Skywater Technology, Inc. (Skyt): Business Model Canvas [Jan-2025 Mis à jour]

Dans le monde à enjeux élevés de la fabrication de semi-conducteurs, la technologie Skywater émerge comme un acteur critique de la technologie de pointe avec des impératifs de sécurité nationale. En offrant des solutions de puces spécialisées et à haute fiabilité pour les applications de défense, aérospatiale et critiques, cette entreprise innovante transforme les défis technologiques complexes en capacités de fabrication stratégiques. Leur modèle commercial unique représente un écosystème sophistiqué d'ingénierie avancée, de partenariats stratégiques et de fabrication de précision qui positionne l'eau de Sky en tant que partenaire de semi-conducteur de confiance pour le gouvernement américain et les clients de l'industrie à la recherche de fiabilité et de performance technologiques inégalées.

Skywater Technology, Inc. (SKYT) - Modèle commercial: partenariats clés

Collaboration stratégique avec le ministère américain de la Défense

Skywater Technology maintient un partenariat essentiel avec le ministère américain de la Défense, en se concentrant sur la fabrication spécialisée de semi-conducteurs pour les technologies critiques de défense. En 2024, la Société a obtenu plusieurs contrats totalisant 170,9 millions de dollars en production de semi-conducteurs liés à la défense.

Détails du partenariat de défense	Valeur
Total des contrats de défense	170,9 millions de dollars
Nombre de projets de défense actifs	7 programmes de semi-conducteurs spécialisés

Partenariats de recherche universitaire

Skywater collabore avec les établissements universitaires pour faire progresser la recherche et le développement de semi-conducteurs.

• Université du Minnesota - Partenariat de recherche primaire
• Développement de technologie avancée des semi-conducteurs
• Financement conjoint de la recherche: 4,2 millions de dollars par an

Partenariats des services de fonderie

La société fournit des services de fonderie spécialisés sur plusieurs marchés de semi-conducteurs à haute fiabilité.

Segment de marché	Focus de partenariat	Contribution annuelle des revenus
Défense	Fabrication spécialisée de semi-conducteurs	89,3 millions de dollars
Aérospatial	Production de puces à haute fiabilité	62,7 millions de dollars
Technologies médicales	Fabrication de semi-conducteurs de précision	38,5 millions de dollars

Partenariats de la maison de conception technologique

Skywater maintient des partenariats stratégiques avec des maisons de conception technologique et des fournisseurs de propriété intellectuelle.

• Partenariats de la maison de conception active: 12
• Collaborations des fournisseurs IP: 8
• Investissement total de partenariat: 6,5 millions de dollars par an

Skywater Technology, Inc. (Skyt) - Modèle commercial: activités clés

Fabrication et fabrication de semi-conducteurs spécialisés

Skywater exploite une installation de fabrication de semi-conducteurs de 150 mm et 200 mm située à Bloomington, Minnesota. L'installation est spécialisée dans la production de solutions de semi-conducteurs personnalisées avec des technologies de processus avancées.

Spécification de l'installation	Détails
Espace fabuleux total	127 000 pieds carrés
Capacités de taille de plaquette	150 mm et 200 mm
Capacité de fabrication annuelle	Environ 36 000 plaquettes par an

Emballages avancés et services d'intégration hétérogène

Skywater fournit des solutions d'emballage avancées pour des applications de semi-conducteur complexes.

• Technologies d'emballage 2.5 et 3D
• Capacités de liaison hybride
• Intégration de modules multi-chip

Conception personnalisée de conception et d'ingénierie des semi-conducteurs

La société propose des services complets de conception et d'ingénierie pour des solutions spécialisées semi-conductrices.

Catégorie de service de conception	Capacités
Kits de conception de processus (PDK)	Prend en charge plusieurs nœuds technologiques
Support d'ingénierie	Optimisation de conception personnalisée

Développement technologique pour les applications critiques de mission

Skywater se concentre sur le développement de technologies pour les secteurs de haute fiabilité.

• Solutions de semi-conducteur de défense et aérospatiale
• Technologies des dispositifs médicaux
• Processus de semi-conducteurs durcis par radiation

Fabrication de précision de solutions de semi-conducteurs complexes

La société est spécialisée dans la production de technologies avancées de semi-conducteurs à haute précision.

Manufacturing Precision Metrics	Caractéristiques
Traiter les nœuds technologiques	90 nm à 130 nm
Précision de fabrication	Précision inférieure

Skywater Technology, Inc. (Skyt) - Modèle commercial: Ressources clés

Installations avancées de fabrication de semi-conducteurs

Skywater exploite une installation de fabrication de semi-conducteurs de 150 000 pieds carrés située à Bloomington, Minnesota. L'installation est conçue pour la fabrication spécialisée de semi-conducteurs en mettant l'accent sur les nœuds de technologie de pointe.

Spécification de l'installation	Détails
Emplacement	Bloomington, Minnesota
Taille totale de l'installation	150 000 pieds carrés
Capacité de fabrication	Environ 36 000 départs de la tranche de 300 mm par an

Technologies de processus propriétaires

Skywater maintient des technologies de fabrication de semi-conducteurs spécialisées sur plusieurs nœuds de processus.

• 0,5 µm à 130 nm Technologies de processus
• Capacités de fabrication de semi-conducteurs durcies par radiation
• Technologies de processus de signal mixte et analogique / RF

Capacités de main-d'œuvre

Depuis le quatrième trimestre 2023, Skywater employait environ 570 employés ayant une ingénierie de semi-conducteurs spécialisés et une expertise technique.

Équipement spécialisé

Catégorie d'équipement	Spécification
Systèmes de lithographie	Équipement de lithographie Ultraviolet (DUV) avancé (DUV)
Systèmes de dépôt	Systèmes de dépôt chimique de vapeur (CVD) et de dépôt physique de vapeur (PVD)
Systèmes de gravure	Équipement de gravure d'ions plasma et réactif

Propriété intellectuelle

Skywater détient plusieurs brevets et technologies propriétaires spécifiquement axées sur:

• Conception de semi-conducteurs durci
• Fabrication de semi-conducteurs militaires et aérospatiaux
• Technologies de processus analogiques et de signaux mixtes spécialisés

La société a déclaré 24 brevets délivrés à partir de leur rapport annuel de 2022, avec des demandes de brevet supplémentaires en cours.

Skywater Technology, Inc. (Skyt) - Modèle d'entreprise: propositions de valeur

Solutions de semi-conducteurs personnalisés pour les applications critiques de mission

Depuis le quatrième trimestre 2023, Skywater Technology propose des solutions de semi-conducteurs avec les mesures clés suivantes:

Métrique	Valeur
Marché total adressable	37,5 milliards de dollars
Capacité de conception de semi-conducteurs personnalisés	Tailles de plaquettes jusqu'à 200 mm et 300 mm
Capacité de fabrication annuelle	Environ 36 000 plaquettes par an

Fabrication de puces à haute fiabilité pour les secteurs de la défense et de l'aérospatiale

La défense de Skywater et les capacités de semi-conducteurs aérospatiales comprennent:

• Plates-formes technologiques durcies par radiation
• Certifications AS9100D et ISO 9001: 2015
• Installations de fabrication de qualité défense à Bloomington, Minnesota

Technologies spécialisées d'emballage et d'intégration

Technologie d'emballage	Capacité
Emballage avancé	Intégration 2.5D et 3D
Intégration hétérogène	Solutions de modules multi-chip
Nœuds de processus spécialisés	Technologie de 130 nm à 90 nm

Capacités de conception et de fabrication de bout en bout

Skywater fournit des services de semi-conducteurs complets avec les capacités suivantes:

• Prise en charge de l'activation de conception
• Prototype de fabrication de production
• Protection complète de la propriété intellectuelle (IP)

Partenaire de fabrication de semi-conducteurs de confiance de confiance

Les mesures de fabrication intérieures de Skywater à partir de 2024:

Catégorie de partenariat	Détails
Contrats du gouvernement américain	Contrat DARPA de 170 millions de dollars
Investissement de fabrication intérieure	Expansion des installations de 300 millions de dollars
Partenariats stratégiques	5 principales institutions technologiques américaines

Skywater Technology, Inc. (Skyt) - Modèle d'entreprise: relations avec les clients

Partenariats stratégiques à long terme avec les entrepreneurs de la défense

Au quatrième trimestre 2023, Skywater Technology maintient des partenariats stratégiques avec les clients liés à la défense suivants:

Client de la défense	Valeur du contrat	Durée du contrat
Département américain de la défense	37,2 millions de dollars	2024-2026
Defense Advanced Research Projects Agency (DARPA)	22,5 millions de dollars	2024-2025

Support technique et services de conception collaborative

Skywater fournit un soutien technique complet à travers:

• Consultation d'ingénierie 24/7
• Équipes de support de conception dédiées
• Développement de prototypes rapides

Gestion de compte dédiée pour des projets de semi-conducteurs complexes

Statistiques de gestion des comptes pour 2023:

Segment de clientèle	Nombre de gestionnaires de comptes dédiés	Complexité moyenne du projet
Défense / aérospatial	12	Haut
Électronique commerciale	8	Moyen

Consultation technique en cours et support d'ingénierie

Métriques de support d'ingénierie pour 2023:

• Heures d'assistance totale d'ingénierie: 42,500
• Temps de réponse moyen: 2,3 heures
• Évaluation de satisfaction du client: 94.6%

Solutions de fabrication personnalisées

Répartition de la personnalisation de la fabrication pour 2023:

Secteur de l'industrie	Projets de fabrication personnalisés	Valeur moyenne du projet
Défense	37	1,8 million de dollars
Dispositifs médicaux	22	1,2 million de dollars
Électronique commerciale	45	$750,000

Skywater Technology, Inc. (Skyt) - Modèle commercial: canaux

Équipe de vente directe ciblant les secteurs de la défense et de l'aérospatiale

Skywater Technology maintient une force de vente directe dédiée axée sur les segments du marché de la défense et de l'aérospatiale. Au quatrième trimestre 2023, la société a déclaré 37 représentants des ventes directes spécialisés dans les solutions de semi-conducteurs pour les marchés d'infrastructures critiques.

Canal de vente	Nombre de représentants	Segment du marché cible
Ventes de semi-conducteurs de défense	22	Électronique militaire et de défense
Ventes de semi-conducteurs aérospatiales	15	Technologies de l'espace et des satellites

Conférences technologiques et expositions de l'industrie

Skywater participe à des événements clés de l'industrie pour présenter les technologies de semi-conducteurs et engager des clients potentiels.

• Défense Advanced Research Projects Agency (DARPA) Technology Symposium
• Réunion de dispositifs électroniques internationaux IEEE
• Expo de la technologie spatiale
• Conférence de West Semicon

Documentation technique en ligne et ressources de conception

La société propose des ressources numériques complètes pour la conception et le support technique des semi-conducteurs. En 2023, Skywater a rapporté 127 000 téléchargements uniques de documentation de conception technique à partir de leur plateforme en ligne.

Développement des affaires stratégiques à travers les réseaux gouvernementaux et industriels

Skywater tire parti des partenariats stratégiques avec les institutions de recherche gouvernementales et les consortiums de l'industrie. Les partenariats actifs actuels comprennent:

• Partenariat de recherche de l'Université du Minnesota
• Programme de fonderie de confiance du ministère de la Défense
• Accélérateur de technologie de sécurité nationale

Webinaires techniques et ateliers de conception de semi-conducteurs

La société héberge des webinaires techniques et des ateliers de conception réguliers pour engager des clients potentiels et démontrer des capacités technologiques. En 2023, Skywater a dirigé 42 webinaires techniques avec une fréquentation moyenne de 215 professionnels de la conception de semi-conducteurs.

Catégorie de webinaire	Nombre de sessions	Fréquentation moyenne
Conception de l'électronique de défense	18	187
Technologies semi-conductrices aérospatiales	12	224
Technologie de processus avancée	12	232

Skywater Technology, Inc. (Skyt) - Modèle d'entreprise: segments de clientèle

Département américain de la Défense et entrepreneurs militaires

Skywater Technology répond aux besoins critiques des semi-conducteurs liés à la défense avec 94,8 millions de dollars de revenus liés à la défense en 2023.

Catégorie de clients de défense	Valeur du contrat estimé
Contrats directs du ministère américain de la Défense	42,3 millions de dollars
Partenariats entrepreneurs militaires	52,5 millions de dollars

Sociétés technologiques aérospatiales et satellites

Skywater soutient la fabrication de semi-conducteurs aérospatiaux avec Environ 36,5 millions de dollars de contrats liés à l'aérospatiale en 2023.

• Fabrication de systèmes spatiaux
• Technologies de communication par satellite
• Développement de l'électronique aérospatiale

Fabricants d'électronique à haute fiabilité

Segment semi-conducteur à fiabilité élevée générée 28,7 millions de dollars de revenus pour Skywater en 2023.

Secteur à haute fiabilité	Revenus de segment de marché
Dispositifs médicaux	12,4 millions de dollars
Systèmes de contrôle industriel	9,6 millions de dollars
Électronique automobile	6,7 millions de dollars

Sociétés de conception de semi-conducteurs spécialisées

Skywater prend en charge la conception de semi-conducteurs spécialisés avec 22,1 millions de dollars en services liés à la conception en 2023.

Institutions de recherche et de technologie gouvernementales

Les partenariats de recherche gouvernementaux ont contribué 17,6 millions de dollars aux revenus de Skywater en 2023.

Type d'institution de recherche	Contribution
Laboratoires de recherche fédéraux	11,3 millions de dollars
Programmes de recherche universitaire	6,3 millions de dollars

Skywater Technology, Inc. (Skyt) - Modèle d'entreprise: Structure des coûts

Investissement important dans un équipement de fabrication avancée de semi-conducteurs

Au quatrième trimestre 2023, Skywater Technology a déclaré des dépenses en capital de 48,2 millions de dollars pour des équipements de fabrication avancés de semi-conducteurs. La propriété totale, l'usine et l'équipement de la société (PP&E) était évaluée à 232,1 millions de dollars.

Catégorie d'équipement	Montant d'investissement (2023)
Équipement de fabrication de semi-conducteurs	48,2 millions de dollars
Valeur totale PP&E	232,1 millions de dollars

Frais de recherche et de développement élevés

Au cours de l'exercice 2023, la technologie Skywater a investi 54,3 millions de dollars en recherche et développement, représentant environ 16,8% des revenus totaux.

• Dépenses de R&D: 54,3 millions de dollars
• Pourcentage de revenus: 16,8%

Compensation spécialisée de la main-d'œuvre

La rémunération totale des employés pour la technologie Skywater en 2023 était de 98,7 millions de dollars, avec un coût moyen des employés d'environ 125 000 $ par professionnel de semi-conducteur spécialisé.

Métrique de compensation	Montant
Compensation totale des employés	98,7 millions de dollars
Coût moyen des employés	$125,000

Entretien des installations et mises à niveau technologiques

Les coûts de maintenance et de mise à niveau des installations pour 2023 ont totalisé 22,5 millions de dollars, en se concentrant sur les installations de fabrication de l'entreprise au Minnesota et en Floride.

Coûts de conformité et de certification

Technologie de l'eau de ciel dépensée 7,6 millions de dollars sur les processus de conformité et de certification Pour les marchés de haute fiabilité, y compris les secteurs de l'aérospatiale, de la défense et de la défense.

• Frais de conformité et de certification: 7,6 millions de dollars
• Marchés de certification clés: aérospatiale, défense, médical

Skywater Technology, Inc. (Skyt) - Modèle commercial: Strots de revenus

Services de fabrication de semi-conducteurs personnalisés

Revenus de la fabrication de semi-conducteurs personnalisés au troisième trimestre 2023: 21,4 millions de dollars

Catégorie de service	Revenus de 2023	Pourcentage du total des revenus
Services de technologie avancée	12,6 millions de dollars	58.9%
Services technologiques standard	8,8 millions de dollars	41.1%

Contrats de fonderie et de fabrication

Revenu total des contrats de fonderie pour 2023: 67,3 millions de dollars

• Contrats de fonderie commerciale: 42,5 millions de dollars
• Contrats d'institution de recherche: 15,8 millions de dollars
• Accords de fabrication spécialisés: 9 millions de dollars

Frais d'ingénierie et de conception

Revenus de services d'ingénierie en 2023: 16,2 millions de dollars

Catégorie de support de conception	Revenus annuels
Conseil de conception de semi-conducteurs	9,7 millions de dollars
Développement de prototypes	6,5 millions de dollars

Licence technologique et revenus de la propriété intellectuelle

Revenus de licences IP pour 2023: 5,6 millions de dollars

• Licences technologiques du processus semi-conducteur: 3,4 millions de dollars
• Licence de brevet: 2,2 millions de dollars

Contrats de production du gouvernement et du secteur de la défense

Défense totale et revenus du secteur public en 2023: 44,9 millions de dollars

Type de contrat	Revenu	Durée du contrat
Contrats du ministère de la Défense	31,2 millions de dollars	Plurian
Contrats de recherche fédérale	13,7 millions de dollars	1 à 3 ans

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.