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SkyWater Technology, LLC earnings and revenue breakdown
Latest: Q2 2026 · 10-Q filed Aug 7, 2026
Q2 2026 Revenue up 165% year over year to $156M · 3¢ of every $1 of revenue lost · operating margin 1.2%
SkyWater Technology, LLC made $156M in Q2 2026 (+165% Y/Y): Combined ATS development and Wafer Services $155M, Tools $1.8M. Operating margin 1.2%, net loss $5.2M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Aug 7, 2026.
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What changed this quarter
Revenue was $156.4M in Q2 2026, up 165% year over year and down 3% from the previous quarter. Wafer Services was the largest line at 58% of revenue. Wafer Services added $86.0M year over year (up 1589%), 88% of the total change. Time-and-materials and cost-plus-fixed-fee contracts declined 38%.
Gross margin was 22.5%, up 4.1 points from Q2 2025. Operating profit was $1.9M, a 1.2% margin (up 12.2 points year over year). Operating expenses grew 92% against revenue growth of 165%. The fastest-growing cost line was SG&A (+97%). The quarter ended with a net loss of $5.2M, narrower than the previous quarter's $11.2M loss. Net interest and other expense of $7.0M was the main reason.
Operating cash flow was −$14.3M. Non-cash charges added back $15.4M of depreciation and amortization and $3.1M of share-based compensation. Working capital and other items used $27.6M. Capital expenditures of $9.5M exceeded it, leaving free cash flow of −$23.8M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q2 2026 | 10-Q | Aug 7, 2026 | $156M | +165% | 1.2% | −$5.2M | −$14.3M |
| Q1 2026 | 10-Q | May 8, 2026 | $161M | +162% | -3.3% | −$11.2M | $27.9M |
| Q4 2025 | 10-K | Mar 11, 2026 | $171M | +127% | 0.0% | −$6.6M | −$36.1M |
| Q3 2025 | 10-Q | Nov 12, 2025 | $151M | +61% | 5.2% | $144M | −$47.2M |
| Q2 2025 | 10-Q | Aug 7, 2025 | $59.1M | -37% | -11.0% | −$8.9M | −$1.7M |
| Q1 2025 | 10-Q | May 8, 2025 | $61.3M | -23% | -6.6% | −$6.2M | $56.0M |
| Q4 2024 | 10-K | Mar 14, 2025 | $75.5M | -5% | 3.5% | $443K | −$1.3M |
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About SkyWater Technology, LLC
SkyWater Technology, Inc., together with its consolidated subsidiaries, is a U.S.-based, independent, pure-play semiconductor foundry providing foundational-node manufacturing, advanced technology development, and advanced packaging services through an integrated, multi-site operating model. We operate exclusively within the United States, with fabrication and packaging facilities in Minnesota, Texas, and Florida. Our operations are designed to support customers that require secure, domestic manufacturing, long product life cycles, high reliability, and close engineering collaboration. Our business model integrates production-scale manufacturing with advanced technology development, enabling customers to transition specialized semiconductor technologies efficiently from development to volume production.
In its own words, from its 10-K, filed Mar 11, 2026.
SkyWater Technology, LLC against its Semiconductors & Related Devices peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +165% against the peers' median +45%. Operating margin: 1.2% against the peers' median 40.1%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| SkyWater Technology, LLC | Q2 2026 | $156M | +165% | 1.2% |
| NVDA NVIDIA | Q2 FY27 | $96.2B | +106% | 66.2% |
| MU Micron Technology | Q4 FY26 | $54.2B | +379% | 80.7% |
| AVGO Broadcom | Q3 FY26 | $29.6B | +86% | 53.9% |
| INTC Intel | Q3 2026 | $16.5B | +21% | 15.3% |
| AMD Advanced Micro Devices | Q3 2026 | $13.4B | +45% | 21.2% |
| AMAT Applied Materials | Q3 FY26 | $9.1B | +25% | 33.7% |
| TXN Texas Instruments | Q3 2026 | $6.1B | +28% | 47.5% |
| ADI Analog Devices | Q3 FY26 | $4.0B | +40% | 40.1% |
Source: SkyWater Technology, LLC 10-Q on SEC EDGAR · CIK 1819974 · Semiconductors & Related Devices