SkyWater(US:SKYT)2024-05-11 19:39Financial Performance - SkyWater's Q1 2024 total revenue reached $79.6 million, a 20% increase year-over-year[118] - Adjusted EBITDA for Q1 2024 was $4.9 million, compared to $8.1 million in Q1 2023[14] - The company experienced a net loss of $(5.7) million in Q1 2024, an improvement from $(10.3) million in Q4 2023[14] - Q1 2024 GAAP gross margin was 163%, a decrease of (860) bps compared to 249% in Q1 2023[105] Revenue Breakdown - ATS (Advanced Technology Services) development revenue hit a record of $61.2 million in Q1 2024, up 28% year-over-year[75] - Wafer Services revenue was $100 million in Q1 2024, a decrease of (44)% compared to $178 million in Q1 2023[75, 118] - Tools revenue reached $8.5 million in Q1 2024[75] Business Outlook - The company anticipates ATS development growth in the range of 10% to 20% over 2023[45] - Tools revenue is expected to be at least $20 million in Q2 2024[24] - Wafer Services revenue is expected to decline to the $4 to $5 million range in Q2 and then stabilize[153]