SkyWater Technology Q2 2024 10-Q Filed

TL;DR

SkyWater Tech's Q2 10-Q is in, showing their latest financials. Keep an eye on their semiconductor biz.

AI Summary

SkyWater Technology, Inc. filed its 10-Q for the period ending June 30, 2024. The filing details financial performance and operational updates for the second quarter of 2024. Key financial figures and business segments are presented, reflecting the company's ongoing activities in the semiconductor industry.

Why It Matters

This filing provides investors and analysts with the latest financial health and operational status of SkyWater Technology, a critical player in the US semiconductor manufacturing sector.

Risk Assessment

Risk Level: medium — As a company in the highly competitive and capital-intensive semiconductor industry, SkyWater Technology faces inherent risks related to technological advancements, market demand, and supply chain disruptions.

Key Numbers

• 20240630 — Reporting Period End Date (Indicates the end of the fiscal quarter covered by the report.)
• 20240807 — Filing Date (The date the 10-Q was officially submitted to the SEC.)

Key Players & Entities

• SkyWater Technology, Inc. (company) — Filer of the 10-Q
• 20240630 (date) — End of the reporting period
• 20240807 (date) — Filing date
• 0001819974 (company) — Central Index Key for SkyWater Technology
• 3674 (industry_code) — Standard Industrial Classification for Semiconductors & Related Devices

FAQ

Key Financial Figures

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

Filing Documents

• skyt-20240630.htm (10-Q) — 1213KB
• skyt-20240630xex311.htm (EX-31.1) — 10KB
• skyt-20240630xex312.htm (EX-31.2) — 10KB
• skyt-20240630xex321.htm (EX-32.1) — 4KB
• skyt-20240630xex322.htm (EX-32.2) — 4KB
• skyt-20240630_g1.jpg (GRAPHIC) — 13KB
• 0001819974-24-000028.txt ( ) — 7127KB
• skyt-20240630.xsd (EX-101.SCH) — 45KB
• skyt-20240630_cal.xml (EX-101.CAL) — 101KB
• skyt-20240630_def.xml (EX-101.DEF) — 210KB
• skyt-20240630_lab.xml (EX-101.LAB) — 603KB
• skyt-20240630_pre.xml (EX-101.PRE) — 427KB
• skyt-20240630_htm.xml (XML) — 1069KB

Forward-Looking Statements

Forward-Looking Statements 3

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION 4 Item 1.

Financial Statements

Financial Statements 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 8 Notes to Condensed Consolidated Financial Statements 10 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 25 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 36 Item 4.

Controls and Procedures

Controls and Procedures 37

OTHER INFORMATION

PART II. OTHER INFORMATION 38 Item 1.

Legal Proceedings

Legal Proceedings 38 Item 1A.

Risk Factors

Risk Factors 38 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 38 Item 3. Defaults Upon Senior Securities 38 Item 4. Mine Safety Disclosures 38 Item 5. Other Information 38 Item 6. Exhibits 39 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) June 30, 2024 December 31, 2023 (in thousands, except share data) Assets Current assets Cash and cash equivalents $ 18,362 $ 18,382 Accounts receivable (net of allowance for credit losses of $ 433 and $ 180 , respectively) 52,237 65,961 Contract assets (net of allowance for credit losses of $ 49 and $ 99 , respectively) 18,467 29,666 Inventory 14,614 15,341 Prepaid expenses and other current assets 16,732 16,853 Income tax receivable 255 172 Total current assets 120,667 146,375 Property and equipment, net 156,926 159,367 Intangible assets, net 6,798 5,672 Other assets 6,024 5,342 Total assets $ 290,415 $ 316,756 Liabilities and shareholders' equity Current liabilities Current portion of long-term debt $ 4,984 $ 3,976 Accounts payable 18,976 19,614 Accrued expenses 32,998 48,291 Short-term financing, net of unamortized debt issuance costs 23,879 22,765 Contract liabilities 53,087 49,551 Total current liabilities 133,924 144,197 Long-term liabilities Long-term debt, less current portion and net of unamortized debt issuance costs 37,410 36,098 Long-term contract liabilities 52,790 65,754 Deferred income tax liability, net 565 679 Other long-term liabilities 8,906 9,327 Total long-term liabilities 99,671 111,858 Total liabilities 233,595 256,055 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 June 30, 2024 and December 31, 2023) — — Common stock, $ 0.01 par value per share ( 200,000,000 shares authorized; 47,468,475 and 47,028,159 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively) 474 470 Additional paid-in capital 183,817 178,473 Accumulated deficit ( 132,829 ) ( 125,203 ) Total shareholders' equity, SkyWater Technology, Inc. 51,462 53,740 Noncontrolling

View Full Filing

View this 10-Q filing on SEC EDGAR