SkyWater (SKYT) Q2 2026 earnings summary

Executive summary

• Revenue grew 165% year-over-year in Q2 2026 to $156.4M, driven by the Fab 25 acquisition and expansion in advanced compute markets.

• Net loss narrowed to $6.4M in Q2 2026 from $10.0M in Q2 2025, reflecting improved gross profit and operational leverage.

• The company was acquired by IonQ on July 31, 2026, resulting in delisting from Nasdaq and repayment of all outstanding revolving credit facility debt.

Financial highlights

• Q2 2026 revenue: $156.4M (Q2 2025: $59.1M); H1 2026 revenue: $317.1M (H1 2025: $120.4M).

• Q2 2026 gross profit: $35.2M (Q2 2025: $10.9M); H1 2026 gross profit: $67.4M (H1 2025: $25.2M).

• Q2 2026 net loss: $6.4M (Q2 2025: $10.0M); H1 2026 net loss: $18.7M (H1 2025: $17.3M).

• Adjusted EBITDA for Q2 2026: $28.7M (Q2 2025: $2.3M); H1 2026: $41.6M (H1 2025: $6.4M).

• Cash and cash equivalents at June 28, 2026: $12.6M; Revolver balance: $192.3M, with $50.0M available.

Outlook and guidance

• Management expects customer-funded capital investment to remain a key growth driver.

• The company anticipates sufficient liquidity for at least the next twelve months, supported by cash on hand and available credit.

• Ongoing expansion in advanced compute and modernization efforts at the Minnesota facility, with potential CHIPS Act funding pending.