SkyWater Technology, Inc.
- Open
- 34.24
- Day high
- 35.25
- Day low
- 34.05
- Prev close
- 34.82
- Volume
- 442K
- Mkt cap
- $1.7B
- P/E (TTM)
- 14.9
- EPS (TTM)
- $2.36
- P/B
- 9.6
- P/S
- 3.2
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$5.2M over the last 3 months (0 open-market buys, 2 sales)
- 🏛Institutions accumulating (13F)
SkyWater Technology, Inc. (SKYT) is a Technology company listed on NASDAQ. The stock is up 250% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 2 sales (SEC Form 4).
SkyWater Technology, Inc. (SKYT) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 3 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
SKYT earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Feb 25, 2026 | $-0.01 | $-0.03 | -200.0% | $171M | +16.0% |
| Nov 5, 2025 | $-0.17 | $0.24 | +239.5% | $151M | +11.2% |
| May 7, 2025 | $-0.13 | $-0.08 | +38.5% | $61M | +0.4% |
| Feb 26, 2025 | $-0.06 | $0.04 | +166.7% | $75M | +13.6% |
| Nov 7, 2024 | $0.01 | $0.08 | +599.9% | $94M | +26.4% |
| May 8, 2024 | $-0.05 | $-0.08 | -60.0% | $80M | -0.5% |
| Feb 26, 2024 | $-0.11 | $-0.02 | +81.8% | $79M | +5.8% |
| Feb 13, 2023 | $-0.11 | $-0.03 | +72.7% | $65M | +7.4% |
| Aug 15, 2022 | $-0.34 | $-0.27 | +20.6% | $47M | +4.4% |
| May 3, 2022 | $-0.36 | $-0.33 | +8.3% | $48M | +16.9% |
| Feb 22, 2022 | $-0.34 | $-0.28 | +17.6% | $39M | +11.4% |
| Nov 2, 2021 | $-0.13 | $-0.29 | -123.1% | $35M | +1.1% |
SKYT insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 12, 2026 | Goetz Dennis Jdirector | Grant | 4,304 | — |
| Jun 12, 2026 | Daly Edwarddirector | Grant | 4,304 | — |
| Jun 12, 2026 | FARES NANCYdirector | Grant | 4,304 | — |
| Jun 12, 2026 | Baxter Timothy Edirector | Grant | 5,738 | — |
| Jun 12, 2026 | Miller Tammy Jdirector | Grant | 4,304 | — |
| Jun 12, 2026 | Humke Joseph Jdirector | Grant | 4,304 | — |
| Jun 12, 2026 | Unterseher Loren Adirector, 10 percent owner: | Grant | 4,304 | — |
| Jun 12, 2026 | LaFrence Andrew D.C.director | Grant | 4,304 | — |
| May 13, 2026 | Manko Steveofficer: CFO | Sell | 75,000 | $35.08 |
| Apr 23, 2026 | Hilberg Christopherofficer: Chief Risk & Compl. Officer | Tax | 217 | $9.23 |
| Apr 23, 2026 | Hilberg Christopherofficer: Chief Risk & Compl. Officer | Tax | 866 | $9.23 |
| Apr 16, 2026 | Manko Steveofficer: CFO | Option | 10,693 | $11.77 |
| Apr 16, 2026 | Manko Steveofficer: CFO | Sell | 84,215 | $30.41 |
| Apr 16, 2026 | Manko Steveofficer: CFO | Option | 9,215 | $10.03 |
| Apr 16, 2026 | Manko Steveofficer: CFO | Option | 11,000 | $11.24 |
Source: SKYT SEC Form 4 filings, latest Jun 12, 2026. For informational purposes only — not investment advice.
See the full SKYT insider & 13F page →SkyWater Technology, Inc. company profile
Overview
SkyWater Technology, Inc. (NASDAQ:SKYT) is a specialized semiconductor foundry company founded in 2017 and headquartered in Bloomington, Minnesota. The company emerged from Cypress Semiconductor's Minnesota operations and went public in April 2021. SkyWater operates as a pure-play foundry focused on serving customers who require specialized semiconductor technologies, particularly in aerospace and defense applications, rather than competing in the high-volume commercial semiconductor manufacturing market dominated by Asian foundries.
Business
SkyWater operates in the semiconductor foundry industry, which involves manufacturing integrated circuits designed by other companies. Unlike major foundries like Taiwan Semiconductor Manufacturing Company (TSMC) that focus on high-volume production of cutting-edge consumer electronics chips, SkyWater specializes in specialized and niche semiconductor technologies that require domestic manufacturing capabilities. The company operates through three main business segments: 1. Advanced Technology Services (ATS) - Approximately 60-70% of revenue: This segment provides engineering and process development services where SkyWater co-develops new semiconductor technologies with customers. Think of this as a research and development partnership where customers pay SkyWater to help create new chip designs and manufacturing processes. The ATS business is heavily weighted toward aerospace and defense applications, which now comprise over 50% of total company revenues. 2. Wafer Services - Approximately 20-30% of revenue: This is traditional foundry manufacturing where SkyWater produces finished semiconductor wafers based on established processes. The company manufactures various types of chips including analog and mixed-signal circuits (chips that process both digital and analog signals), power management chips, microelectromechanical systems (MEMS - tiny mechanical devices integrated with electronics), and radiation-hardened (rad-hard) circuits designed to operate in harsh environments like space. 3. Tools Revenue - Variable, project-based: This represents sales of manufacturing equipment to customers, often as part of larger development programs where customers fund specific tooling investments. The semiconductor foundry industry serves as the manufacturing backbone for companies that design chips but don't own their own fabrication facilities (known as "fabless" semiconductor companies). SkyWater's focus on specialized applications differentiates it from mainstream foundries that compete primarily on cost and leading-edge process technology.
Revenue model
SkyWater generates revenue through multiple complementary business models that leverage its specialized manufacturing capabilities and engineering expertise. The Advanced Technology Services (ATS) model functions as a paid research and development partnership where customers fund SkyWater to co-develop new semiconductor technologies and manufacturing processes. Customers pay development fees during the technology creation phase, and SkyWater retains the ability to offer these newly developed technologies to other customers or transition them into its Wafer Services production model. This creates a dual revenue stream - immediate development revenue plus potential future manufacturing revenue. The Wafer Services model operates as traditional contract manufacturing where customers pay per wafer produced. SkyWater manufactures finished semiconductor wafers according to customer specifications and established processes. Pricing is typically based on wafer complexity, process requirements, and volume commitments. Tools revenue comes from selling manufacturing equipment to customers, often as part of larger development programs where customers fund specific capital investments to enable new capabilities. Several factors significantly impact SkyWater's margins and profitability. Government budget cycles and defense spending priorities directly affect the company's largest revenue segment, as aerospace and defense programs comprise over 50% of revenues. Fab utilization rates critically impact profitability since semiconductor manufacturing involves high fixed costs - higher utilization spreads these costs across more units, improving margins. The company's specialized focus on lower-volume, higher-complexity applications typically commands premium pricing compared to commodity semiconductor manufacturing. However, this also means SkyWater is more vulnerable to program delays or cancellations. The ongoing emphasis on domestic semiconductor manufacturing and supply chain security, reinforced by legislation like the CHIPS Act, creates favorable conditions for U.S.-based foundries like SkyWater. Conversely, potential changes in government priorities or budget constraints could negatively impact the company's core markets.
Competitive moat
SkyWater's competitive moat is moderate but defensible, built primarily around its specialized capabilities in niche semiconductor applications rather than traditional scale advantages. The company's strongest moat elements include its established relationships with aerospace and defense customers, where switching costs are high due to lengthy qualification processes and security clearance requirements. The specialized nature of technologies like radiation-hardened circuits and quantum computing applications creates technical barriers to entry, as these require specific expertise and equipment that competitors cannot easily replicate. The company benefits from the growing emphasis on semiconductor sovereignty and domestic manufacturing capabilities, particularly for defense and critical infrastructure applications. This trend, supported by government policies like the CHIPS Act, provides SkyWater with a structural advantage over foreign competitors for sensitive applications. However, SkyWater's moat faces several limitations. The company operates in a capital-intensive industry where larger competitors with deeper pockets can potentially outspend on technology development and capacity expansion. The recent acquisition of Infineon's Fab 25 demonstrates both the opportunity and challenge - while it significantly expands capabilities, it also shows how quickly the competitive landscape can shift through acquisitions and capacity additions. The primary competitive threats come from larger foundries that might decide to compete more aggressively in specialized markets, and from customers potentially bringing manufacturing in-house for their most critical applications. Additionally, as some of SkyWater's niche markets grow larger, they may attract more well-funded competitors. The company's moat is best described as a "local champion" position in specialized applications rather than an insurmountable competitive barrier.
Risks & safety
SkyWater presents a moderate margin of safety with manageable financial risk but limited financial cushion. • Liquidity and Solvency: Cash position of $51.2 million as of Q1 2025, down from prior periods but supported by positive free cash flow of $41.2 million in Q1. Current ratio of 1.18 indicates adequate short-term liquidity. Debt-to-equity ratio of 0.09 shows minimal debt burden. • Profitability Trends: Company achieved near-breakeven results in recent quarters after losses in 2022-2023. Q1 2025 showed negative $6.2 million net income but positive operating cash flow, indicating operational improvements. • Valuation Metrics: Trading at 6.3x book value with negative P/E due to recent losses. EV/EBITDA of -18.2x reflects negative EBITDA in Q1 2025, though company has shown ability to generate positive EBITDA in stronger quarters. • Other Considerations: Revenue concentration in government/defense programs creates both stability and risk. The pending Infineon Fab 25 acquisition will significantly change the company's scale and risk profile. Customer-funded capital expenditures reduce financial risk compared to self-funded expansion.
Recent development
Over the past few years, SkyWater has undergone significant strategic transformation focused on specialization and domestic manufacturing capabilities. The company completed a major business restructuring in 2023, reducing workforce by approximately 10% while refocusing on higher-value aerospace and defense applications, which now represent over 50% of revenues compared to a more balanced mix previously. The most significant recent development is the acquisition of Infineon's Fab 25 in Austin, Texas, announced in late 2024. This $80 million acquisition will add approximately $300 million in annual Wafer Services revenue and double the company's U.S. workforce, fundamentally changing SkyWater's scale and capabilities. The acquisition includes a four-year supply agreement with Infineon and brings advanced 65-nanometer manufacturing capabilities. SkyWater has also launched several new technology platforms, including ThermaView Solutions for thermal imaging applications targeting a $9 billion addressable market across defense, automotive, and medical device sectors. The company has made significant investments in quantum computing technologies through partnerships with D-Wave and Si-Quantum, with quantum computing now representing approximately 90% of its Advanced Compute segment. The company has expanded its advanced packaging capabilities with a new facility in Florida, securing $120 million in customer funding for advanced packaging tools and capabilities. This positions SkyWater to serve the growing demand for heterogeneous integration and advanced chip packaging technologies. Additionally, SkyWater has strengthened its position in radiation-hardened semiconductor technologies through continued development of rad-hard processes for space and defense applications, with qualification processes ongoing and aligned with the Department of Defense's foundry model transition.
SKYT company profile · for informational purposes only — not investment advice.
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