Short answer
SkyWater Technology, Inc (SKYT) filed its fiscal 2025 10-K annual report with the SEC on Mar 11, 2026. It reported revenue of $442M (+29.2% year over year) and net income of $119M.
- Top risk flagged: Regulatory risk from Hart-Scott-Rodino Act waiting period possibly delaying IonQ Mergers completion
FY2025 key financial metrics · XBRL
- Revenue
- $442M
- +29.2% YoY
- Net income
- $119M
- +1850.5% YoY
- Operating margin
- -0.6%
- −2.5 pp YoY
- Gross margin
- 19.7%
- −0.7 pp YoY
- EPS (diluted)
- $2.44
- +1842.9% YoY
- ROE
- 63.3%
- +75.1 pp YoY
- Operating cash flow
- −$29M
- −256.9% YoY
Source: XBRL data from the SkyWater Technology, Inc (SKYT) FY2025 10-K on SEC EDGAR. USD.
SkyWater Technology, Inc FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business not detailed in this section; focus on equity compensation plans and shareholder matters
- 2,157,000 options outstanding with weighted-average exercise price $10.60 under 2021 Equity Incentive Plan
- 5,876,923 shares available for future issuance under equity compensation plans approved by shareholders
- 1,417,000 unvested restricted stock units outstanding and 257,826 shares available under Employee Stock Purchase Plan
- Emphasis on governance disclosures and proxy statement references filed post fiscal year-end
Management Discussion & Analysis
- Revenue not explicitly stated, comparison for fiscal years 2025 vs 2024 not provided
- No margin or profitability figures disclosed in the text provided
- Legacy SkyWater and SkyWater Texas segments described; no specific financial performance data given
- Capital funding includes Revolver, VIE financing, and Tool Financing Loans; $16M potential CHIPS Act funding plus $19M Minnesota incentives mentioned
- Pending acquisition by IonQ expected to close Q2/Q3 2026; no impact on current period results
Risk Factors
- Regulatory risk from Hart-Scott-Rodino Act waiting period possibly delaying IonQ Mergers completion
- Geopolitical/macro risk: reliance on foundries in Minnesota, Florida, Texas; physical damage to facilities could halt production
- Operational risk: manufacturing tooling and infrastructure equipment have limited or no redundancy, risking production capacity loss
- Competitive risk: potential loss of revenue if unable to penetrate new markets like rad-hard electronics due to larger competitors
- Financial risk: revenue highly concentrated with Infineon representing 43% of 2025 sales, loss would materially harm results
Generated from the filing text; verify against the original. How to read a 10-K
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