SkyWater (SKYT) Q4 2025 earnings summary

Executive summary

• Fiscal 2025 revenue reached a record $442.1 million, up 29% year-over-year, driven by the Fab 25 acquisition and quantum computing momentum.

• Net income to shareholders was $118.9 million for FY2025, compared to a net loss of $6.8 million in FY2024, reflecting a significant turnaround.

• Adjusted EBITDA for FY2025 was $53.2 million, up 57% year-over-year.

• IonQ announced an agreement to acquire the company for $35.00 per share in a cash-and-stock deal, expected to close in Q2 or Q3 2026.

Financial highlights

• Q4 2025 consolidated revenue was $171.0 million, up 127% year-over-year and 13% sequentially.

• Q4 2025 GAAP gross profit was $25.6 million (14.9% margin), down from 25.6% margin in Q4 2024 due to higher costs in Florida operations.

• Q4 2025 GAAP net loss to shareholders was $7.8 million, or $(0.16) per diluted share.

• FY2025 GAAP gross profit was $86.9 million (19.7% margin), up from $69.6 million (20.3% margin) in FY2024.

• FY2025 non-GAAP net income to shareholders was $0.7 million, or $0.01 per diluted share.

Outlook and guidance

• The acquisition by IonQ is expected to close in the second or third quarter of 2026, pending shareholder and regulatory approvals.

• Management highlighted strong momentum in quantum computing and advanced packaging as growth drivers.