SkyWater Technology reported total revenue of $61.3 million for Q1 2025, a 23% decrease compared to $79.6 million in Q1 2024. ATS revenue decreased by 14% to $52.5 million, primarily due to U.S. government budget negotiations and delayed contract awards.
Wafer Services revenue decreased by 25% to $7.5 million, mainly due to a $4.2 million decline from a key automotive customer and a $1.0 million decrease from a medical customer. Gross profit increased by 10% to $14.3 million, benefiting from a warranty accrual reversal.
The company reported a GAAP net loss of $(7.3) million and GAAP diluted EPS of $(0.15). Non-GAAP diluted EPS was $(0.08), and Adjusted EBITDA decreased by 18% to $4.0 million.
For Q2 2025, SkyWater expects total revenue between $55 million and $60 million. GAAP diluted net loss per share is guided between $(0.20) and $(0.26), and non-GAAP diluted net loss per share between $(0.16) and $(0.22).
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