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Jul 02, 2023
SkyWater Q2 2023 Earnings Report
Reported record revenues and continued year-over-year increase in gross margin.
Key Takeaways
SkyWater Technology reported a record revenue of $69.8 million, a 47% increase year-over-year. The gross margin also increased to 23.9% on a GAAP basis. Net loss to shareholders was $8.6 million, or $(0.19) per share on a GAAP basis.
Revenue increased 47% year-over-year to a record $69.8 million.
Gross margin increased to 23.9% on a GAAP basis, compared to 4.4% in Q2 2022.
Net loss to shareholders of $8.6 million, or $(0.19) per share on a GAAP basis.
Adjusted EBITDA of $6.5 million, or 9.3% of revenue, compared to $(1.6) million in Q2 2022.
Revenue by Segment
Forward Guidance
SkyWater is confident in its ability to achieve its long-term annual revenue growth objective of 25% in 2023.
Positive Outlook
- Continued strong customer demand
- Expansion of multiple key Advanced Technology Services (ATS) programs year to date
- A $3.6 million pull-in of revenues that resulted from the restructuring of one ATS contract.
- Continued progress on the productization and qualification of SkyWater’s 90nm RadHard platform, in preparation for the planned production ramp in 2025.
- Growing engagement with multiple commercial ATS customers, particularly in the bio-health and advanced computing end markets, each of which could contribute multiple-$M of revenue for SkyWater in 2023.
Challenges Ahead
- Macro weakness affecting the overall semiconductor industry
- GAAP operating expenses included $3.8 million of project-based consulting fees that were not a component of operating expenses in the second quarter of 2022.
- GAAP operating expenses also included $1.4 million of additional bad debt accrual that was not a component of operating expenses in the second quarter of 2022.
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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