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SkyWater Technology, Inc., together with its consolidated subsidiaries, is a U.S.-based, independent, pure-play semiconductor foundry providing foundational-node manufacturing, advanced technology development, and advanced packaging services through an integrated, multi-site operating model. We operate exclusively within the United States, with fabrication and packaging facilities in Minnesota,…
The business is unprofitable at the operating level (-0.58% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue grew 29.1%, still solid. Margins contracted 2.5pp, which offsets some of the top-line progress.
Free cash flow declined 607% versus the prior year, cash generation momentum has weakened. ROIC dropped from 4.84% to -0.71%, capital efficiency is deteriorating.
Profitability & Returns
Revenue (TTM)
$541M
▲ +29.1% YoY
Net Income (TTM)
$114M
▲ +1850.5% YoY
Op. Margin
-0.71%
▼ -2.5pp YoY
ROIC
-0.88%
▼ -5.6pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$76M
▼ -606.7% YoY
Op. Cash Flow (TTM)
-$57M
▼ -256.9% YoY
Net Debt
$216M
Cash & Equiv.
$22M
5Y CAGR: +25.8%
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