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SkyWater (SKYT) investor relations material
SkyWater Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary5 Nov, 2025
Executive summary
Achieved record Q3 2025 revenue of $150.7 million, up 61% year-over-year, driven by the Fab 25 (Texas) acquisition and strong quantum computing momentum.
Four new quantum customer engagements were signed since Q2, with quantum-related ATS revenues expected to grow over 30% in 2025.
Net income for Q3 2025 surged to $144.0 million, primarily due to a $110.8 million preliminary bargain purchase gain from the Fab 25 acquisition.
Adjusted EBITDA reached $25.8 million, up 135% year-over-year, with margin expansion supported by one-time cost savings.
Advanced Packaging business is ramping with significant DOD funding and first ATS revenues expected in the second half of FY25.
Financial highlights
Q3 2025 consolidated revenue was $150.7 million, with gross margin at 24.0% GAAP and 24.6% non-GAAP.
Adjusted EBITDA was $25.8 million (17.1% margin), up from $11.0 million (11.7%) in Q3 2024.
Q3 2025 net income was $144.0 million, including a $110.8 million bargain purchase gain and a $27.5 million deferred tax benefit.
Q3 2025 EPS (diluted) was $2.95 GAAP and $0.24 non-GAAP.
Cash and cash equivalents at quarter-end were $30.9 million.
Outlook and guidance
Q4 2025 revenue is expected between $155 million and $165 million, with SkyWater Texas contributing $84–$88 million and legacy operations $71–$77 million.
Q4 gross margin guidance is 16.5%–20.0%, with adjusted EBITDA expected between $16–$22 million and non-GAAP EPS between $(0.08) and $0.04.
Baseline expectations for 2026 are at least $600 million in revenue and $60 million in adjusted EBITDA.
Management expects sufficient liquidity and compliance with covenants, supported by a $350 million revolving credit facility.
Federal and state incentive funding timelines remain uncertain due to government shutdowns.
Fab 25 bargain gain: What drives finalization?
Legacy SkyWater revenue growth strategy
Mitigating gov't budget delay impact on ATS
What attracts new Quantum customers to SkyWater
What makes 2026 outlook conservative
A&D funding outlook for next year
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Frequently asked questions
SkyWater Technology Inc is a semiconductor foundry offering custom manufacturing services for integrated circuits. The company serves sectors including aerospace, defense, automotive, and healthcare, providing advanced packaging, process development, and volume production. The company is headquartered in Bloomington, Minnesota, and its shares are listed on the NASDAQ.
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