SkyWater(US:SKYT)2025-11-05 21:30Q3 2025 Financial Performance - SkyWater achieved record Q3 2025 revenues of $150.7 million, exceeding the high end of the guidance range by over $9 million[6] - Legacy SkyWater's ATS (Advanced Technology Services) development revenue reached $54.2 million, a 3% increase compared to Q2 2025, but a 4% decrease year-over-year[57] - SkyWater Texas generated $86.6 million in wafer services revenue in Q3 2025, marking its first quarter contribution post-acquisition[57] - The company's GAAP gross margin was 24.0%, a 550 basis point increase from Q2 2025's 18.5%[60] - Adjusted EBITDA for Q3 2025 was $25.8 million, significantly higher than forecast, with an adjusted EBITDA margin of 17.1%[63] Business Highlights and Future Outlook - SkyWater anticipates strong growth in quantum computing customer revenues, expecting to exceed 30% in 2025[11, 14] - Advanced Packaging revenues are starting to ramp in Florida, with tool installations scheduled for completion in early 2026[11] - Q4 2025 revenue is projected to be in the range of $155 million to $165 million, including $17 million - $18 million in Tools revenue[54] - SkyWater Texas revenue for Q4 2025 is expected to be between $84 million and $88 million, reflecting continued higher levels of WIP (work-in-process) during the post-acquisition phase[54] - The company expects a stronger gross margin profile for Q4 2025 compared to the preliminary outlook provided in August[54]