SkyWater Technology Files Q3 2024 10-Q
Ticker: SKYT · Form: 10-Q · Filed: Nov 7, 2024 · CIK: 1819974
Sentiment: neutral
Topics: 10-Q, quarterly-report, semiconductors
TL;DR
SkyWater Tech's Q3 2024 10-Q is in. Check financials.
AI Summary
SkyWater Technology, Inc. filed its 10-Q for the period ending September 29, 2024. The company, incorporated in Delaware, operates in the semiconductors and related devices industry. Its principal business address is in Bloomington, MN. The filing covers the third quarter of 2024.
Why It Matters
This filing provides investors with the latest financial performance and operational details for SkyWater Technology, crucial for understanding its current standing and future prospects in the semiconductor market.
Risk Assessment
Risk Level: medium — As a technology company in a competitive industry, SkyWater faces inherent risks related to market demand, technological advancements, and operational execution.
Key Numbers
- 20240929 — Reporting Period End Date (Indicates the end of the fiscal quarter covered by the report.)
- 20241107 — 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
- 20240929 (date) — End of the reporting period
- 20241107 (date) — Filing date
- 0001819974 (company) — Central Index Key for SkyWater Technology
- 3674 (industry_code) — Standard Industrial Classification for Semiconductors & Related Devices
- DE (state) — State of Incorporation
- 55425 (zip_code) — Business ZIP Code
FAQ
What is the reporting period for this 10-Q filing?
The reporting period for this 10-Q filing is September 29, 2024.
When was this 10-Q filed with the SEC?
This 10-Q was filed on November 7, 2024.
What is SkyWater Technology's Standard Industrial Classification code?
SkyWater Technology's SIC code is 3674, which corresponds to Semiconductors & Related Devices.
In which state is SkyWater Technology incorporated?
SkyWater Technology is incorporated in Delaware (DE).
What is the business address of SkyWater Technology?
The business address is 2401 East 86th Street, Bloomington, MN 55425.
Filing Stats: 4,554 words · 18 min read · ~15 pages · Grade level 16.9 · Accepted 2024-11-07 17:07:59
Key Financial Figures
- $0.01 — ich Registered Common stock, par value $0.01 per share SKYT The Nasdaq Stock Market
Filing Documents
- skyt-20240929.htm (10-Q) — 1269KB
- skyt-20240929xex311.htm (EX-31.1) — 10KB
- skyt-20240929xex312.htm (EX-31.2) — 10KB
- skyt-20240929xex321.htm (EX-32.1) — 4KB
- skyt-20240929xex322.htm (EX-32.2) — 4KB
- skyt-20240929_g1.jpg (GRAPHIC) — 13KB
- 0001819974-24-000040.txt ( ) — 7312KB
- skyt-20240929.xsd (EX-101.SCH) — 45KB
- skyt-20240929_cal.xml (EX-101.CAL) — 102KB
- skyt-20240929_def.xml (EX-101.DEF) — 211KB
- skyt-20240929_lab.xml (EX-101.LAB) — 609KB
- skyt-20240929_pre.xml (EX-101.PRE) — 430KB
- skyt-20240929_htm.xml (XML) — 1122KB
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 28 Item 3.
Quantitative and Qualitative Disclosures About Market Risk
Quantitative and Qualitative Disclosures About Market Risk 40 Item 4.
Controls and Procedures
Controls and Procedures 41
OTHER INFORMATION
PART II. OTHER INFORMATION 42 Item 1.
Legal Proceedings
Legal Proceedings 42 Item 1A.
Risk Factors
Risk Factors 42 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 42 Item 3. Defaults Upon Senior Securities 42 Item 4. Mine Safety Disclosures 42 Item 5. Other Information 42 Item 6. Exhibits 43 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) September 29, 2024 December 31, 2023 (in thousands, except per share data) Assets Current assets Cash and cash equivalents $ 20,684 $ 18,382 Accounts receivable (net of allowance for credit losses of $ 378 and $ 180 , respectively) 60,562 65,961 Contract assets (net of allowance for credit losses of $ 42 and $ 99 , respectively) 29,179 29,666 Inventory 14,429 15,341 Prepaid expenses and other current assets 15,127 16,853 Income tax receivable — 172 Total current assets 139,981 146,375 Property and equipment, net 162,972 159,367 Intangible assets, net 7,220 5,672 Other assets 4,906 5,342 Total assets $ 315,079 $ 316,756 Liabilities and shareholders' equity Current liabilities Current portion of long-term debt $ 5,099 $ 3,976 Accounts payable 30,217 19,614 Accrued expenses 31,430 48,291 Income taxes payable 392 — Short-term financing, net of unamortized debt issuance costs 19,552 22,765 Contract liabilities 73,353 49,551 Total current liabilities 160,043 144,197 Long-term liabilities Long-term debt, less current portion and net of unamortized debt issuance costs 36,179 36,098 Long-term contract liabilities 41,145 65,754 Deferred income tax liability, net 378 679 Other long-term liabilities 8,780 9,327 Total long-term liabilities 86,482 111,858 Total liabilities 246,525 256,055 Commitments and contingencies (Note 10) Shareholders' equity Preferred stock, $ 0.01 par value per share ( 80,000 shares authorized; zero shares issued and outstanding as of September 29, 2024 and December 31, 2023) — — Common stock, $ 0.01 par value per share ( 200,000 shares authorized; 47,643 and 47,028 shares issued and outstanding as of September 29, 2024 and December 31, 2023, respectively) 477 470 Additional paid-in capital 187,004 178,473 Accumulated deficit ( 131,317 ) ( 125,203 ) Total shareholders' equity, SkyWater Technology, Inc.