SkyWater Technology, Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>SkyWater Technology, Inc. filed its Q1 2024 10-Q, detailing financial performance and business operations.</b>

AI Summary

SkyWater Technology, Inc (SKYT) filed a Quarterly Report (10-Q) with the SEC on May 10, 2024. SkyWater Technology, Inc. filed a 10-Q report for the period ending March 31, 2024. The filing details financial information and business operations for the first quarter of 2024. The company's principal business address is 2401 East 86th Street, Bloomington, MN 55425. SkyWater Technology, Inc. is classified under the Semiconductors & Related Devices industry (SIC 3674). The report covers the fiscal period from January 1, 2024, to March 31, 2024.

Why It Matters

For investors and stakeholders tracking SkyWater Technology, Inc, this filing contains several important signals. This 10-Q filing provides investors and analysts with the latest financial data and operational updates for SkyWater Technology, Inc., crucial for evaluating the company's performance and future prospects. Understanding the company's financial position as of March 31, 2024, and its operational details is essential for making informed investment decisions regarding SKYT.

Risk Assessment

Risk Level: low — SkyWater Technology, Inc shows low risk based on this filing. The filing is a standard 10-Q report, which typically contains routine financial and operational disclosures, posing no immediate or unusual risks.

Analyst Insight

Review the detailed financial statements and management's discussion and analysis within the 10-Q to assess SkyWater Technology's current financial health and strategic direction.

Key Numbers

• 20240331 — Reporting Period End Date (The 10-Q report covers the period ending March 31, 2024.)
• 20240510 — Filing Date (The 10-Q report was filed on May 10, 2024.)
• 3674 — SIC Code (Standard Industrial Classification for Semiconductors & Related Devices.)
• 2024-01-01 — Quarter Start Date (The reporting period begins on January 1, 2024.)
• 2023-12-31 — Previous Year End Date (Reference date for comparative financial information.)

Key Players & Entities

• SkyWater Technology, Inc. (company) — Filer of the 10-Q report
• 2401 EAST 86TH STREET (location) — Business and mailing address
• BLOOMINGTON (location) — City of business and mailing address
• MN (location) — State of business and mailing address
• 55425 (location) — ZIP code of business and mailing address
• 3674 (industry) — Standard Industrial Classification for Semiconductors & Related Devices
• 20240331 (date) — Conformed period of report
• 20240510 (date) — Filed as of date

FAQ

Risk Factors

• Fair Value Measurements [low — financial]: The company utilizes a three-level fair value hierarchy (Level 1, Level 2, Level 3) based on input observability for financial assets and liabilities.

Key Dates

• 2024-03-31: Quarter End Date — Marks the end of the reporting period for the 10-Q filing.
• 2024-05-10: Filing Date — Date the 10-Q report was officially submitted to the SEC.

Glossary

Fair Value

The price that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants at the measurement date. (Essential for valuing financial assets and liabilities, impacting the company's balance sheet.)

Key Financial Figures

• $0.01 — ich Registered Common stock, par value $0.01 per share SKYT The Nasdaq Stock Market

Filing Documents

• skyt-20240331.htm (10-Q) — 916KB
• skyt-20240331xex311.htm (EX-31.1) — 10KB
• skyt-20240331xex312.htm (EX-31.2) — 10KB
• skyt-20240331xex321.htm (EX-32.1) — 4KB
• skyt-20240331xex322.htm (EX-32.2) — 4KB
• skyt-20240331_g1.jpg (GRAPHIC) — 13KB
• 0001819974-24-000014.txt (&nbsp;) — 6231KB
• skyt-20240331.xsd (EX-101.SCH) — 45KB
• skyt-20240331_cal.xml (EX-101.CAL) — 98KB
• skyt-20240331_def.xml (EX-101.DEF) — 225KB
• skyt-20240331_lab.xml (EX-101.LAB) — 576KB
• skyt-20240331_pre.xml (EX-101.PRE) — 420KB
• skyt-20240331_htm.xml (XML) — 810KB

Forward-Looking Statements

Forward-Looking Statements 3

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION 4 Item 1. Condensed Consolidated Financial Statements (unaudited) 4 Condensed Consolidated Balance Sheets 4 Condensed Consolidated Statements of Operations 5 Condensed Consolidated Statements of Shareholders ' Equity 6 Condensed Consolidated Statements of Cash Flows 7 Notes to Condensed Consolidated Financial Statements 9 Item 2. Management ' s Discussion and Analysis of Financial Condition and Results of Operations 24 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 34 Item 4.

Controls and Procedures

Controls and Procedures 35

OTHER INFORMATION

PART II. OTHER INFORMATION 36 Item 1.

Legal Proceedings

Legal Proceedings 36 Item 1A.

Risk Factors

Risk Factors 36 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 36 Item 3. Defaults Upon Senior Securities 36 Item 4. Mine Safety Disclosures 36 Item 5. Other Information 36 Item 6. Exhibits 37 2 Table of Contents SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q contains statements that SkyWater Technology, Inc. ("SkyWater," the "Company," "we," "us," or "our") believes to be "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact included in this Quarterly Report on Form 10-Q, including, without limitation, our expectations regarding our business, results of operations, financial condition and prospects, are forward-looking statements. When used in this Quarterly Report on Form 10-Q, words such as "may," "expect," "anticipate," "estimate," "intend," "plan," "target," "seek," "potential," "believe," "will," "could," "should," "would," and "project" or the negative thereof or variations thereon or similar words or expressions that convey the uncertainty of future events or outcomes are generally intended to identify forward-looking statements. Our forward-looking statements are subject to a number of risks, uncertainties, and assumptions. Key factors that may affect our results include, among others, the following: our goals and strategies; our future business development, financial condition, and results of operations; our ability to continue operating our fabrication facilities at full capacity; our ability to appropriately respond to changing technologies on a timely and cost-effective basis; our customer relationships and our ability to retain and expand our customer relationships; our ability to accurately predict our future revenues for the purpose of appropriately budgeting and adjusting our expenses; our expectations regarding dependence on our largest customers; o

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements SKYWATER TECHNOLOGY, INC. Condensed Consolidated Balance Sheets (Unaudited) March 31, 2024 December 31, 2023 (in thousands, except share data) Assets Current assets Cash and cash equivalents $ 20,002 $ 18,382 Accounts receivable (net of allowance for credit losses of $ 96 and $ 180 , respectively) 57,895 65,961 Contract assets (net of allowance for credit losses of $ 62 and $ 99 , respectively) 24,922 29,666 Inventory 15,558 15,341 Prepaid expenses and other current assets 24,528 16,853 Income tax receivable 82 172 Total current assets 142,987 146,375 Property and equipment, net 157,281 159,367 Intangible assets, net 6,320 5,672 Other assets 5,693 5,342 Total assets $ 312,281 $ 316,756 Liabilities and shareholders' equity Current liabilities Current portion of long-term debt $ 3,631 $ 3,976 Accounts payable 25,919 19,614 Accrued expenses 30,512 48,291 Short-term financing, net of unamortized debt issuance costs 32,612 22,765 Contract liabilities 56,109 49,551 Total current liabilities 148,783 144,197 Long-term liabilities Long-term debt, less current portion and net of unamortized debt issuance costs 35,665 36,098 Long-term contract liabilities 58,605 65,754 Deferred income tax liability, net 623 679 Other long-term liabilities 9,204 9,327 Total long-term liabilities 104,097 111,858 Total liabilities 252,880 256,055 Commitments and contingencies (Note 10) Shareholders' equity Preferred stock, $ 0.01 par value per share ( 80,000,000 shares authorized; zero shares issued and outstanding as of March 31, 2024 and December 31, 2023) — — Common stock, $ 0.01 par value per share ( 200,000,000 shares authorized; 47,338,069 and 47,028,159 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively) 473 470 Additional paid-in capital 181,802 178,473 Accumulated deficit ( 130,932 ) ( 125,203 ) Total shareholders' equity, SkyWater Technology, Inc. 51,343 53,740 Noncontrollin

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View this 10-Q filing on SEC EDGAR