Summary by Futu AI
On August 7, 2024, SkyWater Technology, Inc. reported its financial results for the second quarter of 2024, which ended on June 30, 2024. The company announced a 34% increase in revenue year-over-year, reaching a record $93.3 million. However, gross margins declined to 18.3% on a GAAP basis and 18.9% on a non-GAAP basis, compared to 23.9% and 25.3% respectively in the second quarter of 2023. The net loss to shareholders was $1.9 million, or $0.04 per share on a GAAP basis, but on a non-GAAP basis, there was a net income to shareholders of $0.8 million, or $0.02 per share. Adjusted EBITDA was reported at $8.1 million, or 8.7% of revenue, a decrease from $10.3 million, or 14.7% of revenue in the same quarter of the previous year. CEO Thomas Sonderman highlighted the company's strong results in its Advanced Technology Services business and customer-funded CapEx, which contributed to the record revenue and positive non-GAAP EPS. The company also noted significant customer co-investment, positioning SkyWater as a CapEx-light semiconductor manufacturing partner with potential for gross margin expansion and earnings growth in the future.