SkyWater Technology, Inc. (SKYT) Earnings
SkyWater Technology, Inc. is expected to report next earnings on August 5, 2026 (in NaN days), with a consensus EPS estimate of $-0.07. SKYT has beaten EPS estimates in 9 of its last 12 reported quarters (average surprise +61.2% over the last four).
| 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% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q3 FY2025 · November 5, 2025
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
### Management Statement and Operational Highlights - Record Q3 revenues of nearly $151 million, exceeding expectations. The majority of the upside was from purchase accounting for Fab 25's revenue and stronger-than-expected ATS revenues. - Strong profitability at gross and operating levels, with revenue upside flowing directly to gross profit. - Signed 4 new Quantum customer engagements since Q2, positioning SkyWater for significant Quantum revenue growth in fiscal 2025. - Fab 25's contribution to revenue and adjusted EBITDA is more favorable than originally forecast, strengthening SkyWater's competitive position. - Florida operations are ramping tool installs, with expectations of increased ATS revenues in the coming quarters as they prepare for customer prototypes. - Emphasis on rebuilding domestic semiconductor capability, with advanced packaging and Quantum as key areas for growth.
Guidance
### Guidance - Q4 revenues are expected to be between $155 million and $165 million. - Q4 ATS revenues are forecasted to be $48 million to $52 million, Minnesota wafer services revenues $6 million to $7 million, and tools revenue $17 million to $18 million. - Q4 gross margin is expected to be in the range of 17% to 20% due to a more favorable gross margin profile from Texas operations. - 2026 revenue and adjusted EBITDA expectations are likely conservative, with official guidance to be provided in February when Q4 and fiscal year 2025 results are reported.
Segment performance
### Segment Performance - **ATS (Aerospace and Defense)**: Q3 ATS revenues exceeded $54 million, with ~$4 million pulled in from Q4 to Q3. Q4 ATS revenues are expected to be approximately $50 million. The majority of the upside in ATS was due to the timing of program execution. - **Quantum**: SkyWater had its strongest quarter for quantum computing-related revenue, with 4 new Quantum customer engagements signed since Q2. SkyWater is positioned to exceed 30% revenue growth with Quantum customers in fiscal 2025 and expects similar growth in 2026. - **Fab 25 (Texas)**: Contributed nearly $87 million of wafer services revenue in Q3, well ahead of expectations. The financial contribution from Fab 25 is more favorable than originally forecast. - **Florida operations**: Tool installs are ramping in Q4, with expectations of more ATS revenues in the coming quarters as they prepare for initial customer prototypes.
Risks & headwinds
### Risks - **Government shutdown and funding uncertainties**: Affecting the timing of releases for various DoD program funding, which could impact ATS revenues. - **Potential tools charge in Q4**: The actual cost of procuring and installing tooling in Florida exceeds the original program award estimate by approximately $5 million; if additional funding is not secured, a net loss on tools may be recorded in Q4. - **Uncertainty around A&D program funding timing**: Impacting the progress and revenue recognition of A&D-related programs.
Analyst Q&A
Q: Brian Chin asked about Q4 gross margin, Quantum customer impact on revenue, and profitability of Quantum contracts.**
A: Steve Manko explained Q3 gross margin components, including revenue with nearly 100% profit, lower warranty accruals, and reversed STI accruals. Thomas Sonderman discussed Quantum growth expectations, stating a 30%+ growth rate is expected for next year and that the ATS model aligns well with Quantum customers' innovation needs. - **
Q: Richard Shannon asked about dynamics making 2026 guidance conservative.**
A: Thomas Sonderman mentioned that WIP in Fab 25 and the take-or-pay agreement are allowing SkyWater to operate ahead of prior guidance, making the $600 million revenue and $60 million EBITDA targets for 2026 likely conservative. - **
Q: Quinn Bolton asked about Fab 25 transition and Quantum customer acquisition.**
A: Thomas Sonderman discussed the smooth transition of Fab 25 and how SkyWater's unified fab model and ATS approach attract Quantum customers by offering compatibility with existing solutions, advanced packaging, and a fast-moving foundry model. - **
Q: Robert Mertens asked about A&D environment and Quantum adjacent technologies.**
A: Thomas Sonderman addressed A&D funding uncertainties, stating that progress on ThermaView, RadHard, and advanced packaging platforms positions SkyWater well once funding clarity is achieved. He also mentioned that SkyWater operates across all Quantum modalities, including ion trap, and leverages its advanced packaging capability to consolidate value chains.