SkyWater Technology, Inc. (NASDAQ: SKYT) is engaged as a semiconductor manufacturer and DMEA-accredited Category 1A Trusted Foundry. Using its “technology-as-a-service” model, SkyWater helps customers customize and streamline the chip production process at its U.S.-based facilities. Shares of the semiconductor manufacturer are rallying 32% through early trading on Tuesday, November 8, 2022. Over the past three months, SkyWater Technology has seen average daily volume of 341,200 shares. However, volume of 1.08 million shares or dollar volume of around $12.31 million, has already exchanged hands through early trading.
Shares of SkyWater Technology are gaining after the company reported third quarter 2022 financial results and shipped its first round of ReRAM integrated semiconductors to Weebit. Turning first to the financial results, SkyWater Technology reported total revenue of $52.3 million, which represents year-over-year growth of 49%. Net losses came in at $6.9 million and adjusted EBITDA was $3.8 million. Management says its record revenues during the quarter came as a result of growth in the company’s pipeline of ATS programs and partnerships. Furthermore, management estimates continued growth during the fourth quarter, as several other programs, such as the RH90 platform, is ready for productization.
In a separate news release, SkyWater announced it has delivered its first set of silicon wafers integrating Weebit’s embedded Resistive Random-Access Memory (ReRAM) module. The embedded chips were developed and fabricated at SkyWater’s U.S.-based production facility. This is a big milestone for the two companies as it provides a successful demonstration of developing system-on-chip (SoC) designs and the SkyWater 130nm CMOS manufacturing process.
SkyWater Chief Revenue Officer, Mark Litecky, said: “As part of our Technology-as-a-Service model, SkyWater works with customers to co-create solutions with innovative architectures, materials and approaches to integration. Weebit ReRAM is an exciting new NVM that customers across a broad array of markets can incorporate into their SoCs to achieve differentiation. We already see strong interest for the technology for applications including IoT, power management and mixed-signal ICs. Looking ahead, Weebit ReRAM is a rich building block for hybrid architectures that can be flexibly integrated in new and interesting ways – an exciting prospect for companies looking to bring innovative ideas to reality.”
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