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SkyWater had a strong quarter with record revenues and significant growth in the Quantum computing segment. The acquisition of Fab 25 has been successfully integrated and is contributing positively. However, challenges in A&D revenues and potential additional costs in Q4 pose some risks.

Company Guidance

During the third quarter of 2025, SkyWater Technology reported exceptional financial results, surpassing expectations across all metrics. The company achieved record Q3 revenues of nearly $151 million, exceeding the forecast by over $9 million, driven largely by the revenue from Fab 25 in Texas and higher-than-anticipated ATS revenues which reached over $54 million. The company also saw its strongest quarter for quantum computing-related revenue, positioning it to exceed 30% revenue growth in this segment for fiscal 2025. The gross margin for Q3 stood at 24.6%, facilitated by an $8 million benefit expected to continue into Q4. For the fourth quarter, SkyWater anticipates revenues between $155 million and $165 million, with a gross margin of 17% to 20% and adjusted EBITDA projected between $16 million and $22 million. The upcoming year is expected to see revenue and adjusted EBITDA performance exceeding prior conservative estimates of at least $600 million and $60 million, respectively, as the company continues to leverage its strategic investments and customer engagements.