SkyWater foundry reports financial loss after going public

May 21, 2021 // By Peter Clarke
SkyWater foundry reports financial loss after going public
US foundry CMI Acquisition LLC (Bloomington, Minnesota), which trades as SkyWater Technology, made an increased net loss in the 1Q21, its first financial results since going public on Nasdaq.

The company had sales revenue of $48.1 million, up 30 percent year-on-year, on which it made a net loss of $2.8 million compared with a net loss of $1.4 million in the same quarter a year earlier.

SkyWater is a U.S.-based pure play semiconductor foundry and is a DOD-accredited trusted supplier, specializing in custom technology development services, volume manufacturing, and advanced packaging capabilities.

"SkyWater delivered record net sales in our first quarter driven by continued growth in our Advanced Technology Services (ATS) business,” said SkyWater Technology CEO Thomas Sonderman, in a statement. "Our Minnesota fab is ramping automotive and IoT-related production activities as we see significant increases in demand while continuing to transition customers from ATS into volume Wafer Services."

The company raised about $100 million in proceeds from its IPO in April. It didn't give an estimate for revenues in the second quarter but Sonderman said that he expects SkyWater growth to outperform industry growth in the teens of percent in 2021.

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