SkyWater Technology, Inc. (NASDAQ:SKYT) Q3 2023 Earnings Conference Call November 8, 2023 4:30 PM ET

Company Participants

Claire McAdams - IR

Thomas Sonderman - President and CEO

Steve Manko - CFO

Conference Call Participants

Nick Doyle - Needham & Company

Richard Shannon - Craig Callum Capital

Operator

Good afternoon. My name is Adra, and I will be your conference operator today. At this time, I would like to welcome everyone to the SkyWater Technology Third Quarter 2023 Financial Results Conference Call. Today’s conference is being recorded. 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]

At this time, I'd like to turn the conference over to Claire McAdams, Investor Relations for SkyWater. Please go ahead.

Claire McAdams

Thank you, operator. Good afternoon and welcome to SkyWater's third quarter fiscal 2023 conference call. With me on the call today from SkyWater are Thomas Sonderman, 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 have also posted an investor slide presentation, as well as a new financial supplement 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 2022 10-K.

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 in our earnings release, our financial supplement, and in our Q3 earnings presentation, all three of which are posted 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 strong third quarter financial results as SkyWater set another record for quarterly revenues at nearly $72 million. Q3 revenues exceeded our expectations going into the quarter and marked an unprecedented fifth straight quarter of sequential growth. Revenues were 3% higher than the previous record set in Q2 and grew 37% from Q3 of last year.