SkyWater Technology, LLC (SKYT)

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SkyWater Technology, LLC

SKYT • CIK 0001819974

(in thousands, except per share data)	FY 2023	FY 2024	FY 2025	TTM
Revenues	$286,682	$342,269	$442,139	$638,843
Cost of Revenue	$227,390	$272,643	$355,211	$509,708
Gross Profit	$59,292	$69,626	$86,928	$129,135
Research and Development Expense	$10,169	$15,040	$14,621	$18,656
Selling, General and Administrative Expense	$63,911	$48,026	$74,883	$105,922
Operating Income (Loss)	$-14,788	$6,560	$-2,576	$4,557
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest	$-25,614	$-2,277	$95,457	$92,832
Income Tax Expense (Benefit)	$-521	$240	$-27,989	$-29,377
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	$-25,093	$-2,517	$123,446	$122,209
Net Income (Loss) Attributable to Noncontrolling Interest	$5,663	$4,276	$4,536	$4,662
Net Income (Loss) Attributable to Parent	$-30,756	$-6,793	$118,910	$117,547
Weighted Average Number of Shares Outstanding, Basic	45,506,598	47,396,000	48,182,000	49,249,000
Weighted Average Number of Shares Outstanding, Diluted	45,506,598	47,396,000	48,708,000	49,775,000
Business Combination, Bargain Purchase, Gain Recognized, Amount	—	—	$111,746	$111,746
InterestExpenseNonoperating	—	$8,837	$13,713	$23,471
Nonoperating Income (Expense)	$-10,826	$-8,837	$98,033	$88,275

(in thousands, except per share data)	FY 2023	FY 2024	FY 2025	TTM
Cash and Cash Equivalents, at Carrying Value	$18,382	$18,844	$23,224	$12,582
Accounts Receivable, after Allowance for Credit Loss, Current	$65,961	$54,332	$100,083	$92,742
Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, after Accumulated Depreciation and Amortization	$159,367	$165,431	$511,720	$498,084
Contract with Customer, Asset, after Allowance for Credit Loss, Current	$29,666	$20,890	$18,020	$30,694
Finite-Lived Intangible Assets, Net	$5,672	$7,779	$9,168	$13,671
Inventory, Net	$15,341	$14,535	$24,600	$26,232
Other Assets, Noncurrent	$5,342	$8,488	$19,823	$30,996
Prepaid Expense and Other Assets, Current	$16,853	$23,476	$27,269	$17,465
Assets	$316,756	$313,775	$733,907	$722,466
Assets, Current	$146,375	$132,077	$193,196	$179,715
Liabilities	$256,055	$250,285	$538,095	$536,672
Long-term Debt, Current Maturities	$3,976	$5,073	$5,940	$9,783
Accounts Payable, Current	$19,614	$29,590	$34,871	$36,281
Accrued Liabilities, Current	$48,291	$36,829	$56,612	$64,443
Short-term Debt	$22,765	$27,669	$184,402	$182,496
Deferred Revenue, Current	$49,551	$55,166	$42,195	$24,868
Liabilities, Current	$144,197	$154,327	$324,020	$318,047
Long-term Debt, Excluding Current Maturities	$36,098	$34,704	$32,939	$61,066
Deferred Revenue, Noncurrent	$65,754	$51,901	$149,470	$124,946
Deferred Income Tax Liabilities, Net	$679	$632	$6,369	$5,660
Other Liabilities, Noncurrent	$9,327	$8,721	$25,297	$26,953
Liabilities, Noncurrent	$111,858	$95,958	$214,075	$218,625
Preferred Stock, Value, Issued	$0	$0	$0	$0
Common Stock, Value, Issued	$470	$478	$489	$497
Additional Paid in Capital	$178,473	$189,132	$202,386	$210,592
Retained Earnings (Accumulated Deficit)	$-125,203	$-131,996	$-15,056	$-33,742
Stockholders' Equity Attributable to Parent	$53,740	$57,614	$187,819	$177,347
Stockholders' Equity Attributable to Noncontrolling Interest	$6,961	$5,876	$7,993	$8,447
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	$60,701	$63,490	$195,812	$185,794
Accounts Receivable, Allowance for Credit Loss, Current	$180	$398	$80	$16
Contract with Customer, Asset, Allowance for Credit Loss, Current	—	$42	$26	$2
Preferred Stock, Shares Authorized	80,000,000	80,000,000	80,000,000	80,000,000
Preferred Stock, Shares Issued	0	0	0	0
Common Stock, Shares Authorized	200,000,000	200,000,000	200,000,000	200,000,000
Common Stock, Shares, Issued	47,028,159	47,704,000	48,608,000	48,176,000
Accounts Receivable, Credit Loss Expense (Reversal)	$146	$218	$301	$0
Accounts Receivable, Allowance for Credit Loss, Writeoff	$1,772	$0	$619	$64
Inventory, Raw Materials, Net of Reserves	$4,775	$3,218	$2,064	$1,481
Inventory, Work in Process, Net of Reserves	$19	$981	$0	$83
Inventory, Parts and Components, Net of Reserves	$10,547	$10,222	$22,536	$24,668
Inventory, Finished Goods, Net of Reserves	—	$114	$0	$0
Inventory, Noncurrent	—	$4,747	$9,370	$10,300
Prepaid Expense, Current	$2,663	$3,984	$5,307	$6,186
Deferred Costs, Current	$1,453	$1,253	$1,459	$2,203
Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, before Accumulated Depreciation and Amortization	$297,134	—	—	$297,134
Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, Accumulated Depreciation and Amortization	$137,767	—	—	$137,767
Finance Lease, Right-of-Use Asset, before Accumulated Amortization	$13,332	$10,805	$29,651	$28,683
Finance Lease, Right-of-Use Asset, Accumulated Amortization	$3,976	$2,398	$3,974	$3,895
Depreciation	$27,123	$16,769	$33,374	$26,466
Finite-Lived Intangible Assets, Accumulated Amortization	$6,476	—	—	$6,476
Finite-Lived Intangible Asset, Expected Amortization, Year One	$1,269	—	—	$1,269
Finite-Lived Intangible Asset, Expected Amortization, Year Two	$1,068	—	—	$1,068
Finite-Lived Intangible Asset, Expected Amortization, Year Three	$758	—	—	$758
Finite-Lived Intangible Asset, Expected Amortization, Year Four	$367	—	—	$367
Finite-Lived Intangible Asset, Expected Amortization, after Year Five	$1,843	—	—	$1,843
Operating Lease, Right-of-Use Asset	$96	$49	$0	$262
Other Assets, Miscellaneous, Noncurrent	$1,953	$492	$223	$1,085
Employee-related Liabilities, Current	$10,947	$6,392	$11,248	$25,675
Accrued Sales Commission, Current	$488	$473	$390	$320
Accrued Royalties, Current	$3,122	$447	$1,815	$477
Operating Lease, Liability, Current	$48	$52	$0	$37
Finance Lease, Liability, Current	$645	$608	$2,203	$2,280
Product Warranty Accrual, Current	—	$3,752	$1,131	$536
Accrued Utilities, Current	—	$1,934	$1,208	$1,296
Other Accrued Liabilities, Current	$21,116	$5,837	$7,249	$4,129
Standard Product Warranty Accrual	—	—	$1,131	$536
Standard Product Warranty Accrual, Increase (Decrease) for Preexisting Warranties	—	—	$419	$594
Finance Lease, Liability, Noncurrent	$9,275	$8,652	$24,859	$25,916
Operating Lease, Liability, Noncurrent	$52	$0	$369	$219
Accumulated Deferred Investment Tax Credit	—	$69	$69	$69
Finance Lease, Right-of-Use Asset, after Accumulated Amortization	$9,356	$8,443	$25,677	$25,677
Operating Lease, Liability	$100	$52	$0	$0
Finance Lease, Liability	$9,920	$9,260	$27,062	$27,062
Deferred Revenue	—	$107,067	$191,665	$149,814

(in thousands, except per share data)	FY 2023	FY 2024	FY 2025	TTM
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	$-25,093	$-2,517	$123,446	$122,209
Net Cash Provided by (Used in) Operating Activities	$10,081	$18,460	$-28,966	$-69,707
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect	$-11,643	$462	$4,380	$-36,791
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	$18,382	$18,844	$23,224	$-5,778
Business Combination, Bargain Purchase, Gain Recognized, Amount	—	—	$111,746	$111,746
Payments to Acquire Intangible Assets	$1,871	$3,319	$2,871	$6,805
Proceeds from Sale of Property, Plant, and Equipment	$0	$55	$628	$628
Depreciation, Depletion and Amortization	$28,930	$18,693	$35,670	$56,204
Payments to Acquire Property, Plant, and Equipment	$8,618	$7,941	$24,335	$25,438
Payments to Acquire Businesses, Gross	—	—	$86,466	$86,466
Share-based Payment Arrangement, Noncash Expense	$6,860	$8,168	$9,422	$10,883
Net Cash Provided by (Used in) Investing Activities	$-10,489	$-11,205	$-113,044	$-118,081
Amortization of Debt Issuance Costs	$1,755	$1,676	$1,885	$2,804
Deferred Income Taxes and Tax Credits	$-560	$-47	$-27,882	$-28,653
Financing Receivable, Credit Loss, Expense (Reversal)	$38	$203	$447	$-68
Gain (Loss) on Disposition of Property Plant Equipment	$0	$55	$388	$388
Proceeds from Lines of Credit	$259,350	$346,500	$588,650	$684,184
Repayments of Lines of Credit	$297,649	$342,329	$431,112	$531,933
Repayments of Debt	$2,356	$4,834	$5,841	$8,228
Payments of Debt Issuance Costs	$0	$0	$10,098	$10,098
Finance Lease, Principal Payments	$935	$646	$1,232	$2,071
Proceeds, Issuance of Shares, Share-based Payment Arrangement, Excluding Option Exercised	$2,305	$2,499	$3,843	$5,651
Proceeds from Noncontrolling Interests	—	$260	$625	$-1
Payments to Noncontrolling Interests	—	$5,621	$3,044	$2,944
Net Cash Provided by (Used in) Financing Activities	$-11,235	$-6,794	$146,390	$150,997
Capital Expenditures Incurred but Not yet Paid	$175	$16,067	$10,408	$12,370
Increase (Decrease) in Inventories	$1,944	$-805	$-1,046	$1,737
Increase (Decrease) in Prepaid Expense and Other Assets	$8,218	$9,595	$11,181	$-6,116
Increase (Decrease) in Accounts Payable and Accrued Liabilities	—	$-10,387	$7,169	$48,835
Increase (Decrease) in Contract with Customer, Liability	$19,152	$-8,237	$-17,493	$-86,729
Interest Paid, Excluding Capitalized Interest, Operating Activities	$8,762	$6,548	$10,187	$16,828
Income Taxes Paid, Net	$6	$112	$27	$-3

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Import this data to Google Sheets with:

=jivedata("SKYT","financials")

Full statements spill as a table. For one cell: =jivedata("SKYT","Revenue") or =jivedata("SKYT","Revenue","TTM"). Install the Jive Data add-on, then paste into a cell.