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SkyWater Technology Inc. (SKYT-10.21%) has filed its annual report on Form 10-K filing for the fiscal year ended December 29, 2024.
The company reported total revenue of $342.3 million for the year, a 19% increase from $286.7 million in the previous year. This growth was primarily driven by increased customer-funded tool revenue.
Advanced Technology Services (ATS) development revenue increased by 13% to $238.6 million, driven by U.S. government programs. Tools revenue saw a significant increase of 424% to $76.8 million, while Wafer Services revenue decreased by 56% to $26.9 million.
Cost of revenue for the year was $272.6 million, up 20% from $227.4 million in the previous year, primarily due to increased costs associated with tools revenue.
Research and development expenses increased by 48% to $15.0 million, reflecting investments in enhancing platform capabilities.
Selling, general, and administrative expenses decreased by 25% to $48.0 million, attributed to reduced project-based consulting fees and improved operational efficiencies.
The company reported an operating income of $6.6 million, compared to a loss of $14.8 million in the previous year.
Interest expense decreased by 18% to $8.8 million due to lower outstanding debt balances and renegotiated interest rates.
SkyWater reported a net loss of $2.5 million for the year, a significant improvement from a net loss of $25.1 million in the previous year.
Adjusted EBITDA for the year was $34.3 million, down 8% from $37.2 million in the previous year, impacted by increased costs associated with customer-funded tools.
The company remains focused on expanding its customer base and capabilities, with ongoing investments in research and development and strategic partnerships.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the SkyWater Technology Inc. annual 10-K report dated March 14, 2025. To report an error, please email earnings@qz.com.