SKYT

MKT CAP:$2B

SkyWater Technology, Inc.

Market Cap

$2B

Technology·Semiconductors·🇺🇸 United States·NASDAQ

Technology·Semiconductors·🇺🇸·NASDAQ

Stock Price

$32.47+$10.04 (+44.76%)

Apr 17, 2026

Company Details

SkyWater Technology, Inc., together with its subsidiaries, provides semiconductor development and manufacturing services. The company offers engineering and process development support services to co-create technologies with customers; and ...

CEO

Thomas J. Sonderman

IPO Date

Apr 21, 2021

Website

www.skywatertechnology.com

Key Metrics TTM

Revenue

$383M

+150.2% YoY

Net Income

$126M

EPS (Diluted)

$2.58

Free Cash Flow

-$49M

Revenue / Share

$7.85

Gross Margin

20.2%

Operating Margin

1.0%

Net Margin

33.0%

FCF Margin

-12.9%

P/S

4.3x

P/E

13.0x

Earnings Reports

Q4 2025

May 6, 2026

PENDING

Q3 2025

Nov 12, 2025

$151MEPS $2.95

Q2 2025

Aug 7, 2025

$59M-36.7%EPS -$0.21

Q2 2024

Aug 7, 2024

$93MEPS -$0.04

Q1 2024

May 10, 2024

$80MEPS -$0.12

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q3 19	$33M	$478.0K	-$6M
Q4 19	$31M	$10M	$4M
Q1 20	$37M	$6M	-$712.0K
Q2 20	$31M	$5M	-$3M
Q3 20	$33M	$7M	$625.0K
Q3 22	$52M	$8M	-$5M
Q1 24	$80M	$13M	-$2M
Q2 24	$93M	$17M	$1M
Q2 25	$59M	$11M	-$6M
Q3 25	$151M	$36M	$11M

Valuation

Quarter	P/S	P/E
Q3 19	—	—
Q4 19	—	—
Q1 20	—	—
Q2 20	5.5x	—
Q3 20	5.6x	—
Q3 22	2.1x	—
Q1 24	2.4x	—
Q2 24	1.4x	—
Q2 25	1.7x	—
Q3 25	2.3x	6.9x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q3 19	$0	$0
Q4 19	$7M	$3M
Q1 20	$50M	$39M
Q2 20	$53M	$26M
Q3 20	-$11M	-$40M
Q3 22	$8M	$2M
Q1 24	-$4M	-$5M
Q2 24	$9M	$8M
Q2 25	-$2M	-$4M
Q3 25	-$47M	-$48M

Capital Expenditures

Quarter	CapEx
Q3 19	$0
Q4 19	$4M
Q1 20	$11M
Q2 20	$27M
Q3 20	$29M
Q3 22	$6M
Q1 24	$1M
Q2 24	$1M
Q2 25	$3M
Q3 25	$830.0K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q3 20	-0.5%	-16.8%
Q3 22	+70.7%	+118.5%
Q1 24	+115.8%	+117.6%
Q2 24	+203.4%	+172.7%
Q2 25	+79.0%	+102.4%
Q3 25	+188.1%	+143.5%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q3 19	$0	0.0%
Q4 19	$3M	9.7%
Q1 20	$676.0K	1.8%
Q2 20	$189.0K	0.6%
Q3 20	$186.0K	0.6%
Q3 22	$2M	3.0%
Q1 24	$0	0.0%
Q2 24	$0	0.0%
Q2 25	$0	0.0%
Q3 25	$0	0.0%

OpEx Breakdown

Quarter	R&D	G&A	S&M	SG&A
Q3 19	$2M	$3M	$1M	—
Q4 19	$405.0K	$4M	$1M	—
Q1 20	$662.0K	—	$6M	—
Q2 20	$786.0K	—	$7M	—
Q3 20	$1M	—	$6M	—
Q3 22	$3M	—	—	$11M
Q1 24	$4M	—	—	$11M
Q2 24	$3M	—	—	$12M
Q2 25	$3M	—	—	$14M
Q3 25	$4M	—	—	$21M

Revenue by Geography

Quarter	Canada	Others Countries	United States	Hong Kong	All Other Countries
Q3 22	$1M	$5M	$45M	—	—
Q1 24	$2M	$847.0K	$76M	$47.0K	—
Q2 24	$2M	$700.0K	$91M	$32.0K	—
Q2 25	$3M	—	$54M	$293.0K	$1M
Q3 25	$5M	—	$145M	$114.0K	$1M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$6M	$0	$6M
Q2 22	$11M	$0	$11M
Q3 22	$9M	$0	$9M
Q4 22	$30M	$0	$30M
Q1 23	$14M	$0	$14M
Q2 23	$16M	$0	$16M
Q3 23	$17M	$0	$17M
Q4 23	$18M	$0	$18M
Q1 24	$20M	$0	$20M
Q2 24	$18M	$0	$18M
Q3 24	$21M	$0	$21M
Q4 24	$19M	$0	$19M
Q1 25	$51M	$0	$51M
Q2 25	$49M	$0	$49M
Q3 25	$31M	$0	$31M
Q4 25	$23M	$0	$23M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q3 19	39M	—	—
Q4 19	39M	0.0%	—
Q1 20	38M	-2.7%	—
Q2 20	38M	0.0%	—
Q3 20	38M	0.0%	-2.7%
Q3 22	41M	+7.0%	+4.1%
Q1 24	47M	+15.8%	+23.9%
Q2 24	47M	+0.6%	+24.7%
Q2 25	48M	+1.5%	+26.5%
Q3 25	49M	+1.4%	+19.9%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q3 19	—	—
Q4 19	—	—
Q1 20	—	—
Q2 20	—	—
Q3 20	—	—
Q3 22	$88.7K	590
Q1 24	$108.9K	731
Q2 24	$127.7K	731
Q2 25	$84.1K	702
Q3 25	$214.7K	702

Revenue / Employee