SKYT · Skywater Technology, Inc - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $160.69M | - | $150.74M | $59.06M | $61.30M | - | $93.82M | $93.33M | $79.64M | - |
| Cost of Revenue | $128.53M | - | $114.52M | $48.16M | $47.04M | - | $73.58M | $76.22M | $66.66M | - |
| Gross Profit | $32.15M | - | $36.22M | $10.90M | $14.26M | - | $20.23M | $17.11M | $12.98M | - |
| R&D | $5.00M | - | $4.37M | $3.37M | $3.25M | - | $3.43M | $3.38M | $4.01M | - |
| SG&A | $32.43M | - | $24.00M | $14.01M | $15.03M | - | $12.10M | $12.33M | $11.17M | - |
| Total Operating Expenses | - | - | - | - | - | - | - | - | - | - |
| D&A | $14.20M | - | $55.0K | $3.97M | $4.50M | - | $3.84M | $3.70M | $5.07M | - |
| Operating Income | ($5.28M) | - | $7.85M | ($6.48M) | ($4.02M) | - | $4.71M | $1.40M | ($2.20M) | - |
| Interest Expense | $6.16M | - | $5.32M | $1.64M | $1.81M | - | $1.99M | $2.95M | $2.39M | - |
| Income Tax | ($284.0K) | - | ($31.83M) | $742.0K | $384.0K | - | $93.0K | ($127.0K) | $41.0K | - |
| Net Income | ($12.31M) | - | $144.01M | ($9.98M) | ($7.34M) | - | $1.51M | ($1.90M) | ($5.73M) | - |
| EPS - Basic | ($0.25) | - | $2.98 | ($0.21) | ($0.15) | - | $0.03 | ($0.04) | ($0.12) | - |
| EPS - Diluted | ($0.25) | - | $2.95 | ($0.21) | ($0.15) | - | $0.03 | ($0.04) | ($0.12) | - |
Balance Sheet
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $22.23M | $23.22M | $30.89M | $49.37M | $51.23M | $18.84M | $20.68M | $18.36M | $20.00M | $18.38M |
| Accounts Receivable | $89.19M | $100.08M | $85.06M | $32.02M | $39.11M | $54.33M | $60.56M | $52.24M | $57.90M | $65.96M |
| Inventory | $25.58M | $24.60M | $20.30M | $13.38M | $14.22M | $14.54M | $14.43M | $14.61M | $15.56M | $15.34M |
| Accounts Payable | $59.71M | $34.87M | $51.34M | $15.35M | $11.69M | $29.59M | $30.22M | $18.98M | $25.92M | $19.61M |
| Current Assets | $182.08M | $193.20M | $238.63M | $155.94M | $150.35M | $132.08M | $139.98M | $120.67M | $142.99M | $146.38M |
| Total Assets | $732.90M | $733.91M | $787.03M | $334.69M | $326.76M | $313.77M | $315.08M | $290.42M | $312.28M | $316.76M |
| Current Liabilities | $354.13M | $324.02M | $355.87M | $147.60M | $127.32M | $154.33M | $160.04M | $133.92M | $148.78M | $144.20M |
| Long-term Debt | $32.33M | $32.94M | $34.26M | $35.32M | $33.69M | $34.70M | $36.18M | $37.41M | $35.66M | $36.10M |
| Total Liabilities | $545.05M | $538.10M | $587.28M | $282.73M | $267.33M | $250.28M | $246.53M | $233.59M | $252.88M | $256.06M |
| Stockholders' Equity | $180.22M | $187.82M | $192.81M | $45.24M | $53.41M | $57.61M | $56.16M | $51.46M | $51.34M | $53.74M |
| Retained Earnings | ($27.36M) | ($15.06M) | ($7.28M) | ($149.32M) | ($139.34M) | ($132.00M) | ($131.32M) | ($132.83M) | ($130.93M) | ($125.20M) |
Cash Flow
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $27.90M | - | - | - | $55.97M | - | - | - | ($3.92M) | - |
| Investing Cash Flow | ($10.10M) | - | - | - | ($15.18M) | - | - | - | ($2.07M) | - |
| Financing Cash Flow | ($18.79M) | - | - | - | ($8.39M) | - | - | - | $7.61M | - |
| CapEx | $9.05M | - | - | - | $14.77M | - | - | - | $1.26M | - |
| Free Cash Flow | $18.85M | - | - | - | $41.20M | - | - | - | ($5.18M) | - |
Ratios
| Metric | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Profitability | ||||||||||
| Gross margin | 20.0% | - | 24.0% | 18.5% | 23.3% | - | 21.6% | 18.3% | 16.3% | - |
| Operating margin | -3.3% | - | 5.2% | -11.0% | -6.6% | - | 5.0% | 1.5% | -2.8% | - |
| EBITDA margin | 5.6% | - | 5.2% | -4.2% | 0.8% | - | 9.1% | 5.5% | 3.6% | - |
| Net margin | -7.7% | - | 95.5% | -16.9% | -12.0% | - | 1.6% | -2.0% | -7.2% | - |
| Free cash flow margin | 11.7% | - | - | - | 67.2% | - | - | - | -6.5% | - |
| FCF / Net income | -1.53 | - | - | - | -5.61 | - | - | - | 0.90 | - |
| R&D / Revenue | 3.1% | - | 2.9% | 5.7% | 5.3% | - | 3.7% | 3.6% | 5.0% | - |
| SG&A / Revenue | 20.2% | - | 15.9% | 23.7% | 24.5% | - | 12.9% | 13.2% | 14.0% | - |
| Effective tax rate | - | - | -28.4% | - | - | - | 5.8% | - | - | - |
| Return on assets | -1.7% | - | 18.3% | -3.0% | -2.2% | - | 0.5% | -0.7% | -1.8% | - |
| Return on equity | -6.8% | - | 74.7% | -22.1% | -13.8% | - | 2.7% | -3.7% | -11.2% | - |
| Return on invested capital | -2.0% | - | 3.5% | -6.4% | -3.6% | - | 4.8% | 1.2% | -2.0% | - |
| Liquidity | ||||||||||
| Current ratio | 0.51 | 0.60 | 0.67 | 1.06 | 1.18 | 0.86 | 0.87 | 0.90 | 0.96 | 1.02 |
| Quick ratio | 0.44 | 0.52 | 0.61 | 0.97 | 1.07 | 0.76 | 0.78 | 0.79 | 0.86 | 0.91 |
| Cash ratio | 0.06 | 0.07 | 0.09 | 0.33 | 0.40 | 0.12 | 0.13 | 0.14 | 0.13 | 0.13 |
| Leverage | ||||||||||
| Debt / Equity | 0.18 | 0.18 | 0.18 | 0.78 | 0.63 | 0.60 | 0.64 | 0.73 | 0.69 | 0.67 |
| Debt / Assets | 0.04 | 0.04 | 0.04 | 0.11 | 0.10 | 0.11 | 0.11 | 0.13 | 0.11 | 0.11 |
| Debt / EBITDA | 3.62 | - | 4.33 | - | 69.76 | - | 4.23 | 7.33 | 12.45 | - |
| Interest coverage | -0.9x | - | 1.5x | -4.0x | -2.2x | - | 2.4x | 0.5x | -0.9x | - |
| Equity multiplier | 4.07 | 3.91 | 4.08 | 7.40 | 6.12 | 5.45 | 5.61 | 5.64 | 6.08 | 5.89 |
| Liabilities / Assets | 0.74 | 0.73 | 0.75 | 0.84 | 0.82 | 0.80 | 0.78 | 0.80 | 0.81 | 0.81 |
| Efficiency | ||||||||||
| Asset turnover | 0.22 | - | 0.19 | 0.18 | 0.19 | - | 0.30 | 0.32 | 0.26 | - |
| Inventory turnover | 5.03 | - | 5.64 | 3.60 | 3.31 | - | 5.10 | 5.22 | 4.28 | - |
| Days sales outstanding | 203d | - | 206d | 198d | 233d | - | 236d | 204d | 265d | - |
| Days inventory outstanding | 73d | - | 65d | 101d | 110d | - | 72d | 70d | 85d | - |
| Days payable outstanding | 170d | - | 164d | 116d | 91d | - | 150d | 91d | 142d | - |
| Cash conversion cycle | 106d | - | 107d | 183d | 253d | - | 157d | 183d | 209d | - |
| Valuation | ||||||||||
| P / E | - | - | 6.1x | - | - | - | 301.3x | - | - | - |
| P / B | 7.3x | - | 4.6x | 10.5x | 6.3x | - | 7.7x | 7.0x | 9.3x | - |
| P / S | 8.2x | - | 5.8x | 8.1x | 5.5x | - | 4.6x | 3.9x | 6.0x | - |
| EV / EBITDA | 148.7x | - | 111.9x | - | 662.2x | - | 52.2x | 74.8x | 172.7x | - |
| Growth | ||||||||||
| Revenue growth (YoY) | 162.1% | - | 60.7% | -36.7% | -23.0% | - | 31.0% | 33.7% | 20.5% | - |
| Revenue CAGR (3y) | 34.5% | - | 42.3% | 7.6% | 8.4% | - | 41.7% | 31.3% | 29.2% | - |
| Revenue CAGR (5y) | 34.2% | - | - | - | - | - | - | - | - | - |
| Gross profit growth (YoY) | 125.5% | - | 79.0% | -36.3% | 9.8% | - | 43.0% | 2.7% | -21.2% | - |
| Operating income growth (YoY) | -31.2% | - | 66.8% | - | -82.7% | - | - | - | -101.0% | - |
| Net income growth (YoY) | -67.6% | - | 9424.7% | -426.0% | -28.2% | - | - | 77.9% | -34.1% | - |
| EPS growth (YoY) | -66.7% | - | 9733.3% | -425.0% | -25.0% | - | - | 78.9% | -20.0% | - |
| EPS CAGR (3y) | - | - | - | - | - | - | - | - | - | - |
| EPS CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| FCF growth (YoY) | -54.2% | - | - | - | - | - | - | - | 62.8% | - |
| FCF CAGR (5y) | -16.1% | - | - | - | - | - | - | - | - | - |
| Book value growth (YoY) | 237.5% | 226.0% | 243.3% | -12.1% | 4.0% | 7.2% | -10.7% | -13.3% | -9.1% | - |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-28.
Business segments
$442.14M totalLegacy Sky Water$266.85M · 60.4%
Sky Water Texas$175.29M · 39.6%
Product / service
$1.07B totalAdvanced Technology Service Development And Wafer Services$413.28M · 38.7%
Advanced Technology Services Development$212.50M · 19.9%
Wafer Services$200.78M · 18.8%
Advanced Technology Services Time And Materials And Cost Plus Fixed Fee Contracts$140.86M · 13.2%
Advanced Technology Services Fixed Price$69.69M · 6.5%
Tool$28.86M · 2.7%
Advanced Technology Services Other$1.94M · 0.2%
Geographic
$442.14M totalUS$420.97M · 95.2%
GB$13.14M · 3.0%
All Other Countries$6.18M · 1.4%
CA$1.16M · 0.3%
HK$675.0K · 0.2%
Peer comparison
Same SIC group: Semiconductors & Related Devices
Comparing SkyWater Technology against the 5 most active filers in the same SIC group.