2022 Q1 Form 10-K Financial Statement

#000181997422000013 Filed on March 10, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2022 2021 Q1
Revenue $38.53M $162.8M $39.77M
YoY Change -3.11% 15.96% 7.77%
Cost Of Revenue $41.71M $170.3M $36.24M
YoY Change 15.1% 44.65% 18.9%
Gross Profit -$3.181M -$7.472M $3.530M
YoY Change -190.11% -132.93% -45.05%
Gross Profit Margin -8.26% -4.59% 8.88%
Selling, General & Admin $9.951M $43.60M $6.710M
YoY Change 48.3% 74.16% 19.18%
% of Gross Profit 190.08%
Research & Development $1.228M $8.747M $1.670M
YoY Change -26.47% 107.87% 152.27%
% of Gross Profit 47.31%
Depreciation & Amortization $7.068M $27.37M $5.760M
YoY Change 22.71% 45.07% 33.27%
% of Gross Profit 163.17%
Operating Expenses $11.02M $52.34M $9.130M
YoY Change 20.76% 79.01% 1279.15%
Operating Profit -$14.21M -$57.10M -$5.600M
YoY Change 153.68% 560.77% 686.52%
Interest Expense -$839.0K $3.542M -$1.410M
YoY Change -40.5% -35.59% -196.44%
% of Operating Profit
Other Income/Expense, Net $0.00 $2.911M $1.680M
YoY Change -100.0% -147.31% 4.8%
Pretax Income -$28.49M -$54.19M -$6.760M
YoY Change 321.41% 266.29% 192.01%
Income Tax -$2.322M -$6.790M $4.630M
% Of Pretax Income
Net Earnings -$27.04M -$50.70M -$12.30M
YoY Change 119.8% 145.89% 796.5%
Net Earnings / Revenue -70.16% -31.13% -30.93%
Basic Earnings Per Share -$1.76
Diluted Earnings Per Share -$687.5K -$1.76 -$323.5K
COMMON SHARES
Basic Shares Outstanding 39.90M shares 29.04M shares
Diluted Shares Outstanding 29.04M shares

Balance Sheet

Concept 2022 Q1 2022 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $12.92M $12.92M $7.400M
YoY Change 74.55% 74.55%
Cash & Equivalents $12.92M $12.92M $7.436M
Short-Term Investments
Other Short-Term Assets $0.00 $3.854M $38.00K
YoY Change -100.0% -67.88%
Inventory $17.50M $17.50M $27.17M
Prepaid Expenses $1.759M $2.761M
Receivables $39.38M $39.33M $30.00M
Other Receivables $801.0K $801.0K $0.00
Total Short-Term Assets $74.40M $74.40M $76.57M
YoY Change -2.84% -2.88%
LONG-TERM ASSETS
Property, Plant & Equipment $180.5M $180.5M $178.1M
YoY Change 1.35% 1.33%
Goodwill
YoY Change
Intangibles $4.561M
YoY Change
Long-Term Investments
YoY Change
Other Assets $4.835M $4.835M $3.998M
YoY Change 20.94% 20.88%
Total Long-Term Assets $189.2M $189.2M $186.6M
YoY Change 1.37% 1.39%
TOTAL ASSETS
Total Short-Term Assets $74.40M $74.40M $76.57M
Total Long-Term Assets $189.2M $189.2M $186.6M
Total Assets $263.6M $263.6M $263.2M
YoY Change 0.15% 0.15%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $7.637M $7.637M $16.79M
YoY Change -54.52% -54.54%
Accrued Expenses $17.48M $16.29M $25.50M
YoY Change -31.43% -36.11%
Deferred Revenue $16.14M $25.99M
YoY Change -37.89%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $1.021M $2.213M $2.772M
YoY Change -63.17% -20.96%
Total Short-Term Liabilities $47.77M $47.77M $86.33M
YoY Change -44.67% -44.65%
LONG-TERM LIABILITIES
Long-Term Debt $58.43M $58.43M $69.83M
YoY Change -16.33% -16.29%
Other Long-Term Liabilities $4.350M $96.48M $0.00
YoY Change -4.09%
Total Long-Term Liabilities $155.9M $154.9M $178.5M
YoY Change -12.64% -9.09%
TOTAL LIABILITIES
Total Short-Term Liabilities $47.77M $47.77M $86.33M
Total Long-Term Liabilities $155.9M $154.9M $178.5M
Total Liabilities $203.7M $202.5M $264.8M
YoY Change -23.08% -23.07%
SHAREHOLDERS EQUITY
Retained Earnings -$54.48M -$3.783M
YoY Change 1340.1%
Common Stock $398.0K $0.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $61.13M $61.13M -$16.00K
YoY Change
Total Liabilities & Shareholders Equity $263.6M $263.6M $263.2M
YoY Change 0.15% 0.15%

Cashflow Statement

Concept 2022 Q1 2022 2021 Q1
OPERATING ACTIVITIES
Net Income -$27.04M -$50.70M -$12.30M
YoY Change 119.8% 145.89% 796.5%
Depreciation, Depletion And Amortization $7.068M $27.37M $5.760M
YoY Change 22.71% 45.07% 33.27%
Cash From Operating Activities -$18.44M -$55.68M $4.530M
YoY Change -507.04% -157.88% -91.02%
INVESTING ACTIVITIES
Capital Expenditures -$1.386M $30.76M -$22.46M
YoY Change -93.83% -64.13% -296.59%
Acquisitions
YoY Change
Other Investing Activities $2.010M $2.159M $0.00
YoY Change 28.51% -100.0%
Cash From Investing Activities $624.0K -$29.82M -$22.46M
YoY Change -102.78% -66.18% 108.45%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change -100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 22.27M $90.98M 6.960M
YoY Change 220.03% -1854.08% -148.85%
NET CHANGE
Cash From Operating Activities -18.44M -$55.68M 4.530M
Cash From Investing Activities 624.0K -$29.82M -22.46M
Cash From Financing Activities 22.27M $90.98M 6.960M
Net Change In Cash 4.459M $5.481M -10.97M
YoY Change -140.65% 93.61% -143.14%
FREE CASH FLOW
Cash From Operating Activities -$18.44M -$55.68M $4.530M
Capital Expenditures -$1.386M $30.76M -$22.46M
Free Cash Flow -$17.05M -$86.44M $26.99M
YoY Change -163.18% -929.02% -30.84%

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CY2022 us-gaap Nature Of Operations
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Nature of Business<div style="margin-top:7pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">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:7pt;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:100%">Emerging Growth Company Status</span></div><div style="margin-top:7pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">We are an emerging growth company, as defined in the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). Under the JOBS Act, emerging growth companies can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act, until such time as those standards apply to private companies. We have elected to use this extended transition period for complying with new or revised accounting standards that have different effective dates for public and private companies until the earlier of the date that we are (1) no longer an emerging growth company or (2) affirmatively and irrevocably opt out of the extended transition period provided in the JOBS Act. As a result, our consolidated financial statements may not be comparable to companies that comply with the new or revised accounting pronouncements as of public company effective dates.</span></div><div style="margin-top:7pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">We will remain an emerging growth company until the earliest of (1) the last day of the first fiscal year (A) following the fifth anniversary of the completion of our initial public offering, (B) in which our total annual gross revenue is at least $1.07 billion or (C) when we are deemed to be a large accelerated filer, which means the market value of our common stock that is held by non-affiliates exceeds $700.0 million as of the prior June 30th or (2) the date on which we have issued more than $1.0 billion in non-convertible debt securities during the prior three-year period.</span></div><div style="margin-top:12pt;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:100%">Corporate Conversion and Initial Public Offering</span></div><div style="margin-top:7pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">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 9 – </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:100%">Shareholders’ Equity</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">.</span></div><div style="margin-top:7pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">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. Shares of common stock began trading on the Nasdaq Stock Market on April 21, 2021 under the symbol “SKYT”. </span></div><div style="margin-top:7pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">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. We have used the proceeds from the IPO to pay down our revolving credit facility, fund capital expenditures, and fund our operating activities. 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. The strategic capital investment is a multi-year strategy and we invested approximately $13,800 during the year ended January 2, 2022.</span></div>
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CY2022 us-gaap Prior Period Reclassification Adjustment Description
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<div style="margin-top:12pt;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:100%">Reclassifications</span></div><div style="margin-top:7pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Prior year amounts related to selling and marketing expenses and general and administrative expenses were combined to conform to the current year's presentation of selling, general and administrative expenses. This combination of expenses had no effect on our reported financial position or results of operations.</span></div>
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<div style="margin-top:12pt;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:100%">Use of Estimates</span></div><div style="margin-top:7pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">The preparation of our 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 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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18928000 USD
CY2022Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
11712000 USD
CY2022Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
46177000 USD
CY2022Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
92060000 USD
CY2021 skyt Contract With Customer Modifications Number Of Contracts
ContractWithCustomerModificationsNumberOfContracts
0 contract
CY2022 skyt Contract With Customer Modifications Number Of Contracts
ContractWithCustomerModificationsNumberOfContracts
1 contract
CY2022Q1 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
3340000 USD
CY2021Q1 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
1463000 USD
CY2022Q1 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
7339000 USD
CY2021Q1 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
19719000 USD
CY2022Q1 us-gaap Inventory Parts And Components Net Of Reserves
InventoryPartsAndComponentsNetOfReserves
6821000 USD
CY2021Q1 us-gaap Inventory Parts And Components Net Of Reserves
InventoryPartsAndComponentsNetOfReserves
5987000 USD
CY2022Q1 us-gaap Inventory Net
InventoryNet
17500000 USD
CY2021Q1 us-gaap Inventory Net
InventoryNet
27169000 USD
CY2022Q1 skyt Inventory Parts And Components Classified As Other Assets Net Of Reserves
InventoryPartsAndComponentsClassifiedAsOtherAssetsNetOfReserves
2388000 USD
CY2021Q1 skyt Inventory Parts And Components Classified As Other Assets Net Of Reserves
InventoryPartsAndComponentsClassifiedAsOtherAssetsNetOfReserves
1949000 USD
CY2022Q1 skyt Inventory And Other Asset Net
InventoryAndOtherAssetNet
19888000 USD
CY2021Q1 skyt Inventory And Other Asset Net
InventoryAndOtherAssetNet
29118000 USD
CY2022Q1 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
1759000 USD
CY2021Q1 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
2761000 USD
CY2022Q1 us-gaap Deferred Costs Current
DeferredCostsCurrent
1579000 USD
CY2021Q1 us-gaap Deferred Costs Current
DeferredCostsCurrent
1647000 USD
CY2022Q1 us-gaap Supplies
Supplies
516000 USD
CY2021Q1 us-gaap Supplies
Supplies
0 USD
CY2022Q1 skyt Equipment Purchased For Customers Current
EquipmentPurchasedForCustomersCurrent
0 USD
CY2021Q1 skyt Equipment Purchased For Customers Current
EquipmentPurchasedForCustomersCurrent
5343000 USD
CY2022Q1 us-gaap Deferred Offering Costs
DeferredOfferingCosts
0 USD
CY2021Q1 us-gaap Deferred Offering Costs
DeferredOfferingCosts
2183000 USD
CY2022Q1 us-gaap Other Assets Current
OtherAssetsCurrent
0 USD
CY2021Q1 us-gaap Other Assets Current
OtherAssetsCurrent
38000 USD
CY2022Q1 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
3854000 USD
CY2021Q1 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
11972000 USD
CY2022Q1 us-gaap Land
Land
5396000 USD
CY2021Q1 us-gaap Land
Land
5396000 USD
CY2022Q1 us-gaap Buildings And Improvements Gross
BuildingsAndImprovementsGross
87156000 USD
CY2021Q1 us-gaap Buildings And Improvements Gross
BuildingsAndImprovementsGross
85197000 USD
CY2022Q1 us-gaap Machinery And Equipment Gross
MachineryAndEquipmentGross
143105000 USD
CY2021Q1 us-gaap Machinery And Equipment Gross
MachineryAndEquipmentGross
124130000 USD
CY2022Q1 skyt Fixed Assets Not Yet In Service Gross
FixedAssetsNotYetInServiceGross
29229000 USD
CY2021Q1 skyt Fixed Assets Not Yet In Service Gross
FixedAssetsNotYetInServiceGross
22602000 USD
CY2022Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
264886000 USD
CY2021Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
237325000 USD
CY2022Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
84411000 USD
CY2021Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
59247000 USD
CY2022Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
180475000 USD
CY2021Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
178078000 USD
CY2022 us-gaap Depreciation
Depreciation
25478000 USD
CY2021 us-gaap Depreciation
Depreciation
17721000 USD
CY2022Q1 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
8125000 USD
CY2021Q1 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
6908000 USD
CY2022Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
4234000 USD
CY2021Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
2347000 USD
CY2022Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
3891000 USD
CY2021Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
4561000 USD
CY2022Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
1606000 USD
CY2022Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
1166000 USD
CY2022Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
511000 USD
CY2022Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
338000 USD
CY2022Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
270000 USD
CY2022Q1 us-gaap Finite Lived Intangible Assets Amortization Expense After Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive
0 USD
CY2022Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
3891000 USD
CY2022Q1 skyt Inventory Parts And Components Classified As Other Assets Net Of Reserves
InventoryPartsAndComponentsClassifiedAsOtherAssetsNetOfReserves
2388000 USD
CY2021Q1 skyt Inventory Parts And Components Classified As Other Assets Net Of Reserves
InventoryPartsAndComponentsClassifiedAsOtherAssetsNetOfReserves
1949000 USD
CY2022Q1 us-gaap Deferred Costs
DeferredCosts
1760000 USD
CY2021Q1 us-gaap Deferred Costs
DeferredCosts
2049000 USD
CY2022Q1 us-gaap Other Assets Miscellaneous Noncurrent
OtherAssetsMiscellaneousNoncurrent
687000 USD
CY2021Q1 us-gaap Other Assets Miscellaneous Noncurrent
OtherAssetsMiscellaneousNoncurrent
0 USD
CY2022Q1 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
4835000 USD
CY2021Q1 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
3998000 USD
CY2022Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
4557000 USD
CY2021Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
6315000 USD
CY2022Q1 us-gaap Accrued Royalties Current
AccruedRoyaltiesCurrent
1854000 USD
CY2021Q1 us-gaap Accrued Royalties Current
AccruedRoyaltiesCurrent
2145000 USD
CY2022Q1 us-gaap Capital Lease Obligations Current
CapitalLeaseObligationsCurrent
1192000 USD
CY2021Q1 us-gaap Capital Lease Obligations Current
CapitalLeaseObligationsCurrent
0 USD
CY2022Q1 skyt Accrued Fixed Asset Expenditures Current
AccruedFixedAssetExpendituresCurrent
861000 USD
CY2021Q1 skyt Accrued Fixed Asset Expenditures Current
AccruedFixedAssetExpendituresCurrent
6337000 USD
CY2022Q1 us-gaap Accrued Sales Commission Current
AccruedSalesCommissionCurrent
189000 USD
CY2021Q1 us-gaap Accrued Sales Commission Current
AccruedSalesCommissionCurrent
5183000 USD
CY2022Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
8830000 USD
CY2021Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
5516000 USD
CY2022Q1 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
17483000 USD
CY2021Q1 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
25496000 USD
CY2022Q1 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
4624000 USD
CY2021Q1 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
4995000 USD
CY2022Q1 us-gaap Long Term Debt
LongTermDebt
59449000 USD
CY2021Q1 us-gaap Long Term Debt
LongTermDebt
72600000 USD
CY2022Q1 us-gaap Long Term Debt Current
LongTermDebtCurrent
1021000 USD
CY2021Q1 us-gaap Long Term Debt Current
LongTermDebtCurrent
2772000 USD
CY2022Q1 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
58428000 USD
CY2021Q1 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
69828000 USD
CY2021Q2 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
6453000 USD
CY2022Q1 us-gaap Cash
Cash
12442000 USD
CY2022 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
379000 USD
CY2021 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
1499000 USD
CY2022 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
-106000 USD
CY2021 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
1033000 USD
CY2022 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
273000 USD
CY2021 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
2532000 USD
CY2022 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
-6794000 USD
CY2021 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
2777000 USD
CY2022 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
-269000 USD
CY2021 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
-390000 USD
CY2022 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-7063000 USD
CY2021 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
2387000 USD
CY2022 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-6790000 USD
CY2021 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
4919000 USD
CY2022 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2022 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
-11381000 USD
CY2021 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
-3107000 USD
CY2022 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
-1023000 USD
CY2021 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
-297000 USD
CY2022 skyt Effective Income Tax Rate Reconciliation Paycheck Protection Program Forgiveness Amount
EffectiveIncomeTaxRateReconciliationPaycheckProtectionProgramForgivenessAmount
1477000 USD
CY2021 skyt Effective Income Tax Rate Reconciliation Paycheck Protection Program Forgiveness Amount
EffectiveIncomeTaxRateReconciliationPaycheckProtectionProgramForgivenessAmount
0 USD
CY2022 skyt Effective Income Tax Rate Reconciliation Nondeductible Expense Permanent Differences Amount
EffectiveIncomeTaxRateReconciliationNondeductibleExpensePermanentDifferencesAmount
59000 USD
CY2021 skyt Effective Income Tax Rate Reconciliation Nondeductible Expense Permanent Differences Amount
EffectiveIncomeTaxRateReconciliationNondeductibleExpensePermanentDifferencesAmount
-97000 USD
CY2022 us-gaap Income Tax Reconciliation Tax Credits
IncomeTaxReconciliationTaxCredits
400000 USD
CY2021 us-gaap Income Tax Reconciliation Tax Credits
IncomeTaxReconciliationTaxCredits
281000 USD
CY2022 skyt Effective Income Tax Reconciliation Change In Deferred Tax Assets And Liabilities Remeasurement Amount
EffectiveIncomeTaxReconciliationChangeInDeferredTaxAssetsAndLiabilitiesRemeasurementAmount
0 USD
CY2021 skyt Effective Income Tax Reconciliation Change In Deferred Tax Assets And Liabilities Remeasurement Amount
EffectiveIncomeTaxReconciliationChangeInDeferredTaxAssetsAndLiabilitiesRemeasurementAmount
-58000 USD
CY2022 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
8210000 USD
CY2021 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
1609000 USD
CY2022 us-gaap Income Tax Reconciliation Nondeductible Expense Share Based Compensation Cost
IncomeTaxReconciliationNondeductibleExpenseShareBasedCompensationCost
0 USD
CY2021 us-gaap Income Tax Reconciliation Nondeductible Expense Share Based Compensation Cost
IncomeTaxReconciliationNondeductibleExpenseShareBasedCompensationCost
-1196000 USD
CY2022 skyt Effective Income Tax Rate Reconciliation Nondeductible Expense Executive Compensation Amount
EffectiveIncomeTaxRateReconciliationNondeductibleExpenseExecutiveCompensationAmount
561000 USD
CY2021 skyt Effective Income Tax Rate Reconciliation Nondeductible Expense Executive Compensation Amount
EffectiveIncomeTaxRateReconciliationNondeductibleExpenseExecutiveCompensationAmount
0 USD
CY2022 skyt Effective Income Tax Rate Reconciliation Sale And Leaseback Transaction Gain Loss Amount
EffectiveIncomeTaxRateReconciliationSaleAndLeasebackTransactionGainLossAmount
0 USD
CY2021 skyt Effective Income Tax Rate Reconciliation Sale And Leaseback Transaction Gain Loss Amount
EffectiveIncomeTaxRateReconciliationSaleAndLeasebackTransactionGainLossAmount
8208000 USD
CY2022 us-gaap Income Tax Reconciliation Minority Interest Income Expense
IncomeTaxReconciliationMinorityInterestIncomeExpense
745000 USD
CY2021 us-gaap Income Tax Reconciliation Minority Interest Income Expense
IncomeTaxReconciliationMinorityInterestIncomeExpense
190000 USD
CY2022 us-gaap Income Tax Reconciliation Other Adjustments
IncomeTaxReconciliationOtherAdjustments
-594000 USD
CY2021 us-gaap Income Tax Reconciliation Other Adjustments
IncomeTaxReconciliationOtherAdjustments
328000 USD
CY2022 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-6790000 USD
CY2021 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
4919000 USD
CY2022 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.125
CY2021 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.332
CY2022Q1 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Employee Compensation
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsEmployeeCompensation
966000 USD
CY2021Q1 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Employee Compensation
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsEmployeeCompensation
787000 USD
CY2022Q1 us-gaap Deferred Tax Assets Deferred Income
DeferredTaxAssetsDeferredIncome
22368000 USD
CY2021Q1 us-gaap Deferred Tax Assets Deferred Income
DeferredTaxAssetsDeferredIncome
16198000 USD
CY2022Q1 skyt Deferred Tax Assets Leasing Arrangements
DeferredTaxAssetsLeasingArrangements
7682000 USD
CY2021Q1 skyt Deferred Tax Assets Leasing Arrangements
DeferredTaxAssetsLeasingArrangements
7689000 USD
CY2022Q1 skyt Deferred Tax Assets Operating Loss And Tax Credit Carryforwards
DeferredTaxAssetsOperatingLossAndTaxCreditCarryforwards
4194000 USD
CY2021Q1 skyt Deferred Tax Assets Operating Loss And Tax Credit Carryforwards
DeferredTaxAssetsOperatingLossAndTaxCreditCarryforwards
38000 USD
CY2022Q1 us-gaap Deferred Tax Assets Inventory
DeferredTaxAssetsInventory
5176000 USD
CY2021Q1 us-gaap Deferred Tax Assets Inventory
DeferredTaxAssetsInventory
154000 USD
CY2022Q1 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefits
1629000 USD
CY2021Q1 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefits
0 USD
CY2022Q1 us-gaap Deferred Tax Assets Other
DeferredTaxAssetsOther
546000 USD
CY2021Q1 us-gaap Deferred Tax Assets Other
DeferredTaxAssetsOther
398000 USD
CY2022Q1 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
42561000 USD
CY2021Q1 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
25264000 USD
CY2022Q1 us-gaap Deferred Tax Liabilities Property Plant And Equipment
DeferredTaxLiabilitiesPropertyPlantAndEquipment
33129000 USD
CY2021Q1 us-gaap Deferred Tax Liabilities Property Plant And Equipment
DeferredTaxLiabilitiesPropertyPlantAndEquipment
31713000 USD
CY2022Q1 us-gaap Deferred Tax Liabilities Prepaid Expenses
DeferredTaxLiabilitiesPrepaidExpenses
608000 USD
CY2021Q1 us-gaap Deferred Tax Liabilities Prepaid Expenses
DeferredTaxLiabilitiesPrepaidExpenses
0 USD
CY2022Q1 us-gaap Deferred Income Tax Liabilities
DeferredIncomeTaxLiabilities
33737000 USD
CY2021Q1 us-gaap Deferred Income Tax Liabilities
DeferredIncomeTaxLiabilities
31713000 USD
CY2022Q1 skyt Deferred Tax Assets Liabilities Net Before Valuation Allowance
DeferredTaxAssetsLiabilitiesNetBeforeValuationAllowance
8824000 USD
CY2021Q1 skyt Deferred Tax Assets Liabilities Net Before Valuation Allowance
DeferredTaxAssetsLiabilitiesNetBeforeValuationAllowance
-6449000 USD
CY2022Q1 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
9819000 USD
CY2021Q1 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
1609000 USD
CY2022Q1 us-gaap Deferred Tax Liabilities
DeferredTaxLiabilities
995000 USD
CY2021Q1 us-gaap Deferred Tax Liabilities
DeferredTaxLiabilities
8058000 USD
CY2022Q1 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
9819000 USD
CY2021Q1 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
1609000 USD
CY2021 us-gaap Income Tax Examination Penalties And Interest Expense
IncomeTaxExaminationPenaltiesAndInterestExpense
0 USD
CY2022 us-gaap Income Tax Examination Penalties And Interest Expense
IncomeTaxExaminationPenaltiesAndInterestExpense
0 USD
CY2017Q1 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
0.01
CY2017Q1 skyt Class Of Warrant Or Right Valuation Assumption Percentage Of Share Price
ClassOfWarrantOrRightValuationAssumptionPercentageOfSharePrice
0.10
CY2017Q1 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
0.01
CY2021 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
-780000 USD
CY2020Q4 us-gaap Payments For Repurchase Of Warrants
PaymentsForRepurchaseOfWarrants
14000 USD
CY2021Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
200000000 shares
CY2021Q2 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.01
CY2021Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
80000000 shares
CY2021Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2022Q1 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
39836038 shares
CY2022Q1 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
39836038 shares
CY2022Q1 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2020Q4 skyt Number Of Directors Exercising Options
NumberOfDirectorsExercisingOptions
2 director
CY2020Q4 skyt Number Of Directors Exercising Options
NumberOfDirectorsExercisingOptions
2 director
CY2021 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
4085000 USD
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
5000000 shares
CY2022Q1 skyt Annual Increase Decrease In Shares Reserved For Issuance Under Share Based Compensation Plan
AnnualIncreaseDecreaseInSharesReservedForIssuanceUnderShareBasedCompensationPlan
150000 shares
CY2022Q1 skyt Annual Increase Decrease In Shares Reserved For Issuance Under Share Based Compensation Plan Percentage Of Common Stock Shares Outstanding
AnnualIncreaseDecreaseInSharesReservedForIssuanceUnderShareBasedCompensationPlanPercentageOfCommonStockSharesOutstanding
0.03
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
0 shares
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
0
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
1126000 shares
CY2022 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
14.26
CY2022 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
0 shares
CY2022 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
0
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
140000 shares
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
14.00
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
986000 shares
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
14.29
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
2104000 USD
CY2022 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P6Y8M12D
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableNumber
0 shares
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageExercisePrice
0
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableAggregateIntrinsicValue
0 USD
CY2022 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageRemainingContractualTerm1
P0Y
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
5.38
CY2022 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
11677000 USD
CY2021 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
488000 USD
CY2020Q4 us-gaap Payments For Repurchase Of Warrants
PaymentsForRepurchaseOfWarrants
14000 USD
CY2022 skyt Loss Contingency Insurance Related Assessment Liability Amount Per Individual
LossContingencyInsuranceRelatedAssessmentLiabilityAmountPerIndividual
200000 USD
CY2022 skyt Loss Contingency Insurance Related Assessment Liability
LossContingencyInsuranceRelatedAssessmentLiability
5600000 USD
CY2022Q1 us-gaap Accrued Insurance Current
AccruedInsuranceCurrent
447000 USD
CY2021Q1 us-gaap Accrued Insurance Current
AccruedInsuranceCurrent
404000 USD
CY2022Q1 us-gaap Contractual Obligation
ContractualObligation
8200000 USD
CY2022 us-gaap Lease Cost
LeaseCost
2532000 USD
CY2022Q1 us-gaap Lessee Finance Lease Lease Not Yet Commenced Term Of Contract1
LesseeFinanceLeaseLeaseNotYetCommencedTermOfContract1
P15Y
CY2022Q1 skyt Lessee Operating Lease Lease Not Yet Commenced Liability
LesseeOperatingLeaseLeaseNotYetCommencedLiability
14000000 USD
CY2022Q1 us-gaap Capital Leases Future Minimum Payments Due Current
CapitalLeasesFutureMinimumPaymentsDueCurrent
1459000 USD
CY2022Q1 us-gaap Capital Leases Future Minimum Payments Due In Two Years
CapitalLeasesFutureMinimumPaymentsDueInTwoYears
453000 USD
CY2022Q1 us-gaap Capital Leases Future Minimum Payments Due In Three Years
CapitalLeasesFutureMinimumPaymentsDueInThreeYears
207000 USD
CY2022Q1 us-gaap Capital Leases Future Minimum Payments Due In Four Years
CapitalLeasesFutureMinimumPaymentsDueInFourYears
185000 USD
CY2022Q1 us-gaap Capital Leases Future Minimum Payments Due In Five Years
CapitalLeasesFutureMinimumPaymentsDueInFiveYears
185000 USD
CY2022Q1 us-gaap Capital Leases Future Minimum Payments Due Thereafter
CapitalLeasesFutureMinimumPaymentsDueThereafter
2230000 USD
CY2022Q1 us-gaap Capital Leases Future Minimum Payments Due
CapitalLeasesFutureMinimumPaymentsDue
4719000 USD
CY2022Q1 us-gaap Capital Leases Future Minimum Payments Interest Included In Payments
CapitalLeasesFutureMinimumPaymentsInterestIncludedInPayments
2327000 USD
CY2022Q1 us-gaap Capital Leases Future Minimum Payments Net Minimum Payments1
CapitalLeasesFutureMinimumPaymentsNetMinimumPayments1
2392000 USD
CY2022Q1 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
203000 USD
CY2022 us-gaap Inventory Write Down
InventoryWriteDown
13442000 USD

Files In Submission

Name View Source Status
0001819974-22-000013-index-headers.html Edgar Link pending
0001819974-22-000013-index.html Edgar Link pending
0001819974-22-000013.txt Edgar Link pending
0001819974-22-000013-xbrl.zip Edgar Link pending
FilingSummary.xml Edgar Link unprocessable
Financial_Report.xlsx Edgar Link pending
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