SKYT
SkyWater Technology, Inc.16.32
-0.07-0.43%
Dec 16, 4:00:01 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
No earnings call transcript available
Key Stats
Market Cap
791.65MP/E (TTM)
6.25Basic EPS (TTM)
2.61Dividend Yield
0%Recent Filings
10-K
FY2025 results
SkyWater's FY2025 revenue climbed 29% y/y to $442M, fueled by the mid-year Fab 25 acquisition that added $175M in Texas Wafer Services—43% from Infineon under a take-or-pay deal with $18M non-cash from its off-market component. Yet Legacy SkyWater dipped 22% to $267M as ATS development fell 11% from U.S. defense funding cuts, partially offset by advanced compute gains; Q4 momentum showed Texas ramping while legacy margins held ~18% excluding tools. Operating loss narrowed to $(2.6)M before a $112M bargain purchase gain drove $119M net income and $2.44 diluted EPS, reconciling to 48.7M shares. Debt hit $236M at 8.2% post-acquisition, with $78M liquidity; capex ran $27M. Pending IonQ merger risks quarterly momentum if stockholder/regulatory approvals falter.
8-K
Record $442M revenue, pending IonQ buyout
SkyWater Technology posted record FY2025 revenue of $442.1M, up 29% YoY, fueled by Fab 25 acquisition and 30%+ quantum ATS growth. Q4 revenue hit $171.0M but gross margin slipped to 14.9% from Florida tooling cost overruns. IonQ acquisition at $35/share awaits shareholder and regulatory nods. Fab 25 beat expectations.
8-K
SkyWater merges with IonQ
SkyWater Technology signed a merger agreement with IonQ on January 25, 2026, for a two-step merger where shareholders receive $15.00 cash plus IonQ shares via an exchange ratio tied to IonQ's 20-day VWAP, capped between 0.3326 and 0.5265 shares. SkyWater's board unanimously approved, backed by stockholders holding 19.87% voting power. Closing hinges on approval, HSR clearance, no material adverse effects; $51.6M termination fee applies.
8-K
IonQ acquires SkyWater for $1.8B
SkyWater entered a merger agreement with IonQ on January 25, 2026, for $35 per share in cash and stock—$15 cash, $20 IonQ shares under a collar—valuing equity at ~$1.8B. Boards approved; close eyed for Q2/Q3 2026 pending shareholder and regulatory nods. SkyWater persists as foundry subsidiary. Risks include approval failures.
10-Q
Q3 FY2025 results
SkyWater's Q3 revenue jumped 61% y/y to $150.7M, driven by Fab 25's $86.6M contribution post its June 30, 2025 close for $206.5M (cash/off-market supply agreement per Note 4), while Legacy revenue dipped 32% y/y on aerospace/defense funding delays. Gross profit rose 79% y/y to $36.2M (24.0% margin); operating income climbed 67% y/y to $7.9M. Bargain purchase gain of $110.8M propelled diluted EPS to $2.95 from $0.03, reconciling to 48,770 diluted shares. Cash hit $30.9M with $65M Revolver availability (matures 2030); op cash flow YTD $7.1M; FCF not disclosed. Debt reliance grows.
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