SkyWater Technology, a U.S.-based independent technology foundry, reported a significant increase in revenue for the second quarter of 2024, with a 34% rise to $93.3 million compared to $69.8 million in the same period of 2023. The company's net loss decreased substantially, showing an 85% improvement from a loss of $6.524 million in Q2 2023 to a loss of $955,000 in Q2 2024. The first six months of 2024 also saw a positive trend, with revenue climbing 27% to $172.965 million from $135.905 million in the first half of 2023, and net loss improving by 45% year-on-year. The improved financial performance is attributed to increased revenue from Advanced Technology Services (ATS) development and tools revenue, despite a decrease in wafer services revenue due to higher inventory levels and softening demand in end markets...Show More

SkyWater Technology, a U.S.-based independent technology foundry, reported a significant increase in revenue for the second quarter of 2024, with a 34% rise to $93.3 million compared to $69.8 million in the same period of 2023. The company's net loss decreased substantially, showing an 85% improvement from a loss of $6.524 million in Q2 2023 to a loss of $955,000 in Q2 2024. The first six months of 2024 also saw a positive trend, with revenue climbing 27% to $172.965 million from $135.905 million in the first half of 2023, and net loss improving by 45% year-on-year. The improved financial performance is attributed to increased revenue from Advanced Technology Services (ATS) development and tools revenue, despite a decrease in wafer services revenue due to higher inventory levels and softening demand in end markets. SkyWater's business development has been robust, with a focus on co-developing process technology intellectual property with customers and offering semiconductor development and manufacturing services. The company's Technology-as-a-Service model and U.S. Department of Defense Trusted Accreditation position it advantageously in the market. SkyWater serves diverse high-growth markets, including advanced compute, aerospace and defense, automotive, bio-health, and industrial sectors. Looking ahead, SkyWater has submitted an application for funding through the CHIPS and Science Act to modernize and upgrade equipment at its Minnesota facility. The company anticipates customer-funded capital investment to be a key driver of future growth, and it continues to focus on differentiated technology development services and volume production of integrated circuits for high-growth markets.