SkyWater Technology, Inc. (NASDAQ:SKYT) Q2 2024 Earnings Conference Call August 7, 2024 4:30 PM ET

Company Participants

Claire McAdams - IR
Thomas Sonderman - CEO
Steve Manko - CFO

Conference Call Participants

Harsh Kumar - Piper Sandler
Shadi Mitwalli - Needham and Company
Richard Shannon - Craig Hallum
Ezra Weener - Jefferies

Operator

Good afternoon. My names is Rodger, and I will be your conference operator today. At this time, I would like to welcome everyone to the SkyWater Technology Q2 2024 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 would now like to turn the call over to Claire McAdams, Investor Relations. Please go ahead.

Claire McAdams

Good afternoon, and welcome to SkyWater's second quarter 2024 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 posted a slide presentation to accompany today's call as well as a financial supplement summarizing our quarterly and annual financial results for the last three years, including all non-GAAP adjustments and comparisons to our GAAP results as well as the impact of tool sales on our gross margins.

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 2023 Form 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 Q2 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. I'm pleased to report strong financial results for SkyWater's second quarter with a record $93 million in revenue and our achievement of non-GAAP positive EPS for the first time. ATS development revenue of nearly $62 million exceeded our expectations to reach a new record, up 1% from Q1 and up 18% compared to Q2 of last year.