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SkyWater Technology (SKYT) Q4 2024 Earnings Call Transcript
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Thu 11 Jul 24, 07:37 PMWeebit Nano’s ReRAM IP now fully qualified in SkyWater Technology’s S130 process
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Tue 07 Mar 23, 02:00 PM| Breakdown | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 |
|---|---|---|---|---|---|
| Type | yearly | yearly | yearly | yearly | yearly |
| Date | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 |
| Income before tax | -36.06200M | -54.19300M | -14.79500M | -19.97800M | - |
| Minority interest | -2.72200M | -3.29300M | -1.56800M | -1.56800M | -1.56800M |
| Net income | -36.87100M | -47.40300M | -19.71400M | -16.41900M | - |
| Selling general administrative | 46.30M | 43.59M | 17.25M | 14.39M | - |
| Selling and marketing expenses | 46.30M | 43.59M | 7.78M | 4.33M | - |
| Gross profit | 25.97M | -7.47200M | 22.69M | 25.35M | - |
| Reconciled depreciation | 28.19M | 27.37M | 18.87M | 16.66M | - |
| Ebit | -29.76700M | -57.10400M | -8.64200M | -8.97100M | 13.96M |
| Ebitda | -1.57500M | -29.73600M | 10.22M | 7.69M | - |
| Depreciation and amortization | 28.19M | 27.37M | 18.87M | 16.66M | - |
| Non operating income net other | -1.10100M | 6.45M | - | - | - |
| Operating income | -29.76700M | -57.10400M | -8.64200M | -8.97100M | - |
| Other operating expenses | 242.71M | 219.95M | 149.08M | 145.70M | - |
| Interest expense | 5.19M | 3.54M | 5.50M | 6.55M | 0.00000M |
| Tax provision | 0.81M | -6.79000M | 4.92M | -3.55900M | - |
| Interest income | - | - | - | - | - |
| Net interest income | -5.19400M | -3.54200M | -5.49900M | -6.54700M | - |
| Extraordinary items | - | - | - | - | - |
| Non recurring | - | - | - | - | - |
| Other items | - | - | - | - | - |
| Income tax expense | 0.81M | -6.79000M | 4.92M | -3.55900M | 0.04M |
| Total revenue | 212.94M | 162.85M | 140.44M | 136.72M | - |
| Total operating expenses | 55.73M | 49.63M | 31.33M | 34.32M | - |
| Cost of revenue | 186.97M | 170.32M | 117.75M | 111.38M | - |
| Total other income expense net | -6.29500M | 2.91M | -6.15300M | -11.00700M | - |
| Discontinued operations | - | - | - | - | - |
| Net income from continuing ops | -36.87100M | -47.40300M | -19.71400M | -16.41900M | - |
| Net income applicable to common shares | -39.59300M | -51.09400M | -20.61700M | -16.41900M | -0.06500M |
| Preferred stock and other adjustments | - | - | - | - | - |
| Breakdown | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 |
|---|---|---|---|---|---|
| Type | yearly | yearly | yearly | yearly | yearly |
| Date | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 |
| Total assets | 316.76M | 305.76M | 263.60M | 263.21M | 190.44M |
| Intangible assets | 5.67M | 5.61M | 3.89M | 4.56M | 1.62M |
| Earning assets | - | - | - | - | - |
| Other current assets | 15.40M | 10.29M | 3.85M | 5.38M | 0.03M |
| Total liab | 256.06M | 251.79M | 203.67M | 264.79M | 166.27M |
| Total stockholder equity | 53.74M | 53.67M | 61.13M | -0.01600M | 24.17M |
| Deferred long term liab | - | 1.24M | 0.99M | 2.05M | - |
| Other current liab | 47.60M | 25.21M | 18.30M | 36.11M | 28.18M |
| Common stock | 0.47M | 0.44M | 0.40M | 3.77M | 7.33M |
| Capital stock | 0.47M | 0.44M | 0.40M | 3.77M | 7.33M |
| Retained earnings | -125.20300M | -94.07200M | -54.47900M | -3.78300M | 16.83M |
| Other liab | - | 75.08M | 97.48M | 108.64M | 75.86M |
| Good will | - | - | - | - | - |
| Other assets | 0.00000M | 3.55M | 4.83M | 4.00M | 2.43M |
| Cash | 18.38M | 30.02M | 12.92M | 7.44M | 4.61M |
| Cash and equivalents | - | - | - | - | - |
| Total current liabilities | 144.20M | 132.17M | 47.77M | 86.33M | 46.57M |
| Current deferred revenue | 49.55M | 28.19M | 20.81M | 30.65M | 2.98M |
| Net debt | 54.48M | 62.83M | 46.53M | 65.16M | 43.38M |
| Short term debt | 27.43M | 57.67M | 1.02M | 2.77M | 4.15M |
| Short long term debt | 26.74M | 57.67M | 1.02M | 2.77M | 4.15M |
| Short long term debt total | 72.86M | 92.85M | 59.45M | 72.60M | 47.99M |
| Other stockholder equity | 178.47M | 147.30M | 115.21M | 59.25M | 42.01M |
| Property plant equipment | - | 180.06M | 180.47M | 178.08M | 101.87M |
| Total current assets | 144.92M | 116.55M | 74.40M | 76.57M | 84.52M |
| Long term investments | - | - | - | - | - |
| Net tangible assets | - | 48.06M | 57.24M | -4.57700M | 22.55M |
| Short term investments | - | - | - | - | - |
| Net receivables | 95.80M | 62.84M | 40.13M | 30.00M | 61.97M |
| Long term debt | 36.10M | 35.18M | 58.43M | 69.83M | 43.84M |
| Inventory | 15.34M | 13.40M | 17.50M | 27.17M | 15.99M |
| Accounts payable | 19.61M | 21.10M | 7.64M | 16.79M | 11.26M |
| Total permanent equity | - | - | - | - | - |
| Noncontrolling interest in consolidated entity | - | 0.31M | -1.20000M | - | - |
| Temporary equity redeemable noncontrolling interests | - | - | - | - | - |
| Accumulated other comprehensive income | - | - | - | -59.24700M | -42.01100M |
| Additional paid in capital | - | - | - | - | - |
| Common stock total equity | - | 0.44M | 0.40M | 3.77M | 7.33M |
| Preferred stock total equity | - | - | - | - | - |
| Retained earnings total equity | - | -94.07200M | -54.47900M | - | - |
| Treasury stock | - | - | - | - | - |
| Accumulated amortization | - | - | - | - | - |
| Non currrent assets other | 6.70M | 2.45M | 4.83M | 4.00M | 2.43M |
| Deferred long term asset charges | - | - | - | - | - |
| Non current assets total | 171.83M | 189.21M | 189.20M | 186.64M | 105.92M |
| Capital lease obligations | 10.02M | 10.14M | 1.19M | - | - |
| Long term debt total | - | 35.18M | 58.43M | - | - |
| Breakdown | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 |
|---|---|---|---|---|---|
| Type | yearly | yearly | yearly | yearly | yearly |
| Date | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 |
| Investments | -15.38100M | -34.53700M | -88.17700M | -7.36800M | - |
| Change to liabilities | 21.56M | -18.34800M | 75.06M | 48.99M | 2.51M |
| Total cashflows from investing activities | -17.45300M | -34.53700M | -88.17700M | -7.36800M | -4.27500M |
| Net borrowings | 31.39M | -8.18600M | 27.11M | 10.49M | 4.78M |
| Total cash from financing activities | 48.34M | 90.98M | -5.18700M | 0.55M | -7.82100M |
| Change to operating activities | -5.28800M | 4.53M | 2.19M | -3.99400M | 2.35M |
| Net income | -36.87100M | -47.40300M | -19.71400M | -16.41900M | -0.06500M |
| Change in cash | 17.11M | 5.48M | 2.83M | 4.11M | 0.50M |
| Begin period cash flow | 12.92M | 7.44M | 4.61M | 0.50M | - |
| End period cash flow | 30.02M | 12.92M | 7.44M | 4.61M | 0.50M |
| Total cash from operating activities | -15.85600M | -50.96600M | 96.19M | 10.92M | 12.59M |
| Issuance of capital stock | 16.17M | 104.21M | - | - | - |
| Depreciation | 28.19M | 27.37M | 18.87M | 16.66M | 15.02M |
| Other cashflows from investing activities | -0.40000M | 0.94M | - | - | - |
| Dividends paid | 1.21M | 2.92M | 2.47M | 0.00000M | - |
| Change to inventory | -5.89400M | -3.77300M | -11.17500M | 2.04M | -3.45000M |
| Change to account receivables | -12.84600M | -9.38700M | 31.45M | -42.46700M | -4.48800M |
| Sale purchase of stock | 1.80M | 102.34M | -4.08500M | 0.00000M | - |
| Other cashflows from financing activities | 55.52M | -2.11700M | 13.64M | 3.57M | -12.60300M |
| Change to netincome | 9.95M | 1.18M | -3.47400M | 5.59M | -2.89800M |
| Capital expenditures | 15.38M | 36.70M | 89.85M | 8.97M | 5.48M |
| Change receivables | -9.95800M | -9.38700M | - | - | - |
| Cash flows other operating | -18.85300M | -28.36000M | - | - | - |
| Exchange rate changes | - | - | - | - | - |
| Cash and cash equivalents changes | 17.11M | 5.48M | - | - | - |
| Change in working capital | -17.74300M | -29.43400M | 99.76M | 3.37M | - |
| Stock based compensation | 8.61M | 12.53M | 2.64M | 4.17M | - |
| Other non cash items | 1.71M | -6.96700M | -7.74300M | 6.97M | - |
| Free cash flow | -31.23700M | -87.66200M | 6.34M | 1.96M | - |
Sector: Technology Industry: Semiconductors
| Company | Change (USD) | Price (USD) | Trailing PE (x) | Forward PE (x) | Price Sales TTM (x) | Price to Book Value (x) | Enterprise Value to Revenue (x) | Enterprise Value to EBITDA (x) |
|---|---|---|---|---|---|---|---|---|
| SKYT Skywater Technology Inc |
-1.54 3.86% | 38.37 | - | 344.83 | 1.69 | 9.04 | 1.88 | 38.20 |
| NVDA NVIDIA Corporation |
-8.07 3.62% | 214.75 | 62.11 | 36.76 | 36.43 | 51.65 | 36.19 | 61.96 |
| AVGO Broadcom Inc |
-2.34 0.49% | 479.23 | 78.55 | 35.84 | 27.93 | 23.69 | 28.47 | 52.08 |
| TSM Taiwan Semiconductor Manufacturing |
-10.0 2.24% | 436.69 | 19.45 | 15.92 | 0.24 | 4.85 | 0.22 | 0.30 |
| AMD Advanced Micro Devices Inc |
20.98 4.02% | 542.52 | 108.58 | 40.98 | 13.39 | 7.12 | 12.75 | 60.70 |
SkyWater Technology, Inc., together with its subsidiaries, operates as a pure-play technology foundry that engages in the provision of semiconductor development, manufacturing, and packaging services in the United States. The company offers engineering and process development support services to co-create technologies with customers; and semiconductor manufacturing services for various silicon-based analog and mixed-signal, micro-electromechanical systems, and rad-hard integrated circuits. It serves customers operating in the computation, aerospace and defense, automotive, bio-health, consumer, and industrial sectors. The company was incorporated in 2016 and is headquartered in Bloomington, Minnesota.
2401 East 86th Street, Bloomington, MN, United States, 55425
| Name | Title | Year Born |
|---|---|---|
| Mr. Thomas J. Sonderman | Pres, CEO & Director | 1964 |
| Mr. Steve Manko | Chief Financial Officer | 1981 |
| Mr. John L. Spicer | Exec. VP of Operations | NA |
| Dr. Steven Kosier Ph.D. | Chief Technology Officer | NA |
| Mr. Jason Stokes | Chief Legal Officer & Gen. Counsel | NA |
| Mr. Kevin Jackson | Sr. VP of Corp. Devel. | NA |
| Ms. Amanda R. Daniel | Chief HR Officer | NA |
| Mr. John Kent | Exec. VP of Technology Devel. & Design Enablement | NA |
| Mr. Mark Litecky | Chief Revenue Officer | NA |
| Dr. Brad Ferguson Ph.D. | Chief Gov. Affairs Officer and Sr. VP & GM of SkyWater Florida | NA |
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