SkyWater Technology Earnings Call Transcripts
Fiscal Year 2026
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The meeting confirmed a quorum, elected nine directors for one-year terms, and ratified KPMG LLP as auditor for 2026. No additional proposals were presented, and final voting results will be filed with the SEC.
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The meeting approved the merger agreement with IonQ, Inc., with a quorum of 67% of shares represented. No further action on adjournment was needed, and no stockholder questions were received.
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A $1.8B merger creates a vertically integrated US quantum platform, combining advanced quantum technology with secure, onshore semiconductor manufacturing. The deal accelerates product development, reduces costs, and strengthens US leadership in quantum infrastructure, while maintaining SkyWater's foundry model and customer protections.
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The conference highlighted strong positioning in U.S. semiconductor manufacturing, with integrated development, packaging, and volume capabilities. Growth is driven by advanced packaging, quantum foundry, and federal investment, with Fab 25 and quantum services as key revenue contributors. Profitability and strategic expansion remain top priorities.
Fiscal Year 2025
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Record Q3 revenue and profitability were driven by strong contributions from Texas FAB25 and quantum computing, with four new quantum customers signed. Guidance for Q4 and 2026 is raised, reflecting continued momentum, though A&D revenue faces near-term headwinds from government funding delays.
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ATS enables high-margin, customer-funded innovation, transitioning to volume wafer services and driving growth, especially in quantum technology. U.S. supply chain security and flexible manufacturing trends position the company as a key domestic foundry, with diversified revenue and strategic fab acquisitions.
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Q2 revenue and margins exceeded guidance, driven by strong ATS performance. The Fab 25 acquisition is expected to double revenue and EBITDA, with significant growth in quantum computing and advanced packaging. Near-term margin compression is anticipated, but 2026 targets at $600M revenue and $60M EBITDA remain on track.
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Q1 revenue and gross margin exceeded guidance, driven by new wafer services like ThermaView, while ATS was impacted by government budget delays. The pending Fab 25 acquisition and strong quantum segment growth support a positive outlook, with profitability expected in the second half.
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The event highlighted strong ATS-driven growth, significant customer-funded investments, and the launch of the ThermaView platform, positioning the business for higher-margin opportunities. Ongoing government support, reshoring trends, and advanced packaging initiatives underpin future expansion, while tool revenue and wafer services are expected to grow through new programs and conversions.
Fiscal Year 2024
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Q4 and full-year 2024 results exceeded expectations with record revenue and strong margins, driven by ATS growth in aerospace, defense, and quantum computing. The acquisition of Infineon's Fab 25 is set to double capacity, add $300 million in annual revenue, and immediately boost EBITDA and cash flow.
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Record Q3 revenue and gross margin were driven by strong customer co-investment and operational efficiencies. Outlook for 2024 and 2025 remains positive, with growth expected in ATS and wafer services, and significant customer-funded tool investments planned.
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ATS and customer-funded CapEx drive growth, with advanced packaging and biosensing as key opportunities. Margins are strong in core business, and long-term goals target $400M annual revenue and 40% gross margin. Unique U.S. foundry status supports leadership in defense, quantum, and medical chips.
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Record Q2 revenue and first-ever positive non-GAAP EPS were driven by strong ATS and tool sales, with aerospace and defense as key growth areas. Customer-funded CapEx is ramping, and advanced packaging and biomedical transitions are expected to fuel future growth.