Seventh Straight Quarter of Record Revenue
and 20% Growth Year-Over-Year
SkyWater Technology, Inc. (NASDAQ: SKYT), the trusted technology
realization partner, today announced financial results for the
first quarter 2024 ended March 31, 2024.
Financial Highlights for Q1 2024:
- Revenue increased 20% year-over-year to a record $79.6
million.
- Gross margin decreased to 16.3% on a GAAP basis, compared to
24.9% in Q1 2023, and decreased to 16.9% on a non-GAAP basis,
compared to 25.7% in Q1 2023.
- Net loss to shareholders of $5.7 million, or $0.12 per share on
a GAAP basis, and net loss to shareholders of $3.7 million, or
$0.08 per share on a non-GAAP basis, compared to net loss to
shareholders of $4.3 million, or $0.10 per share on a GAAP basis,
and net loss to shareholders of $2.4 million, or $0.06 per share on
a non-GAAP basis in Q1 2023.
- Adjusted EBITDA of $4.9 million, or 6.2% of revenue, compared
to $8.1 million, or 12.3% of revenue in Q1 2023.
“We entered 2024 with strong momentum and revenue growth
exceeding our earlier expectations for our differentiated Advanced
Technology Services business, with ATS development revenue
increasing 7% sequentially from our prior record set in Q4 2023,”
commented Thomas Sonderman, SkyWater chief executive officer.
“While Q1 tool revenue came in lower than forecast due to delays in
equipment deliveries, we remain at the forefront of an expected
unprecedented year in customer-funded capital investments to
enhance SkyWater’s technical capabilities in support of future
growth in ATS and Wafer Services. We continue to anticipate another
year of revenue growth for SkyWater in 2024, demonstrating that our
unique business model offers a compelling value proposition for the
development of new technology platforms and products.”
Recent Business Highlights:
- Record Q1 Advanced Technology Service (ATS) development revenue
exceeded expectations due to continued strong progress in multiple
ATS programs within both the aerospace and defense and commercial
end markets.
- Our recent collaboration with Lumotive to start production of
the world's first commercially-available optical beam steering chip
marks another program transition from ATS development to Wafer
Services, enabling mass production of dynamic optical metasurfaces
for use in automated driving, robotics, and industrial
manufacturing systems.
- Customer-funded capex funding and awards since 2020 now exceed
$100 million, with a pipeline over the next three-year timeframe
anticipated to be in the range of $200 million, which we believe
enables SkyWater to continue to achieve strong growth and high
operating leverage with minimal requirements for substantial
self-funded capital investments.
- Revenue profile for fiscal 2024 continues to indicate a growth
year for SkyWater, expected to be driven by increased ATS
development revenue, a record year for customer-funded capex, and a
decreasing contribution from legacy products.
Q1 2024 Summary:
GAAP
In millions, except per share data
Q1 2024
Q1 2023
Y/Y
Q4 2023
Q/Q
ATS development revenue (1)
$61.2
$47.8
28%
$57.2
7%
Tools revenue (2)
$8.5
$0.5
NM
$9.9
(15)%
Wafer Services revenue
$10.0
$17.8
(44)%
$12.0
(17)%
Total revenue
$79.6
$66.1
20%
$79.2
1%
Gross profit
$13.0
$16.5
(21)%
$12.0
8%
Gross margin
16.3%
24.9%
(860) bps
15.2%
110 bps
Net loss to shareholders
$(5.7)
$(4.3)
34%
$(10.3)
(45)%
Basic loss per share
$(0.12)
$(0.10)
20%
$(0.22)
(45)%
Net loss margin to shareholders
(7.2)%
(6.5)%
(70) bps
(13.0)%
580 bps
__________________
NM - Not meaningful
(1)
ATS development revenue represents GAAP
revenue primarily derived from process development services, tool
installation and qualification services, facility and tool access,
and security services.
(2)
Tools revenue and cost of tools revenue
primarily represent GAAP amounts that arise from the procurement
and subsequent sale of equipment to our customers. This equipment
is used to complete ATS customer programs.
Non-GAAP
In millions, except per share data
Q1 2024
Q1 2023
Y/Y
Q4 2023
Q/Q
Non-GAAP gross profit
$13.4
$17.0
(21)%
$13.8
(3)%
Non-GAAP gross margin
16.9%
25.7%
(880) bps
17.4%
(50) bps
Non-GAAP net loss to shareholders
$(3.7)
$(2.4)
51%
$(1.1)
242%
Non-GAAP basic loss per share
$(0.08)
$(0.06)
33%
$(0.02)
300%
Adjusted EBITDA
$4.9
$8.1
(39)%
$10.6
(53)%
Adjusted EBITDA margin
6.2%
12.3%
(610) bps
13.4%
(720) bps
Q1 2024 Results:
- Revenue: Revenue of $79.6 million increased 20%
year-over-year. ATS development revenue of $61.2 million increased
28% year-over-year. Tools revenue was $8.5 million in the first
quarter of 2024 compared to $0.5 million in the first quarter of
2023. Wafer Services revenue of $10.0 million decreased 44%
compared to the first quarter of 2023.
- Gross Profit: GAAP gross profit was $13.0 million, or
16.3% of total revenue, compared to gross profit of $16.5 million,
or 24.9% of total revenue, in the first quarter of 2023. Non-GAAP
gross profit was $13.4 million, or 16.9% of total revenue, compared
to non-GAAP gross profit of $17.0 million, or 25.7% of total
revenue, in the first quarter of 2023. Cost of revenue for the
first quarter of 2024 included an approximately $8 million accrual
reflecting the anticipated additional costs for us to complete
certain development milestones for a significant aerospace and
defense program.
- Operating Expenses: GAAP operating expenses were $15.2
million, compared to $17.6 million in the first quarter of 2023.
The first quarter of 2023 included $2.2 million of credit losses
that did not repeat in the first quarter of 2024.
- Net Loss: The GAAP net loss to shareholders was $5.7
million, or $0.12 per share, compared to a net loss to shareholders
of $4.3 million, or $0.10 per share, in the first quarter of 2023.
The Non-GAAP net loss to shareholders was $3.7 million, or $0.08
per share, compared to a non-GAAP net loss to shareholders of $2.4
million, or $0.06 per share, in the first quarter of 2023.
- Adjusted EBITDA: Adjusted EBITDA was $4.9 million, or
6.2% of total revenue, compared to $8.1 million, or 12.3% of total
revenue, in the first quarter of 2023.
A reconciliation between historical GAAP and non-GAAP
information is contained in the tables below in the section titled
“Non-GAAP Financial Measures.”
Investor Webcast
SkyWater will host a conference call on Wednesday, May 8, 2024,
at 3:30 p.m. CT to discuss its first quarter 2024 financial
results. A live webcast of the call will be available online at
IR.SkyWaterTechnology.com.
About SkyWater Technology
SkyWater (NASDAQ: SKYT) is a U.S.-based semiconductor
manufacturer and a DMEA-accredited Category 1A Trusted Foundry.
SkyWater’s Technology as a Service model streamlines the path to
production for customers with development services, volume
production and heterogeneous integration solutions in its
world-class U.S. facilities. This pioneering model enables
innovators to co-create the next wave of technology with diverse
categories including mixed-signal CMOS, read-out ICs, rad-hard ICs,
power management, MEMS, superconducting ICs, photonics, carbon
nanotubes, and interposers. SkyWater serves growing markets
including aerospace & defense, automotive, biomedical, cloud
& computing, consumer, industrial and IoT. For more
information, visit: www.skywatertechnology.com.
Cautionary Statement Regarding Preliminary Results
The Company’s results for the first quarter ended March 31, 2024
are preliminary, unaudited and subject to the finalization of the
Company’s first quarter review and full-year audit and should not
be viewed as a substitute for full financial statements prepared in
accordance with GAAP. The Company cautions that actual results may
differ materially from those described in this press release.
SkyWater Technology Forward-Looking Statements
This press release contains “forward-looking” statements within
the meaning of the Private Securities Litigation Reform Act of
1995, including statements that are based on the Company’s current
expectations or forecasts of future events, rather than past events
and outcomes, and such statements are not guarantees of future
performance. Forward-looking statements include all statements
other than statements of historical fact contained in this
presentation, including information or predictions concerning the
Company’s future business, results of operations, financial
performance, plans and objectives, competitive position, market
trends, and potential growth and market opportunities. In some
cases, you can identify forward-looking statements by words such as
“intends,” “estimates,” “predicts,” “potential,” “continues,”
“anticipates,” “plans,” “expects,” “believes,” “should,” “could,”
“may,” “will,” “targets,” “projects,” “seeks” or the negative of
these terms or other comparable terminology.
Forward-looking statements are subject to risks, uncertainties
and assumptions, which may cause the Company’s actual results,
performance or achievements to be materially different from those
expressed or implied by such forward-looking statements. Key
factors that could cause the Company’s actual results to be
different than expected or anticipated include, but are not limited
to: our goals and strategies; our future business development,
financial condition and results of operations; our ability to
continue operating our fabrication facilities at full capacity; our
ability to appropriately respond to changing technologies on a
timely and cost-effective basis; our customer relationships and our
ability to retain and expand our customer relationships; our
ability to accurately predict our future revenues for the purpose
of appropriately budgeting and adjusting our expenses; our
expectations regarding dependence on our largest customers; our
ability to diversify our customer base and develop relationships in
new markets; the performance and reliability of our third-party
suppliers and manufacturers; our ability to procure tools,
materials, and chemicals; our ability to control costs, including
our operating and capital expenses; the size and growth potential
of the markets for our solutions, and our ability to serve and
expand our presence in those markets; the level of demand in our
customers’ end markets; our ability to attract, train and retain
key qualified personnel in a competitive labor market; adverse
litigation judgments, settlements or other litigation-related
costs; changes in trade policies, including the imposition of
tariffs; our ability to raise additional capital or financing; our
ability to accurately forecast demand; the level and timing of U.S.
government program funding; our ability to maintain compliance with
certain U.S. government contracting requirements; regulatory
developments in the United States and foreign countries; our
ability to protect our intellectual property rights; our ability to
meet our long-term growth targets; and other factors discussed in
the “Risk Factors” section of the annual report on Form 10-K the
Company filed with the SEC on March 15, 2024 and in other documents
that the Company files with the SEC, which are available at
http://www.sec.gov. The Company assumes no obligation to update any
forward-looking statements, which speak only as of the date of this
press release.
SKYWATER TECHNOLOGY,
INC.
Condensed Consolidated Balance
Sheets
(Unaudited)
March 31, 2024
December 31, 2023
(in thousands, except share
data)
Assets
Current assets
Cash and cash equivalents
$
20,002
$
18,382
Accounts receivable (net of allowance for
credit losses of $96 and $180, respectively)
57,895
65,961
Contract assets (net of allowance for
credit losses of $62 and $99, respectively)
24,922
29,666
Inventory
15,558
15,341
Prepaid expenses and other current
assets
24,528
16,853
Income tax receivable
82
172
Total current assets
142,987
146,375
Property and equipment, net
157,281
159,367
Intangible assets, net
6,320
5,672
Other assets
5,693
5,342
Total assets
$
312,281
$
316,756
Liabilities and shareholders’
equity
Current liabilities
Current portion of long-term debt
$
3,631
$
3,976
Accounts payable
25,919
19,614
Accrued expenses
30,512
48,291
Short-term financing, net of unamortized
debt issuance costs
32,612
22,765
Contract liabilities
56,109
49,551
Total current liabilities
148,783
144,197
Long-term liabilities
Long-term debt, less current portion and
net of unamortized debt issuance costs
35,665
36,098
Long-term contract liabilities
58,605
65,754
Deferred income tax liability, net
623
679
Other long-term liabilities
9,204
9,327
Total long-term liabilities
104,097
111,858
Total liabilities
252,880
256,055
Shareholders’ equity
Preferred stock, $0.01 par value per share
(80,000,000 shares authorized, zero shares issued and outstanding
as of March 31, 2024 and December 31, 2023)
—
—
Common stock, $0.01 par value per share
(200,000,000 shares authorized; 47,338,069 and 47,028,159 shares
issued and outstanding as of March 31, 2024 and December 31, 2023,
respectively)
473
470
Additional paid-in capital
181,802
178,473
Accumulated deficit
(130,932
)
(125,203
)
Total shareholders’ equity, SkyWater
Technology, Inc.
51,343
53,740
Noncontrolling interests
8,058
6,961
Total shareholders’ equity
59,401
60,701
Total liabilities and shareholders’
equity
$
312,281
$
316,756
SKYWATER TECHNOLOGY,
INC.
Condensed Consolidated
Statements of Operations
(Unaudited)
Three-Month Period
Ended
March 31, 2024
December 31, 2023
April 2, 2023
(in thousands, except share
data)
Revenue
$
79,636
$
79,154
$
66,094
Cost of revenue
66,656
67,143
49,626
Gross profit
12,980
12,011
16,468
Research and development expense
4,012
2,872
2,668
Selling, general, and administrative
expense
11,169
15,092
14,895
Operating loss
(2,201
)
(5,953
)
(1,095
)
Interest expense
(2,390
)
(2,898
)
(2,471
)
Loss before income taxes
(4,591
)
(8,851
)
(3,566
)
Income tax expense (benefit)
41
(450
)
—
Net loss
(4,632
)
(8,401
)
(3,566
)
Less: net income attributable to
noncontrolling interests
1,097
1,924
707
Net loss attributable to SkyWater
Technology, Inc.
$
(5,729
)
$
(10,325
)
$
(4,273
)
Net loss per share attributable to common
shareholders, basic and diluted
$
(0.12
)
$
(0.22
)
$
(0.10
)
Weighted average shares used in computing
net loss per common share, basic and diluted
47,098,519
47,020,395
43,817,417
SKYWATER TECHNOLOGY,
INC.
Condensed Consolidated
Statements of Cash Flows
(Unaudited)
Three-Month Period
Ended
March 31, 2024
April 2, 2023
(in thousands)
Cash flows from operating activities
Net loss
$
(4,632
)
$
(3,566
)
Adjustments to reconcile net loss to net
cash flows used in operating activities
Depreciation and amortization
5,065
7,352
Amortization of debt issuance costs
included in interest expense
440
357
Long-term incentive and equity-based
compensation
2,072
1,853
Deferred income taxes
(56
)
—
Provision for credit losses
(121
)
2,154
Changes in operating assets and
liabilities
Accounts receivable and contract
assets
12,933
(6,875
)
Inventories
(217
)
(969
)
Prepaid expenses and other assets
(8,025
)
(2,653
)
Accounts payable and accrued expenses
(10,883
)
(3,494
)
Contract liabilities, current and
long-term
(590
)
(5,245
)
Income tax receivable and payable
90
—
Net cash used in operating activities
(3,924
)
(11,086
)
Cash flows from investing activities
Purchase of software and licenses
(811
)
(213
)
Purchases of property and equipment
(1,259
)
(2,851
)
Net cash used in investing activities
(2,070
)
(3,064
)
Cash flows from financing activities
Draws on revolving line of credit
90,500
59,350
Paydowns of revolving line of credit
(81,930
)
(63,310
)
Proceeds from tool financings
920
494
Principal payments on long-term debt
(862
)
(317
)
Cash paid for principal on finance
leases
(274
)
(343
)
Proceeds from the issuance of common stock
pursuant to equity compensation plans
1,260
1,275
Proceeds from the issuance of common stock
under the ATM
—
2,696
Cash paid on licensed technology
obligations
(2,000
)
(1,850
)
Net distributions to noncontrolling
interest
—
(30
)
Net cash provided by (used in) financing
activities
7,614
(2,035
)
Net increase (decrease) in cash and cash
equivalents
1,620
(16,185
)
Cash and cash equivalents - beginning of
period
18,382
30,025
Cash and cash equivalents - end of
period
$
20,002
$
13,840
Supplemental Financial Information by
Quarter
Q1 2024
Q4 2023
Q3 2023
Q2 2023
Q1 2023
(in thousands)
ATS development revenue (1)
$
61,185
$
57,170
$
53,891
$
52,073
$
47,770
Tools revenue (2)
8,459
9,936
3,243
936
536
Wafer Services revenue
9,992
12,048
14,490
16,802
17,788
Total revenue
$
79,636
$
79,154
$
71,624
$
69,811
$
66,094
Tools revenue (2)
$
8,459
$
9,936
$
3,243
$
936
$
536
Cost of tools revenue (2)
8,260
9,125
2,861
290
484
Tools gross profit (loss)
$
199
$
811
$
382
$
646
$
52
Revenue impact of modified customer
contracts
$
—
$
—
$
—
$
3,601
$
—
Cost of revenue impact of modified
customer contracts
—
—
—
—
—
Gross profit (loss) impact of modified
customer contracts
$
—
$
—
$
—
$
3,601
$
—
__________________
(1)
ATS development revenue represents GAAP
revenue primarily derived from process development services, tool
installation and qualification services, facility and tool access,
and security services.
(2)
Tools revenue and cost of tools revenue
primarily represent GAAP amounts that arise from the procurement
and subsequent sale of equipment to our customers. This equipment
is used to complete ATS customer programs.
Non-GAAP Financial Measures
We provide supplemental, non-GAAP financial information that our
management regularly evaluates to provide additional insight to
investors as supplemental information to our results reported using
U.S. generally accepted accounting principles (GAAP). We provide
non-GAAP gross profit, non-GAAP gross margin, non-GAAP net loss to
shareholders, and non-GAAP net loss to shareholders per share. Our
management uses these non-GAAP financial measures to make informed
operating decisions, complete strategic planning, prepare annual
budgets, and evaluate Company and management performance. We
believe these non-GAAP financial measures are useful performance
measures to our investors because they provide a baseline for
analyzing trends in our business and exclude certain items that may
not be indicative of our core operating results. The non-GAAP
financial measures disclosed in this earnings press release should
not be viewed as an alternative to, or more meaningful than, the
reported results prepared in accordance with GAAP. In addition,
because these non-GAAP financial measures are not determined in
accordance with GAAP, other companies, including our peers, may
calculate their non-GAAP financial measures differently than we do.
As a result, the non-GAAP financial measures presented in this
earnings press release may not be directly comparable to similarly
titled measures presented by other companies.
We also provide adjusted earnings before interest, income taxes,
depreciation and amortization (EBITDA) and adjusted EBITDA margin
as supplemental non-GAAP measures. We define adjusted EBITDA as net
(loss) income before interest expense, income tax (benefit)
expense, depreciation and amortization, equity-based compensation
and certain other items that we do not view as indicative of our
ongoing performance, including net income attributable to
noncontrolling interests, business transformation costs, and
restructuring costs. Our management uses adjusted EBITDA and
adjusted EBITDA margin to make informed operating decisions,
complete strategic planning, prepare annual budgets, and evaluate
Company and management performance. We believe adjusted EBITDA is a
useful performance measure to our investors because it allows for
an effective evaluation of our operating performance when compared
to other companies, including our peers, without regard to
financing methods or capital structures. We exclude the items
listed above from net income or loss in arriving at adjusted EBITDA
because the amounts of these items can vary substantially within
our industry depending on the accounting methods and policies used,
book values of assets, capital structures, and the methods by which
assets were acquired. Adjusted EBITDA should not be considered as
an alternative to, or more meaningful than, net (loss) income
determined in accordance with GAAP. Certain items excluded from
adjusted EBITDA are significant components in understanding and
assessing a company’s financial performance, such as a company’s
cost of capital and tax structure, as well as the historic cost
bases of depreciable assets, none of which are reflected in
adjusted EBITDA. Our presentation of adjusted EBITDA should not be
construed as an indication that our results will be unaffected by
the items excluded from adjusted EBITDA. In future fiscal periods,
we may exclude such items and may incur income and expenses similar
to these excluded items. Accordingly, the exclusion of these items
and other similar items in our non-GAAP financial measures should
not be interpreted as implying that these items are non-recurring,
infrequent or unusual, unless otherwise expressly indicated.
The following tables present a reconciliation of the most
directly comparable financial measures, calculated and presented in
accordance with GAAP, to our non-GAAP financial measures.
SKYWATER TECHNOLOGY,
INC.
Reconciliation of GAAP to
Non-GAAP Financial Measures
(Unaudited)
Three-Month Period
Ended
March 31, 2024
December 31, 2023
April 2, 2023
(in thousands)
GAAP revenue
$
79,636
$
79,154
$
66,094
GAAP cost of revenue
$
66,656
$
67,143
$
49,626
Equity-based compensation (1)
(455
)
(313
)
(513
)
Restructuring costs (2)
—
(679
)
—
Business transformation costs (3)
—
(806
)
—
Non-GAAP cost of revenue
$
66,201
$
65,345
$
49,113
GAAP gross profit
$
12,980
$
12,011
$
16,468
GAAP gross margin
16.3
%
15.2
%
24.9
%
Equity-based compensation (1)
$
455
$
313
$
513
Restructuring costs (2)
—
679
—
Business transformation costs (3)
—
806
—
Non-GAAP gross profit
$
13,435
$
13,809
$
16,981
Non-GAAP gross margin
16.9
%
17.4
%
25.7
%
GAAP research and development expense
$
4,012
$
2,872
$
2,668
Equity-based compensation (1)
(107
)
134
(162
)
Restructuring costs (2)
—
(655
)
—
Non-GAAP research and development
expense
$
3,905
$
2,351
$
2,506
GAAP selling, general, and administrative
expense
$
11,169
$
15,092
$
14,895
Equity-based compensation (1)
(1,510
)
(1,008
)
(1,178
)
Restructuring costs (2)
—
(587
)
—
Business transformation costs (3)
—
(5,341
)
—
Non-GAAP selling, general, and
administrative expense
$
9,659
$
8,156
$
13,717
GAAP net loss to shareholders
$
(5,729
)
$
(10,325
)
$
(4,273
)
Equity-based compensation (1)
2,072
1,187
1,853
Restructuring costs (2)
—
1,921
—
Business transformation costs (3)
—
6,147
—
Non-GAAP net loss to shareholders
$
(3,657
)
$
(1,070
)
$
(2,420
)
Three-Month Period
Ended
March 31, 2024
December 31, 2023
April 2, 2023
(in thousands)
Equity-based compensation allocation in
the consolidated statements of operations (1):
Cost of revenue
$
455
$
313
$
513
Research and development expense
107
(134
)
162
Selling, general, and administrative
expense
1,510
1,008
1,178
$
2,072
$
1,187
$
1,853
Restructuring costs allocation in the
consolidated statements of operations (2):
Cost of revenue
$
—
$
679
$
—
Research and development expense
—
655
—
Selling, general, and administrative
expense
—
587
—
$
—
$
1,921
$
—
Business transformation costs allocation
in the consolidated statements of operations (3):
Cost of revenue
$
—
$
806
$
—
Selling, general, and administrative
expense
—
5,341
—
$
—
$
6,147
$
—
Three-Month Period
Ended
March 31, 2024
GAAP
Non-GAAP
Computation of net loss per common share,
basic and diluted:
(in thousands, except per
share data)
Numerator:
Net loss attributable to SkyWater
Technology, Inc.
$
(5,729
)
$
(3,657
)
Denominator:
Weighted-average common shares
outstanding, basic and diluted
47,099
47,099
Net loss per common share, basic and
diluted
$
(0.12
)
$
(0.08
)
Three-Month Period
Ended
December 31, 2023
GAAP
Non-GAAP
Computation of net loss per common share,
basic and diluted:
(in thousands, except per
share data)
Numerator:
Net loss attributable to SkyWater
Technology, Inc.
$
(10,325
)
$
(1,070
)
Denominator:
Weighted-average common shares
outstanding, basic and diluted
47,020
47,020
Net loss per common share, basic and
diluted
$
(0.22
)
$
(0.02
)
Three-Month Period
Ended
April 2, 2023
GAAP
Non-GAAP
Computation of net loss per common share,
basic and diluted:
(in thousands, except per
share data)
Numerator:
Net loss attributable to SkyWater
Technology, Inc.
$
(4,273
)
$
(2,420
)
Denominator:
Weighted-average common shares
outstanding, basic and diluted
43,817
43,817
Net loss per common share, basic and
diluted
$
(0.10
)
$
(0.06
)
Three-Month Period
Ended
March 31, 2024
December 31, 2023
April 2, 2023
(in thousands)
Net loss to shareholders (GAAP)
$
(5,729
)
$
(10,325
)
$
(4,273
)
Net loss margin to shareholders
(7.2
)%
(13.0
)%
(6.5
)%
Interest expense
$
2,390
$
2,898
$
2,471
Income tax expense (benefit)
41
(450
)
—
Depreciation and amortization
5,065
7,279
7,352
EBITDA
1,767
(598
)
5,550
Equity-based compensation (1)
2,072
1,187
1,853
Restructuring costs (2)
—
1,921
—
Business transformation costs (3)
—
6,147
—
Net income attributable to noncontrolling
interests (4)
1,097
1,924
707
Adjusted EBITDA
$
4,936
$
10,581
$
8,110
Adjusted EBITDA margin
6.2
%
13.4
%
12.3
%
__________________
(1)
Represents non-cash equity-based
compensation expense.
(2)
Represents severance and other costs
related to the reorganization of our resources.
(3)
Represents expenses related to long-term
transformation activities focused on improvement in automation and
operational efficiency and includes project-based management
consulting fees and the write-off of abandoned software assets.
(4)
Represents net income attributable to our
VIE, which was formed for the purpose of purchasing the land and
building of our primary operating facility in Bloomington,
Minnesota. Since interest expense is added back to net loss to
shareholders in our adjusted EBITDA financial measure, we also add
back the net income attributable to the VIE as its net income is
derived from interest the VIE charges SkyWater.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240508528262/en/
SkyWater Investor Contact: Claire McAdams |
claire@headgatepartners.com SkyWater Media Contact: Lauri Julian |
Media@SkyWaterTechnology.com
SkyWater Technology (NASDAQ:SKYT)
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