SkyWater Technology, Inc. (SKYT): Modelo de Negocio Canvas [Actualizado en Ene-2025]

En el mundo de alto riesgo de la fabricación de semiconductores, Skywater Technology surge como un jugador crítico que cierra la tecnología de vanguardia con imperativos de seguridad nacional. Al ofrecer soluciones especializadas de chips de alta confiabilidad para aplicaciones de defensa, aeroespacial y crítica de misión, esta empresa innovadora transforma desafíos tecnológicos complejos en capacidades de fabricación estratégica. Su modelo de negocio único representa un ecosistema sofisticado de ingeniería avanzada, asociaciones estratégicas y fabricación de precisión que posiciona a Skywater como un socio de semiconductores nacionales confiables para los clientes de los Estados Unidos y los clientes de la industria que buscan una confiabilidad y rendimiento tecnológicos incomparables.

Skywater Technology, Inc. (Skyt) - Modelo de negocios: asociaciones clave

Colaboración estratégica con el Departamento de Defensa de los Estados Unidos

Skywater Technology mantiene una asociación crítica con el Departamento de Defensa de los Estados Unidos, centrándose en la fabricación especializada de semiconductores para tecnologías de defensa crítica. A partir de 2024, la compañía ha asegurado múltiples contratos por un total de $ 170.9 millones en producción de semiconductores relacionados con la defensa.

Detalles de la asociación de defensa	Valor
Contratos de defensa totales	$ 170.9 millones
Número de proyectos de defensa activos	7 programas de semiconductores especializados

Asociaciones de investigación académica

Skywater colabora con instituciones académicas para avanzar en la investigación y el desarrollo de semiconductores.

• Universidad de Minnesota - Asociación de investigación primaria
• Desarrollo de tecnología de semiconductores avanzados
• Financiación de la investigación conjunta: $ 4.2 millones anuales

Asociaciones de Foundry Services

La compañía ofrece servicios de fundición especializados en múltiples mercados de semiconductores de alta fiabilidad.

Segmento de mercado	Enfoque de asociación	Contribución anual de ingresos
Defensa	Fabricación especializada de semiconductores	$ 89.3 millones
Aeroespacial	Producción de chips de alta fiabilidad	$ 62.7 millones
Tecnologías médicas	Fabricación de semiconductores de precisión	$ 38.5 millones

Asociaciones de la casa de diseño de tecnología

Skywater mantiene asociaciones estratégicas con casas de diseño de tecnología y proveedores de propiedad intelectual.

• Asociaciones de la casa de diseño activo: 12
• Colaboraciones de proveedores de IP: 8
• Inversión total de asociación: $ 6.5 millones anuales

Skywater Technology, Inc. (Skyt) - Modelo de negocios: actividades clave

Fabricación y fabricación de semiconductores especializados

Skywater opera una instalación de fabricación de semiconductores de 150 mm y 200 mm ubicada en Bloomington, Minnesota. La instalación se especializa en la producción de soluciones de semiconductores personalizadas con tecnologías de proceso avanzadas.

Especificación de la instalación	Detalles
Espacio fabuloso total	127,000 pies cuadrados
Capacidades de tamaño de oblea	150 mm y 200 mm
Capacidad de fabricación anual	Aproximadamente 36,000 obleas por año

Servicios avanzados de embalaje y integración heterogénea

Skywater proporciona soluciones de embalaje avanzadas para aplicaciones de semiconductores complejos.

• Tecnologías de embalaje 2.5D y 3D
• Capacidades de unión híbrida
• Integración de módulos múltiples

Diseño personalizado de semiconductores e ingeniería

La compañía ofrece servicios integrales de diseño e ingeniería para soluciones especializadas de semiconductores.

Categoría de servicio de diseño	Capacidades
Kits de diseño de procesos (PDK)	Admite múltiples nodos de tecnología
Ingeniería	Optimización de diseño personalizado

Desarrollo de tecnología para aplicaciones de misión crítica

Skywater se centra en el desarrollo de tecnologías para sectores de alta fiabilidad.

• Soluciones de defensa y semiconductores aeroespaciales
• Tecnologías de dispositivos médicos
• Procesos de semiconductores endurecidos por radiación

Fabricación de precisión de soluciones de semiconductores complejos

La compañía se especializa en producir tecnologías avanzadas de semiconductores con alta precisión.

Métricas de precisión de fabricación	Presupuesto
Nodos de tecnología de procesos	90 nm a 130 nm
Precisión de fabricación	Precisión submicrónica

Skywater Technology, Inc. (Skyt) - Modelo de negocios: recursos clave

Instalaciones avanzadas de fabricación de semiconductores

Skywater opera una instalación de fabricación de semiconductores de 150,000 pies cuadrados ubicada en Bloomington, Minnesota. La instalación está diseñada para la fabricación especializada de semiconductores con un enfoque en nodos de tecnología avanzada.

Especificación de la instalación	Detalles
Ubicación	Bloomington, Minnesota
Tamaño total de la instalación	150,000 pies cuadrados
Capacidad de fabricación	Aproximadamente 36,000 300 mm La oblea comienza por año

Tecnologías de proceso propietarios

Skywater mantiene tecnologías especializadas de fabricación de semiconductores en múltiples nodos de proceso.

• Tecnologías de proceso de 0.5 µm a 130 nm
• Capacidades de fabricación de semiconductores endurecidos por radiación
• Tecnologías de procesos de señal mixta y analógica/RF

Capacidades de la fuerza laboral

A partir del cuarto trimestre de 2023, Skywater empleaba a aproximadamente 570 empleados con ingeniería de semiconductores especializados y experiencia técnica.

Equipo especializado

Categoría de equipo	Especificación
Sistemas de litografía	Equipo avanzado de litografía ultravioleta profunda (DUV)
Sistemas de deposición	Sistemas de deposición de vapor químico (CVD) y deposición de vapor físico (PVD)
Sistemas de grabado	Equipo de grabado de plasma y iones reactivos

Propiedad intelectual

Skywater posee múltiples patentes y tecnologías patentadas específicamente centradas en:

• Diseño de semiconductores endurecidos por radiación
• Fabricación de semiconductores militares y aeroespaciales
• Tecnologías de procesos analógicos y de señal mixta especializados

La compañía reportó 24 patentes emitidas a partir de su informe anual de 2022, con solicitudes de patentes adicionales en proceso.

Skywater Technology, Inc. (Skyt) - Modelo de negocio: propuestas de valor

Soluciones de semiconductores personalizadas para aplicaciones de misión crítica

A partir del cuarto trimestre de 2023, Skywater Technology ofrece soluciones de semiconductores con las siguientes métricas clave:

Métrico	Valor
Mercado total direccionable	$ 37.5 mil millones
Capacidad de diseño de semiconductores personalizados	Tamaños de obleas de hasta 200 mm y 300 mm
Capacidad de fabricación anual	Aproximadamente 36,000 obleas por año

Fabricación de chips de alta fiabilidad para los sectores de defensa y aeroespacial

La defensa de Skywater y las capacidades de semiconductores aeroespaciales incluyen:

• Plataformas de tecnología endurecidas por radiación
• Certificaciones AS9100D e ISO 9001: 2015
• Instalaciones de fabricación de grado de defensa en Bloomington, Minnesota

Tecnologías especializadas de embalaje e integración

Tecnología de envasado	Capacidad
Embalaje avanzado	Integración 2.5D y 3D
Integración heterogénea	Soluciones de módulos múltiples
Nodos de proceso especializado	Tecnología de 130 nm a 90 nm

Capacidades de diseño y fabricación de extremo a extremo

Skywater brinda servicios de semiconductores integrales con las siguientes capacidades:

• Soporte de habilitación de diseño
• Prototipo a la fabricación de producción
• Protección completa de propiedad intelectual (IP)

Socio de fabricación de semiconductores nacionales de confianza

Las métricas de fabricación doméstica de Skywater a partir de 2024:

Categoría de asociación	Detalles
Contratos del gobierno de los Estados Unidos	$ 170 millones de contrato de DARPA
Inversión de fabricación nacional	Expansión de la instalación de $ 300 millones
Asociaciones estratégicas	5 Instituciones principales de tecnología de los Estados Unidos

Skywater Technology, Inc. (Skyt) - Modelo de negocios: relaciones con los clientes

Asociaciones estratégicas a largo plazo con contratistas de defensa

A partir del cuarto trimestre de 2023, Skywater Technology mantiene asociaciones estratégicas con los siguientes clientes relacionados con la defensa:

Cliente de defensa	Valor de contrato	Duración del contrato
Departamento de Defensa de los Estados Unidos	$ 37.2 millones	2024-2026
Agencia de Proyectos de Investigación Avanzada de Defensa (DARPA)	$ 22.5 millones	2024-2025

Soporte técnico y servicios de diseño colaborativo

Skywater proporciona soporte técnico integral a través de:

• Consulta de ingeniería 24/7
• Equipos de soporte de diseño dedicados
• Desarrollo de prototipo rápido

Gestión de cuentas dedicada para proyectos de semiconductores complejos

Estadísticas de gestión de cuentas para 2023:

Segmento de clientes	Número de gerentes de cuentas dedicados	Complejidad promedio del proyecto
Defensa/aeroespacial	12	Alto
Electrónica comercial	8	Medio

Consulta técnica continua y soporte de ingeniería

Métricas de soporte de ingeniería para 2023:

• Horas de soporte de ingeniería totales: 42,500
• Tiempo de respuesta promedio: 2.3 horas
• Calificación de satisfacción del cliente: 94.6%

Soluciones de fabricación personalizadas

Desglose de personalización de fabricación para 2023:

Sector industrial	Proyectos de fabricación personalizados	Valor promedio del proyecto
Defensa	37	$ 1.8 millones
Dispositivos médicos	22	$ 1.2 millones
Electrónica comercial	45	$750,000

Skywater Technology, Inc. (Skyt) - Modelo de negocios: canales

Equipo de ventas directo dirigido a los sectores de defensa y aeroespacial

Skywater Technology mantiene una fuerza de ventas directas dedicada centrada en los segmentos de defensa y mercado aeroespacial. A partir del cuarto trimestre de 2023, la compañía reportó 37 representantes de ventas directas especializadas en soluciones de semiconductores para mercados de infraestructura crítica.

Canal de ventas	Número de representantes	Segmento del mercado objetivo
Ventas de semiconductores de defensa	22	Electrónica militar y de defensa
Ventas de semiconductores aeroespaciales	15	Tecnologías de espacio y satélite

Conferencias tecnológicas y exhibiciones de la industria

Skywater participa en eventos clave de la industria para mostrar tecnologías de semiconductores e involucrar a clientes potenciales.

• Simposio de tecnología de la Agencia de Proyectos de Investigación Avanzada de Defensa (DARPA)
• Reunión de dispositivos de electrones internacionales IEEE
• Expo de tecnología espacial
• Conferencia Semicon West

Documentación técnica en línea y recursos de diseño

La compañía proporciona recursos digitales completos para el diseño de semiconductores y el soporte técnico. En 2023, Skywater reportó 127,000 descargas únicas de documentación de diseño técnico desde su plataforma en línea.

Desarrollo de negocios estratégicos a través de redes gubernamentales e industriales

Skywater aprovecha las asociaciones estratégicas con instituciones de investigación gubernamentales y consorcios de la industria. Las asociaciones activas actuales incluyen:

• Asociación de Investigación de la Universidad de Minnesota
• Programa de fundición de confianza del Departamento de Defensa
• Acelerador de tecnología de seguridad nacional

Webinarios técnicos y talleres de diseño de semiconductores

La compañía organiza seminarios técnicos y talleres de diseño regulares para involucrar a clientes potenciales y demostrar capacidades tecnológicas. En 2023, Skywater realizó 42 seminarios técnicos con una asistencia promedio de 215 profesionales de diseño de semiconductores.

Categoría de seminario web	Número de sesiones	Asistencia promedio
Diseño de electrónica de defensa	18	187
Tecnologías de semiconductores aeroespaciales	12	224
Tecnología de procesos avanzados	12	232

Skywater Technology, Inc. (Skyt) - Modelo de negocios: segmentos de clientes

Departamento de Defensa de los Estados Unidos y contratistas militares

Skywater Technology satisface necesidades críticas de semiconductores relacionados con la defensa con $ 94.8 millones en ingresos relacionados con la defensa en 2023.

Categoría de clientes de defensa	Valor estimado del contrato
Contratos directos del Departamento de Defensa de los Estados Unidos	$ 42.3 millones
Asociaciones de contratistas militares	$ 52.5 millones

Empresas de tecnología aeroespacial y satelital

Skywater es compatible con la fabricación de semiconductores aeroespaciales con Aproximadamente $ 36.5 millones en contratos relacionados con el aeroespacio en 2023.

• Fabricación de sistemas espaciales
• Tecnologías de comunicación por satélite
• Desarrollo de electrónica aeroespacial

Fabricantes de electrónica de alta fiabilidad

Segmento de semiconductores de alta fiabilidad generado $ 28.7 millones en ingresos para Skywater en 2023.

Sector de alta fiabilidad	Ingresos del segmento de mercado
Dispositivos médicos	$ 12.4 millones
Sistemas de control industrial	$ 9.6 millones
Electrónica automotriz	$ 6.7 millones

Firmas de diseño de semiconductores especializados

Skywater es compatible con el diseño especializado de semiconductores con $ 22.1 millones en servicios relacionados con el diseño en 2023.

Investigación gubernamental y instituciones de tecnología

Asociaciones de investigación gubernamentales contribuyeron $ 17.6 millones para los ingresos de Skywater en 2023.

Tipo de institución de investigación	Contribución
Laboratorios federales de investigación	$ 11.3 millones
Programas de investigación universitaria	$ 6.3 millones

Skywater Technology, Inc. (Skyt) - Modelo de negocio: Estructura de costos

Inversión significativa en equipos avanzados de fabricación de semiconductores

A partir del cuarto trimestre de 2023, Skywater Technology informó gastos de capital de $ 48.2 millones para equipos avanzados de fabricación de semiconductores. La propiedad total, la planta y el equipo (PP&E) de la compañía se valoraron en $ 232.1 millones.

Categoría de equipo	Monto de inversión (2023)
Equipo de fabricación de semiconductores	$ 48.2 millones
Valor total de PP&E	$ 232.1 millones

Altos gastos de investigación y desarrollo

En el año fiscal 2023, Skywater Technology invirtió $ 54.3 millones en investigación y desarrollo, que representa aproximadamente el 16.8% de los ingresos totales.

• Gasto de I + D: $ 54.3 millones
• Porcentaje de ingresos: 16.8%

Compensación de la fuerza laboral especializada

La compensación total de los empleados para Skywater Technology en 2023 fue de $ 98.7 millones, con un costo promedio de empleados de aproximadamente $ 125,000 por profesional de semiconductores especializado.

Métrico de compensación	Cantidad
Compensación total de empleados	$ 98.7 millones
Costo promedio del empleado	$125,000

Mantenimiento de instalaciones y actualizaciones tecnológicas

Los costos de mantenimiento y actualización de las instalaciones para 2023 totalizaron $ 22.5 millones, centrándose en las instalaciones de fabricación de la compañía en Minnesota y Florida.

Costos de cumplimiento y certificación

La tecnología Skywater gastada $ 7.6 millones en procesos de cumplimiento y certificación para mercados de alta fiabilidad, incluidos sectores aeroespacial, de defensa y médico.

• Gastos de cumplimiento y certificación: $ 7.6 millones
• Mercados de certificación clave: aeroespacial, defensa, médico

Skywater Technology, Inc. (Skyt) - Modelo de negocios: flujos de ingresos

Servicios de fabricación de semiconductores personalizados

Ingresos de la fabricación de semiconductores personalizados en el tercer trimestre 2023: $ 21.4 millones

Categoría de servicio	2023 ingresos	Porcentaje de ingresos totales
Servicios de tecnología avanzada	$ 12.6 millones	58.9%
Servicios de tecnología estándar	$ 8.8 millones	41.1%

Contratos de fundición y fabricación

Ingresos por contrato de fundición total para 2023: $ 67.3 millones

• Contratos de fundición comercial: $ 42.5 millones
• Contratos de la institución de investigación: $ 15.8 millones
• Acuerdos de fabricación especializados: $ 9 millones

Tarifas de soporte de ingeniería y diseño

Ingresos de servicios de ingeniería en 2023: $ 16.2 millones

Categoría de soporte de diseño	Ingresos anuales
Consultoría de diseño de semiconductores	$ 9.7 millones
Desarrollo prototipo	$ 6.5 millones

Licencias de tecnología e ingresos por propiedad intelectual

Ingresos de licencia IP para 2023: $ 5.6 millones

• Licencias de tecnología de proceso de semiconductores: $ 3.4 millones
• Licencias de patentes: $ 2.2 millones

Contratos de producción de semiconductores gubernamentales y del sector de defensa

Ingresos de defensa total y del sector gubernamental en 2023: $ 44.9 millones

Tipo de contrato	Ganancia	Duración del contrato
Contratos del Departamento de Defensa	$ 31.2 millones	De varios años
Contratos de investigación federales	$ 13.7 millones	1-3 años

SkyWater Technology, Inc. (SKYT) - Canvas Business Model: Value Propositions

You're looking at how SkyWater Technology, Inc. delivers unique value in the semiconductor space, which is really about de-risking technology development and securing domestic supply. The core is a service-oriented approach that moves customers from an idea to mass production.

Technology as a Service (TaaS) model: co-development to volume production

The Technology as a Service (TaaS) model is designed to streamline the path to production for customers, offering development services, high-volume production, and heterogeneous integration solutions all within their U.S. facilities. This pioneering model lets innovators co-create the next wave of technology. New products, which are a direct output of this co-development, contributed to over half of Wafer Services revenue in the first quarter of 2025, a significant jump from a 90% legacy mix in 2024. For the third quarter of 2025, the Advanced Technology Services (ATS) development revenue component of Legacy SkyWater revenue was $54.2 million. This ATS development revenue saw a 4% decrease compared to the third quarter of 2024, partly due to U.S. Government budget delays. Still, the fastest-growing area is quantum.

• The TaaS model covers development services, high-volume production, and heterogeneous integration.
• Four new commercial Quantum customers were signed since the second quarter of 2025, including SQC and QuamCore.
• SkyWater Technology expects to exceed 30% revenue growth in Quantum-related ATS revenues for fiscal 2025.

Secure, exclusively U.S.-based semiconductor manufacturing

A key differentiator is the commitment to being exclusively U.S.-based, which directly supports national onshoring and supply chain resilience mandates. SkyWater Technology is a DMEA-accredited Category 1A Trusted Foundry, a critical designation for defense and government programs. The acquisition of Fab 25 converted captive capacity into open-access infrastructure, expanding domestic foundry services for industrial, automotive, and defense customers. With this addition, SkyWater Technology became the largest exclusively U.S.-based, pure-play foundry service provider offering dual-sourced support for foundational node, 200 mm foundry capacity.

Specialization in high-value, emerging markets (e.g., quantum, rad-hard)

SkyWater Technology focuses on high-value, emerging markets where custom solutions are essential. These critical domestic markets include aerospace & defense, automotive, biomedical, industrial, and quantum computing. Quantum computing is identified as the second-largest end market and is the company's fastest-growing category. The company is actively expanding capabilities in superconducting films, interposers, and chip integration to support this segment.

Rapid prototyping and process iteration for new technologies

The TaaS structure is built to enable innovators to develop and iterate quickly, moving from early prototyping to production scale readiness. This is evident in the diverse categories supported, which include mixed-signal CMOS, read-out ICs, rad-hard ICs, MEMS, superconducting ICs, photonics, and advanced packaging. The Florida advanced packaging platform development is progressing, with tool installations scheduled for completion in early 2026, readying operations for customer prototype builds later that year.

Expanded 200mm foundry capacity post-Fab 25 acquisition

The acquisition of Infineon Technologies AG's 200 mm semiconductor fab in Austin, Texas, known as Fab 25, was completed on June 30, 2025. This transaction was a strategic repositioning, costing $73 million at close plus approximately $20 million for working capital. The integration of Fab 25 significantly increased SkyWater Technology's domestic 200-millimeter foundry capacity by approximately 400,000 wafer starts per year, effectively quadrupling that capacity segment. The facility focuses on foundational chips on nodes from 130 down to 65 nanometers. The financial impact was immediate, with SkyWater Texas contributing $86.6 million in wafer services revenue in the third quarter of 2025 alone. The total consolidated revenue for the third quarter of 2025 reached $151 million, a 60.7% rise year-on-year, with Fab 25 projected to contribute at least $300 million in annual revenue.

Here's a quick look at the capacity and revenue scale added by the Fab 25 integration as of late 2025:

Metric	Value/Amount	Context/Source
Fab 25 Acquisition Date	June 30, 2025	Completion Date
Added 200mm Capacity	Approximately 400,000 wafer starts per year	Capacity Expansion
Total Domestic 200mm Capacity Increase	Fourfold	Relative Expansion
Fab 25 Projected Annual Revenue Contribution	At least $300 million	Post-Acquisition Projection
Q3 2025 SkyWater Texas Revenue	$86.6 million	Q3 2025 Wafer Services Contribution
Q3 2025 Total Revenue	$151 million	Q3 2025 Consolidated Result
Foundry Nodes Supported at Fab 25	130 nm down to 65 nm	Fab 25 Technology Focus

The total Q3 2025 revenue of $151 million represented a 60.6% surge year-on-year. Legacy SkyWater revenue for Q3 2025 was $64.1 million, which includes $54.2 million in ATS development revenue. The company expects this segment to generate strong adjusted EBITDA and positive free cash flow starting in the third quarter.

SkyWater Technology, Inc. (SKYT) - Canvas Business Model: Customer Relationships

You're looking at how SkyWater Technology, Inc. locks in its high-value, specialized fabrication work. The relationships are built on deep technical integration, not just transactional sales.

Deep, collaborative, and long-term co-development (TaaS)

The Technology as a Service (TaaS) model is central here, enabling innovators to co-create next-wave technologies. This deep collaboration is evident in the quantum computing segment, which is the fastest-growing area for SkyWater Technology, Inc. You saw strong momentum here, with SkyWater Technology, Inc. expecting to exceed 30% revenue growth in quantum computing related revenues for fiscal 2025. This growth is fueled by new design wins; SkyWater Technology, Inc. signed four new Advanced Technology Services (ATS) engagements with quantum computing companies since the second quarter of 2025, bringing the total commercial quantum customers to seven.

The structure of these engagements means customers are embedded in SkyWater Technology, Inc.'s U.S. facilities for development, production, and integration.

Dedicated program management for government and large commercial clients

For critical domestic markets like aerospace & defense, dedicated program management is necessary to navigate complex requirements, such as those tied to Trusted Foundry status. While aerospace and defense ATS revenue saw a $9.3 million decrease in the second quarter of 2025 compared to the second quarter of 2024, SkyWater Technology, Inc. noted an acceleration of program timing within these markets in the third quarter of 2025. This suggests that while budget timing can cause near-term fluctuations, the underlying programs require sustained, dedicated engineering oversight to keep them on track for future revenue recognition.

High customer stickiness due to specialized, integrated processes

The stickiness comes from the specialized nature of the process technology itself, which is hard to replicate elsewhere, especially given the focus on foundational nodes and advanced packaging. When a customer commits to a process flow, switching costs are high. However, you can see where segment demand can be sensitive; in the second quarter of 2025, Wafer Services (WS) revenue saw a $0.4 million decrease, mainly due to a decline in demand from a key automotive customer. This shows that even with specialized processes, reliance on a single large customer in a specific segment can introduce near-term volatility.

Direct sales and engineering support for complex projects

Complex projects, especially those involving emerging technologies, require direct engagement between SkyWater Technology, Inc.'s engineers and the customer's design teams. This is the essence of the ATS revenue stream, which was $54.2 million in the third quarter of 2025. The company's facilities in Minnesota, Florida, and Texas support this model across diverse categories like superconducting ICs and advanced packaging. The U.S. remains the core market, generating $53.8 million in revenue in the second quarter of 2025.

Investor relations and analyst engagement (e.g., NYC Summit)

Managing the relationship with the investment community is key to funding these long-term, capital-intensive relationships. SkyWater Technology, Inc. actively engaged with this group, participating in the 14th Annual NYC Summit investor conference on Tuesday, December 16, 2025. This event featured a "round-robin" format with small group meetings for accredited investors and publishing research analysts, allowing management to directly communicate the value proposition underpinning these customer relationships. The presentation materials for this event were made available on the company's investor relations website at ir.skywatertechnology.com.

Here's a quick look at the customer-facing financial metrics from recent reporting periods:

Metric	Value/Amount	Period/Context
Total Consolidated Revenue	Nearly $151 million	Q3 2025
ATS Development Revenue	$54.2 million	Q3 2025
Commercial Quantum Customers	Seven	As of Q3 2025
Quantum Revenue Growth Expectation	Exceed 30%	Fiscal 2025
US Revenue Contribution	$53.8 million	Q2 2025
Aerospace & Defense Revenue Change	$9.3 million decrease	Q2 2025 vs Q2 2024

The success of the TaaS model is directly tied to securing these deep, multi-year engagements, which is why the quantum pipeline is so important to watch.

SkyWater Technology, Inc. (SKYT) - Canvas Business Model: Channels

You're looking at how SkyWater Technology, Inc. gets its specialized semiconductor manufacturing and services to market as of late 2025. The channels are a mix of direct engagement with high-value sectors and leveraging strategic alliances to scale capacity and technology reach.

Direct sales force targeting aerospace, defense, and quantum

SkyWater Technology, Inc. focuses its direct sales efforts on segments where its DMEA-accredited Category 1A Trusted Foundry status provides a competitive moat. The sales motion is heavily geared toward securing long-term, mission-critical production contracts. The company identified quantum computing as its second-largest end market as of late 2025. This direct targeting is showing results, with revenues from quantum computing customers projected for 30% growth in the ATS (Advanced Technology Services) revenues for the fiscal year.

The primary customer segments driving this direct channel engagement include:

• Aerospace & Defense programs, leveraging its trusted supplier status.
• Quantum computing, with four new ATS engagements signed since the second quarter of 2025.
• Automotive, benefiting from the expanded capabilities at Fab 25.
• Industrial and Biomedical sectors.

Three U.S.-based manufacturing and development facilities

The physical channel for delivering products is anchored by its exclusively U.S.-based manufacturing footprint. The major expansion in 2025 significantly altered this channel's capacity profile. The company completed the acquisition of Infineon Technologies' Fab 25 in Austin, Texas, on June 30, 2025, for $93 million, which added approximately 400,000 wafer starts annually to its throughput. This move brought the total employee count to approximately 1,700, with about 1,000 new employees joining from the Texas site.

Here's a breakdown of the key physical channels:

Facility Location	Key Role/Technology Focus	Capacity Impact
Minnesota (HQ)	Center of excellence for quantum development and superconducting platforms.	Existing Capacity
Florida (Osceola)	University of Central Florida NeoCity fabrication facility, focusing on advanced packaging.	Existing Capacity
Texas (Austin - Fab 25)	200 mm foundry operations, 65 nm infrastructure, expanded copper processing.	Added 400,000 wafer starts annually.

The Texas operations alone contributed $86.6 million in Wafer Services revenue in the third quarter of 2025.

Investor Relations website for financial and strategic communication

The Investor Relations website at ir.skywatertechnology.com serves as the primary channel for formal financial disclosure and strategic narrative dissemination to the investment community. For instance, the record third quarter 2025 results were communicated through this channel. The Q3 2025 report showed total consolidated revenue reached $150.7 million, a 60.7% increase year-over-year. GAAP gross profit for the quarter was $36.2 million, representing 24.0% of total revenue.

The communication via this channel highlights key financial milestones:

• Q3 2025 Total Revenue: $150.7 million.
• Year-over-Year Revenue Growth (Q3 2025): 60.7%.
• Legacy SkyWater Revenue (Q3 2025): $64.1 million.
• Expected Annual Revenue Contribution from Fab 25: At least $300 million.

Industry conferences and technology showcases

SkyWater Technology, Inc. actively uses industry events to showcase its capabilities directly to accredited investors and analysts. The company announced participation in the 14th Annual NYC Summit, scheduled for December 16, 2025. This event format involves small group meetings with management teams. Attendance at this specific summit is available solely to accredited investors and publishing research analysts, indicating a highly targeted channel for investor engagement.

Strategic technology partner networks

The company leverages deep, technology-specific partnerships to co-develop and validate its advanced manufacturing processes, effectively using partners as an extension of its R&D and market access channel. These collaborations are critical for emerging technology adoption, such as quantum computing.

Key strategic alliances as of late 2025 include:

Partner Entity	Collaboration Focus	Date/Status Context
Silicon Quantum Computing (SQC)	Commercialize hybrid quantum-classical computing.	Joint program announced November 2025.
QuamCore	Fabricate digital superconducting controller for scalable quantum computing.	Collaboration announced November 2025.
Infineon Technologies AG	Long-term supply agreement and license for mixed-signal design IP.	Post-Fab 25 acquisition.
Efabless and Google	First open source chip manufacturing program.	Prior collaboration.

The license agreement with Infineon Technologies, announced July 29, grants access to a robust library of silicon-proven mixed-signal design IP, which enhances SkyWater's offerings for automotive-grade applications.

SkyWater Technology, Inc. (SKYT) - Canvas Business Model: Customer Segments

You're looking at the core groups SkyWater Technology, Inc. builds its foundry services around as of late 2025. This is where the revenue engine is focused, spanning government mandates to emerging tech like quantum.

U.S. government and Department of Defense (DOD) programs

SkyWater Technology, Inc. serves as the largest exclusively U.S.-based, pure-play semiconductor foundry, which directly feeds into the secure domestic supply chain for government and defense needs. The company is a DMEA-accredited Category 1A Trusted Supplier. The Advanced Technology Services (ATS) segment is heavily tied to these customers, though funding timing creates variability. For instance, in the third quarter of 2025, Legacy SkyWater ATS development revenue was $54.2 million, a 4% decrease compared to the third quarter of 2024, partly due to delayed U.S. Government budget approvals impacting program execution timing. SkyWater Technology, Inc.'s role is critical for mission-critical national security initiatives.

Commercial companies in quantum computing

Quantum computing is identified as the second largest end market. The company expects quantum computing related revenues to exceed 30% revenue growth in fiscal 2025. Momentum is strong, with four new ATS engagements signed with quantum computing companies since the second quarter of 2025. Specific partners include SQC and QuamCore. The third quarter of 2025 marked the strongest ever quarter for quantum computing-related revenue.

Innovators in aerospace, defense, and biomedical sectors

These sectors drive significant ATS development revenue. In the second quarter of 2025, the aerospace and defense industry saw an ATS revenue decrease of $9.1 million year-over-year, largely due to U.S. government policy changes. However, an acceleration of program timing within aerospace and defense end markets led to stronger ATS development revenues in the third quarter of 2025 compared to the forecast. Furthermore, two leading defense prime customers drove robust demand for the new ThermaView platform in the first quarter of 2025.

Automotive and industrial controls manufacturers (post-Fab 25 focus)

The acquisition of Fab 25 in Texas is strategically positioned to meet quality standards, including those for automotive applications. Demand from this sector has shown fluctuation; in the second quarter of 2025, Wafer Services revenue decreased by $0.4 million, mainly due to a decline from a key automotive customer. The industrial segment also experienced weakness, as seen by a 54% decline in Wafer Services revenue in the third quarter of 2024 due to weakness in that end market.

Customers requiring secure, domestic semiconductor supply

The entire business model is underpinned by this requirement. The acquisition of Fab 25 firmly establishes SkyWater Technology, Inc. as the largest exclusively US-based pure play foundry service provider. This capacity expansion increases the 200 millimeter foundry business capacity by 4x in the US. The company's focus on mature nodes (90-180 nanometer) for radiation-hardened logic and power devices serves this critical need.

Here's a quick look at the key segments and associated data points from the latest reporting period:

Customer Segment Focus	Key Metric/Data Point	Value/Amount (As of Late 2025)
U.S. Government/DOD	Legacy SkyWater ATS Development Revenue (Q3 2025)	$54.2 million
Quantum Computing	Projected Fiscal 2025 Revenue Growth	Exceed 30%
Quantum Computing	New ATS Engagements Signed Since Q2 2025	4
Aerospace & Defense	Q2 2025 ATS Revenue Decrease YoY	$9.1 million
Domestic Capacity	Fab 25 200mm Capacity Increase (Factor)	4x
Automotive/Industrial	Q2 2025 Wafer Services Revenue Impact from Automotive Decline	$0.4 million decrease

The Technology as a Service (TaaS) model helps funnel development work into volume production. For example, roughly one-third of ATS programs are modeled to carry over to volume production within 5 years.

• DMEA-accredited status for Trusted Supplier requirements.
• Focus on mature nodes: 90-180 nanometer range.
• Two named quantum customers: SQC and QuamCore.
• Legacy SkyWater Wafer Services revenue in Q3 2025 was $6.2 million.
• Legacy SkyWater Tools revenue in Q3 2025 was $3.7 million.

Finance: draft 13-week cash view by Friday.

SkyWater Technology, Inc. (SKYT) - Canvas Business Model: Cost Structure

You're looking at the cost side of SkyWater Technology, Inc. (SKYT) as they integrate the massive Fab 25 acquisition. The cost structure is dominated by the capital intensity of semiconductor manufacturing, which means high fixed costs are the name of the game.

High fixed costs from operating three large fabrication facilities

Operating three large fabrication facilities-Minnesota, Florida, and the newly acquired Texas Fab 25-locks in substantial fixed costs. These costs are spread across the manufacturing base, but the depreciation alone from the new Texas asset is significant. For instance, management estimated the annual depreciation charge for Fab 25 to be between $\text{\$30 million}$ and $\text{\$45 million}$ over six to eight years, reflecting the scale of the fixed asset base you're now supporting. SkyWater Technology, Inc. is now the largest exclusively U.S.-based, pure-play semiconductor foundry, which inherently carries a high fixed-cost burden to maintain that scale and Trusted status.

Cost of Revenue (CoR) for Wafer Services and ATS execution

Cost of Revenue (CoR) directly ties to the utilization and material costs within the Wafer Services and Advanced Technology Services (ATS) segments. The margin profile varies significantly between these two. For context on the activity driving CoR, consider the Legacy SkyWater Q3 2025 revenue breakdown:

Revenue Component (Legacy SkyWater Q3 2025)	Revenue Amount (in Millions USD)	Percentage of Legacy Revenue
ATS development revenue	$\text{\$54.2 million}$	Approximately $\text{84.5\%}$
Wafer Services revenue	$\text{\$6.2 million}$	Approximately $\text{9.7\%}$
Tools revenue	$\text{\$3.7 million}$	Approximately $\text{5.8\%}$

The ATS portion, which includes co-development work, has a different CoR profile than the high-volume follow-on Wafer Services. Management guided Q1 2025 non-GAAP gross margin for the combined ATS and Wafer Services business in the mid-20s, specifically between $\text{23\%}$ and $\text{27\%}$.

Operating expenses (Q4 2025 outlook: $\text{\$28.5M}$ to $\text{\$29.5M}$ GAAP)

Operating expenses (OpEx) are a key area of focus, especially with the scale-up from the Fab 25 integration. For the fourth quarter of 2025, the guidance for GAAP operating expenses is set in the range of $\text{\$28.5 million}$ to $\text{\$29.5 million}$. This is a step-up from prior periods; for example, Q3 2025 GAAP operating expenses were reported at $\text{\$23.5 million}$, which included higher ongoing overhead costs related to roughly doubling the business scale post-Fab 25 acquisition. The Q4 2025 outlook includes costs associated with the new scale.

Significant debt servicing costs from the Fab 25 acquisition financing

Financing the Fab 25 acquisition introduced significant interest expense. The transaction was funded through a new senior secured revolving credit facility of up to $\text{\$350 million}$, which replaced the existing $\text{\$130 million}$ facility. Following the Q2 2025 closing, total debt outstanding stood at $\text{\$137 million}$. This new debt load directly translates into higher interest costs that hit the income statement below gross profit. For Q1 2025, the company had guided interest expense in the range of $\text{\$2.0 million}$ to $\text{\$2.5 million}$, which you can expect to be recalibrated higher following the full draw on the new facility.

R&D and engineering talent acquisition and retention

A major component of the operating expense structure is the investment in specialized talent to drive the Advanced Technology Services (ATS) business, particularly in emerging areas like quantum computing and advanced packaging. This spending is critical for customer acquisition and retention in the TaaS (Technology-as-a-Service) model. You see this reflected in the OpEx figures, as these specialized engineering teams are essential to securing and executing on multi-year development programs. For instance, SkyWater Technology, Inc. signed four new quantum computing customer engagements since Q2 2025, all requiring dedicated engineering resources.

Here's a look at the OpEx context:

• Q4 2025 GAAP Operating Expenses outlook: $\text{\$28.5M}$ to $\text{\$29.5M}$.
• Q3 2025 GAAP Operating Expenses actual: $\text{\$23.5 million}$.
• Q4 2024 GAAP Operating Expenses actual: $\text{\$16.6 million}$.
• New debt facility capacity: Up to $\text{\$350 million}$.
• Estimated annual depreciation from Fab 25: $\text{\$30 million}$ to $\text{\$45 million}$.

Finance: draft 13-week cash view by Friday.

SkyWater Technology, Inc. (SKYT) - Canvas Business Model: Revenue Streams

SkyWater Technology, Inc.'s revenue streams flow from its dual role as a pure-play foundry and a technology development partner, segmented across manufacturing, advanced services, and equipment sales.

The core manufacturing revenue is captured under Wafer Services (WS). For the third quarter of 2025, the total Wafer Services revenue reached $92.8 million. This figure is a combination of revenue from the Legacy SkyWater operations and the newer SkyWater Texas facility (Fab 25), which contributed approximately $86.6 million of wafer services revenue in the quarter. The Legacy SkyWater Wafer Services revenue for Q3 2025 was $6.2 million, showing a 7% decrease compared to the third quarter of 2024.

Advanced Technology Services (ATS) development revenue is a significant component, representing revenue primarily from process development services, tool installation, facility access, and security services. In Q3 2025, this segment generated $54.2 million. This was stronger than forecast due to the timing of program execution, including an acceleration of program timing within aerospace and defense end markets. The Legacy SkyWater ATS development revenue was $54.2 million in the quarter, a 4% decrease year-over-year.

Tools revenue, derived from the procurement and subsequent sale of equipment to customers who retain ownership but use the equipment within SkyWater fabs for ATS programs, contributed $3.7 million in Q3 2025. This figure reflects the Legacy SkyWater Tools revenue, which saw a substantial 88% decrease compared to the third quarter of 2024.

The consolidated revenue for SkyWater Technology, Inc. in Q3 2025 was a record $150.7 million, composed of these primary streams.

Revenue Stream Component	Q3 2025 Revenue (USD Millions)	Year-over-Year Change (Legacy)
Total Wafer Services (WS)	$92.8	Not specified for total
SkyWater Texas Wafer Services	~$86.6	N/A
Legacy Wafer Services	$6.2	Decreased 7%
Advanced Technology Services (ATS) Development	$54.2	Decreased 4%
Tools Revenue (Legacy)	$3.7	Decreased 88%
Total Consolidated Revenue (GAAP)	$150.7	N/A

Government contracts and grants provide a foundational layer of support for technology development, securing trusted domestic foundry supply for critical platforms aligned with national security and aerospace and defense initiatives. The company previously won $16 million in proposed direct funding under the CHIPS and Science Act, complemented by about $19 million from the State of Minnesota's Forward Fund to support modernization and capacity expansion.

A key growth driver within the ATS segment is the quantum computing market. SkyWater Technology, Inc. is on track to exceed 30% revenue growth in quantum computing related ATS revenues for fiscal 2025, having signed four new quantum customers since the second quarter of 2025.

• Quantum-related ATS revenue is the fastest-growing category.
• The company has active commercial Quantum customers spanning multiple modalities.
• Government ATS business is largely driven by strategic multiyear development programs.