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SkyWater Technology, LLC cash flow, quarter by quarter

Latest: Q2 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$23.8M in Q2 2026 · −$95.1M over twelve months

Operating cash flow−$14.3M
Capital spending−$9.5M
Free cash flow−$23.8M
Cash conversion cycle36 days

Analysis

In Q2 2026, SkyWater Technology, LLC generated −$14.3M of operating cash flow and spent $9.5M on capital projects, leaving free cash flow of −$23.8M.

Over the twelve months to Jun 28, 2026, operating cash flow was −$69.7M; the largest uses were other investing ($92.6M), operating cash flow ($69.7M), capital spending ($25.4M); besides operations, cash came from net borrowing (+) / repaid (−) ($142M), other financing ($6.3M); the cash balance fell by $36.8M.

Operating cash flow was −$14.3M against net income of −$5.2M. The largest differences: payables +$23.9M, deferred revenue −$21.3M, depreciation & amortization +$15.4M.

Its cash conversion cycle was 36 days (receivables 53 + inventory 19 − payables 36).

Free cash flow

SkyWater Technology, LLC: free cash flow by quarterSkyWater Technology, LLC: free cash flow by quarter$9.1MQ3 2024−$2.0MQ4 2024$41.2MQ1 2025−$4.3MQ2 2025−$48.0MQ3 2025−$42.2MQ4 2025$18.9MQ1 2026−$23.8MQ2 2026
Operating cash flow less capital spending.
SkyWater Technology, LLC: operating cash flow against capital spendingSkyWater Technology, LLC: operating cash flow against capital spendingOperating cash flowCapital spending$14.3M$5.2MQ3 2024−$1.3M$680KQ4 2024$56.0M$14.8MQ1 2025−$1.7M$2.6MQ2 2025−$47.2M$830KQ3 2025−$36.1M$6.1MQ4 2025$27.9M$9.1MQ1 2026−$14.3M$9.5MQ2 2026
Latest (Q2 2026): Operating cash flow −$14.3M, Capital spending $9.5M.

Capital allocation, year by year

SkyWater Technology, LLC: where the cash came from (up) and went (down), by fiscal yearSkyWater Technology, LLC: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsFY2022: Operating cash flow −$55.7MFY2022: Net borrowing −$2.1MFY2022: Asset sales $2.2MFY2022: Capital spending −$30.8M$2.2MFY2022FY2023: Operating cash flow −$14.3MFY2023: Net borrowing $36.8MFY2023: Shares issued $16.2MFY2023: Capital spending −$17.1M$53.0MFY2023FY2023: Operating cash flow $10.1MFY2023: Net borrowing −$32.6MFY2023: Shares issued $2.3MFY2023: Capital spending −$8.6M$12.4MFY2023FY2024: Operating cash flow $18.5MFY2024: Net borrowing −$4.8MFY2024: Shares issued $2.5MFY2024: Asset sales $55KFY2024: Capital spending −$7.9M$21.0MFY2024FY2025: Operating cash flow −$29.0MFY2025: Net borrowing $150MFY2025: Shares issued $3.8MFY2025: Asset sales $628KFY2025: Capital spending −$24.3MFY2025: Acquisitions −$86.5M$155MFY2025
Over these 5 years operating cash flow totalled −$70.4M; the largest uses were operating cash flow ($98.9M) and capital spending ($88.7M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$12.6M
Debt$253M
Net debt$241M
Due within a year$192M
Cash runway2 months

SkyWater Technology, LLC is burning cash: its operations consume cash, a free cash flow of −$95.1M a year at the current rate against $12.6M of cash and investments: a runway of about 2 months; $192M of debt also comes due within a year, which would need refinancing or new money before any new financing.

Where the cash came from and went

SkyWater Technology, LLC: sources (+) and uses (−) of cash, Q2 2026SkyWater Technology, LLC: sources (+) and uses (−) of cash, Q2 2026Other financing$16.4MOperating cash flow−$14.3MCash drawn (+) / kept (−)$9.7MCapital spending−$9.5MOther investing−$4.2MNet borrowing (+) / repaid (−)$1.9MShares issued$432KPartners−$404K
SkyWater Technology, LLC: sources (+) and uses (−) of cash, TTM to Q2 2026SkyWater Technology, LLC: sources (+) and uses (−) of cash, TTM to Q2 2026Net borrowing (+) / repaid (−)$142MOther investing−$92.6MOperating cash flow−$69.7MCash drawn (+) / kept (−)$36.8MCapital spending−$25.4MOther financing$6.3MShares issued$5.7MPartners−$2.9M

From profit to cash

SkyWater Technology, LLC: net income to operating cash flow, Q2 2026SkyWater Technology, LLC: net income to operating cash flow, Q2 2026Net income−$5.2MDepreciation & amortization$15.4MStock-based pay$3.1MInventory−$656KPayables$23.9MDeferred revenue−$21.3MPrepaid and other assets$2.6MOperating cash flow−$14.3M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q2 202653193636
Q1 202654183338
Q4 202549142736
Q3 202535132622
Q2 202555262655
Q1 202568284056
Q4 202468234843
Q3 202455183042

Every quarter

QuarterOperating cash flowCapital spendingNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q2 2026−$14.3M−$9.5M$1.9M$432K$9.7M−$23.8M
Q1 2026$27.9M−$9.1M−$19.4M$2.1M$992K$18.9M
Q4 2025−$36.1M−$6.1M$34.3M$266K$7.7M−$42.2M
Q3 2025−$47.2M−$830K$125M$2.9M$18.5M−$48.0M
Q2 2025−$1.7M−$2.6M−$249K−$534K$1.9M−$4.3M
Q1 2025$56.0M−$14.8M−$8.7M$1.3M−$32.4M$41.2M
Q4 2024−$1.3M−$680K$2.9M$66K$1.8M−$2.0M
Q3 2024$14.3M−$5.2M−$6.4M$1.2M−$2.3M$9.1M

SkyWater Technology, LLC: income statement and cash flow

SkyWater Technology, LLC, Q2 2026: revenue $156M (+165% year over year), operating margin 1.2%. The chart follows the revenue to costs, profit and cash.

SkyWater Technology, LLC: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.