Delaware | 001-40345 | 37-1839853 | ||||||
(State or other jurisdiction
of incorporation)
|
(Commission
File Number)
|
(IRS Employer
Identification No.)
|
2401 East 86th Street
Bloomington, Minnesota
|
55425 | ||||
(Address of principal executive offices) |
(Zip Code) |
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | ||||
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | ||||
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | ||||
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Title of Each Class |
Trading
Symbol
|
Name of Each Exchange
on Which Registered
|
||||||||||||
Common stock, par value $0.01 per share | SKYT | The Nasdaq Stock Market LLC |
Emerging growth company | x |
Exhibit Number |
Description of Exhibit | |||||||
99.1 | ||||||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |
SkyWater Technology, Inc. | ||||||||
Date: February 26, 2024 |
/s/ Thomas J. Sonderman | |||||||
Name: | Thomas J. Sonderman | |||||||
Title: | Chief Executive Officer |
GAAP | |||||||||||||||||||||||||||||
In millions, except per share data |
Q4 2023 | Q4 2022 | Y/Y | Q3 2023 | Q/Q | ||||||||||||||||||||||||
ATS development revenue (1) |
$57.2 | $47.8 | 19% | $53.9 | 6% | ||||||||||||||||||||||||
Tool revenue (2) |
$9.9 | $0.0 | nm | $3.2 | 206% | ||||||||||||||||||||||||
Total ATS revenue |
$67.1 | $47.9 | 40% | $57.1 | 17% | ||||||||||||||||||||||||
Wafer Services revenue | $12.0 | $17.2 | (30)% | $14.5 | (17)% | ||||||||||||||||||||||||
Total revenue |
$79.2 | $65.1 | 22% | $71.6 | 11% | ||||||||||||||||||||||||
Gross profit | $12.0 | $16.6 | (27)% | $14.1 | (15)% | ||||||||||||||||||||||||
Gross margin | 15.2% | 25.4% | (1,020) bps | 19.8% | (460) bps | ||||||||||||||||||||||||
Net loss to shareholders | $(10.3) | $(3.0) | 240% | $(7.6) | (36)% | ||||||||||||||||||||||||
Basic loss per share | $(0.22) | $(0.07) | 214% | $(0.16) | (38)% | ||||||||||||||||||||||||
Net loss margin to shareholders |
(13.0)% | (4.7)% | (830) bps | (10.6)% | (240) bps |
Non-GAAP | |||||||||||||||||||||||||||||
In millions, except per share data |
Q4 2023 | Q4 2022 | Y/Y | Q3 2023 | Q/Q | ||||||||||||||||||||||||
Non-GAAP gross profit | $13.8 | $17.0 | (19)% | $14.6 | (5)% | ||||||||||||||||||||||||
Non-GAAP gross margin | 17.4% | 26.1% | (870) bps | 20.4% | (300) bps | ||||||||||||||||||||||||
Non-GAAP net loss to shareholders | $(1.1) | $(1.5) | 27% | $(2.2) | 51% | ||||||||||||||||||||||||
Non-GAAP basic loss per share | $(0.02) | $(0.03) | 33% | $(0.05) | 60% | ||||||||||||||||||||||||
Adjusted EBITDA | $10.6 | $10.3 | 2% | $8.3 | 28% | ||||||||||||||||||||||||
Adjusted EBITDA margin | 13.4% | 15.9% | (250) bps | 11.6% | 180 bps |
GAAP | |||||||||||||||||
In millions, except per share data |
FY 2023 |
FY 2022 |
Y/Y | ||||||||||||||
ATS development revenue (1) |
$210.9 | $137.9 | 53% | ||||||||||||||
Tool revenue (2) |
$14.7 | $1.5 | 848% | ||||||||||||||
Total ATS revenue |
$225.6 | $139.4 | 62% | ||||||||||||||
Wafer Services revenue | $61.1 | $73.5 | (17)% | ||||||||||||||
Total revenue |
$286.7 | $212.9 | 35% | ||||||||||||||
Gross profit | $59.3 | $26.0 | 128% | ||||||||||||||
Gross margin | 20.7% | 12.2% | 850 bps | ||||||||||||||
Net loss to shareholders | $(30.8) | $(39.6) | (22)% | ||||||||||||||
Basic loss per share | $(0.68) | $(0.97) | (30)% | ||||||||||||||
Net loss margin to shareholders |
(10.7)% | (18.6)% | 790 bps |
Non-GAAP | |||||||||||||||||
In millions, except per share data |
FY 2023 |
FY 2022 |
Y/Y | ||||||||||||||
Non-GAAP gross profit | $63.0 | $29.1 | 116% | ||||||||||||||
Non-GAAP gross margin | 22.0% | 13.7% | 830 bps | ||||||||||||||
Non-GAAP net loss to shareholders | $(7.7) | $(30.3) | 75% | ||||||||||||||
Non-GAAP basic loss per share | $(0.17) | $(0.74) | 77% | ||||||||||||||
Adjusted EBITDA | $37.2 | $7.7 | 383% | ||||||||||||||
Adjusted EBITDA margin | 13.0% | 3.6% | 940 bps |
December 31, 2023 | January 1, 2023 | ||||||||||
(in thousands, except share data) | |||||||||||
Assets | |||||||||||
Current assets | |||||||||||
Cash and cash equivalents | $ | 18,382 | $ | 30,025 | |||||||
Accounts receivable (net of allowance for credit losses of $180 and $1,638, respectively) | 65,961 | 28,045 | |||||||||
Contract assets (net of allowance for credit losses of $99 and $0, respectively) | 29,666 | 34,625 | |||||||||
Inventory | 15,341 | 13,397 | |||||||||
Prepaid expenses and other current assets | 16,853 | 10,290 | |||||||||
Income tax receivable | 172 | 169 | |||||||||
Total current assets | 146,375 | 116,551 | |||||||||
Property and equipment, net | 159,367 | 179,915 | |||||||||
Intangible assets, net | 5,672 | 5,608 | |||||||||
Other assets | 5,342 | 3,690 | |||||||||
Total assets | $ | 316,756 | $ | 305,764 | |||||||
Liabilities and shareholders’ equity |
|||||||||||
Current liabilities | |||||||||||
Current portion of long-term debt | $ | 3,976 | $ | 1,855 | |||||||
Accounts payable | 19,614 | 21,102 | |||||||||
Accrued expenses | 48,291 | 25,212 | |||||||||
Short-term financing, net of unamortized debt issuance costs | 22,765 | 55,817 | |||||||||
Contract liabilities | 49,551 | 28,186 | |||||||||
Total current liabilities | 144,197 | 132,172 | |||||||||
Long-term liabilities | |||||||||||
Long-term debt, less current portion and net of unamortized debt issuance costs | 36,098 | 35,181 | |||||||||
Long-term incentive plan | — | 1,643 | |||||||||
Long-term contract liabilities | 65,754 | 67,967 | |||||||||
Deferred income tax liability, net | 679 | 1,239 | |||||||||
Other long-term liabilities | 9,327 | 13,585 | |||||||||
Total long-term liabilities | 111,858 | 119,615 | |||||||||
Total liabilities | 256,055 | 251,787 | |||||||||
Shareholders’ equity |
|||||||||||
Preferred stock, $0.01 par value per share (80,000,000 shares authorized, zero shares issued and outstanding as of December 31, 2023 and January 1, 2023) |
— | — | |||||||||
Common stock, $0.01 par value per share (200,000,000 shares authorized; 47,028,159 and 43,704,876 shares issued and outstanding as of December 31, 2023 and January 1, 2023, respectively) |
470 | 437 | |||||||||
Additional paid-in capital | 178,473 | 147,304 | |||||||||
Accumulated deficit | (125,203) | (94,072) | |||||||||
Total shareholders’ equity, SkyWater Technology, Inc. |
53,740 | 53,669 | |||||||||
Noncontrolling interests | 6,961 | 308 | |||||||||
Total shareholders’ equity |
60,701 | 53,977 | |||||||||
Total liabilities and shareholders’ equity |
$ | 316,756 | $ | 305,764 |
Three-Month Period Ended | Fiscal Year Ended | ||||||||||||||||||||||||||||
December 31, 2023 | October 1, 2023 | January 1, 2023 | December 31, 2023 | January 1, 2023 | |||||||||||||||||||||||||
(in thousands, except share data) | |||||||||||||||||||||||||||||
Revenue | $ | 79,154 | $ | 71,624 | $ | 65,087 | $ | 286,682 | $ | 212,941 | |||||||||||||||||||
Cost of revenue | 67,143 | 57,477 | 48,536 | 227,390 | 186,974 | ||||||||||||||||||||||||
Gross profit | 12,011 | 14,147 | 16,551 | 59,292 | 25,967 | ||||||||||||||||||||||||
Research and development expense |
2,872 | 2,233 | 2,208 | 10,169 | 9,431 | ||||||||||||||||||||||||
Selling, general, and administrative expense |
15,092 | 16,105 | 13,040 | 63,911 | 46,303 | ||||||||||||||||||||||||
Operating (loss) income | (5,953) | (4,191) | 1,303 | (14,788) | (29,767) | ||||||||||||||||||||||||
Other expense |
|||||||||||||||||||||||||||||
Loss on debt extinguishment | — | — | (1,101) | — | (1,101) | ||||||||||||||||||||||||
Interest expense | (2,898) | (2,507) | (1,794) | (10,826) | (5,194) | ||||||||||||||||||||||||
Total other expense |
(2,898) | (2,507) | (2,895) | (10,826) | (6,295) | ||||||||||||||||||||||||
Loss before income taxes | (8,851) | (6,698) | (1,592) | (25,614) | (36,062) | ||||||||||||||||||||||||
Income tax (benefit) expense | (450) | (96) | 852 | (521) | 809 | ||||||||||||||||||||||||
Net loss | (8,401) | (6,602) | (2,444) | (25,093) | (36,871) | ||||||||||||||||||||||||
Less: net income attributable to noncontrolling interests | 1,924 | 966 | 597 | 5,663 | 2,722 | ||||||||||||||||||||||||
Net loss attributable to SkyWater Technology, Inc. | $ | (10,325) | $ | (7,568) | $ | (3,041) | $ | (30,756) | $ | (39,593) | |||||||||||||||||||
Net loss per share attributable to common shareholders, basic and diluted | $ | (0.22) | $ | (0.16) | $ | (0.07) | $ | (0.68) | $ | (0.97) | |||||||||||||||||||
Weighted average shares used in computing net loss per common share, basic and diluted | 47,020,395 | 46,445,309 | 42,612,763 | 45,506,598 | 40,835,186 | ||||||||||||||||||||||||
Fiscal Year Ended | |||||||||||
December 31, 2023 | January 1, 2023 | ||||||||||
(in thousands) | |||||||||||
Cash flows from operating activities | |||||||||||
Net loss | $ | (25,093) | $ | (36,871) | |||||||
Adjustments to reconcile net loss to net cash flows provided by (used in) operating activities | |||||||||||
Depreciation and amortization | 28,930 | 28,192 | |||||||||
Gain on sale of property and equipment | — | (3) | |||||||||
Write-off of capital projects in process | 1,262 | — | |||||||||
Amortization of debt issuance costs included in interest expense | 1,755 | 909 | |||||||||
Long-term incentive and equity-based compensation | 6,860 | 8,610 | |||||||||
Cash paid for contingent consideration in excess of initial valuation | — | (816) | |||||||||
Deferred income taxes | (560) | 244 | |||||||||
Cash paid for operating leases | (49) | (49) | |||||||||
Cash paid for interest on finance leases |
(848) | (757) | |||||||||
Provision for credit losses | 38 | 1,638 | |||||||||
Loss on debt extinguishment | — | 1,101 | |||||||||
Changes in operating assets and liabilities | |||||||||||
Accounts receivable and contract assets | (33,371) | (11,596) | |||||||||
Inventories | (1,944) | (9,225) | |||||||||
Prepaid expenses and other assets | (8,218) | (5,288) | |||||||||
Accounts payable and accrued expenses | 22,296 | 21,787 | |||||||||
Contract liabilities, current and long-term | 19,152 | (12,749) | |||||||||
Income tax receivable and payable | (3) | 576 | |||||||||
Net cash provided by (used in) operating activities | 10,207 | (14,297) | |||||||||
Cash flows from investing activities | |||||||||||
Purchase of software and licenses | (1,871) | (400) | |||||||||
Purchases of property and equipment | (8,618) | (17,053) | |||||||||
Net cash used in investing activities | (10,489) | (17,453) | |||||||||
Cash flows from financing activities | |||||||||||
Draws on revolving line of credit | 259,350 | 63,006 | |||||||||
Paydowns of revolving line of credit | (297,649) | — | |||||||||
Net repayment on Revolver | — | (26,220) | |||||||||
Proceeds from tool financings | 9,012 | — | |||||||||
Principal payments on long-term debt |
(2,482) | (1,224) | |||||||||
Cash paid for debt issuance costs | — | (4,168) | |||||||||
Proceeds from the issuance of common stock in secondary offering | — | 16,168 | |||||||||
Cash paid for offering costs | — | (456) | |||||||||
Cash paid for principal on finance leases |
(935) | (1,603) | |||||||||
Proceeds from the issuance of common stock pursuant to equity compensation plans | 2,305 | 1,800 | |||||||||
Proceeds from the issuance of common stock under the ATM | 20,398 | 3,919 | |||||||||
Cash paid on licensed technology obligations | (2,350) | (1,150) | |||||||||
Net contributions (distributions) from (to) noncontrolling interest | 990 | (1,214) | |||||||||
Net cash (used in) provided by financing activities | (11,361) | 48,858 | |||||||||
Net change in cash and cash equivalents |
(11,643) | 17,108 | |||||||||
Cash and cash equivalents - beginning of period | 30,025 | 12,917 | |||||||||
Cash and cash equivalents - end of period | $ | 18,382 | $ | 30,025 |
Q4 2023 |
Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 | Q1 2022 | ||||||||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||
ATS development revenue (1) |
$ | 57,170 | $ | 53,891 | $ | 52,073 | $ | 47,770 | $ | 47,846 | $ | 34,953 | $ | 29,510 | $ | 25,591 | |||||||||||||||||||||||||||||||
Tool revenue (2) | 9,936 | 3,243 | 936 | 536 | 30 | 219 | 313 | 984 | |||||||||||||||||||||||||||||||||||||||
Total ATS revenue |
$ | 67,106 | $ | 57,134 | $ | 53,009 | $ | 48,306 | $ | 47,876 | $ | 35,172 | $ | 29,823 | $ | 26,575 | |||||||||||||||||||||||||||||||
Wafer Services revenue | 12,048 | 14,490 | 16,802 | 17,788 | 17,211 | 17,154 | 17,584 | 21,546 | |||||||||||||||||||||||||||||||||||||||
Total revenue | $ | 79,154 | $ | 71,624 | $ | 69,811 | $ | 66,094 | $ | 65,087 | $ | 52,326 | $ | 47,407 | $ | 48,121 | |||||||||||||||||||||||||||||||
Tool revenue (2) |
$ | 9,936 | $ | 3,243 | $ | 936 | $ | 536 | $ | 30 | $ | 219 | $ | 313 | $ | 984 | |||||||||||||||||||||||||||||||
Tool cost of revenue (2) |
9,125 | 2,861 | 290 | 484 | 46 | 152 | 200 | 984 | |||||||||||||||||||||||||||||||||||||||
Tool gross profit (loss) |
$ | 811 | $ | 382 | $ | 646 | $ | 52 | $ | (16) | $ | 67 | $ | 113 | $ | — | |||||||||||||||||||||||||||||||
Revenue impact of modified customer contracts |
$ | — | $ | — | $ | 3,601 | $ | — | $ | 4,685 | $ | — | $ | — | $ | 8,230 | |||||||||||||||||||||||||||||||
Cost of revenue impact of modified customer contracts |
— | — | — | — | — | — | — | 10,887 | |||||||||||||||||||||||||||||||||||||||
Gross profit (loss) impact of modified customer contracts |
$ | — | $ | — | $ | 3,601 | $ | — | $ | 4,685 | $ | — | $ | — | $ | (2,657) |
Three-Month Period Ended | Fiscal Year Ended |
||||||||||||||||||||||||||||
December 31, 2023 | October 1, 2023 |
January 1, 2023
(Revised)
|
December 31, 2023 | January 1, 2023 (Revised) |
|||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
GAAP revenue |
$ | 79,154 | $ | 71,624 | $ | 65,087 | $ | 286,682 | $ | 212,941 | |||||||||||||||||||
GAAP cost of revenue | $ | 67,143 | $ | 57,477 | $ | 48,536 | $ | 227,390 | $ | 186,974 | |||||||||||||||||||
Equity-based compensation (1) |
(313) | (438) | (452) | (1,555) | (2,578) | ||||||||||||||||||||||||
SkyWater Florida start-up costs (2) |
— | — | (14) | — | (582) | ||||||||||||||||||||||||
Restructuring costs (3) |
(679) | — | — | (679) | — | ||||||||||||||||||||||||
Business transformation costs (4) |
(806) | — | — | (806) | — | ||||||||||||||||||||||||
Management transition expense (5) |
— | — | — | (705) | — | ||||||||||||||||||||||||
Non-GAAP cost of revenue | $ | 65,345 | $ | 57,039 | $ | 48,070 | $ | 223,645 | $ | 183,814 | |||||||||||||||||||
GAAP gross profit | $ | 12,011 | $ | 14,147 | $ | 16,551 | $ | 59,292 | $ | 25,967 | |||||||||||||||||||
GAAP gross margin | 15.2 | % | 19.8 | % | 25.4 | % | 20.7 | % | 12.2 | % | |||||||||||||||||||
Equity-based compensation (1) |
$ | 313 | $ | 438 | $ | 452 | $ | 1,555 | $ | 2,578 | |||||||||||||||||||
SkyWater Florida start-up costs (2) |
— | — | 14 | — | 582 | ||||||||||||||||||||||||
Restructuring costs (3) |
679 | — | — | 679 | — | ||||||||||||||||||||||||
Business transformation costs (4) |
806 | — | — | 806 | — | ||||||||||||||||||||||||
Management transition expense (5) |
— | — | — | 705 | — | ||||||||||||||||||||||||
Non-GAAP gross profit | $ | 13,809 | $ | 14,585 | $ | 17,017 | $ | 63,037 | $ | 29,127 | |||||||||||||||||||
Non-GAAP gross margin | 17.4 | % | 20.4 | % | 26.1 | % | 22.0 | % | 13.7 | % | |||||||||||||||||||
GAAP research and development expense |
$ | 2,872 | $ | 2,233 | $ | 2,208 | $ | 10,169 | $ | 9,431 | |||||||||||||||||||
Equity-based compensation (1) |
134 | (218) | (126) | (464) | (596) | ||||||||||||||||||||||||
Restructuring costs (3) |
(655) | — | — | (655) | — | ||||||||||||||||||||||||
Non-GAAP research and development expense |
$ | 2,351 | $ | 2,015 | $ | 2,082 | $ | 9,050 | $ | 8,835 | |||||||||||||||||||
GAAP selling, general, and administrative expense |
$ | 15,092 | $ | 16,105 | $ | 13,040 | $ | 63,911 | $ | 46,303 | |||||||||||||||||||
Equity-based compensation (1) |
(1,008) | (1,197) | (995) | (4,841) | (5,432) | ||||||||||||||||||||||||
SkyWater Florida start-up costs (2) |
— | — | 2 | — | (104) | ||||||||||||||||||||||||
Restructuring costs (3) |
(587) | — | — | (587) | — | ||||||||||||||||||||||||
Business transformation costs (4) |
(5,341) | (3,522) | — | (11,363) | — | ||||||||||||||||||||||||
Management transition expense (5) |
— | — | — | (130) | — | ||||||||||||||||||||||||
CHIPS Act specialist fees (6) |
— | — | — | (1,320) | — | ||||||||||||||||||||||||
Non-GAAP selling, general, and administrative expense |
$ | 8,156 | $ | 11,386 | $ | 12,047 | $ | 45,670 | $ | 40,767 | |||||||||||||||||||
Three-Month Period Ended | Fiscal Year Ended |
||||||||||||||||||||||||||||
December 31, 2023 | October 1, 2023 |
January 1, 2023
(Revised)
|
December 31, 2023 | January 1, 2023 (Revised) |
|||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
GAAP net loss to shareholders | $ | (10,325) | $ | (7,568) | $ | (3,041) | $ | (30,756) | $ | (39,593) | |||||||||||||||||||
Equity-based compensation (1) |
1,187 | 1,853 | 1,573 | 6,860 | 8,606 | ||||||||||||||||||||||||
SkyWater Florida start-up costs (2) |
— | — | 12 | — | 686 | ||||||||||||||||||||||||
Restructuring costs (3) |
1,921 | — | — | 1,921 | — | ||||||||||||||||||||||||
Business transformation costs (4) |
6,147 | 3,522 | — | 12,169 | — | ||||||||||||||||||||||||
Management transition expense (5) |
— | — | — | 835 | — | ||||||||||||||||||||||||
CHIPS Act specialist fees (6) |
— | — | — | 1,320 | — | ||||||||||||||||||||||||
Non-GAAP net loss to shareholders | $ | (1,070) | $ | (2,193) | $ | (1,456) | $ | (7,651) | $ | (30,301) | |||||||||||||||||||
Equity-based compensation allocation in the consolidated statements of operations (1): |
|||||||||||||||||||||||||||||
Cost of revenue | $ | 313 | $ | 438 | $ | 452 | $ | 1,555 | $ | 2,578 | |||||||||||||||||||
Research and development expense |
(134) | 218 | 126 | 464 | 596 | ||||||||||||||||||||||||
Selling, general, and administrative expense |
1,008 | 1,197 | 995 | 4,841 | 5,432 | ||||||||||||||||||||||||
$ | 1,187 | $ | 1,853 | $ | 1,573 | $ | 6,860 | $ | 8,606 | ||||||||||||||||||||
SkyWater Florida start-up costs allocation in the consolidated statements of operations (2): |
|||||||||||||||||||||||||||||
Cost of revenue | $ | — | $ | — | $ | 14 | $ | — | $ | 582 | |||||||||||||||||||
Selling, general and administrative expenses | — | — | (2) | — | 104 | ||||||||||||||||||||||||
$ | — | $ | — | $ | 12 | $ | — | $ | 686 | ||||||||||||||||||||
Restructuring costs allocation in the consolidated statements of operations (3): |
|||||||||||||||||||||||||||||
Cost of revenue | $ | 679 | $ | — | $ | — | $ | 679 | $ | — | |||||||||||||||||||
Research and development expense | 655 | — | — | 655 | — | ||||||||||||||||||||||||
Selling, general, and administrative expense | 587 | — | — | 587 | — | ||||||||||||||||||||||||
$ | 1,921 | $ | — | $ | — | $ | 1,921 | $ | — | ||||||||||||||||||||
Business transformation costs allocation in the consolidated statements of operations (4): |
|||||||||||||||||||||||||||||
Cost of revenue | $ | 806 | $ | — | $ | — | $ | 806 | $ | — | |||||||||||||||||||
Selling, general, and administrative expense | 5,341 | 3,522 | — | 11,363 | — | ||||||||||||||||||||||||
$ | 6,147 | $ | 3,522 | $ | — | $ | 12,169 | $ | — | ||||||||||||||||||||
Management transition expense allocation in the consolidated statements of operations (5): |
|||||||||||||||||||||||||||||
Cost of revenue | $ | — | $ | — | $ | — | $ | 705 | $ | — | |||||||||||||||||||
Selling, general, and administrative expense | — | — | — | 130 | — | ||||||||||||||||||||||||
$ | — | $ | — | $ | — | $ | 835 | $ | — |
Three-Month Period Ended
December 31, 2023
|
Fiscal Year Ended
December 31, 2023
|
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GAAP | Non-GAAP | GAAP | Non-GAAP | ||||||||||||||||||||
Computation of net loss per common share, basic and diluted: | (in thousands, except per share data) | ||||||||||||||||||||||
Numerator: | |||||||||||||||||||||||
Net loss attributable to SkyWater Technology, Inc. | $ | (10,325) | $ | (1,070) | $ | (30,756) | $ | (7,651) | |||||||||||||||
Denominator: | |||||||||||||||||||||||
Weighted-average common shares outstanding, basic and diluted | 47,020 | 47,020 | 45,507 | 45,507 | |||||||||||||||||||
Net loss per common share, basic and diluted | $ | (0.22) | $ | (0.02) | $ | (0.68) | $ | (0.17) | |||||||||||||||
Three-Month Period Ended
October 1, 2023
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GAAP | Non-GAAP | ||||||||||||||||||||||
Computation of net loss per common share, basic and diluted: | (in thousands, except per share data) | ||||||||||||||||||||||
Numerator: | |||||||||||||||||||||||
Net loss attributable to SkyWater Technology, Inc. | $ | (7,568) | $ | (2,193) | |||||||||||||||||||
Denominator: | |||||||||||||||||||||||
Weighted-average common shares outstanding, basic and diluted | 46,445 | 46,445 | |||||||||||||||||||||
Net loss per common share, basic and diluted | $ | (0.16) | $ | (0.05) | |||||||||||||||||||
Three-Month Period Ended
January 1, 2023
|
Fiscal Year Ended
January 1, 2023
|
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GAAP | Non-GAAP | GAAP | Non-GAAP | ||||||||||||||||||||
Computation of net loss per common share, basic and diluted: | (in thousands, except per share data) |
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Numerator: | |||||||||||||||||||||||
Net loss attributable to SkyWater Technology, Inc. | $ | (3,041) | $ | (1,456) | $ | (39,593) | $ | (30,301) | |||||||||||||||
Denominator: | |||||||||||||||||||||||
Weighted-average common shares outstanding, basic and diluted | 42,613 | 42,613 | 40,835 | 40,835 | |||||||||||||||||||
Net loss per common share, basic and diluted | $ | (0.07) | $ | (0.03) | $ | (0.97) | $ | (0.74) |
Three-Month Period Ended | Fiscal Year Ended | ||||||||||||||||||||||||||||
December 31, 2023 | October 1, 2023 |
January 1, 2023 |
December 31, 2023 | January 1, 2023 |
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(in thousands) | |||||||||||||||||||||||||||||
Net loss to shareholders (GAAP) | $ | (10,325) | $ | (7,568) | $ | (3,041) | $ | (30,756) | $ | (39,593) | |||||||||||||||||||
Net loss margin to shareholders | (13.0) | % | (10.6) | % | (4.7) | % | (10.7) | % | (18.6) | % | |||||||||||||||||||
Interest expense (8) |
$ | 2,898 | $ | 2,507 | $ | 2,895 | $ | 10,826 | $ | 6,295 | |||||||||||||||||||
Income tax (benefit) expense |
(450) | (96) | 852 | (521) | 809 | ||||||||||||||||||||||||
Depreciation and amortization | 7,279 | 7,092 | 7,451 | 28,930 | 28,192 | ||||||||||||||||||||||||
EBITDA | (598) | 1,935 | 8,157 | 8,479 | (4,297) | ||||||||||||||||||||||||
Equity-based compensation (1) |
1,187 | 1,853 | 1,573 | 6,860 | 8,606 | ||||||||||||||||||||||||
SkyWater Florida start-up costs (2) |
— | — | 12 | — | 686 | ||||||||||||||||||||||||
Restructuring costs (3) |
1,921 | — | — | 1,921 | — | ||||||||||||||||||||||||
Business transformation costs (4) |
6,147 | 3,522 | — | 12,169 | — | ||||||||||||||||||||||||
Management transition expense (5) |
— | — | — | 835 | — | ||||||||||||||||||||||||
CHIPS Act specialist fees (6) |
— | — | — | 1,320 | — | ||||||||||||||||||||||||
Net income attributable to noncontrolling interests (7) |
1,924 | 966 | 597 | 5,663 | 2,722 | ||||||||||||||||||||||||
Adjusted EBITDA | $ | 10,581 | $ | 8,276 | $ | 10,339 | $ | 37,247 | $ | 7,717 | |||||||||||||||||||
Adjusted EBITDA margin |
13.4 | % | 11.6 | % | 15.9 | % | 13.0 | % | 3.6 | % |