SkyWater Technology Reports Strong Q1 2024 Financial Results

SkyWater Technology, a leading American semiconductor foundry, has announced its financial results for the first quarter of 2024, reporting strong revenue growth and improved profitability.

The company's Q1 revenue increased by 25% year-over-year to $150 million, driven by robust demand across its key markets, including automotive, industrial, and consumer electronics.

SkyWater's CEO, Thomas Sonderman, expressed satisfaction with the company's performance, stating, "Our Q1 results demonstrate the strength of our business model and the increasing demand for our advanced manufacturing capabilities . We continue to see robust progress in our primary markets, and our investments in pioneering technologies are generating results.

The company's gross margin improved to 35% in Q1 2024, up from 30% in the same period last year. This improvement was attributed to increased operational efficiency and a favourable product mix. SkyWater also reported a net income of $20 million, or $0.25 per diluted share, compared to a net income of $10 million, or $0.13 per diluted share, in Q1 2023.

Why this matters: SkyWater's strong financial performance highlights the growing demand for advanced semiconductor manufacturing in the United States. As the worldwide chip shortage continues, SkyWater's achievements highlight the significance of local semiconductor manufacturing in creating a dependable supply chain.

Looking ahead, SkyWater guided for the second quarter of 2024, projecting revenue in the range of $155 million to $165 million and gross margin between 35% and 37%. The company also reiterated its full-year 2024 revenue guidance of $600 million to $650 million.

CFO Steve Manko commented on the company's outlook, saying, "We are confident in our ability to deliver strong financial results throughout 2024. Our robust pipeline of new business opportunities and the increasing demand for our services position us well for continued growth and profitability."

SkyWater Technology's Q1 2024 financial results showcase the company's strong performance and the growing demand for its advanced semiconductor manufacturing services. With a positive outlook for the remainder of the year, SkyWater is well-positioned to capitalize on the expanding market opportunities in the semiconductor industry.

Key Takeaways

• SkyWater Technology reported 25% YoY revenue growth to $150M in Q1 2024.
• Gross margin improved to 35% in Q1 2024, up from 30% in Q1 2023.
• Net income increased to $20M ($0.25/share) in Q1 2024, up from $10M ($0.13/share) in Q1 2023.
• SkyWater provided Q2 2024 revenue guidance of $155M-$165M and gross margin of 35%-37%.
• SkyWater reiterated its full-year 2024 revenue guidance of $600M-$650M.