24/7 Market News Snapshot 08 Aug 2024 – SkyWater Technology, Inc. Common Stock (NASDAQ: SKYT)

August 8, 2024 9:36

Press Release

DENVER, Colo., 08 August, 2024 (247marketnews.com) – (Nasdaq:SKYT) are discussed in this article.
SkyWater Technology, Inc. (SKYT) demonstrated significant momentum today, with its stock opening at $7.35 and currently trading at $8.10. This marks an impressive intraday surge of 41.63% from the market open, following the previous session’s close at $5.72. The heightened trading volume of 1.0 million shares underscores strong investor interest, indicating potential accumulation and bullish sentiment that may point towards a breakout. Observing the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) will be crucial for identifying emerging trends and potential reversal signals.

In parallel, SkyWater Technology reported its financial results for Q2 2024, achieving record revenue for the eighth consecutive quarter with a 34% year-over-year growth to $93.3 million. This performance highlights the company’s strategic focus on Advanced Technology Services (ATS) and customer co-investments. CEO Thomas Sonderman emphasized the achievement, noting the company’s unique approach has driven success, supporting future profitability and positive cash flow.

The financial highlights for Q2 2024 include a GAAP gross margin of 18.3% and a non-GAAP gross margin of 18.9%. SkyWater also posted a non-GAAP net income of $0.8 million or $0.02 per share, and an adjusted EBITDA of $8.1 million, representing 8.7% of total revenue. The record ATS development revenue was driven by strong operational execution and significant demand, particularly from aerospace and defense sectors. Additionally, cost-control measures have bolstered operating cash flow and non-GAAP earnings per share.

Technological advancements were also notable, with SkyWater and Quantum-Si transitioning baseline technology to Wafer Services, marking progress towards commercializing advanced proteome sequencing. The installation of Multibeam’s direct-write patterning system further enhances SkyWater’s Technology as a Service model, boosting its advanced lithography capabilities.

SkyWater Technology’s strategic partnerships, innovation, and CapEx-light approach continue to set the stage for sustained growth and leadership in the semiconductor industry. The company’s robust financial performance and technological advancements highlight its commitment to driving forward the semiconductor landscape.

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