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Dec 28, 2025
SkyWater Q4 2025 Earnings Report
SkyWater Technology reported record revenues and 29% year-over-year growth for fiscal year 2025, driven by the acquisition of Fab 25 and momentum in quantum computing.
Key Takeaways
SkyWater achieved record annual revenues of $442.1 million in 2025, largely due to the integration of SkyWater Texas (Fab 25). While Q4 revenue grew 127% year-over-year to $171 million, the company reported a GAAP net loss for the quarter due to inflation-related cost overruns in Florida and transaction-related expenses. A definitive agreement was also announced for IonQ to acquire SkyWater.
Announced a definitive agreement to be acquired by IonQ for $35.00 per share in a cash-and-stock transaction.
Record consolidated revenue for Q4 2025 reached $171.0 million, a 127% increase compared to Q4 2024.
Quantum-related ATS revenues increased by over 30% in fiscal 2025, with eight commercial engagements active.
SkyWater Texas (Fab 25) contributed $89.0 million in revenue for Q4, exceeding initial expectations.
Revenue by Segment
Forward Guidance
The company is focused on completing its acquisition by IonQ while scaling its advanced packaging and quantum computing capabilities.
Positive Outlook
- Definitive agreement to be acquired by IonQ at $35.00 per share.
- Advanced Packaging facilitization in Florida is progressing ahead of plan.
- Strong momentum in quantum computing with 8 commercial ATS engagements.
- SkyWater Texas operations are exceeding initial financial expectations.
- Expected close of IonQ transaction in Q2 or Q3 2026.
Challenges Ahead
- Inflation-related cost changes in Florida exceeded estimates by $9.3 million.
- Legacy ATS development revenue decreased 10% year-over-year in Q4.
- GAAP net loss to shareholders increased compared to the prior year quarter.
- Transaction and integration costs related to Fab 25 and IonQ merger are impacting expenses.
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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