Recent Business Highlights: 1 • 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 n ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________ to ________ Commission file number: 001-40345 Securities registered under Section 12(b) of the Exchange Act: | Title of Each Class | Trading Symbol | Name ...

• Tool sales have historically been infrequent and viewed by management as secondary to ATS development programs. Accordingly, prior to the third quarter of 2023, we previously excluded the margin on tool sales when calculating non-GAAP gross profit, non-GAAP gross margin, non-GAAP earnings to shareholders and non-GAAP earnings to shareholders per basic share. Recently, our ATS customers have increasingly contracted with us to purchase tools on their behalf and we expect this trend to continue going forward ...

SkyWater Technology, Inc. (NASDAQ:SKYT) Q4 2023 Earnings Conference Call February 26, 2024 4:30 PM ET Company Participants Claire McAdams - IR Thomas Sonderman - President & CEO Steve Manko - CFO Conference Call Participants Quinn Bolton - Needham & Company Harsh Kumar - Piper Sandler Robert Mertens - TD Cowen Richard Shannon - Craig-Callum Capital Operator Good afternoon. My name is Audrey, and I will be your conference operator today. At this time, I'd like to welcome everyone to the SkyWater Technology F ...

Exhibit 99.1 SkyWater Technology Reports Fourth Quarter and Full Fiscal Year 2023 Results Sixth Straight Quarter of Record Revenue Culminates in 35% Growth Year for Fiscal 2023 BLOOMINGTON, Minn., – February 26, 2024 – SkyWater Technology, Inc. (NASDAQ: SKYT), the trusted technology realization partner, today announced financial results for the fourth quarter and full fiscal year 2023 ended December 31, 2023. Financial Highlights for Q4 2023: Financial Highlights for Fiscal Year 2023: "We are pleased to del ...

Financial Data and Key Metrics Changes - SkyWater reported record quarterly revenues of nearly $72 million for Q3 2023, marking a 3% increase from Q2 and a 37% increase year-over-year [6][46] - Year-to-date total revenues reached $208 million, representing a 40% year-over-year growth [8] - Non-GAAP operating income was $1.2 million, with adjusted EBITDA at $8.3 million [47] - The company ended the quarter with $17.3 million in cash and cash equivalents, a net increase of about $1 million from Q2 [23] Business Line Data and Key Metrics Changes - ATS revenue reached a record $57.1 million, up 8% from Q2 and 62% year-over-year, including $3.2 million from tool sales [46] - Wafer services revenue declined by 14% sequentially due to softening demand in automotive and industrial markets [22][16] - The company expects Q4 tool revenue to increase significantly, potentially reaching $10 million, while wafer services revenue is projected to decline sequentially by 15% to 20% [48][24] Market Data and Key Metrics Changes - The aerospace and defense (A&D) sector has been a significant driver of ATS growth, with over 50% growth attributed to strategic programs [9] - The company anticipates a shift in revenue mix from a 66% ATS and 34% wafer services split in 2022 to an expected 80% ATS for fiscal 2023 [32] Company Strategy and Development Direction - SkyWater aims to develop advanced RadHard and imaging platforms, leveraging unique technology enablement and product realization models [10] - The company is focused on expanding its two existing fabs and establishing a new facility in partnership with Purdue, with customer-funded investments expected to cover over 80% of planned capacity expansion in 2024 [11][26] - The company is transitioning to a CapEx light model, where customers fund tool purchases, reducing financial risk for SkyWater [76][78] Management's Comments on Operating Environment and Future Outlook - Management noted a robust R&D environment despite macroeconomic challenges, with expectations for continued growth in ATS activities [31][34] - The company anticipates a decline in wafer services revenue due to inventory corrections in the automotive and industrial sectors, but expects strong growth in ATS and tool investments to drive overall revenue growth [16][49] - Management expressed confidence in achieving above-industry growth rates in 2024, despite anticipated declines in wafer services [41][88] Other Important Information - The company has changed its non-GAAP financial metrics to include tool revenues and margins, reflecting their increasing importance to the business model [43][45] - Management consulting fees related to long-term transformation activities were incurred, with expectations for these fees to taper off in 2024 [20][105] Q&A Session Summary Question: Outlook for ATS business growth in 2024 - Management remains optimistic about ATS growth, expecting continued program expansion and new programs to drive revenue [53] Question: Duration of inventory digestion in wafer services - Management indicated that the automotive and industrial sectors are experiencing inventory corrections, and the timeline for recovery will depend on the macro environment [66][67] Question: Drivers of increased tool revenue - The shift to a CapEx light model allows customers to invest in tools, securing their supply chains and enabling faster ramp-up of production [76][78] Question: Expected tool revenue in 2024 - Management anticipates potential for higher tool revenue in 2024 than in previous years, with significant contributions expected from government and A&D programs [87][93] Question: Impact of consulting fees on operational efficiency - Management noted that transformation investments are yielding benefits in operational efficiency, with expectations for consulting fees to decrease as internal processes are institutionalized [102][105]

November 8, 2023 Proprietary Q3 2023 Financial Results This presentation and the accompanying oral presentation, including answers to questions, 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 statemen ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ______________________ FORM 10-Q ______________________ x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended: October 1, 2023 ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________ to ________ Registrant's telephone number, including area code: (952) 851-5200 __________________ ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ______________________ FORM 10-Q ______________________ x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended: July 2, 2023 ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________ to ________ Commission file number: 001-40345 ______________________ SkyWater Technology, Inc. (Exac ...

Financial Data and Key Metrics Changes - The company reported record Q2 revenues of $69.8 million, which was 6% higher than Q1 and up 47% year-over-year [35][77] - Trailing 12-month revenue reached $253 million, demonstrating a growth of 50% over the prior 12-month period [10] - Adjusted EBITDA for the quarter was $6.5 million, or 9.3% of revenues, with a cash flow generation of $3.2 million after interest expense and CapEx [55][56] Business Line Data and Key Metrics Changes - Wafer Services revenue was $16.8 million, down 6% sequentially and 4% year-over-year, with a non-GAAP gross margin of 24.7% [26] - ATS revenue reached a record $53 million, up 10% from Q1 and 78% compared to Q2 last year [52] - The company is focusing on transitioning several ATS programs to production in 2024, which is expected to enhance productivity and revenue [22] Market Data and Key Metrics Changes - The company is experiencing strong demand in the biohealth and advanced computing markets, with several customers potentially contributing millions in revenue in 2023 [15][42] - The U.S. government's commitment to strategic Rad-Hard investments is seen as a vital component of the company's revenue growth trajectory [39] Company Strategy and Development Direction - The company aims to be a $1 billion pure-play semiconductor technology foundry within a decade, leveraging CHIPS funding to accelerate growth [50] - A focus on operational efficiency and automation is being emphasized to enhance productivity and margins, with expectations of gross margins reaching the high-20s to low-30s by 2024 [49][46] - The company is not pursuing high-volume, low-mix foundry business but is instead focusing on high-value, low-volume technologies [18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving long-term growth objectives despite macroeconomic challenges in the semiconductor industry [37][23] - The company anticipates continued revenue growth and margin expansion driven by strategic investments and operational improvements [48][19] Other Important Information - The company incurred $5.2 million in additional operating expenses due to management consulting fees, which are expected to impact future earnings positively [28][79] - The company ended the quarter with $16.2 million in cash and cash equivalents, reflecting a positive cash flow generation [30] Q&A Session Summary Question: Cross-selling opportunities with Florida Advanced Packaging operations - Management highlighted strong interest from customers in consolidating supply chains around SkyWater, with multiple cross-site interactions underway [62] Question: Impact of China's policy changes on gallium and germanium supply - Management indicated that they have a handle on supply and do not foresee significant near-term impacts from China's policy changes [63][64] Question: Update on advanced packaging technologies - Management provided updates on three advanced packaging platforms, including Interposer and hybrid wafer bonding technologies, aimed at high-performance computing [66] Question: Efficiency gains and transformation goals - Management discussed ongoing efforts to enhance efficiency and the expected benefits from consulting fees related to business transformation [75] Question: Wafer Services business outlook - Management noted that while Wafer Services has been flat, the demand for ATS services remains high, and they are investing to capture opportunities [109]