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SkyWater (SKYT) investor relations material

SkyWater Piper Sandler 4th Annual Growth Frontiers Conference summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Piper Sandler 4th Annual Growth Frontiers Conference summary11 Sep, 2025

ATS business model and growth drivers

  • ATS enables customers to fund technology development, reducing upfront risk and supporting a high-margin, CapEx-light model.

  • Customers co-invest in non-recurring engineering and equipment, sharing risk and ensuring commitment.

  • ATS has become a key growth engine, with development programs transitioning into higher-margin wafer services.

  • Customer-funded CapEx model has driven over $350M in outside investment, supporting capacity expansion and modernization.

  • Advanced packaging and heterogeneous integration are core offerings, especially for quantum and complex chip solutions.

Key strategic developments

  • Completed acquisition of Fab 25, adding over $300M in annual revenue and expanding U.S. 200mm foundry market share to 17%.

  • Fab 25 acquisition expected to double revenue scale and adjusted EBITDA, with a multi-year supply agreement exceeding $1B.

  • Strategic focus on U.S. semiconductor sovereignty, supply chain security, and next-generation technology platforms.

  • Advanced packaging and quantum manufacturing platforms are ramping, targeting defense, AI, and medical markets.

  • ThermaView platform gaining traction in the $9B thermal imaging market, especially with defense customers.

Financial performance and outlook

  • Q2 2025 revenue was $59.1M, at the upper end of guidance, with ATS development revenue as the main driver.

  • Non-GAAP gross margin for Q2 2025 was 19.5%, exceeding expectations; adjusted EBITDA was $2.3M.

  • Q3 2025 guidance: total revenue $133M +/- $5M, with Fab 25 expected to contribute $75M-$80M.

  • Annualized baseline outlook for 2026: revenue over $600M and adjusted EBITDA above $60M.

  • Ongoing close management of operating expenses, with full-year non-GAAP OpEx expected to rise ~5% organically.

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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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