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Mar 31, 2024
SkyWater Q1 2024 Earnings Report
SkyWater's Q1 2024 revenue increased, marked by record ATS revenue and challenges in gross margin due to increased costs.
Key Takeaways
SkyWater Technology reported a 20% year-over-year increase in revenue to a record $79.6 million for Q1 2024. The company experienced a decrease in gross margin and a net loss to shareholders, but saw strong growth in its Advanced Technology Services (ATS) business.
Revenue increased 20% year-over-year to a record $79.6 million.
ATS development revenue increased 28% year-over-year, exceeding expectations.
Gross margin decreased to 16.3% on a GAAP basis, compared to 24.9% in Q1 2023.
Customer-funded capex funding and awards since 2020 now exceed $100 million.
Revenue by Segment
Forward Guidance
SkyWater anticipates another year of revenue growth in 2024, driven by increased ATS development revenue and customer-funded capex, with a decreasing contribution from legacy products.
Positive Outlook
- Strong momentum and revenue growth in differentiated Advanced Technology Services business.
- ATS development revenue increasing 7% sequentially from Q4 2023.
- At the forefront of an expected unprecedented year in customer-funded capital investments.
- Unique business model offers a compelling value proposition for the development of new technology platforms and products.
- Revenue profile for fiscal 2024 continues to indicate a growth year for SkyWater.
Challenges Ahead
- Q1 tool revenue came in lower than forecast due to delays in equipment deliveries.
- Gross margin decreased to 16.3% on a GAAP basis, compared to 24.9% in Q1 2023.
- Net loss to shareholders of $5.7 million, or $0.12 per share on a GAAP basis.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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