Q2 2024 Skywater Technology Inc Earnings Call Transcript
Key Points
- SkyWater Technology Inc (SKYT) reported record revenue of $93 million for Q2 2024, marking a significant increase from previous quarters.
- The company achieved non-GAAP positive EPS for the first time, indicating improved profitability.
- ATS development revenue reached nearly $62 million, driven by strong demand in the aerospace and defense sectors.
- Customer-funded tool installations are adding critical new capabilities to SkyWater's fabs, supporting future growth.
- The company announced a successful transition of QuantumPsi from ATS to Wafer Services, highlighting progress in the biomedical sector.
- Wafer Services revenue remains weak, with Q2 revenue at just under $6 million, reflecting continued softness in the broader industrial market.
- The company expects Wafer Services to remain soft for at least another quarter or two, impacting overall revenue growth.
- SkyWater's legacy Wafer Services business is expected to decline by 60% to 65% for the full year 2024.
- The company faces ongoing challenges in ramping up new technologies and transitioning customers from ATS to Wafer Services.
- Despite strong Q2 results, the company remains cautious about future revenue growth, particularly in the Wafer Services segment.
Good afternoon. My names is Audrey, and I will be your conference operator today. At this time, I would like to welcome everyone to the SkyWater Technology Q2 2024 financial results conference call. Today's conference is being recorded. (Operator Instructions)
At this time, I would now like to turn the call over to Claire McAdams, Investor Relations. Please go ahead.
Good afternoon, and welcome to SkyWater's second-quarter 2024 conference call. With me on the call today from SkyWater are Thomas Sonderman, Chief Executive Officer; and Steve Manko, Chief Financial Officer.
I'd like to remind you that, our call is being webcast live on SkyWater's Investor Relations website at ir.skywatertechnology.com. The webcast will be available for replay shortly after the call concludes. On our IR website, we have posted a slide presentation to accompany today's call as well as a financial supplement summarizing our quarterly and annual financial results for the last three years, including all non
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