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Dec 29, 2024
SkyWater Q4 2024 Earnings Report
SkyWater Technology reported its fourth quarter and full fiscal year 2024 financial results, achieving record fiscal year revenue, gross profit, and EPS.
Key Takeaways
SkyWater Technology reported a 5% decrease in Q4 2024 revenue year-over-year to $75.5 million, but a significant increase in gross margin to 25.6% GAAP and 26.6% non-GAAP. The company achieved net income of $1.9 million non-GAAP, a substantial improvement from a net loss in the prior year, and recorded record fiscal year revenue of $342.3 million.
Q4 2024 revenue decreased by 5% year-over-year to $75.5 million.
Gross margin significantly increased to 25.6% on a GAAP basis in Q4 2024, up from 15.2% in Q4 2023.
Net income to shareholders was $1.9 million on a non-GAAP basis in Q4 2024, compared to a net loss of $1.1 million in Q4 2023.
Adjusted EBITDA for Q4 2024 was $10.2 million, representing 13.5% of revenue.
Revenue by Segment
Forward Guidance
For Q1 2025, SkyWater expects total revenue between $59 million and $63 million, with approximately $1 million from tools revenue. GAAP diluted net loss per share is projected to be in the range of $(0.14) to $(0.20), and non-GAAP diluted net loss per share between $(0.10) and $(0.16).
Positive Outlook
- Continued top-line momentum in Advanced Technology Services (ATS).
- Anticipated rebound in Wafer Services business from current levels.
- Increasing mix of new products and customers throughout the year.
- Expected expansion of gross margins as revenue momentum grows.
- Another positive year for non-GAAP EPS for fiscal 2025.
Challenges Ahead
- Projected GAAP diluted net loss per share for Q1 2025.
- Projected non-GAAP diluted net loss per share for Q1 2025.
- Only approximately $1 million of expected revenue from tools in 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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