Press Releases

BLOOMINGTON, Minn.–(BUSINESS WIRE)–SkyWater Technology (NASDAQ: SKYT), the trusted technology realization partner, today announced that it will report its fiscal first quarter 2025 financial results following the close of the market on Wednesday, May 7, 2025. The same afternoon, management will host a webcast to discuss its business and financial results.

SkyWater Technology Fiscal First Quarter 2025 Earnings Webcast
When: Wednesday, May 7, 2025
Time: 3:30 p.m. CDT (4:30 p.m. EDT)
Live Webcast: available at https://ir.skywatertechnology.com or directly at https://events.q4inc.com/attendee/683324804.

An archived webcast will be available on SkyWater Technology’s Investor Relations page: https://ir.skywatertechnology.com.

About SkyWater Technology

SkyWater (NASDAQ: SKYT) is a U.S.-based semiconductor manufacturer and a DMEA-accredited Category 1A Trusted Supplier. SkyWater’s Technology as a Service model streamlines the path to production for customers with development services, high-volume production and heterogeneous integration solutions in its U.S. facilities. This pioneering model enables innovators to co-create the next wave of technology within diverse categories including mixed-signal CMOS, read-out ICs, rad-hard ICs, MEMS, superconducting ICs, photonics and advanced packaging. SkyWater serves the growing markets of aerospace & defense, automotive, biomedical, industrial and quantum computing. For more information, visit: www.skywatertechnology.com.

Contacts
SkyWater Investor Contact: Claire McAdams | claire@headgatepartners.com
SkyWater Media Contact: media@skywatertechnology.com

Seasoned financial and technology executives join board to support ongoing business momentum and help drive SkyWater’s next phase of growth

Gary Obermiller to retire as board chair; Timothy Baxter poised to become chair pending results of election at SkyWater’s Annual Meeting

BLOOMINGTON, Minn., April 1, 2025 – SkyWater Technology (NASDAQ: SKYT), the trusted technology realization partner, today announced the appointment of three accomplished professionals to its board of directors: Timothy E. Baxter, Tammy J. Miller and Andrew D.C. LaFrence, effective March 31, 2025. These distinguished leaders bring a wealth of knowledge and experience that will help shape the company’s strategic direction and drive its continued growth. Mr. Baxter and Mr. LaFrence will serve on the Board’s Audit Committee and Ms. Miller will serve on the Audit and Compensation Committees. Gary Obermiller, who has served as SkyWater’s chair since the company’s founding in 2017, will be retiring from SkyWater’s Board upon the conclusion of the Annual Meeting on May 21, 2025. Timothy Baxter, pending the results of the Annual Meeting, will become the new board chair.

Regarding this transition, Mr. Obermiller said, “For the past eight years, I have been honored to serve as SkyWater’s chair; it has been an incredible journey to help build and grow the company. I’m immensely proud of what we’ve accomplished together and grateful to the talented teams who made it all possible. As I retire from this position, I do so with full confidence in the company’s continued success, the strength of its board and new chair, and the leadership moving forward.”

Timothy E. Baxter
Mr. Baxter is well-qualified to serve as chair of SkyWater’s board due to his multiple board positions, including serving as director of Breville Holdings Ltd.; lead outside director of First Orion Corp.; chair of Alliance Mobile; and chair of VueReal Inc. He has also served on the Board of Trustees for Roger Williams University (four years as chair). Mr. Baxter brings significant experience in marketing, brand-building and growing businesses focused on emerging technologies, as well as extensive business relationships. He is an experienced corporate leader, having spent thirteen years in senior executive roles at Samsung Electronics Co., LTD. He rose to become president and CEO, North America – responsible for 6,000 employees and $30 billion in revenue. Before retiring, he developed the company’s long-term strategic plan for capitalizing on emerging technologies, including 5G, artificial intelligence, cloud-based computing and Internet of Things (IOT).

Prior to Samsung, Mr. Baxter served in senior leadership roles at Sony Corporation, AT&T Inc., and Lucent Technologies Inc. He has also served as an industry-wide leader, including as a member of the executive board of CTIA, a leading wireless communication industry trade association, and as a director of the Consumer Electronics Association (CEA), the leading consumer technology association.

According to Mr. Baxter: “I’m thrilled to join SkyWater’s board at such a pivotal time. The company’s innovation, market momentum and deep commitment to expanding domestic semiconductor manufacturing are truly inspiring. With my background in business and technology leadership, I look forward to collaborating with this exceptional team to drive sustainable growth, scale operations and help shape the company’s future in a meaningful way.”

Tammy J. Miller
Ms. Miller’s background in accounting, extensive senior leadership and private and public sector policy experience will bring value to SkyWater’s board. She has served as Lieutenant Governor of the State of North Dakota and previously, she served as the COO of the Governor’s Office of the State of North Dakota. Prior to that, she served for fourteen years as the CEO and chair of the board of directors of Border States Electric, the sixth largest distributor of electrical equipment and supply chain solutions in North America. During her time as CEO, she led the company’s growth from $485 million to nearly $2.5 billion in annual sales and set the company up for continued growth and success. She joined Border States Electric in 1991 and served in various roles of increasing responsibility, including corporate controller, vice president of finance, executive vice president, general manager for the southwest region and president. Ms. Miller is a certified public accountant.

Ms. Miller commented: “I’m excited to join SkyWater’s board and contribute to its continued success. With a background spanning finance, executive leadership, and public policy, I’m passionate about aligning strategy, governance and growth in ways that create long-term value. I look forward to working with the team to help navigate the evolving landscape and seize new opportunities.”

Andrew D.C. LaFrence
Mr. LaFrence’s background in accounting and finance, combined with his extensive experience in business strategy leadership, risk management, cybersecurity oversight and U.S. government contract manufacturing, will strengthen the board’s breadth of expertise. He currently serves as chief financial officer and senior vice president of finance at Nortech Systems Incorporated. He is currently a board member of American National Bank, where he has served for several years.  Previously, he served as CFO for two publicly-traded life science companies: Vyant Bio Inc. and Surmodics Inc. Prior to this, Mr. LaFrence served in C-level financial positions at life science companies StemoniX Inc. and Biothera Pharmaceuticals. He spent the first 26 years of his professional career at KPMG LLP where he led the Minneapolis office Life Sciences Practice for over 10 years. Mr. LaFrence is a certified public accountant.

Mr. LaFrence remarked: “I’m excited to join SkyWater at such a dynamic time in its growth. With deep experience in leadership roles at life science companies, and more recently a U.S. government contract manufacturer, as well as my background in accounting, finance and business strategy—I look forward to contributing to the company’s continued success and supporting its commitment to operational excellence and long-term value creation.”

“This is an exciting time for SkyWater, and adding these new board members is another significant step in our approach for continued growth,” stated SkyWater CEO Thomas Sonderman. “The additions of Tim, Tammy and Andy complement our current directors’ skillsets and experiences, strengthening our ability to accelerate our expansion strategy. The deep expertise and invaluable insights of these esteemed leaders will play a vital role in guiding the company’s strategic vision and future expansion.”

About SkyWater
SkyWater (NASDAQ: SKYT) is a U.S.-based semiconductor manufacturer and a DMEA-accredited Category 1A Trusted Supplier. SkyWater’s Technology as a Service model streamlines the path to production for customers with development services, high-volume production and heterogeneous integration solutions in its U.S. facilities. This pioneering model enables innovators to co-create the next wave of technology within diverse categories including mixed-signal CMOS, read-out ICs, rad-hard ICs, MEMS, superconducting ICs, photonics and advanced packaging. SkyWater serves the growing markets of aerospace & defense, automotive, biomedical, industrial and quantum computing. For more information, visit: www.skywatertechnology.com.

SkyWater Technology Forward-Looking Statements
This press release contains “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements that are based on SkyWater’s current expectations or forecasts of future events, rather than past events and outcomes, and such statements are not guarantees of future performance. Forward-looking statements are subject to risks, uncertainties and assumptions, which may cause SkyWater’s actual results, performance or achievements to be materially different from those expressed or implied by such forward-looking statements. Key factors that could cause SkyWater’s actual results to be different than expected or anticipated include, but are not limited to, our goals and strategies; our future business development, financial condition and results of operations; our ability to complete our proposed acquisition of Fab 25 on the anticipated timeframe or at all and to realize the expected benefits of our proposed acquisition of Fab 25; our ability to continue operating our fabrication facilities at full capacity; our ability to appropriately respond to changing technologies on a timely and cost-effective basis; our customer relationships and our ability to retain and expand our customer relationships; our ability to accurately predict our future revenues for the purpose of appropriately budgeting and adjusting our expenses; our expectations regarding dependence on our largest customers; our ability to diversify our customer base and develop relationships in new markets; the performance and reliability of our third-party suppliers and manufacturers; our ability to procure tools, materials, and chemicals; our ability to control costs, including our operating and capital expenses; the size and growth potential of the markets for our solutions, and our ability to serve and expand our presence in those markets; the level of demand in our customers’ end markets; our ability to attract, train and retain key qualified personnel; adverse litigation judgments, settlements or other litigation-related costs; changes in trade policies, including the imposition of or increase in tariffs; our ability to raise additional capital or financing; our ability to accurately forecast demand; changes in local, regional, national and international economic or political conditions, including those resulting from increases in inflation and interest rates, a recession, or intensified international hostilities; the level and timing of U.S. government program funding; our ability to maintain compliance with certain U.S. government contracting requirements; regulatory developments in the United States and foreign countries; our ability to protect our intellectual property rights; and other factors discussed in the “Risk Factors” section of its annual report on Form 10-K and quarterly reports on Form 10-Q, and in other documents that SkyWater files with the SEC, which are available at http://www.sec.gov. SkyWater assumes no obligation to update any forward-looking statements, which speak only as of the date of this press release.

Contacts
SkyWater Investor Contact: Claire McAdams | claire@headgatepartners.com
SkyWater Media Contact: media@skywatertechnology.com

 

BLOOMINGTON, Minn. and Palo Alto, Calif., March 12, 2025 – SkyWater Technology, Inc. (NASDAQ: SKYT, or “SkyWater”), a U.S.-based Trusted technology realization partner, and D-Wave Quantum, Inc. (NYSE: QBTS, or “D-Wave”), a leader in quantum computing systems, software and services, today announced that D-Wave’s Advantage2^™ annealing quantum computer prototype, fabricated by SkyWater, was used to achieve computational supremacy in quantum simulation. The landmark research was published today by the American Association for the Advancement of Science (AAAS), in its journal, Science, one of the world’s most respected scientific journals, known for publishing high-impact research that advances global scientific and technological progress. The article details the work which demonstrates that D-Wave’s superconducting annealing quantum computing processors can efficiently solve problems beyond the practical reach of classical computers. This breakthrough also underscores the vital role of U.S.-based manufacturing in advancing global technology leadership.

The peer-reviewed paper, “Beyond-Classical Computation in Quantum Simulation,” confirms that D-Wave’s annealing quantum computer outperformed one of the world’s most powerful classical supercomputers in solving complex magnetic materials simulation problems with relevance to materials discovery. Understanding the quantum nature of magnetic materials is crucial to finding new ways to use them for technological advancement, making materials simulation and discovery a vital area of research for D-Wave and the broader scientific community. Magnetic materials are widely used in medical imaging, electronics, superconductors, electrical networks, sensors and motors.

Through the ongoing partnership with D-Wave, which began a decade ago at the Minnesota fab, SkyWater has provided highly specialized process integration, materials engineering and thin film fabrication expertise, enabling D-Wave’s concepts to be realized as manufacturable devices. SkyWater’s advanced development capabilities, including custom material deposition, specialized device patterning and large-scale fabrication integration, together with D-Wave’s superconducting materials and device expertise, have been integral in producing the qubits powering this major advancement.

Additionally, with SkyWater’s DOD Trusted Foundry status and D-Wave’s pioneering leadership in quantum computing, this partnership supports the rapidly growing commercialization of useful quantum computing solutions while reinforcing domestic leadership in advanced computing. U.S. semiconductor manufacturing strengthens national security, economic resilience and the country’s leadership in the global race to develop advanced quantum capabilities. Furthermore, the milestone announced today highlights SkyWater’s critical role in enabling innovators to conceive and scale next-generation advancements, underscoring the importance of expanding and safeguarding this crucial infrastructure to maintain U.S. leadership.

“We believe achieving quantum supremacy with qubits fabricated at SkyWater marks a pivotal moment for the entire quantum ecosystem,” said Dr. Alan Baratz, CEO of D-Wave. “Our focus has always been on scalable, real-world quantum solutions, and our decade-long partnership has been instrumental in achieving this milestone. In our view, this collaboration showcases the strength of American innovation and demonstrates the critical role of domestic manufacturing for maintaining global technology leadership.”

“SkyWater is proud of our longstanding partnership with D-Wave and this unprecedented innovation in quantum computing,” said Thomas Sonderman, CEO of SkyWater. “This is an example of bleeding-edge technology taking place in a 200 mm fab – showcasing the importance of foundational node infrastructure here in the U.S. We believe that continued investment to modernize and expand domestic semiconductor manufacturing is essential to ensure that major breakthroughs like this one happen here – a national imperative for economic and security interests.”

For more information, please visit the companies’ websites: D-Wave and/or SkyWater.

About D-Wave Quantum Inc.
D-Wave is a leader in the development and delivery of quantum computing systems, software, and services. We are the world’s first commercial supplier of quantum computers, and the only company building both annealing and gate-model quantum computers. Our mission is to help customers realize the value of quantum, today. Our 5,000+ qubit Advantage^™ quantum computers, the world’s largest, are available on-premises or via the cloud, supported by 99.9% availability and uptime. More than 100 organizations trust D-Wave with their toughest computational challenges. With over 200 million problems submitted to our Advantage systems and Advantage2^™ system prototypes to date, our customers apply our technology to address use cases spanning optimization, artificial intelligence, research and more. Learn more about realizing the value of quantum computing today and how we’re shaping the quantum-driven industrial and societal advancements of tomorrow: www.dwavequantum.com.

D-Wave Forward Looking Statements
Certain statements in this press release are forward-looking, as defined in the Private Securities Litigation Reform Act of 1995. These statements involve risks, uncertainties, and other factors that may cause actual results to differ materially from the information expressed or implied by these forward-looking statements and may not be indicative of future results. These forward-looking statements are subject to a number of risks and uncertainties, including, among others, various factors beyond management’s control, including the risks set forth under the heading “Risk Factors” discussed under the caption “Item 1A. Risk Factors” in Part I of our most recent Annual Report on Form 10-K or any updates discussed under the caption “Item 1A. Risk Factors” in Part II of our Quarterly Reports on Form 10-Q and in our other filings with the SEC. Undue reliance should not be placed on the forward-looking statements in this press release in making an investment decision, which are based on information available to us on the date hereof. We undertake no duty to update this information unless required by law.

About SkyWater
SkyWater (NASDAQ: SKYT) is a U.S.-based semiconductor manufacturer and a DMEA-accredited Category 1A Trusted Supplier. SkyWater’s Technology as a Service model streamlines the path to production for customers with development services, high-volume production and heterogeneous integration solutions in its U.S. facilities. This pioneering model enables innovators to co-create the next wave of technology within diverse categories including mixed-signal CMOS, read-out ICs, rad-hard ICs, MEMS, superconducting ICs, photonics and advanced packaging. SkyWater serves the growing markets of aerospace & defense, automotive, biomedical, industrial and quantum computing. For more information, visit: www.skywatertechnology.com.

SkyWater Technology Forward-Looking Statements
This press release contains “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements that are based on SkyWater’s current expectations or forecasts of future events, rather than past events and outcomes, and such statements are not guarantees of future performance. Forward-looking statements are subject to risks, uncertainties and assumptions, which may cause SkyWater’s actual results, performance or achievements to be materially different from those expressed or implied by such forward-looking statements. Key factors that could cause SkyWater’s actual results to be different than expected or anticipated include, but are not limited to, our goals and strategies; our future business development, financial condition and results of operations; our ability to complete our proposed acquisition of Fab 25 on the anticipated timeframe or at all and to realize the expected benefits of our proposed acquisition of Fab 25; our ability to continue operating our fabrication facilities at full capacity; our ability to appropriately respond to changing technologies on a timely and cost-effective basis; our customer relationships and our ability to retain and expand our customer relationships; our ability to accurately predict our future revenues for the purpose of appropriately budgeting and adjusting our expenses; our expectations regarding dependence on our largest customers; our ability to diversify our customer base and develop relationships in new markets; the performance and reliability of our third-party suppliers and manufacturers; our ability to procure tools, materials, and chemicals; our ability to control costs, including our operating and capital expenses; the size and growth potential of the markets for our solutions, and our ability to serve and expand our presence in those markets; the level of demand in our customers’ end markets; our ability to attract, train and retain key qualified personnel; adverse litigation judgments, settlements or other litigation-related costs; changes in trade policies, including the imposition of or increase in tariffs; our ability to raise additional capital or financing; our ability to accurately forecast demand; changes in local, regional, national and international economic or political conditions, including those resulting from increases in inflation and interest rates, a recession, or intensified international hostilities; the level and timing of U.S. government program funding; our ability to maintain compliance with certain U.S. government contracting requirements; regulatory developments in the United States and foreign countries; our ability to protect our intellectual property rights; and other factors discussed in the “Risk Factors” section of its annual report on Form 10-K and quarterly reports on Form 10-Q, and in other documents that SkyWater files with the SEC, which are available at http://www.sec.gov. SkyWater assumes no obligation to update any forward-looking statements, which speak only as of the date of this press release.

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Contacts
D-Wave Contact: Alex Daigle | media@dwavesys.com
SkyWater Investor Contact: Claire McAdams | claire@headgatepartners.com
SkyWater Media Contact: media@skywatertechnology.com

Transaction strengthens U.S.-based production of essential chips for industrial, automotive and defense applications

SkyWater plans to expand 200 mm capacity, technology offerings and capabilities while supporting U.S.-based dual-sourcing strategies in critical industries

Long-term supply agreement ensures Infineon a continued high-volume manufacturing base in the U.S.

BLOOMINGTON, Minn. and MUNICH, Germany – February 26, 2025 – SkyWater Technology (Nasdaq: SKYT) has entered into an agreement with Infineon Technologies AG (FSE: IFX / OTCQX: IFNNY) for SkyWater to purchase Infineon’s 200 mm fab in Austin, Texas (“Fab 25”) and a corresponding long-term supply agreement. SkyWater will operate the fab as a foundry, increasing available capacity in the U.S. for foundational chips on nodes from 130 nanometers down to 65 nanometers that are critical for many industrial, automotive and defense applications. Fab 25 will also substantially increase SkyWater’s scale as a foundry and provide additional capabilities such as 65 nm infrastructure, expanded copper processing scale and high-voltage Bipolar-CMOS-DMOS (BCD) technology. The long-term supply agreement will enable Infineon to maintain a strong, efficient and scalable manufacturing footprint in the United States.

Infineon and SkyWater believe that this strategic partnership will enhance the long-term viability and utilization of Fab 25. The transaction also affirms the long-term perspective for nearly 1,000 manufacturing jobs at Fab 25, since all current Fab 25 employees will become SkyWater employees as part of the agreement.

SkyWater is a U.S.-based company with access to a broad customer base and a Trusted supplier of the U.S. Department of Defense. SkyWater believes the transaction will allow it to realize significant economies of scale, bring high-value manufacturing services to SkyWater’s customers and support dual sourcing strategies for critical industries. Furthermore, SkyWater plans to transition the Fab 25 business model from Integrated Device Manufacturer (IDM) to foundry to bring substantial manufacturing capacity to a broad base of new customers over time. Foundational semiconductors are of strategic importance for several U.S. industries, including the defense sector. The partnership will strengthen the industrial base and domestic semiconductor supply chain in the U.S. as well as the resilience for critical foundational semiconductor technology. The closing of the transaction is subject to regulatory approval in the U.S. and is expected in the coming months.

“The transaction fully aligns with Infineon’s manufacturing strategy to create synergies with strategic foundry partners when in-house manufacturing does not offer competitive advantages,” said Alexander Gorski, Executive Vice President and Head of Frontend Operations at Infineon. “The partnership with SkyWater creates mutual benefits and synergies, supports our profitable growth and provides us with a strong and trusted foundry partner, thereby safeguarding our long-term supply base in the U.S. We commend the contributions the Fab 25 team has made to our operations and thank the Austin community and our local and federal partners for their support and collaboration.”

“This milestone expands our partnership with Infineon and significantly increases our U.S. foundry capacity. We expect it will also enhance supply chain resilience for foundational chips that are critical to sensitive strategic applications, thereby strengthening both national and economic security,” said Thomas Sonderman, SkyWater CEO. “This investment is an expansion that enhances our ability to serve both our defense and industrial customers. By leveraging the proven expertise of the talented team in Austin, we are positioning this fab as a cornerstone in the U.S. semiconductor foundry network—one that will extend our capabilities to support defense programs while also enabling new opportunities in commercial markets.”

The U.S. is a key business region for Infineon with around 4,000 employees, 15 locations dedicated to research and development activities and 1,000 employees in R&D roles. Infineon serves a multitude of American customers across all its market segments in automotive, industrial & infrastructure, as well as consumer, computing & communications. Currently, up to one billion semiconductor chips per year for major automotive, industrial and communications companies are manufactured in Fab 25.

About Infineon
Infineon Technologies AG is a global semiconductor leader in power systems and IoT. Infineon drives decarbonization and digitalization with its products and solutions. The company has around 58,060 employees worldwide and generated revenue of about €15 billion in the 2024 fiscal year (ending 30 September). Infineon is listed on the Frankfurt Stock Exchange (ticker symbol: IFX) and in the USA on the OTCQX International over-the-counter market (ticker symbol: IFNNY).

SkyWater Investor Webcast
SkyWater will host a conference call today, Wednesday, February 26, 2025, at 7:30 a.m. CT (8:30 a.m. ET) to discuss its fourth quarter and fiscal year 2024 financial results. SkyWater will also discuss on the conference call additional information regarding the Fab 25 transaction. A live webcast of the call will be available online at IR.SkyWaterTechnology.com.

SkyWater Form 8-K
SkyWater is filing a Form 8-K with the U.S. Securities and Exchange Commission that contains additional information regarding the Fab 25 transaction and related agreements.

About SkyWater
SkyWater (NASDAQ: SKYT) is a U.S.-based semiconductor manufacturer and a DMEA-accredited Category 1A Trusted Supplier. SkyWater’s Technology as a Service model streamlines the path to production for customers with development services, high-volume production and heterogeneous integration solutions in its U.S. facilities. This pioneering model enables innovators to co-create the next wave of technology within diverse categories including mixed-signal CMOS, read-out ICs, rad-hard ICs, MEMS, superconducting ICs, photonics and advanced packaging. SkyWater serves the growing markets of aerospace & defense, automotive, biomedical, industrial and quantum computing. For more information, visit: www.skywatertechnology.com.

SkyWater Technology Forward-Looking Statements
This press release contains “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements that are based on SkyWater’s current expectations or forecasts of future events, rather than past events and outcomes, and such statements are not guarantees of future performance. Forward-looking statements are subject to risks, uncertainties and assumptions, which may cause SkyWater’s actual results, performance or achievements to be materially different from those expressed or implied by such forward-looking statements. Key factors that could cause SkyWater’s actual results to be different than expected or anticipated include, but are not limited to, ability to obtain necessary regulatory approvals and satisfy other conditions to the proposed Fab 25 transaction on the anticipated timeframe or at all; ability to realize the expected benefits of the proposed Fab 25 transaction; ability to promptly and effectively integrate Fab 25’s operations; negative effects relating to the announcement of the proposed Fab 25 transaction or the consummation of the proposed Fab 25 transaction on the market price of SkyWater’s common stock; significant transaction costs and/or unknown or inestimable liabilities; general economic and business conditions that may affect the combined company following the consummation of the proposed Fab 25 transaction; and other factors discussed in the “Risk Factors” section of its annual report on Form 10-K and quarterly reports on Form 10-Q, and in other documents that SkyWater files with the SEC, which are available at http://www.sec.gov. SkyWater assumes no obligation to update any forward-looking statements, which speak only as of the date of this press release.

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SkyWater Media Contact: media@skywatertechnology.com
SkyWater Investor Contact: Claire McAdams | claire@headgatepartners.com

Infineon Media Contact: Andre Tauber | andre.tauber@infineon.com
Infineon Investor Contact: Daniel Gyoery | daniel.gyoery@infineon.com

Record Fiscal Year Revenue, Gross Profit and EPS

BLOOMINGTON, Minn., – February 26, 2025 – SkyWater Technology, Inc. (NASDAQ: SKYT), the trusted technology realization partner, today announced financial results for the fourth quarter and full fiscal year 2024 ended December 29, 2024.

Financial Highlights for Q4 2024:

• Revenue decreased (5)% year-over-year to $75.5 million.
• Gross margin increased to 25.6% on a GAAP basis, compared to 15.2% in Q4 2023, and increased to 26.6% on a non-GAAP basis, compared to 17.4% in Q4 2023.
• Net loss to shareholders of $0.7 million, or $(0.01) per diluted share on a GAAP basis, and net income to shareholders of $1.9 million, or $0.04 per diluted share on a non-GAAP basis, compared to net loss to shareholders of $10.3 million, or $(0.22) per diluted share on a GAAP basis, and net loss to shareholders of $1.1 million, or $(0.02) per diluted share on a non-GAAP basis in Q4 2023.
• Adjusted EBITDA of $10.2 million, or 13.5% of revenue, compared to $10.6 million, or 13.4% of revenue in Q4 2023.

Financial Highlights for Fiscal Year 2024:

• Revenue increased 19% year-over-year to a record $342.3 million.
• Gross margin decreased to 20.3% on a GAAP basis, compared to 20.7% in fiscal year 2023, and decreased to 21.0%  on a non-GAAP basis, compared to  22.0% in fiscal year 2023.
• Net loss to shareholders of $6.8 million, or $(0.14) per diluted share on a GAAP basis, and net income to shareholders of $2.7 million, or $0.06 per diluted share on a non-GAAP basis, compared to net loss to shareholders of $30.8 million, or $(0.68) per diluted share on a GAAP basis, and net loss to shareholders $7.7 million, or $(0.17)  per diluted share on a non-GAAP basis in fiscal year 2023 .
• Adjusted EBITDA of $34.3 million, or 10.0%  of revenue, compared to $37.2 million, or 13.0% of revenue in fiscal year 2023.

View the full results on SkyWater Technology’s Investor Relations page: https://ir.skywatertechnology.com

SkyWater Investor Contact: Claire McAdams | claire@headgatepartners.com

BLOOMINGTON, Minn. – February 19, 2025 – SkyWater Technology (NASDAQ: SKYT), the trusted technology realization partner, today announced earlier availability of its fourth quarter and full year 2024 financial results. With several companies in the semiconductor industry reporting Wednesday afternoon, February 26th, the company has rescheduled its financial report and webcast to precede market open on that same day, and at the same webcast link provided earlier.

SkyWater Technology Fiscal Fourth Quarter 2024 Earnings Webcast
When: Wednesday, February 26, 2025
New Time: 7:30 a.m. CST (8:30 a.m. EST)
Live Webcast: available at https://ir.skywatertechnology.com or directly at https://events.q4inc.com/attendee/983588861.

An archived webcast will be available on SkyWater Technology’s Investor Relations page: https://ir.skywatertechnology.com.

About SkyWater Technology
SkyWater (NASDAQ: SKYT) is a U.S.-based semiconductor manufacturer and a DMEA-accredited Category 1A Trusted Supplier. SkyWater’s Technology as a Service model streamlines the path to production for customers with development services, volume production and heterogeneous integration solutions in its U.S. facilities. This pioneering model enables innovators to co-create the next wave of technology within diverse categories including mixed-signal CMOS, read-out ICs, rad-hard ICs, MEMS, superconducting ICs, photonics and advanced packaging. SkyWater serves the growing markets of aerospace & defense, automotive, biomedical, industrial and quantum computing. For more information, visit: www.skywatertechnology.com.

SkyWater Investor Contact: Claire McAdams | claire@headgatepartners.com
SkyWater Media Contact: Lauri Julian | media@skywatertechnology.com

BLOOMINGTON, Minn. – February 10, 2025 – SkyWater Technology (NASDAQ: SKYT), the trusted technology realization partner, today announced that it will report its fiscal fourth quarter and full year 2024 financial results following the close of the market on Wednesday, February 26, 2025. The same afternoon, management will host a webcast to discuss its business and financial results.

SkyWater Technology Fiscal Fourth Quarter 2024 Earnings Webcast
When: Wednesday, February 26, 2025
Time: 3:30 p.m. CST (4:30 p.m. EST)
Live Webcast: available at https://ir.skywatertechnology.com or directly at https://events.q4inc.com/attendee/983588861.

An archived webcast will be available on SkyWater Technology’s Investor Relations page: https://ir.skywatertechnology.com.

About SkyWater Technology
SkyWater (NASDAQ: SKYT) is a U.S.-owned semiconductor manufacturer and a DMEA-accredited Trusted supplier. SkyWater’s Technology as a Service model streamlines the path to production for customers with development services, volume production and heterogeneous integration solutions in its U.S. facilities. This pioneering model enables innovators to co-create the next wave of technology within diverse categories including mixed-signal CMOS, read-out ICs, rad-hard ICs, MEMS, superconducting ICs, photonics and advanced packaging. SkyWater serves the growing markets of aerospace & defense, automotive, biomedical, industrial and quantum computing. For more information, visit: www.skywatertechnology.com.

SkyWater Investor Contact: Claire McAdams | claire@headgatepartners.com
SkyWater Media Contact: Lauri Julian | media@skywatertechnology.com

Federal investment of up to $16M and State of MN pledge of $19M expected to result in total outside CapEx investments exceeding $350M during this decade

BLOOMINGTON, Minn. – December 6, 2024 – SkyWater Technology (NASDAQ: SKYT), the trusted technology realization partner, announced that it has signed a preliminary memorandum of terms (PMT) valued at up to $16 million with the CHIPS for America program, which is administered by the U.S. Department of Commerce. This proposed funding would provide federal incentives to enhance production capabilities at SkyWater’s Minnesota facility.

This funding through the CHIPS Act will accelerate modernization and equipment upgrades to enhance production for customers in the aerospace and defense as well as biomedical, industrial, thermal imaging and quantum computing markets. As a Department of Defense (DOD) DMEA Category 1A Trusted Supplier, SkyWater is a key semiconductor supplier to the U.S. government and is committed to providing the lab-to-fab capabilities needed to support the nation’s defense programs.

The proposed $16 million CHIPS Program award will be combined with $19 million in incentives from the State of Minnesota’s Forward Fund. The newly announced state and federal incentives will complement SkyWater’s existing and planned customer-funded CapEx co-investments totaling $320 million through 2026, bringing the expected combined outside investment levels now to over $350 million during this decade. SkyWater will also utilize the Advanced Manufacturing Investment Tax Credit which is expected to be up to 25% of qualified capital expenditures.

Through the proposed CHIPS funding, SkyWater expects to:

• Increase its U.S.-based 200 mm semiconductor technology development and production capacity by 30%
• Create approximately 70 new jobs to support the workforce in Bloomington, Minnesota
• Modernize its facility to meet the escalating demand for domestically produced microelectronics
• Ensure a consistent supply of trusted silicon for critical DOD and commercial programs
• Accelerate technology development and time to market for customers.

From the outset of the government plan to create a program to support the semiconductor industry, SkyWater was working to bolster the nation’s supply of chips. Today, the company is immersed in many facets of the CHIPS program, including lending expertise in substrates and process engineering for advanced packaging, underwriting workforce initiatives at the federal and local level, and participating as a core partner in the DOD’s Microelectronics Commons network to support warfighter applications.

“We are pleased to receive this important CHIPS funding, including the Advanced Manufacturing Investment Tax Credit to expand our nation’s onshore capacity. We’ve been the beneficiary of significant government program awards over the past several years, and we’re proud of our role in helping to expand the domestic microelectronics infrastructure and strengthen the U.S. supply chain,” said SkyWater CEO Thomas Sonderman. “As America’s Trusted Foundry, through our business model and expanding capabilities, we are creating a national asset for technology development, which is in a critical state domestically. We have been working to meet the specific needs of the Defense Industrial Base and commercial companies, developing the technologies of the future. The investments today are another milestone along this path.”

“The Biden-Harris Administration’s bipartisan CHIPS and Science Act is making targeted investments to meet market demands for technology critical to our national and economic security,” said U.S. Secretary of Commerce Gina Raimondo. “Today’s proposed investments across Texas and Minnesota would help bolster domestic chip production and help secure our supply chain for decades to come.”

“If we want to continue leading the global economy, we must be a country that makes stuff, invents things, and exports to the world. This significant investment in SkyWater Technology will transform domestic semiconductor manufacturing,” said U.S. Senator Amy Klobuchar (D-MN). “I’m proud to have worked with SkyWater Technology to secure the resources needed to ensure Minnesota remains at the forefront of technological innovation. This is good for our state’s workers and businesses.”

“The DOD’s Trusted Supplier Program continues to be the benchmark in semiconductor assurance,” said Dr. Nicholas Martin, director of Defense Microelectronics Activity. “SkyWater will utilize CHIPS funding to accelerate the development speed for critical technologies vital to U.S. national security and expand the security options available for stakeholders that seek the specialized services in the Trusted Supplier Network.”

About SkyWater Technology
SkyWater (NASDAQ: SKYT) is a U.S.-based semiconductor manufacturer and a DMEA-accredited Category 1A Trusted Supplier. SkyWater’s Technology as a Service model streamlines the path to production for customers with development services, volume production and heterogeneous integration solutions in its U.S. facilities. This pioneering model enables innovators to co-create the next wave of technology within diverse categories including mixed-signal CMOS, ROICs, rad-hard ICs, MEMS, superconducting ICs, photonics and advanced packaging. SkyWater serves the growing markets of aerospace & defense, automotive, biomedical, industrial and quantum computing. For more information, visit www.skywatertechnology.com/.

SkyWater Technology Forward-Looking Statements
This press release contains “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements based on the Company’s current expectations or forecasts of future events. These statements are subject to risks and uncertainties that may cause actual results to differ materially. Key factors that could cause the Company’s actual results to be different than expected or anticipated include, but are not limited to: our goals and strategies; our future business development, financial condition and results of operations; our ability to continue operating our fabrication facilities at full capacity; our ability to appropriately respond to changing technologies on a timely and cost-effective basis; our customer relationships and our ability to retain and expand our customer relationships; our ability to accurately predict our future revenues for the purpose of appropriately budgeting and adjusting our expenses; our expectations regarding dependence on our largest customers; our ability to diversify our customer base and develop relationships in new markets; the performance and reliability of our third-party suppliers and manufacturers; our ability to procure tools, materials, and chemicals; our ability to control costs, including our operating and capital expenses; the size and growth potential of the markets for our solutions, and our ability to serve and expand our presence in those markets; the level of demand in our customers’ end markets; our ability to attract, train and retain key qualified personnel in a competitive labor market; adverse litigation judgments, settlements or other litigation-related costs; changes in trade policies, including the imposition of tariffs; our ability to raise additional capital or financing; our ability to accurately forecast demand; the level and timing of U.S. government program funding; our ability to maintain compliance with certain U.S. government contracting requirements; regulatory developments in the United States and foreign countries; our ability to protect our intellectual property rights; our ability to meet our long-term growth targets; and other factors discussed in the “Risk Factors” section of the annual report on Form 10-K the Company filed with the SEC on March 15, 2024 and in other documents that the Company files with the SEC, which are available at http://www.sec.gov. The Company assumes no obligation to update any forward-looking statements, which speak only as of the date of this press release.

Contacts
SkyWater Investor Contact: Claire McAdams | claire@headgatepartners.com
SkyWater Media Contact: media@skywatertechnology.com