The financial results of SkyWater Technology, Inc. (NASDAQ: SKYT) for the Q2 2024 were well received by the market on Thursday. SKYT closed the trading session at $8.44, up 47.55%, indicating a positive reaction from investors.
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Record-breaking Sales and Profits
The Advanced Technology Services (ATS) branch of SkyWater Technology produced outstanding outcomes, helping to generate record revenue of $93.3 million, a 34% increase from the previous year. The remarkable accomplishment was reinforced by unparalleled degrees of capital expenditures financed by customers.
The company’s $0.8 million net income translated to $0.02 in earnings per share on a non-GAAP basis. These results demonstrate the extent to which SkyWater has advanced in raising productivity and establishing a new standard of revenue, which will open the door to future profitability and positive cash flow.
Advancements in Technology and Operations
SkyWater’s ATS development revenue exceeded expectations, achieving a new high in Q2. This success reflects enhanced operational execution and faster cycle times, driven by heightened demand across aerospace and defense sectors. The company also marked significant milestones in next-generation medical applications through its collaboration with Quantum-Si.
The transition of baseline technology to Wafer Services represents a key step in advancing commercialization efforts for their cutting-edge proteome sequencing technology. Further emphasizing its commitment to innovation, SkyWater delivered its first fan-out wafer-level packaging tool to its Florida facility.
This delivery is a critical milestone in preparing for the anticipated ramp-up of advanced packaging services in 2025. Additionally, the installation of Multibeam’s high-productivity, direct-write patterning system supports the company’s Technology as a Service (TaaS) model.
The new Multicolumn E-Beam Lithography (MEBL) system enhances lithography capabilities, enabling applications such as secure chip IDs for anti-counterfeit measures and full wafer patterning for focal plane read-out integrated circuits (ICs).
The MEBL system, notable for its capability to achieve sub-50 nm geometries on 200 mm wafers, also supports a range of advanced production needs including microfluidic, MEMS architectures, and high-density MOS. SkyWater Technology’s robust Q2 performance and continued advancements in technology solidify its position for future growth and operational excellence.
