Research Reports

Prepared Highlights

Q2 2025 revenue of $59.1 million, at upper end of guidance, driven by stronger ATS revenues (CEO, CFO).
Q2 gross margin 19.5%, above guidance; adjusted EBITDA $2.3 million, above forecast; non-GAAP EPS loss $0.11 per share (CFO).
Q2 OpEx flat at $13.5 million; full-year organic OpEx expected to increase ~5% vs. prior 10%-15% forecast (CFO).
Fab 25 acquisition closed June 30; upfront payment $93 million funded via new $350 million revolving credit facility; total debt at June 30 $137 million (CFO).
Fab 25 multiyear supply agreement with Infineon projected to exceed $1 billion; IP license agreement announced (CEO).
Fab 25 expected to add $75M–$80M Wafer Services revenue in Q3; non-GAAP gross margin 4%–6% (including $8M–$10M purchase accounting depreciation per quarter); ~$5M quarterly OpEx; ~$2.5M quarterly interest expense; ~$8M adjusted EBITDA per quarter (CFO).
Organic Q3 guidance: ATS revenue ~$50M; Wafer Services $5M–$6M; tool revenue $2M–$3M (CFO).
Q3 consolidated guidance: non-GAAP gross margin 11%–14%; OpEx $18M–$20M; interest expense $4.5M–$5M; tax expense $500K; net loss per share $0.14–$0.20; adjusted EBITDA $10M–$12M (CFO).
Q4 expected run rate: consolidated revenue ~$140M before tools; Wafer Services mid-$80M; ATS mid-$50M; tool revenue $20M–$25M; gross margin 12%–15%; adjusted EBITDA ~$14M (≥10% margin) (CEO, CFO).
2026 baseline expectations: revenue at least $600M; adjusted EBITDA at least $60M (CEO, CFO).
Customer-funded CapEx 2024–2026 total ~$200M; 2026 tool revenue assumed ~$20M (CFO).
Quantum computing revenue growth >30% in 2025; new platform and customer engagements expected in 2026 (CEO).
Florida advanced packaging ATS revenues expected to be back-half loaded; majority of tool revenue recognition in Q4; sequential ATS growth in Q4 (CEO).
DoD programs facing funding delays; expected to operate at current revenue levels through 2025 (CEO).
ThermaView expected to drive Wafer Services momentum through year-end and into 2026 (CEO).

Official Guidance:

Q3 2025: Consolidated non-GAAP gross margin 11%–14%; adjusted EBITDA $10M–$12M; net loss per share $0.14–$0.20.
Q4 2025 run rate: Revenue ~$140M (before tools); gross margin 12%–15%; adjusted EBITDA ~$14M (≥10% margin).
Full-year 2026: Revenue at least $600M; adjusted EBITDA at least $60M.

Mgmt Quotes:

“Revenues for the second quarter came in at the upper end of our outlook provided in May at just over $59 million.” (CEO)
“Fab 25 brings SkyWater a number of significant benefits, both strategic and financial.” (CEO)
“We expect the acquisition to enable us to roughly double our revenue scale and adjusted EBITDA immediately with strong free cash flow generation from the outset.” (CEO)
“Our Q2 gross margin exceeded the top of expectations at 19.5%.” (CFO)
“As we look towards 2026, SkyWater is emerging not just as a growth story, but as a strategic cornerstone in reshaping the U.S. semiconductor landscape.” (CEO)

Prepared Metrics

Metric	Value	Speaker/Context
Q2 Revenue	$59.1M	CFO (prepared)
Q2 Gross Margin	19.5%	CFO (prepared)
Q2 Adjusted EBITDA	$2.3M	CFO (prepared)
Q2 Non-GAAP EPS	-$0.11	CFO (prepared)
Q2 OpEx	$13.5M	CFO (prepared)
Q2 Cash	$49.4M	CFO (prepared)
Q2 Total Debt	$65.7M	CFO (prepared)
Fab 25 PP&E Added	$364M	CFO (prepared)
Fab 25 Annual Depreciation (est.)	$30M–$45M (6–8 years)	CFO (prepared)
Fab 25 Q3 Wafer Services Revenue	$75M–$80M	CFO (prepared)
Fab 25 Q3 Non-GAAP Gross Margin	4%–6%	CFO (prepared)
Fab 25 Q3 Purchase Accounting Depreciation	$8M–$10M/quarter	CFO (prepared)
Fab 25 Q3 OpEx	~$5M/quarter	CFO (prepared)
Fab 25 Q3 Interest Expense	~$2.5M/quarter	CFO (prepared)
Fab 25 Q3 Adjusted EBITDA	~$8M/quarter	CFO (prepared)
Organic Q3 ATS Revenue	~$50M	CFO (prepared)
Organic Q3 Wafer Services Revenue	$5M–$6M	CFO (prepared)
Organic Q3 Tool Revenue	$2M–$3M	CFO (prepared)
Q3 Consolidated Non-GAAP Gross Margin	11%–14%	CFO (prepared)
Q3 Consolidated OpEx	$18M–$20M	CFO (prepared)
Q3 Interest Expense	$4.5M–$5M	CFO (prepared)
Q3 Tax Expense	$500K	CFO (prepared)
Q3 Net Loss Per Share	-$0.14 to -$0.20	CFO (prepared)
Q3 Adjusted EBITDA	$10M–$12M	CFO (prepared)
Q4 Revenue Run Rate (pre-tools)	~$140M	CFO (prepared)
Q4 Wafer Services Revenue	mid-$80M	CEO (prepared)
Q4 ATS Revenue	mid-$50M	CEO (prepared)
Q4 Tool Revenue	$20M–$25M	CFO (prepared)
Q4 Gross Margin	12%–15%	CFO (prepared)
Q4 Adjusted EBITDA	~$14M (≥10% margin)	CFO (prepared)
2026 Revenue Baseline	≥$600M	CEO, CFO (prepared)
2026 Adjusted EBITDA Baseline	≥$60M	CEO, CFO (prepared)
2026 Tool Revenue Assumption	~$20M	CFO (prepared)
Customer-Funded CapEx (2024–2026)	~$200M total	CFO (prepared)
Quantum Revenue Growth (2025)	>30%	CEO (prepared)

Q&A Batch (1-4 of 4)

Q1 — Neil Anthony Young

Topic: Fab 25 毛利率的扩张路径与近期影响
Key points:
- 近期毛利率压缩是预期内的（相对于历史水平），但 Fab 25 收购以低成本在低迷市场获得资产，营收翻倍且毛利润美元增加。
- 短期内通过 ATS 工程收入、新产品/新平台按市场价收费、以及跨工厂的协同成本优化（运营和工程效率提升）来推动毛利率扩张。
- 管理层认为合并后业务有路径超过其他代工厂的总毛利率，2024 Q1/Q2 时（剔除工具后）营收约 7000 万美元，non-GAAP 毛利率约 30%。
Mgmt stance: 中性偏积极 — 承认近期毛利率承压，但强调毛利润美元增长且长期有明确改善路径。

Q2 — Kinney Chin

Topic: Fab 25 的产能利用率、外部客户增容时间以及 Infineon IP 许可的细节
Key points:
- Fab 25 目前运行 Infineon 产品，利用接近其目标水平；通过转为代工模式并引入新能力，可在维持 Infineon 输出的同时为新客户创造空间。
- 上周与 Infineon 签署了 130 HB 平台的高压 IP 许可协议，立即开始与客户讨论转移至 Fab 25；该 fab 有 200mm 65nm 先进能力（美国稀缺），是额外上行空间。
- IP 集成预计在 2025 年内完成，2026 年可启动多项目晶圆（MPW）和 shuttle run，之后约 2 年过渡到量产。
Mgmt stance: 积极 — 认为存在多个向量带来上行空间（IP 许可、效率提升、新能力），且客户兴趣已明确。

Q3 — Richard Cutts Shannon

Topic: 先进封装业务进展与量子计算技术路线
Key points:
- 先进封装：工具正在佛罗里达安装，目标一年后提供原型服务；初期聚焦国防工业基地（DoD 资助），同时与商业客户持续接触；已拥有 interposer 技术并面向国防市场推广。
- 量子计算：主力是超导基础膜技术，与 SiQuantum 合作涉及超导+波导（光子学）；也评估离子阱技术，具备能力但需结合客户需求。
- 预期今年晚些时候将宣布新量子计算平台及新客户。
Mgmt stance: 积极 — 封装势头持续积累，量子方面有多个技术向量并行推进。

Q4 — Robert F. Aguanno

Topic: Fab 25 除 Infineon 外的目标客户类型与市场定位
Key points:
- 该 fab 针对基础半导体（电源管理 IC、ASIC、微控制器、嵌入式存储），目标客户为混合半导体制造商（如 NXP、STMicroelectronics、ROHM、Renesas），它们重视美国本土供应。
- 国防部（DoD）推动减少对中国/台湾硅的依赖，预计会有更多 DoD 产品转移至美国 fab；Microchip 等公司也在重审制造策略（可能转向无晶圆模式）。
- 认为 200mm 美国代工产能需求将因国内采购大趋势而强劲。
Mgmt stance: 积极 — 基于地缘政治和供应链重组，看好多重客户需求来源。