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Jun 29, 2025
SkyWater Q2 2025 Earnings Report
SkyWater Technology reported its second quarter 2025 financial results, meeting the upper end of expectations and completing the acquisition of Infineon’s U.S. Fab 25.
Key Takeaways
SkyWater Technology announced second-quarter 2025 financial results, with total revenue of $59.1 million. The company reported a GAAP net loss of $10.0 million and a non-GAAP net loss of $5.5 million. A significant highlight was the completion of the Fab 25 acquisition, expected to substantially increase future revenue and adjusted EBITDA.
Total revenue for Q2 2025 was $59.1 million, a 37% decrease compared to Q2 2024.
GAAP net loss to shareholders was $10.0 million, or $(0.21) per diluted share.
Non-GAAP net loss to shareholders was $5.5 million, or $(0.11) per diluted share.
The acquisition of Infineon’s Fab 25 was completed, fully funded by a new debt facility, and is expected to contribute at least $300 million in annual revenue starting Q3 2025.
Revenue by Segment
Forward Guidance
SkyWater Technology provided financial guidance for the third quarter of 2025, anticipating significant revenue growth driven by the Fab 25 acquisition, alongside expected GAAP and non-GAAP losses per share.
Positive Outlook
- Total revenue is projected to be between $130 million and $141 million, a substantial increase from Q2 2025.
- Wafer Services revenue from the new TX facility is expected to be between $75 million and $80 million.
- Combined ATS development and Wafer Services revenue is forecasted to be between $128 million and $138 million.
- Tools revenue is expected to increase to between $2 million and $3 million.
- Non-GAAP Gross Margin is projected to be between 11.0% and 14.0%.
Challenges Ahead
- GAAP diluted loss per share is expected to be between $(0.28) and $(0.22).
- Non-GAAP diluted loss per share is expected to be between $(0.20) and $(0.14).
- GAAP Gross Margin is projected to be lower, between 10.5% and 13.5%.
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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