SkyWater Technology, Inc.

The grade, in three tenses

Headline 5.2 out of ten, 9 of 9 metrics filed: past 4.1 out of ten, present 5.5 out of ten, future 6.0 out of ten. The past asks what it actually did, the present what it is doing right now, the future what it is set up to do next.

The nine metrics

• Surviving crises (past): 0.7 out of ten. 3 warning events since 2020; the latest 2026-07-31. 7th percentile among 99 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Track record (past): 7.5 out of ten. +25.9% a year over 6 filed years; profitable in 1 of 6. 75th percentile among 93 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Shareholder treatment (past): 2.2 out of ten. Share count grew 6.1% a year. 0% of cash flow returned. Insiders: 16 sales, 0 purchases. 22nd percentile among 67 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Financial health (present): 4.4 out of ten. ROE 61%: 61¢ of profit per shareholder dollar. Leverage 73%: owes 73¢ per asset dollar. 44th percentile among 95 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Industry position (present): 7.0 out of ten. top 30% of 97 in its family; net margin 26.9%. 70th percentile among 97 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Leadership (present): 4.1 out of ten. bottom 41% of 66 in its family for leadership; chief executive since 2021. 41st percentile among 66 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-09).
• Room to expand (future): 2.2 out of ten. bottom 22% of 94 in its family for room to expand. 22nd percentile among 94 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Growth drivers (future): 7.1 out of ten. top 29% of 93 in its family for growth drivers. 71st percentile among 93 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Expectations vs reality (future): 7.1 out of ten. top 29% of 88 in its family for expectations against reality. 71st percentile among 88 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).

The filing record

Newest annual report: Form 10-K filed 2026-03-11 for the period ended 2025-12-28 (on EDGAR). Newest quarterly report: Form 10-Q filed 2026-08-07 for the period ended 2026-06-28 (on EDGAR). Newest results release: Form 8-K filed 2026-02-25 (on EDGAR). Newest filing: Form SCHEDULE 13G, 2026-08-14. Filings on record since 2020. Read from EDGAR 2026-10-12.

How the company works

Read from its Form 10-K filed 2026-03-11.

The people

Thomas Sonderman has been chief executive since December 2020 and a director since October 2020, and he has run the operating subsidiary, SkyWater Technology Foundry, since October 2017, the year the plant was cut loose from Cypress Semiconductor. He was president as well from December 2020 to September 2023. Before SkyWater he was vice president and general manager of the Integrated Solutions Group at Rudolph Technologies from January 2014 to October 2017, and earlier he worked at GLOBALFOUNDRIES and AMD, where he sat on the executive team that spun AMD's manufacturing out to create GLOBALFOUNDRIES. The annual report calls him the author of 50 patents; the company itself owns none. [1, 2, 3, 4, 5, 6]

Three other executive officers are named. John Sakamoto has been president and chief operating officer since September 2023, in charge of day to day business and manufacturing; he came from Marvell Technology Group, where he ran the Processing Business Unit from November 2019, after 25 years in senior roles at Altera, Intel and Marvell. Steve Manko has been chief financial officer since December 2020 and finance chief of the operating subsidiary since July 1, 2020, after consulting for it from early 2019; before that he was a managing director at Riveron Consulting, and earlier still at Ernst & Young. Christopher Hilberg has been secretary since April 2022, general counsel since August 2022 and chief risk and compliance officer since May 2024, after a spell as a senior legal director at Best Buy from July 2017 to November 2021. [7, 8, 9, 10, 11, 12, 13, 14]

The board had nine directors going into the 2026 annual meeting, seven of them independent under the Nasdaq test. Timothy E. Baxter, an operating partner at Centre Partners Management and before that president and chief executive for North America at Samsung Electronics from December 2006 to May 2019, joined in March 2025 and has chaired the board since May 2025. Loren A. Unterseher, a director since October 2020, is managing partner of Oxbow Industries, the investor that bought the plant out of Cypress, and beneficially owned about 19.68% of the shares in April 2026, with Oxbow's CMI Oxbow Partners holding 9.13%. Public service is well represented: Edward M. Daly commanded the Army Materiel Command from July 2020 to May 2023, and Tammy J. Miller was lieutenant governor of North Dakota from January 2023 to December 2024. On the record this site holds, 27 people have filed insider reports and 14 filed in the last fifteen months; every one of those last filed on the day the sale to IonQ closed. [15, 16, 17, 18, 19, 20, 21, 22, 5, 23, 24]

At the end of fiscal 2025 the company counted 1,551 employees, all of them in the United States. None are covered by a collective bargaining agreement and the company says it has never had a work stoppage. The Texas plant came with its workforce: the purchase took over substantially all of the property, plant and equipment, the employees and certain other assets of Infineon's fab in Austin. Some subsidiaries hold government issued facility security clearances and some employees hold personal ones, which the filing says are needed for certain government contracts, take a long time to obtain and are hard to recruit for. [25, 26, 27, 28]

How it operates

SkyWater makes chips that other companies design and sells none of its own. It calls itself an independent, pure-play foundry, meaning it manufactures to order and competes with no customer, and it works at foundational nodes: mature and specialty processes, typically on 200 millimeter wafers at 28 nanometres and larger, rather than at the leading edge. Everything it runs is inside the United States, with wafer fabrication in Minnesota and Texas and packaging in Florida. The work comes in two shapes. Advanced Technology Services is customer funded development, where a customer pays to have a process, a material or a package built for it inside a working production plant. Wafer Services is the volume manufacturing that follows, both of established platforms and of the recipes that came out of those development programs. A third line, tools, is equipment customers buy to add capability inside SkyWater's own fabs. [29, 30, 31, 32, 33, 34]

Minnesota is the oldest part: a 356,000 square foot fab and the head office in Bloomington, which ran for 26 years as Cypress Semiconductor's captive plant and now carries analog, mixed signal, MEMS and specialty CMOS work along with most of the development programs. Florida is the Center for NeoVation in Kissimmee, a 109,000 square foot packaging plant with about 36,000 square feet of clean room, run with Osceola County under a public private partnership; it packages wafers made by SkyWater and wafers made by other foundries. Texas is Fab 25 in Austin, bought in 2025 and by far the largest at about 1,223,000 square feet with about 375,000 square feet of clean room, doing high volume 200 millimeter work from 130 down to 65 nanometres, with copper processing and high voltage technology. [35, 5, 36, 37, 38, 39, 40, 41, 42, 43]

The end markets are aerospace and defense, where it makes trusted, radiation tolerant and radiation hardened parts for government programs; quantum computing, where it builds superconducting and other unusual device structures; automotive; bio-health; and industrial. The customer list is short and the top of it has changed: Infineon took 43% of revenue in fiscal 2025 against 7% the year before, and two other customers took 21% and 10%, where in fiscal 2024 two customers other than Infineon took 40% and 20%. Almost all the money comes from customers in the United States, 421.0 million dollars, 95.2% of revenue. Selling takes a long time, running through technical evaluation, development, qualification and production, which the company says leaves it embedded in customer programs with high switching costs. [44, 45, 46, 47, 48, 49, 50]

It buys its raw materials outside: silicon wafers from Globalwafers and from SEH America, a subsidiary of Shin-Etsu Handotai, sputtering metals from Honeywell Electronic Materials, and a named list of suppliers for high purity gases, acids, photoresist and developer. Development work is billed by consumption for many customers and at firm fixed prices, paid on milestones, for others, and government contracts are mostly fixed price, so SkyWater carries much of the risk of cost overruns. Wafer Services is charged per wafer, a rate that has to cover electrical yield and mechanical scrap as well as the cost of running the plant. [51, 52, 53, 54]

The specifics

The Minnesota plant spent 26 years as Cypress Semiconductor's captive fab. It became a company of its own in 2017, when an affiliate of Oxbow Industries bought it in a divestiture from Cypress, and it sold shares to the public in April 2021, issuing 8,004,000 shares and listing on Nasdaq under the ticker SKYT. The Florida packaging plant opened the same year with Osceola County. On June 30, 2025 it bought Fab 25 in Austin from Spansion, an Infineon company, taking the plant, its equipment and its people for total consideration of 206.5 million dollars: 86.5 million in cash and 120.0 million booked for the off market part of a four year take or pay supply agreement signed with Infineon at the same time. The assets were worth more than what was paid, so the year carried a one time gain of 111.7 million dollars, which the company puts down to Infineon preferring favorable wafer pricing and security of supply to cash. [5, 55, 39, 27, 56, 57, 58, 59]

On January 25, 2026 the company agreed to be bought by IonQ, and the annual report said the deal was expected to close in the second or third quarter of 2026. It closed on July 31, 2026: SkyWater merged into a subsidiary of IonQ and survives as SkyWater Technology, LLC, a wholly owned subsidiary. Dealing in its shares on Nasdaq was halted before the market opened that day and the listing was withdrawn, and the company repaid and terminated the revolving credit facility from Siena Lending Group that had paid for the Texas plant. Everything else described here was filed while the company was still on its own. [60, 23, 61, 62, 63]

The company owns no patents. It protects what it knows with trade secret, copyright and trademark law and with contracts, and it leans on licences from others; one of them, a process technology licence from Cypress granted at the divestiture, the filing calls critical to the business and terminable on specified breaches. Research and development cost 14.6 million dollars in fiscal 2025 against 15.0 million the year before, much of it done jointly with customers and equipment vendors. What it offers instead of patents is trust and location: the Minnesota fab is accredited as a Category 1A Trusted Fab for Department of War trusted microelectronics and certified to ISO 9001 and TS 16949, the Florida site is going through the same accreditation, and the company makes a point of being free of foreign ownership or control. It names its rivals plainly: Taiwan Semiconductor Manufacturing Company, United Microelectronics, Vanguard International Semiconductor, Tower Semiconductor, X-FAB Silicon Foundries, ON Semiconductor, GlobalFoundries, MIT Lincoln Labs and Silex Microsystems. Being smaller, it says it goes after work that larger foundries cannot serve efficiently: lower volume, more customization, more engineering. [6, 64, 65, 66, 67, 68, 69, 70, 71]

Government work sets many of the rules: trust accreditation from the Defense Microelectronics Activity, arms export rules, export administration rules and federal contracting rules, with government inspectors able to audit contract work, something the company says has not happened to it yet but may. It applied for CHIPS and Science Act money in December 2023 and signed a preliminary memorandum of terms in December 2024 for up to 16 million dollars, on top of 19 million in incentives from the State of Minnesota, and says it cannot predict when or whether the money arrives. Its grip on its own numbers is not firm: the chief executive and the finance chief concluded that disclosure controls were not effective at the end of fiscal 2025, on account of a material weakness in revenue accounting carried over from the year before and a second one over account reconciliations in Fab 25's ledgers. In 2025 the company also found that it had overbilled development revenue in years before 2024 and corrected its accounts. [72, 73, 74, 75, 76, 77, 78, 79]

What drives growth, line by line

Revenue rose 29% in fiscal 2025 to 442.1 million dollars from 342.3 million, and all of that increase, and more, came from the Texas plant bought halfway through the year. The reported profit tells a different story: net income of 118.9 million dollars sits on an operating loss of 2.6 million, because the year carried the one time gain of 111.7 million on the purchase of Fab 25 and a tax benefit of 28.0 million, released when the company decided the purchase would let it use nearly all its deferred tax assets. [80, 81, 59, 82, 50]

Legacy Sky Water. 266.8 million dollars, 60.4% of revenue, down 22.0% on the year. Development work, the biggest piece, fell 11% to 212.5 million: aerospace and defense revenue dropped 41.8 million as United States government policy shifted, defense spending priorities changed and contract awards were delayed, while the advanced compute market added 12.9 million on new customers and quicker programs. Tools revenue fell 62% to 28.9 million because customers had finished buying the equipment that adds capability for their development programs. Wafer production for the older customers slipped 1.4 million, with a 6.4 million fall at the key automotive customer, whose own sales channels were oversupplied, set against 5.6 million from a defense program that moved out of development into production. Gross margin came down from 20% to 18%. [50, 83, 84, 85, 34, 86, 87]

Sky Water Texas. 175.3 million dollars, 39.6% of revenue, all of it new: the segment did not exist before June 30, 2025. Of that, 17.9 million is non-cash revenue, the off market part of the supply agreement with Infineon that was booked as a liability when the plant was bought. Gross margin was 23%, better than the older side of the business, and segment net income of 137.7 million includes the one time gain on the purchase. [50, 88, 27, 89, 59]

What comes next, in the company's own words: it says the Fab 25 purchase will let it grow its services across a broader base of industrial, automotive and defense customers, and it expects customer funded capital investment to stay a significant driver of the model. The newest quarterly report, for the first six months of 2026, shows the two forces of 2025 still pulling against each other: development revenue up 13.0 million, with advanced compute up 49.9 million, against a 41.2 million fall in aerospace and defense as two programs were stopped and are heading for termination for convenience in 2026; and wafer services up 174.3 million, of which 173.7 million is Fab 25. [90, 91, 92, 93]

What the desk infers (inferred, not filed)

• The Texas plant is for now mostly a captive supplier to its former owner: most of what it ships goes to Infineon under the four year take or pay agreement signed with the purchase. Because: Infineon took 43% of fiscal 2025 revenue against 7% the year before, a larger share than the whole SkyWater Texas line, which was 39.6% of revenue. [47, 50] The plant came with a multi-year take or pay supply agreement with Infineon subsidiaries covering the first four years after the closing. [58] The company says the gain on the purchase came from Infineon choosing favorable wafer pricing and security of supply, so the agreement carries prices set in Infineon's favor. [59] Of the Texas line's 175.3 million dollars, 17.9 million was non-cash revenue from the off market part of that agreement. [88] One customer held about 59% of receivables at the year end, and the filing blames the drain on working capital largely on the Texas receivables and extended payment terms. [94, 95] Confidence 80 of 100. Wrong if: A filing or a customer disclosure showing buyers other than Infineon taking most of what the Austin plant ships while the four year supply agreement still runs.
• The customer that took 40% of revenue in fiscal 2024 and 21% in fiscal 2025 is most likely a United States government defense program rather than a commercial chip company. Because: The two largest customers outside Infineon took 40% and 20% of revenue in fiscal 2024 and 21% and 10% in fiscal 2025. [47] Aerospace and defense development revenue fell 41.8 million dollars in fiscal 2025 on government policy shifts, changed defense spending priorities and delayed contract awards. [83] Tools revenue fell 47.9 million in the same year because customers finished buying equipment for their development programs, the pattern of a funded program reaching the end of its equipment phase. [34] The company says it is party to several significant United States government contracts, mostly fixed price, and that its contract work can be audited by government inspectors. [96, 73] Its Minnesota fab is an accredited Trusted Fab and it runs a radiation hardened program with the Department of War. [97, 68] Confidence 55 of 100. Wrong if: A filing or a customer's own disclosure naming that customer as a commercial company, or showing government funded programs at well under a fifth of revenue.
• Much of the capability in these fabs is paid for by customers rather than out of the company's own pocket, so revenue turns on customers' investment decisions as much as on their production. Because: Tools revenue is customers buying equipment that advances SkyWater's own capabilities for their development programs, and it fell 47.9 million dollars when several of those efforts were completed. [34] The company says it expects customer funded capital investment to be a significant driver of the success of its business model. [91] Deferred revenue carries material rights given to a significant customer in exchange for funding additional manufacturing capacity. [98] Its own capital spending was 27.2 million dollars in fiscal 2025 and 14.3 million in fiscal 2024, small beside revenue of 442.1 million. [99, 80] Confidence 70 of 100. Wrong if: A filing showing that the equipment behind its capabilities is bought and owned by the company itself, with customer funded tools and customer funded capacity a minor part of both revenue and the fabs' equipment.

Sources

1. SkyWater Technology, Inc., Form 10-K filed 2026-03-11: “Thomas Sonderman has served as our Chief Executive Officer since December 2020 and as a member of our board since October 2020. Previously, he served as our President from December 2020 to September 2023, in addition to his role as Chief Executive Officer. He has served as the President of SkyWater Technology Foundry since October 2017.”
2. SkyWater Technology, Inc., Form 10-K filed 2026-03-11: “From January 2014 until October 2017, Mr. Sonderman served as the Vice President and General Manager of the Integrated Solutions Group at Rudolph Technologies, Inc., or Rudolph Technologies, a semiconductor company that merged with Nanometrics Incorporated to form Onto Innovation Inc.”
3. SkyWater Technology, Inc., Form 10-K filed 2026-03-11: “Prior to joining SkyWater, Mr. Sonderman’s extensive industry experience included all aspects of fab operations and delivering market leadership and increased shareholder value to high-technology industry leaders Rudolph Technologies, GLOBALFOUNDRIES and AMD. Notably, he played a critical role serving as part of an executive team at AMD that spun-off manufacturing operations to form GLOBALFOUNDRIES.”
4. SkyWater Technology, Inc., Form 10-K filed 2026-03-11: “A widely recognized subject matter expert, Mr. Sonderman is the author of 50 patents and a highly sought-after industry speaker.”
5. SkyWater Technology, Inc., Form 10-K filed 2026-03-11: “Before we began independent operations, our Minnesota fab was owned and operated by Cypress Semiconductor Corporation (“Cypress”), as a captive manufacturing facility for 26 years. We became an independent company in 2017 when we were acquired by an affiliate of Oxbow Industries, LLC as part of a divestiture from Cypress.”
6. SkyWater Technology, Inc., Form 10-K filed 2026-03-11: “We currently do not own any patents. Patents can provide a competitive advantage to the patent holder because they may give the patent holder the ability to prevent competitors or other parties from practicing the inventions covered by the patents during the patent term”
7. SkyWater Technology, Inc., Form 10-K filed 2026-03-11: “John Sakamoto has served as our President and Chief Operating Officer since September 2023 and oversees all day-to-day business and manufacturing operations.”
8. SkyWater Technology, Inc., Form 10-K filed 2026-03-11: “Prior to joining the Company, Mr. Sakamoto served as Vice President, Processing Business Unit at Marvell Technology Group, an infrastructure semiconductor solutions company, from November 2019 to September 2023.”
9. SkyWater Technology, Inc., Form 10-K filed 2026-03-11: “His experience includes 25 years in various executive leadership positions with Altera, Intel, and Marvell”
10. SkyWater Technology, Inc., Form 10-K filed 2026-03-11: “Steve Manko has served as our Chief Financial Officer since December 2020. He has served as the Chief Financial Officer of SkyWater Technology Foundry since July 1, 2020, prior to which he served as a consultant for SkyWater Technology Foundry since early 2019”
11. SkyWater Technology, Inc., Form 10-K filed 2026-03-11: “Prior to joining SkyWater as chief financial officer, from January 2019 until June 2020, Mr. Manko was managing director at Riveron Consulting, a business advisory firm, where he led the Financial Advisory Services practice in Minneapolis.”
12. SkyWater Technology, Inc., Form 10-K filed 2026-03-11: “Previously, Mr. Manko was at Ernst & Young and specialized in the Banking & Capital Markets industries.”
13. SkyWater Technology, Inc., Form 10-K filed 2026-03-11: “Chris Hilberg has served as our Chief Risk and Compliance Officer since May 2024, General Counsel since August 2022, and Secretary since April 2022”
14. SkyWater Technology, Inc., Form 10-K filed 2026-03-11: “Mr. Hilberg served as Senior Legal Director of Best Buy Co., Inc., a multinational consumer electronics retailer, from July 2017 to November 2021.”
15. SkyWater Technology, Inc., Form DEF 14A filed 2026-04-27: “The Board currently consists of nine directors with terms that expire at the Annual Meeting.”
16. SkyWater Technology, Inc., Form DEF 14A filed 2026-04-27: “the Board determined that Messrs. Baxter, Daly, Goetz, Humke and LaFrence and Mses. Fares and Miller are “independent directors” as that term is defined in the Nasdaq rules and the director independence standards adopted by the Board.”
17. SkyWater Technology, Inc., Form DEF 14A filed 2026-04-27: “Timothy E. Baxter, 65, has served as a member of the Board since March 2025 and as chair of the Board since May 2025. Mr. Baxter has served as an Operating Partner at Centre Partners Management LLC, a leading middle market private equity firm, since August 2020. Previously, he served as President and Chief Executive Officer, North America of Samsung Electronics Co., LTD, the world’s second-largest technology company, from December 2006 to May 2019.”
18. SkyWater Technology, Inc., Form DEF 14A filed 2026-04-27: “Loren A. Unterseher, 61, has served as a member of the Board since October 2020. From March 2017 to July 2022, he served as a member of the board of directors of SkyWater Technology Foundry.”
19. SkyWater Technology, Inc., Form DEF 14A filed 2026-04-27: “CMI Oxbow Partners, LLC (“CMI Oxbow”), an affiliate of Oxbow, beneficially owns approximately 9.13% of our outstanding common stock as of the Record Date, and Mr. Unterseher, President of CMI Oxbow and Managing Partner of Oxbow, beneficially owns approximately 19.68% of our outstanding common stock as of the Record Date.”
20. SkyWater Technology, Inc., Form DEF 14A filed 2026-04-27: “He is the Managing Partner of Oxbow Industries, LLC (“Oxbow”), a holding company investing in middle-market private companies, which position he has held since 2004.”
21. SkyWater Technology, Inc., Form DEF 14A filed 2026-04-27: “From July 2020 to May 2023, he served as the Army Materiel Commanding General (CEO), one of the largest commands in the Department of Defense”
22. SkyWater Technology, Inc., Form DEF 14A filed 2026-04-27: “Tammy J. Miller, 66, has served as a member of the Board since March 2025. Ms. Miller served as Lieutenant Governor of the State of North Dakota from January 2023 to December 2024.”
23. SkyWater Technology, Inc., Form 10-Q filed 2026-08-07: “On July 31, 2026, pursuant to the Merger Agreement, (i) Merger Sub 1 merged with and into the Company, with the Company surviving as a wholly-owned subsidiary of Parent (the “First Merger”), and (ii) immediately following the effective time of the First Merger (the “Effective Time”), the Company, as the surviving entity of the First Merger, merged with and into Merger Sub 2 (the “Surviving Company”), which survived the merger as a wholly-owned subsidiary of Parent under the name SkyWater Technology, LLC (together with the First Merger, the “Mergers”).”
24. The record on this page: the officers and directors who file Forms 3, 4 and 5 (the SEC's insider data sets)
25. SkyWater Technology, Inc., Form 10-K filed 2026-03-11: “As of December 28, 2025, we had 1,551 employees. All employees reside in the United States of America.”
26. SkyWater Technology, Inc., Form 10-K filed 2026-03-11: “None of our employees or contractors are subject to a collective bargaining agreement. We consider our employee relations to be good and we have never experienced a work stoppage.”
27. SkyWater Technology, Inc., Form 10-K filed 2026-03-11: “On June 30, 2025, the Company completed the acquisition of all of the issued and outstanding membership interests of Spansion Fab 25, LLC (“Fab 25”) a newly formed limited liability company that received, pursuant to a pre-closing restructuring, substantially all of the property, plant and equipment, employees and certain other assets and liabilities related to Infineon Technologies AG’s (“Infineon”) 200 mm fab in Austin, Texas”
28. SkyWater Technology, Inc., Form 10-K filed 2026-03-11: “Some of our subsidiaries hold USG-issued facility security clearances and certain of our employees have qualified for and hold USG-issued personnel security clearances necessary to qualify for and ultimately perform certain USG contracts. Obtaining and maintaining security clearances for employees involves lengthy processes, and it is difficult to identify, recruit, and retain employees who already hold security clearances.”
29. SkyWater Technology, Inc., Form 10-K filed 2026-03-11: “SkyWater Technology, Inc., together with its consolidated subsidiaries, is a U.S.-based, independent, pure-play semiconductor foundry providing foundational-node manufacturing, advanced technology development, and advanced packaging services through an integrated, multi-site operating model. We operate exclusively within the United States, with fabrication and packaging facilities in Minnesota, Texas, and Florida.”
30. SkyWater Technology, Inc., Form 10-K filed 2026-03-11: “While leading-edge digital nodes are essential for certain high-performance computing applications, a substantial portion of the global semiconductor market relies on foundational nodes—mature and specialty process technologies typically manufactured on 200 millimeter (mm) wafers at technology nodes such as 28 nanometer (nm) and larger.”
31. SkyWater Technology, Inc., Form 10-K filed 2026-03-11: “SkyWater addresses this shift by integrating wafer fabrication and advanced packaging across two primary service categories: Advanced Technology Services ("ATS") and Wafer Services ("WS").”
32. SkyWater Technology, Inc., Form 10-K filed 2026-03-11: “ATS programs may involve new materials, device structures, process flows, or integration approaches and are typically structured as customer-funded engagements.”
33. SkyWater Technology, Inc., Form 10-K filed 2026-03-11: “Wafer Services include both the manufacture of established platform technologies and the production of customer-specific technologies that originate from ATS programs.”
34. SkyWater Technology, Inc., Form 10-K filed 2026-03-11: “Tools revenue decreased $47.9 million, or 62%, from $76.8 million for fiscal year 2024 to $28.9 million for fiscal year 2025 driven by completion of several investment efforts by our customers to acquire tools that advance our capabilities for their ATS development programs.”
35. SkyWater Technology, Inc., Form 10-K filed 2026-03-11: “Our corporate headquarters and a fabrication facility are located in Bloomington, Minnesota, a 356,000 square foot facility.”
36. SkyWater Technology, Inc., Form 10-K filed 2026-03-11: “Our Minnesota facility has a long operating history and serves as a center for advanced technology development and high-mix semiconductor manufacturing. The site supports a broad portfolio of analog, mixed-signal, MEMS, and”
37. SkyWater Technology, Inc., Form 10-K filed 2026-03-11: “SkyWater also operates an advanced packaging facility in Kissimmee, Florida, through the Center for NeoVation. This facility supports development and manufacturing of advanced packaging solutions, including fan-out wafer-level packaging, silicon interposers and hybrid wafer bonding.”
38. SkyWater Technology, Inc., Form 10-K filed 2026-03-11: “These capabilities support a range of heterogeneous integration approaches and enable system-level solutions using both SkyWater-manufactured wafers and wafers fabricated at other foundries.”
39. SkyWater Technology, Inc., Form 10-K filed 2026-03-11: “In 2021, we expanded our operations with the addition of the Center for NeoVation, an advanced packaging facility in Kissimmee, Florida. The facility is operated and maintained by SkyWater through a public-private partnership with Osceola County, Florida”
40. SkyWater Technology, Inc., Form 10-K filed 2026-03-11: “We utilize the 109,000 square foot facility, with approximately 36,000 square feet of cleanroom space, to address emerging commercial and government agency needs for U.S.-sourced electronics.”
41. SkyWater Technology, Inc., Form 10-K filed 2026-03-11: “This facility is approximately 1,223,000 square feet in size, with approximately 375,000 of the square footage being specific to cleanroom space.”
42. SkyWater Technology, Inc., Form 10-K filed 2026-03-11: “SkyWater Texas: A high-volume manufacturer that offers manufacturing services from its fabrication facility in Austin, Texas. SkyWater Texas provides Wafer Services product offerings focused on 200 mm semiconductor fabrication, copper processing, high-voltage technology services and 65 nm node infrastructure support.”
43. SkyWater Technology, Inc., Form 10-K filed 2026-03-11: “In 2025, SkyWater expanded its manufacturing scale through the acquisition and integration of Fab 25 in Austin, Texas ("SkyWater Texas"). This facility significantly increased the Company’s 200 mm wafer manufacturing capacity for foundational nodes, including technologies in the 130 nm to 65 nm range.”
44. SkyWater Technology, Inc., Form 10-K filed 2026-03-11: “Aerospace and defense (A&D): Including trusted and secure microelectronics, radiation-tolerant and radiation-hardened devices, and mission-critical systems supporting U.S. government and defense programs.”
45. SkyWater Technology, Inc., Form 10-K filed 2026-03-11: “SkyWater supports customers across multiple quantum computing modalities, including superconducting, photonic, spin-based, and other device architectures, each with distinct requirements on materials, process integration, device physics, and advanced packaging.”
46. SkyWater Technology, Inc., Form 10-K filed 2026-03-11: “Automotive: Particularly applications requiring reliability, longevity, and stable supply over extended product lifetimes. •Bio-health: Including medical devices, diagnostics, and imaging systems. •Industrial: Including sensing, control, and power management applications.”
47. SkyWater Technology, Inc., Form 10-K filed 2026-03-11: “Infineon accounted for 43% and 7% of our revenue for fiscal years ended December 28, 2025 and December 29, 2024, respectively. Two customers, other than Infineon, represented 21% and 10% of our revenue for the fiscal year ended December 28, 2025. Two customers, other than Infineon, represented 40%, and 20% of our revenue for the fiscal year ended December 29, 2024.”
48. SkyWater Technology, Inc., Form 10-K filed 2026-03-11: “Customer engagements typically involve extended sales cycles that include technical evaluation, development, qualification, and production phases.”
49. SkyWater Technology, Inc., Form 10-K filed 2026-03-11: “SkyWater focuses on building long-term customer relationships by embedding closely with customer programs and aligning our manufacturing and development capabilities with customer requirements. This approach supports durable engagements, high switching costs, and sustained participation across customer product life cycles.”
50. The record on this page: revenue by line and by geography, as tagged in the annual report (the SEC's financial statement data sets)
51. SkyWater Technology, Inc., Form 10-K filed 2026-03-11: “These raw materials include silicon wafers, high-purity compressed gases, high-purity metals for film deposition processes, high-purity acid, base, and cleaning solutions for various wet processing steps, and semiconductor grade photoresist and developer for photolithography.”
52. SkyWater Technology, Inc., Form 10-K filed 2026-03-11: “Our principal suppliers for these materials are: • Globalwafers Co. LTD. (silicon wafers) • SEH America Inc, subsidiary of Shin-Etsu Handotai, Ltd. (silicon wafers) • Honeywell Electronic Materials, Inc. (metal sputtering targets)”
53. SkyWater Technology, Inc., Form 10-K filed 2026-03-11: “In our ATS business, many customers contract with us on a consumption basis, but some contract with us on a firm fixed price basis where milestone attainment is required for payment.”
54. SkyWater Technology, Inc., Form 10-K filed 2026-03-11: “In particular, pricing for Wafer Services is typically based on a fixed price per wafer which accounts for electrical yield and mechanical scrap, in addition to the associated manufacturing and overhead costs.”
55. SkyWater Technology, Inc., Form 10-K filed 2026-03-11: “On April 23, 2021, we completed our IPO and issued 8,004,000 shares of common stock. Shares of our common stock began trading on the Nasdaq Stock Market on April 21, 2021 under the symbol “SKYT”.”
56. SkyWater Technology, Inc., Form 10-K filed 2026-03-11: “The total purchase consideration exchanged on the Transaction was $206.5 million, consisting of the $120.0 million fair value of the off-market component of the Supply Agreement and net cash payments of $86.5 million.”
57. SkyWater Technology, Inc., Form 10-K filed 2026-03-11: “In connection with the Transaction, the Company entered into a multi-year supply agreement with certain of Infineon’s subsidiaries under a take-or-pay arrangement for the first four-year period following the closing of the Transaction (the “Supply Agreement”).”
58. SkyWater Technology, Inc., Form 10-K filed 2026-03-11: “In connection with the Transaction, the Company entered into a multi-year supply agreement with certain of Infineon’s subsidiaries under a take-or-pay arrangement for the four-year period following the closing of the Transaction (the “Supply Agreement”).”
59. SkyWater Technology, Inc., Form 10-K filed 2026-03-11: “In conjunction with the Fab 25 acquisition, we recognized a $111.7 million bargain purchase gain as the value of the net assets acquired by the Company were in excess of the total consideration exchanged with Spansion.”
60. SkyWater Technology, Inc., Form 10-K filed 2026-03-11: “On January 25, 2026, the Company entered into a definitive agreement to be acquired by IonQ. The transaction is subject to customary closing conditions, including regulatory and stockholder approvals, and, if approved, is expected to close in the second or third quarter of 2026.”
61. SkyWater Technology, Inc., Form 10-Q filed 2026-08-07: “Trading of the Company’s common stock on Nasdaq was halted prior to the opening of trading on July 31, 2026”
62. SkyWater Technology, Inc., Form 10-Q filed 2026-08-07: “the Company repaid all amounts required to be paid to discharge the Company’s existing revolving credit facility under the Amended Loan Agreement and terminated the Amended Loan Agreement”
63. SkyWater Technology, Inc., Form 10-K filed 2026-03-11: “The Transaction was financed through proceeds received from the execution of an Amended and Restated Loan and Security Agreement (the “Amended Loan Agreement”) with Siena Lending Group LLC (“Siena”) and the other lenders party thereto on June 30, 2025.”
64. SkyWater Technology, Inc., Form 10-K filed 2026-03-11: “We rely on a combination of copyright, trademark and trade secret laws in the United States and other jurisdictions, as well as license agreements and other contractual provisions, to protect our proprietary technology.”
65. SkyWater Technology, Inc., Form 10-K filed 2026-03-11: “As one example, we received a license to certain technology and intellectual property rights in connection with our divestiture from Cypress. This license remains in effect and is critical to our business, and it may be terminated in the case of specified breaches or other events.”
66. SkyWater Technology, Inc., Form 10-K filed 2026-03-11: “Our research and development expenses were $14.6 million and $15.0 million for the fiscal years ended December 28, 2025 and December 29, 2024, respectively.”
67. SkyWater Technology, Inc., Form 10-K filed 2026-03-11: “A substantial portion of our research and development activities are undertaken in cooperation with our customers and equipment vendors.”
68. SkyWater Technology, Inc., Form 10-K filed 2026-03-11: “Our facilities are ISO 9001 certified, an international quality standard that provides guidance to achieve an effective quality management system. In addition, our Minnesota facility is TS 16949 certified. Our Minnesota facility has been accredited as a Category 1A Trusted Fab for fabrication, design and testing of DoW Trusted Microelectronics, and our Florida facility is in-process for the same accreditation.”
69. SkyWater Technology, Inc., Form 10-K filed 2026-03-11: “SkyWater operates as a pure-play semiconductor foundry free of foreign ownership or control, a structure that is increasingly important to customers and U.S. government programs seeking supply chain diversification, transparency, and assured domestic manufacturing for sensitive applications.”
70. SkyWater Technology, Inc., Form 10-K filed 2026-03-11: “We compete with a large number of competitors in the semiconductor market, including Taiwan Semiconductor Manufacturing Company Limited, United Microelectronics Corporation, Vanguard International Semiconductor Corporation, Tower Semiconductor Ltd., X-FAB Silicon Foundries SE, ON Semiconductor Corporation, GlobalFoundries Inc., MIT Lincoln Labs, and Silex Microsystems.”
71. SkyWater Technology, Inc., Form 10-K filed 2026-03-11: “As a result of our smaller manufacturing footprint, we target opportunities that larger competitors are unable to fulfill efficiently. These contracts are typically lower volume but require higher levels of customization and engineering expertise.”
72. SkyWater Technology, Inc., Form 10-K filed 2026-03-11: “For example, we are required to comply with the DMEA Trust Accreditation process, the U.S. International Traffic in Arms Regulations (“ITAR”), the U.S. Export Administration Regulations (“EAR”), as well as labor requirements, pricing justifications, cybersecurity requirements, and other federal contractor requirements imposed by the Federal Acquisition Regulation (“FAR”), and the Defense FAR Supplement.”
73. SkyWater Technology, Inc., Form 10-K filed 2026-03-11: “Our government contract activities are subject to audits by USG agencies, including agency Inspectors General.”
74. SkyWater Technology, Inc., Form 10-K filed 2026-03-11: “We have not been audited in the past by the USG but expect that we may be audited in the future.”
75. SkyWater Technology, Inc., Form 10-K filed 2026-03-11: “In December 2023, we submitted an application for CHIPS and Science Act funding for modernization and equipment upgrades to enhance production at our Minnesota fab. In December 2024, we signed a preliminary memorandum of terms that provides for up to $16 million in funding pursuant to the CHIPS and Science Act, which will be combined with $19 million in incentives from the State of Minnesota’s Forward Fund.”
76. SkyWater Technology, Inc., Form 10-K filed 2026-03-11: “We can not predict when and/or if such funding will be received based upon Company conversations with U.S. and Minnesota government officials.”
77. SkyWater Technology, Inc., Form 10-K filed 2026-03-11: “Based on such evaluation, the Company’s Chief Executive Officer and Chief Financial Officer have concluded that, as of December 28, 2025, the Company’s disclosure controls and procedures were not effective because of the material weaknesses in internal control over financial reporting described below.”
78. SkyWater Technology, Inc., Form 10-K filed 2026-03-11: “the Company identified a material weakness in operation of controls over account reconciliations. Reconciliation controls did not result in the timely identification, investigation and resolution of reconciling differences or erroneous activity recorded in the ledgers of Fab 25.”
79. SkyWater Technology, Inc., Form 10-K filed 2026-03-11: “In 2025, the Company identified errors related to the overbilling of ATS development revenues that cumulatively totaled $1,970 for fiscal years preceding January 1, 2024.”
80. SkyWater Technology, Inc., Form 10-K filed 2026-03-11: “Revenue increased $99.9 million, or 29%, to $442.1 million for fiscal year 2025, from $342.3 million for fiscal year 2024.”
81. SkyWater Technology, Inc., Form 10-K filed 2026-03-11: “The income tax benefit was $28.0 million for fiscal year 2025 compared to income tax expense of $0.2 million for fiscal year 2024. During the third quarter of 2025, the Company concluded that the effects of the acquisition of Fab 25 would result in the realization of nearly all its deferred tax assets.”
82. The record on this page: the filed annual figures (EDGAR's company facts)
83. SkyWater Technology, Inc., Form 10-K filed 2026-03-11: “Advanced Technology Services (“ATS”) development revenue decreased $26.1 million, or 11%, from $238.6 million for fiscal year 2024 to $212.5 million for fiscal year 2025. The decrease was largely attributable to a $41.8 million reduction in Company's aerospace and defense market revenue, driven by recent U.S. government policy shifts and changes in defense spending priorities. These changes, coupled with delayed contract awards, have reduced program funding and slowed development and associated revenues year-over-year.”
84. SkyWater Technology, Inc., Form 10-K filed 2026-03-11: “These declines were partially offset by a $12.9 million year-over-year growth in the Company’s advanced compute technology market due to the addition of new customers and acceleration of existing programs as companies continue to invest in the emerging technology.”
85. SkyWater Technology, Inc., Form 10-K filed 2026-03-11: “Legacy SkyWater Wafer services revenue decreased by $1.4 million, primarily due to a $6.4 million reduction in sales to our key automotive customer, reflecting lower demand caused by oversupply issues in our customer’s product channels. Additionally, a $1.2 million decrease resulted from reduced medical customer volumes. These decreases were partially offset by a $5.6 million increase in revenue from an aerospace and defense customer program that transitioned from ATS to Wafer Services”
86. SkyWater Technology, Inc., Form 10-K filed 2026-03-11: “Legacy SkyWater revenue decreased $75.4 million, or 22%, from $342.3 million to $266.8 million when comparing the fiscal year ended December 29, 2024 with the fiscal year ended December 28, 2025.”
87. SkyWater Technology, Inc., Form 10-K filed 2026-03-11: “Gross profit decreased from $69.6 million for the fiscal year ended December 29, 2024, as compared to $46.9 million for the fiscal year ended December 28, 2025, representing a decrease in gross margins from 20% to 18% in the same periods.”
88. SkyWater Technology, Inc., Form 10-K filed 2026-03-11: “SkyWater Texas Wafer services revenue increased $175.3 million as a result of the Fab 25 acquisition. Of this amount, $17.9 million represents non-cash revenue associated with the off-market component of the Supply Agreement.”
89. SkyWater Technology, Inc., Form 10-K filed 2026-03-11: “Gross profit was $40.0 million and gross margin was 23% for the fiscal year ended December 28, 2025. Net Income Net income was $137.7 million for the fiscal year ended December 28, 2025.”
90. SkyWater Technology, Inc., Form 10-K filed 2026-03-11: “The acquisition of Fab 25 significantly expanded SkyWater’s footprint domestically and will enable the Company to grow its services across a broader base of industrial, automotive, and defense customers in the future.”
91. SkyWater Technology, Inc., Form 10-K filed 2026-03-11: “We project customer-funded capital investment to be a significant driver of the success of our business model, as we expect customers to invest in our capabilities and enable us to develop technology platforms that will drive our future growth.”
92. SkyWater Technology, Inc., Form 10-Q filed 2026-08-07: “ATS development revenue increased $13.0 million, or 12%, from the first six months of 2025 to the first six months of 2026. The increase was primarily driven by a $49.9 million increase in the advanced compute industry. Additional increases included growth in other end markets, including $3.8 million consumer and $1.5 million medical. These increases were partially offset by a $41.2 million decline in aerospace and defense revenue attributable to recent U.S. government policy shifts and changes in defense spending priorities, as two programs went on stop work and are proceeding to termination for convenience in 2026”
93. SkyWater Technology, Inc., Form 10-Q filed 2026-08-07: “The increase in Wafer Services revenue of $174.3 million from the first six months of 2025 to the first six months of 2026 was primarily driven by an $173.7 million contribution from the Fab 25 acquisition, which expanded the Company’s manufacturing capacity.”
94. SkyWater Technology, Inc., Form 10-K filed 2026-03-11: “One customer accounted for 10% or more of accounts receivable and, in aggregate, accounted for approximately 59% as of December 28, 2025.”
95. SkyWater Technology, Inc., Form 10-K filed 2026-03-11: “Accounts receivable, contract assets and accounts payable resulted in a net $20.5 million use of cash, driven largely by the SkyWater Texas receivable balances and extended payment terms, partially offset by favorable cash collections in Legacy SkyWater.”
96. SkyWater Technology, Inc., Form 10-K filed 2026-03-11: “Our government contracts are primarily fixed-price contracts where we bear a significant portion of the risk of cost overruns.”
97. SkyWater Technology, Inc., Form 10-K filed 2026-03-11: “In addition, our accreditation as a Trusted Foundry by the DMEA, our rad-hard program with the DoW, and other USG and defense-related programs may make us a specific target for such attacks or industrial or nation-state espionage.”
98. SkyWater Technology, Inc., Form 10-K filed 2026-03-11: “Contract deferred revenue includes $37,077 and $48,200 at December 28, 2025 and December 29, 2024, respectively, related to material rights provided to a significant customer in exchange for funding additional manufacturing capacity.”
99. SkyWater Technology, Inc., Form 10-K filed 2026-03-11: “For fiscal years 2025 and 2024, cash outflows related to capital expenditures totaled $27.2 million and $14.3 million, respectively.”

Where the revenue comes from

Lines of business in fiscal 2025: Legacy Sky Water 60%, Sky Water Texas 40%. As tagged in its annual report (Form 10-K, filed 2026-03-11).

Who runs it

Sonderman, Thomas (CEO); Sakamoto, John (President and COO); Manko, Steve (CFO); Hilberg, Christopher (Chief Risk & Compl. Officer); Baxter, Timothy E (director); Cmi, Oxbow Partners, Llc (director); Daly, Edward (director); Fares, Nancy (director); Goetz, Dennis J (director); Humke, Joseph J (director); and 4 more. 14 officers and directors have filed their own trades in the last fifteen months, names and titles as filed with the SEC, through 2026-09-30.

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