






 






—






 






 






9








Total restructuring costs






$






1,403






 






$






—






 






$






188






 






$






1,403






 






$






188











 





 



 






Three-Month Period Ended




December 28, 2025






 






Fiscal Year Ended




December 28, 2025








 






GAAP






 






Non-GAAP






 






GAAP






 






Non-GAAP








 






 






 






 






 






 






 






 








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






(in thousands, except per share data)








Numerator:






 






 






 






 






 






 






 








Net income (loss) to common shareholders






$






(7,775






)






 






$






(1,618






)






 






$






118,915






 






 






$






719








Denominator:






 






 






 






 






 






 






 








Weighted-average common shares outstanding, basic






 






48,573






 






 






 






48,573






 






 






 






48,182






 






 






 






48,182








Net income (loss) per common share, basic






$






(0.16






)






 






$






(0.03






)






 






$






2.47






 






 






$






0.01








Weighted-average common shares outstanding, diluted






 






48,573






 






 






 






48,573






 






 






 






48,708






 






 






 






48,708








Net income (loss) per common share, diluted






$






(0.16






)






 






$






(0.03






)






 






$






2.44






 






 






$






0.01














 



 






 






 






 






 






 






 






 








 






 






 






Three-Month Period Ended




September 28, 2025








 






 






 






 






 






GAAP






 






Non-GAAP








 






 






 






 






 






 






 






 








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






 






 






(in thousands, except per share data)








Numerator:






 






 






 






 






 






 






 








Net income to common shareholders






 






 






 






 






$






144,013






 






 






$






11,518








Denominator:






 






 






 






 






 






 






 








Weighted-average common shares outstanding, basic






 






 






 






 






 






48,275






 






 






 






48,275








Net income per common share, basic






 






 






 






 






$






2.98






 






 






$






0.24








Weighted-average common shares outstanding, diluted






 






 






 






 






 






48,770






 






 






 






48,770








Net income per common share, diluted






 






 






 






 






$






2.95






 






 






$






0.24














 



 






 






 






 






 






 






 






 








 






Three-Month Period Ended




December 29, 2024






 






Fiscal Year Ended




December 29, 2024








 






GAAP






 






Non-GAAP






 






GAAP






 






Non-GAAP








 






 






 






 






 






 






 






 








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






(in thousands, except per share data)








Numerator:






 






 






 






 






 






 






 








Net income (loss) to common shareholders






$






(679






)






 






$






1,932






 






 






$






(6,793






)






 






$






2,686








Denominator:






 






 






 






 






 






 






 








Weighted-average common shares outstanding, basic






 






47,659






 






 






 






47,659






 






 






 






47,396






 






 






 






47,396








Net income (loss) per common share, basic






$






(0.01






)






 






$






0.04






 






 






$






(0.14






)






 






$






0.06








Weighted-average common shares outstanding, diluted






 






47,659






 






 






 






47,939






 






 






 






47,396






 






 






 






47,560








Net income (loss) per common share, diluted






$






(0.01






)






 






$






0.04






 






 






$






(0.14






)






 






$






0.06











 





 



 






Three-Month Period Ended






 






Fiscal Year Ended








 






December 28,




2025






 






September 28,




2025






 






December 29,




2024






 






December 28,




2025






 






December 29,




2024








 






 






 






 






 






 






 






 






 






 








 






(in thousands)








Net income (loss) to shareholders (GAAP)






$






(7,775






)






 






$






144,013






 






 






$






(679






)






 






$






118,915






 






 






$






(6,793






)








Net income (loss) margin to common shareholders






 






(4.5






)%






 






 






95.5






%






 






 






(0.9






)%






 






 






26.9






%






 






 






(2.0






)%








 






 






 






 






 






 






 






 






 






 








Interest expense






 






4,942






 






 






$






5,322






 






 






 






1,978






 






 






 






13,714






 






 






 






8,837






 








Income tax expense (benefit)






 






2,714






 






 






 






(31,830






)






 






 






234






 






 






 






(27,990






)






 






 






240






 








Depreciation and amortization, net






 






13,859






 






 






 






12,186






 






 






 






4,949






 






 






 






34,703






 






 






 






18,243






 








EBITDA






 






13,740






 






 






$






129,691






 






 






 






6,482






 






 






 






139,342






 






 






 






20,527






 








 






 






 






 






 






 






 






 






 






 








Equity-based compensation expense (1)






 






2,596






 






 






$






2,664






 






 






 






2,062






 






 






 






9,422






 






 






 






8,168






 








Management transition expense (3)






 






—






 






 






 






—






 






 






 






141






 






 






 






—






 






 






 






903






 








Restructuring costs (7)






 






1,403






 






 






 






—






 






 






 






188






 






 






 






1,403






 






 






 






188






 








Sale process costs (8)






 






153






 






 






 






—






 






 






 






—






 






 






 






153






 






 






 






—






 








Transaction and integration costs (4)






 






2,960






 






 






 






3,117






 






 






 






220






 






 






 






10,058






 






 






 






220






 








Net income attributable to noncontrolling interests (5)






 






1,149






 






 






 






1,139






 






 






 






1,120






 






 






 






4,536






 






 






 






4,276






 








Bargain purchase gain (6)






 






(955






)






 






 






(110,790






)






 






 






—






 






 






 






(111,746






)






 






 






—






 








Adjusted EBITDA






$






21,046






 






 






$






25,821






 






 






$






10,213






 






 






$






53,168






 






 






$






34,282






 








Adjusted EBITDA margin






 






12.3






%






 






 






17.1






%






 






 






13.5






%






 






 






12.0






%






 






 






10.0






%









(1)






Represents non-cash equity-based compensation expense.








(2)






Represents the tax benefit from the release of tax valuation allowances previously recorded against tax attributes recognized as deferred tax assets. SkyWater releases tax valuation allowances when facts and circumstances change and demonstrate the Company has future sources of taxable income that will allow it to realize its tax attributes.








(3)






Represents the cost of severance, separation, and other termination benefits related to the reorganization of the manufacturing, sales, marketing, and operations leadership team. 








(4)






Represents transaction and integration costs associated with our June 30, 2025 acquisition of Fab 25, including legal fees, professional services fees, consultant fees, and other costs to effectuate the closing of the transaction and integration of the acquired business. 








(5)






Represents net income attributable to noncontrolling interests arising from our variable interest entity (VIE), which was formed for the purpose of purchasing the land and building of our primary operating facility in Bloomington, Minnesota. Since interest expense is added back to net loss to shareholders in our adjusted EBITDA financial measure, we also add back the net income attributable to noncontrolling interests as its net income is derived from interest the VIE charges SkyWater. 








(6)






Represents the bargain purchase gain recognized for the acquisition of Fab 25 on June 30, 2025. The total consideration paid by SkyWater to acquire Fab 25 was less than the fair value of the net assets acquired and necessitated the recognition of the bargain purchase gain pursuant to GAAP. The amount of the bargain purchase gain is impacted by the fair values assigned to the net assets acquired in purchase accounting. Values in this regard, as well as related tax impacts, are preliminary in nature as of the date of this release and are subject to finalization by the second quarter of fiscal 2026 as allowed by GAAP. 








(7)






Represents severance, separation, and other termination benefits related to the reorganization of the manufacturing and operations teams. 








(8)






Represents incremental expenses incurred in connection with the Company’s evaluation of IonQ’s offer to acquire the Company, including legal, accounting, and other advisory fees. 








 



 


 

View source version on businesswire.com: https://www.businesswire.com/news/home/20260225608085/en/
SkyWater Investor Contact:

Claire McAdams | claire@headgatepartners.com


SkyWater Media Contact:

Tammy Swanson | tammy.swanson@skywatertechnology.com


Original: SkyWater Technology Reports Fourth Quarter and Full Fiscal Year 2025 Results