SkyWater Technology Reports First Quarter 2024 Results

Seventh Straight Quarter of Record Revenue and 20% Growth Year-Over-Year

BLOOMINGTON, Minn. - May 8, 2024 - SkyWater Technology (NASDAQ: SKYT), the trusted technology realization partner, today announced financial results for the first quarter 2024 ended March 31, 2024.

Financial Highlights for Q1 2024:

• Revenue increased 20% year-over-year to a record $79.6 million.
• Gross margin decreased to 16.3% on a GAAP basis, compared to 24.9% in Q1 2023, and decreased to 16.9% on a non-GAAP basis, compared to 25.7% in Q1 2023.
• Net loss to shareholders of $5.7 million, or $0.12 per share on a GAAP basis, and net loss to shareholders of $3.7 million, or $0.08 per share on a non-GAAP basis, compared to net loss to shareholders of $4.3 million, or $0.10 per share on a GAAP basis, and net loss to shareholders of $2.4 million, or $0.06 per share on a non-GAAP basis in Q1 2023.
• Adjusted EBITDA of $4.9 million, or 6.2% of revenue, compared to $8.1 million, or 12.3% of revenue in Q1 2023.
• View the results on SkyWater Technology's Investor Relations page: https://ir.skywatertechnology.com

SkyWater Investor Contact: Claire McAdams | [email protected]
SkyWater Media Contact: Lauri Julian | [email protected]