SkyWater Technology, Inc. (NASDAQ:SKYT) Q3 2022 Earnings Conference Call November 7, 2022 4:30 PM ET

Company Participants

Claire McAdams - IR

Thomas Sonderman - President and CEO

Steve Manko - CFO

Conference Call Participants

Raji Gill - Needham & Company

Harsh Kumar - Piper Sandler

Mark Lipacis - Jefferies

Operator

Ladies and gentlemen, good afternoon. My name is Abby, and I will be your conference operator today. I would like to welcome everyone to the SkyWater Technology Third Quarter 2022 Financial Results Conference Call. Today's conference is being recorded. [Operator Instructions] Thank you.

And I will turn the conference over to Claire McAdams, Investor Relations for SkyWater. Ms. McAdams, you may begin your conference.

Claire McAdams

Thank you, operator. Good afternoon, and welcome to SkyWater's third quarter fiscal 2022 conference call.

With me on the call today from SkyWater are Thomas Sonderman, President and Chief Executive Officer; and Steve Manko, Chief Financial Officer. I'd like to remind you that our call is being webcast live on SkyWater's Investor Relations website at ir.skywatertechnology.com. The webcast will be available for replay shortly after the call concludes. On our IR website, we also have posted an investor slide presentation to accompany today's call.

During the call, any statements made about our future financial results and business are forward-looking statements. These forward-looking statements are subject to risks and uncertainties that could cause our actual results to differ materially. For a discussion of these risks and uncertainties, please refer to our filings with the Securities and Exchange Commission, including our earnings release filed on Form 8-K today and our fiscal 2021 10-K filed on March 10. All forward-looking statements are made as of today, and we assume no obligation to update any such statements.

During this call, we will discuss non-GAAP financial measures. You can find a reconciliation of these non-GAAP financial measures to GAAP financial measures on our earnings release as well as in our Q3 earnings presentation, both of which are available on our Investor Relations website.

And with that, I'll turn the call over to Tom.

Thomas Sonderman

Thank you, Claire, and good afternoon to everyone on the call.

Today, we are pleased to report record quarterly revenue of over $52 million, which reflects 10% sequential growth from Q2 and approximately 50% growth over Q3 of last year. Our ATS business was a primary driver of our growth in Q3 with sales up 18% sequentially and 57% year-over-year, reflecting the continued momentum we are gaining with multiple key customers in 2022.