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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.
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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