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SkyWater Q1 2025 Earnings Report
SkyWater Technology reported a modest upside to expectations in Q1 2025, driven by strong sequential growth in Wafer Services, while Advanced Technology Services experienced a near-term softening due to federal budget delays.
Key Takeaways
SkyWater Technology reported total revenue of $61.3 million for Q1 2025, a 23% decrease year-over-year. The company achieved a GAAP gross profit of $14.3 million and a net loss of $7.3 million. Non-GAAP diluted EPS was $(0.08).
Total revenue for Q1 2025 was $61.3 million, a 23% decrease compared to Q1 2024.
Wafer Services revenue showed strong sequential growth, driven by demand for the new ThermaView platform.
Advanced Technology Services (ATS) revenue softened due to federal budget delays, despite record revenues in 2024.
GAAP net loss to shareholders was $7.3 million, or $(0.15) per diluted share.
Revenue by Segment
Forward Guidance
For Q2 2025, SkyWater expects total revenue to be between $55 million and $60 million, with less than $1 million from tools revenue. GAAP diluted net loss per share is projected to be in the range of $(0.20) to $(0.26), and non-GAAP diluted net loss per share in the range of $(0.16) to $(0.22).
Positive Outlook
- Anticipated year-over-year revenue growth in both ATS and Wafer Services for fiscal 2025.
- Expected expansion of gross margin profile in fiscal 2025.
- Projected strong adjusted EBITDA for fiscal 2025.
- Anticipated non-GAAP positive EPS for fiscal 2025.
- Confidence in executing planned growth in ATS revenues in fiscal 2025, provided federal budget delays are resolved.
Challenges Ahead
- Continued federal budget delays affecting overall Department of Defense (DOD) program funding.
- Near-term softening of anticipated ATS growth trajectory due to funding delays.
- Q2 2025 total revenue expected to be lower than Q1 2025.
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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