SkyWater(US:SKYT)2025-05-07 20:10Financial Performance - Total revenue for Q1 2025 was $61.3 million, a decrease of 23% compared to Q1 2024[5] - ATS development revenue was $52.5 million, down 14% year-over-year, while Wafer Services revenue decreased by 25% to $7.5 million[5] - Gross profit increased to $14.3 million, representing a gross margin of 23.3%, up from 16.3% in Q1 2024[5] - The net loss to shareholders was $7.3 million, or $(0.15) per diluted share, compared to a net loss of $5.7 million, or $(0.12) per diluted share in Q1 2024[5] - Adjusted EBITDA for Q1 2025 was $4.0 million, with an adjusted EBITDA margin of 6.6%[9] - Total revenue for Q1 2025 was $61,296, a decrease of 18.8% from $75,487 in Q4 2024 and a decrease of 22.9% from $79,636 in Q1 2024[21] - Gross profit for Q1 2025 was $14,257, down from $19,297 in Q4 2024, but up from $12,980 in Q1 2024[21] - Net loss attributable to SkyWater Technology, Inc. for Q1 2025 was $7,345, compared to a net loss of $679 in Q4 2024 and a net loss of $5,729 in Q1 2024[21] - Non-GAAP net loss to shareholders remained unchanged at $(3.7) million, with a non-GAAP basic loss per share of $(0.08) in both Q1 2025 and Q1 2024[6] - The company reported a net loss margin of (12.0)% for the three-month period ended March 30, 2025, compared to (0.9)% in the previous quarter[37] - Net loss per common share for the three-month period ended March 30, 2025, was $(0.15) on a GAAP basis and $(0.08) on a non-GAAP basis[35] Revenue Projections - The company expects Q2 2025 total revenue to range between $55 million and $60 million, with diluted net loss per share projected between $(0.20) and $(0.26)[9] - The company anticipates year-over-year revenue growth in both ATS and Wafer Services if federal budget delays are resolved[3] Cash and Liabilities - Cash and cash equivalents increased to $51,234 at the end of Q1 2025, up from $18,844 at the end of Q4 2024[23] - Total current liabilities decreased to $127,324 in Q1 2025 from $154,327 in Q4 2024[21] - Long-term liabilities increased to $140,003 in Q1 2025 from $95,958 in Q4 2024[21] Operating Expenses - Operating income for Q1 2025 was a loss of $4,022, compared to an operating income of $2,653 in Q4 2024[21] - Research and development expenses for Q1 2025 were $3,249, down from $4,214 in Q4 2024[21] - GAAP selling, general, and administrative expenses increased to $15,030 thousand for the three-month period ended March 30, 2025, compared to $12,430 thousand in the previous quarter[33] - The company incurred transaction costs of $1,810 thousand in the three-month period ended March 30, 2025, related to anticipated acquisitions[39] Acquisition and Growth - Strong sequential growth in Wafer Services was driven by demand for the new ThermaView platform from leading defense customers[4] - The acquisition of Infineon's Fab 25 is progressing, supported by a $1 billion supply agreement, aimed at enhancing domestic foundry capacity[4] Share Information - The company reported a weighted average of 47,791 shares used in computing net loss per common share for Q1 2025[21] - The weighted-average common shares outstanding for the three-month period ended March 30, 2025, were 47,791 thousand[35]