Topic: U.S. government funding uncertainty and quantum computing exposure
Key points:
~$300 million of U.S. government investment over several years supports programs aligned with national security; continuing resolution held spending at FY2024 levels.
Expect "very good transparency" by end of Q2 on second-half outlook, reflected in Q3 forecast; discussions point to an omnibus bill over the summer.
Advanced computing is ~10% of business; 90% of that is quantum computing (D-Wave, Si-Quantum). Si-Quantum work involves superconducting, films, and photonics expertise.
Mgmt stance: Neutral — confident in program criticality and customer commitment, but funding resolution timing is uncertain; visibility improves by end of Q2.
Q2 — Robert Mertens
Topic: ThermaView ramp and Wafer Services mix
Key points:
ThermaView represented mid-single-digit million revenue in March quarter; it is the main driver of Wafer Services growth in 2025.
Other converts (e.g., medical device, rapid diagnostics) are on different timelines; ThermaView has most clarity.
Wafer Services market sized at $9 billion; mix shifting from 90% legacy/10% new in prior year to 60% new/40% legacy exiting this year (Q1 run rate already at that mix).
Mgmt stance: Bullish — ThermaView is a key growth driver; clear plan and traction with lead customers.
Q3 — Robert Aguanno
Topic: Wafer Services new product opportunities and packaging facility revenue
Key points:
Two lead customers (major primes) providing product for Wafer Services; additional design wins will move into volume production.
Packaging facility: majority of 2025 revenue is tool revenue (second half); infrastructure from a 2022 Build Back Better grant gates tool move-ins.
Traditional ATS revenue from packaging facility expected mainly in 2026.
Mgmt stance: Neutral — traction is significant but cannot quantify market size; packaging revenue is back-end loaded, with 2026 as the primary year for ATS revenue.
Q4 — Richard Shannon
Topic: ATS-to-Wafer Services conversions and RadHard program update
Key points:
Last year had 4 announced transitions: 1 into auto/industrial, 3 into bio-diagnostic/medical device; smaller companies are in qualification cycles.
Expect more converts this year; each conversion will have less individual impact but collectively become more predictable.
RadHard program: technology evolving toward qualification; requirements are being refined as end-state systems approach. Government funding reassessment affects all programs, but SkyWater’s foundry model is aligned with DoD efficiency goals.
Mgmt stance: Neutral — conversion process is maturing; RadHard progress is steady but subject to funding reassessment; SkyWater is a "national asset" with unique capabilities.