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.