In its third quarter of 2024, SkyWater Technology reported record revenues of $93.8 million, marking a 31% year-over-year increase, alongside improved gross margins and a notable shift to profitability.
Key highlights from the report include a significant 847% increase in tools revenue, contributing to the overall revenue surge. The company’s operational efficiencies and strategic execution on a major aerospace and defense program boosted gross margins to 21.6% on a GAAP basis. Additionally, the company reported a GAAP net income of $1.5 million, reversing a loss from the previous year, with an adjusted EBITDA of $11.0 million, up 33% year-over-year.