SkyWater Technology, Inc. (NASDAQ:SKYT) Q1 2022 Earnings Conference Call May 3, 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

Mark Lipacis - Jefferies

Krish Sankar - Cowen

Richard Shannon - Craig-Hallum

Operator

Good morning. My name is Chris and I'll be your conference operator today. At this time, I'd like to welcome everyone to the SkyWater Technology First Quarter 2022 Financial Results Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers remarks there will be a question and answer session. [Operator Instructions].

Thank you. Claire McAdams, Investor Relations with SkyWater. You may begin.

Claire McAdams

Good afternoon, and welcome to SkyWater's first 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.

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 the call, we will discuss non-GAAP financial measures. You can find a reconciliation of these non-GAAP financial measures to GAAP financial measures in our earnings release, which is available on our Investor Relations website. Unless otherwise noted, all comparables referenced today are versus the prior year, or the first quarter of fiscal 2021.

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 total Q1 sales of $48 million. While GAAP reported revenues were essentially flat year-over-year. Total revenues excluding tool sales were up 44%.

This reflects Advanced Technology Program sales or ATS growth of 13% and 150% growth in wafer services. This was higher than forecasted for Q1 due to the completion of our new contract with Infineon, which is our largest historical customer and the associated impact on our GAAP results.