$SKYT
SkyWater Technology, Inc

2021 Q3 Form 10-Q Financial Statement

#000181997421000012 Filed on August 04, 2021

View on sec.gov

Income Statement

Concept 2021 Q3 2020 Q2
Revenue $41.19M $30.76M
YoY Change 24.8%
Cost Of Revenue $39.38M $25.30M
YoY Change 53.07%
Gross Profit $1.812M $5.462M
YoY Change -75.1%
Gross Profit Margin 4.4% 17.76%
Selling, General & Admin $15.42M $6.921M
YoY Change 167.39%
% of Gross Profit 850.72% 126.71%
Research & Development $3.339M $786.0K
YoY Change 206.89%
% of Gross Profit 184.27% 14.39%
Depreciation & Amortization $6.400M $4.130M
YoY Change 55.08%
% of Gross Profit 353.2% 75.61%
Operating Expenses $18.75M $7.707M
YoY Change 173.66%
Operating Profit -$16.00M -$2.957M
YoY Change -2660.0%
Interest Expense $912.0K $1.322M
YoY Change -30.01%
% of Operating Profit
Other Income/Expense, Net $5.541M -$1.421M
YoY Change -382.27%
Pretax Income -$10.46M -$4.378M
YoY Change 681.69%
Income Tax -$4.237M $915.0K
% Of Pretax Income
Net Earnings -$6.979M -$5.293M
YoY Change 321.95%
Net Earnings / Revenue -16.94% -17.21%
Basic Earnings Per Share -$200.0K
Diluted Earnings Per Share -$200.0K -$139.2K
COMMON SHARES
Basic Shares Outstanding 34.71M shares
Diluted Shares Outstanding 34.71M shares

Balance Sheet

Concept 2021 Q3 2020 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $64.60M
YoY Change 251.1%
Cash & Equivalents $64.60M $59.65M
Short-Term Investments
Other Short-Term Assets $34.00K
YoY Change -99.69%
Inventory $29.17M
Prepaid Expenses $1.839M
Receivables $33.40M
Other Receivables $230.0K
Total Short-Term Assets $130.8M
YoY Change 30.63%
LONG-TERM ASSETS
Property, Plant & Equipment $179.4M
YoY Change 6.12%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $4.518M
YoY Change -25.93%
Total Long-Term Assets $188.0M
YoY Change 5.67%
TOTAL ASSETS
Total Short-Term Assets $130.8M
Total Long-Term Assets $188.0M
Total Assets $318.8M
YoY Change 14.66%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $15.88M
YoY Change -33.83%
Accrued Expenses $20.73M
YoY Change -26.48%
Deferred Revenue $20.25M
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due $1.006M
YoY Change -74.21%
Total Short-Term Liabilities $66.98M
YoY Change -32.48%
LONG-TERM LIABILITIES
Long-Term Debt $65.35M
YoY Change 69.74%
Other Long-Term Liabilities $88.09M
YoY Change -25.85%
Total Long-Term Liabilities $156.3M
YoY Change -0.64%
TOTAL LIABILITIES
Total Short-Term Liabilities $66.98M
Total Long-Term Liabilities $156.3M
Total Liabilities $223.3M
YoY Change -14.68%
SHAREHOLDERS EQUITY
Retained Earnings -$13.57M
YoY Change
Common Stock $391.0K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $96.90M
YoY Change
Total Liabilities & Shareholders Equity $318.8M
YoY Change 14.66%

Cashflow Statement

Concept 2021 Q3 2020 Q2
OPERATING ACTIVITIES
Net Income -$6.979M -$5.293M
YoY Change 321.95%
Depreciation, Depletion And Amortization $6.400M $4.130M
YoY Change 55.08%
Cash From Operating Activities -$22.39M $103.0M
YoY Change 97.02%
INVESTING ACTIVITIES
Capital Expenditures -$7.855M -$38.41M
YoY Change -72.9%
Acquisitions
YoY Change
Other Investing Activities $0.00 $1.650M
YoY Change -100.0%
Cash From Investing Activities -$7.855M -$36.76M
YoY Change -72.88%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 90.63M -11.23M
YoY Change -9983.64%
NET CHANGE
Cash From Operating Activities -22.39M 103.0M
Cash From Investing Activities -7.855M -36.76M
Cash From Financing Activities 90.63M -11.23M
Net Change In Cash 60.39M 55.04M
YoY Change -246.42%
FREE CASH FLOW
Cash From Operating Activities -$22.39M $103.0M
Capital Expenditures -$7.855M -$38.41M
Free Cash Flow -$14.54M $141.4M
YoY Change -182.52%

Facts In Submission

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SkyWater Technology, Inc.
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us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
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us-gaap Capital Lease Obligations Incurred
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us-gaap Nature Of Operations
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Nature of Business<div style="margin-top:6pt;text-align:justify;text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">SkyWater Technology, Inc., together with its consolidated subsidiaries (collectively, “we”, “us”, “our”, or “SkyWater”), is a U.S. investor-owned, independent, pure-play technology foundry that offers advanced semiconductor development and manufacturing services from our fabrication facility, or fab, in Minnesota and advanced packaging services from our Florida facility. In our technology as a service model, we leverage a strong foundation of proprietary technology to co-develop process technology intellectual property with our customers that enables disruptive concepts through our Advanced Technology Services for diverse microelectronics (integrated circuits, or ICs) and related micro- and nanotechnology applications. In addition to these differentiated technology development services, we support customers with volume production of ICs for high-growth markets through our Wafer Services.</span></div><div style="margin-top:18pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Emerging Growth Company Status</span></div><div style="margin-top:6pt;text-align:justify;text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We are an emerging growth company, as defined in the Jumpstart Our Business Startups Act of 2012.</span></div><div style="margin-top:18pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Corporate Conversion and Initial Public Offering</span></div><div style="margin-top:6pt;text-align:justify;text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Effective April 14, 2021, we converted into a Delaware corporation pursuant to a statutory conversion and changed our name to SkyWater Technology, Inc. Previously, we operated as a Delaware limited liability company under the name CMI Acquisition, LLC. As a result of the corporate conversion, the holders of the different series of units of CMI Acquisition, LLC, became holders of common stock and options to purchase common stock of SkyWater Technology, Inc. The number of shares of common stock that holders of Class B preferred units and common units were entitled to receive in the corporate conversion was determined in accordance with a plan of conversion, which was based upon the terms of the CMI Acquisition, LLC operating agreement, and varied depending on which class of Units a holder owned. See Note 8 – </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Shareholders’ Equity</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">.</span></div><div style="margin-top:12pt;text-align:justify;text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On April 23, 2021, we completed our initial public offering (“IPO”) and issued 8,004,000 shares of common stock, including the underwriter’s exercise of their right to purchase additional shares, at an initial offering price to the public of $14.00 per share. We received net proceeds from the IPO of approximately $100,162 after deducting underwriting discounts and commissions of $7,844 and offering costs of approximately $4,050.</span></div><div style="margin-top:12pt;text-align:justify;text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Shares of common stock began trading on the Nasdaq Stock Market on April 21, 2021 under the symbol “SKYT”. The shares were registered under the Securities Act on a registration statement on Form S-1, which was declared effective by the Securities and Exchange Commission (“SEC”) on April 20, 2021.</span></div>We expect to use the proceeds from the IPO for working capital and other general corporate purposes, which may include financing our growth and funding capital expenditures. On July 26, 2021, we announced that our Board of Directors approved $56 million in strategic capital investments for expanding manufacturing capacity and technology capabilities at our Minnesota facility. The majority of this investment is targeted to expand capacity and capabilities at our Minnesota fab which is expected to increase our output.
us-gaap Use Of Estimates
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<div style="margin-top:18pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Use of Estimates</span></div><div style="margin-top:6pt;text-align:justify;text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of our condensed consolidated financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Management evaluates these estimates and judgments on an ongoing basis and bases its estimates on experience, current and expected future conditions, third-party evaluations and various other assumptions that management believes are reasonable under the circumstances. Actual results could differ from those estimates.</span></div>
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us-gaap Depreciation
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us-gaap Depreciation
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CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
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CY2021Q3 skyt Annual Increase Decrease In Shares Reserved For Issuance Under Share Based Compensation Plan
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CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
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CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
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CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
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CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
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us-gaap Allocated Share Based Compensation Expense
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488000 USD
CY2021Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
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10900000 USD
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us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Gain Loss Included In Earnings
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886000 USD
CY2021Q3 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
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3900000 USD
CY2021Q3 us-gaap Contractual Obligation
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15000000 USD
CY2021Q3 us-gaap Lessee Finance Lease Lease Not Yet Commenced Term Of Contract1
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P15Y
CY2021Q3 skyt Lessee Operating Lease Lease Not Yet Commenced Liability
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14000000 USD
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2378000 USD
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
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CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
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4932000 USD
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
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5031000 USD
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
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5132000 USD
CY2021Q3 skyt Lessee Operating Lease Liability To Be Paid Due After Year Four
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CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due
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111659000 USD
CY2021Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
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84476000 USD
CY2021Q3 us-gaap Operating Lease Liability
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27183000 USD

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