Skywater Technology, Inc. (Skyt): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No mundo da fabricação de semicondutores, a tecnologia Skywater emerge como uma tecnologia crítica em ponte de jogadores de ponta com imperativos de segurança nacional. Ao oferecer soluções de chip especializadas e de alta confiabilidade para aplicações de defesa, aeroespacial e missão crítica, esta empresa inovadora transforma desafios tecnológicos complexos em recursos estratégicos de fabricação. Seu modelo de negócios exclusivo representa um ecossistema sofisticado de engenharia avançada, parcerias estratégicas e fabricação de precisão que posiciona a Skywater como um parceiro de semicondutores domésticos confiáveis ​​para clientes do governo e do setor dos EUA que buscam confiabilidade e desempenho tecnológicos incomparáveis.

Skywater Technology, Inc. (Skyt) - Modelo de Negócios: Principais Parcerias

Colaboração estratégica com o Departamento de Defesa dos EUA

A Skywater Technology mantém uma parceria crítica com o Departamento de Defesa dos EUA, com foco na fabricação especializada de semicondutores para tecnologias críticas de defesa. A partir de 2024, a empresa garantiu vários contratos, totalizando US $ 170,9 milhões em produção de semicondutores relacionados à defesa.

Detalhes da parceria de defesa	Valor
Contratos totais de defesa	US $ 170,9 milhões
Número de projetos de defesa ativos	7 programas de semicondutores especializados

Parcerias de pesquisa acadêmica

A Skywater colabora com instituições acadêmicas para avançar na pesquisa e desenvolvimento de semicondutores.

• Universidade de Minnesota - Parceria de Pesquisa Primária
• Desenvolvimento avançado de tecnologia semicondutores
• Pesquisa conjunta Financiamento: US $ 4,2 milhões anualmente

Foundry Services Partnerships

A empresa fornece serviços de fundição especializados em vários mercados de semicondutores de alta confiabilidade.

Segmento de mercado	Foco em parceria	Contribuição anual da receita
Defesa	Fabricação especializada de semicondutores	US $ 89,3 milhões
Aeroespacial	Produção de chips de alta confiabilidade	US $ 62,7 milhões
Tecnologias médicas	Fabricação de semicondutores de precisão	US $ 38,5 milhões

Technology Design House Partnerships

A Skywater mantém parcerias estratégicas com casas de design de tecnologia e provedores de propriedade intelectual.

• Parcerias de casa de design ativo: 12
• Colaborações do provedor de IP: 8
• Investimento total de parceria: US $ 6,5 milhões anualmente

Skywater Technology, Inc. (Skyt) - Modelo de Negócios: Atividades -chave

Fabricação e fabricação especializadas de semicondutores

A Skywater opera uma instalação de fabricação de semicondutores de 150 mm e 200 mm localizada em Bloomington, Minnesota. A instalação é especializada na produção de soluções de semicondutores personalizadas com tecnologias avançadas de processo.

Especificação da instalação	Detalhes
Espaço Fab total	127.000 pés quadrados
Recursos de tamanho de wafer	150mm e 200 mm
Capacidade anual de fabricação	Aproximadamente 36.000 bolachas por ano

Embalagens avançadas e serviços de integração heterogênea

A Skywater fornece soluções avançadas de embalagem para aplicações complexas de semicondutores.

• Tecnologias de embalagem 2.5D e 3D
• Capacidades de ligação híbrida
• Integração do módulo multi-chip

Design de semicondutores personalizados e suporte de engenharia

A empresa oferece serviços abrangentes de design e engenharia para soluções especializadas de semicondutores.

Categoria de serviço de design	Recursos
Kits de design de processos (PDKs)	Suporta vários nós de tecnologia
Suporte de engenharia	Otimização de design personalizado

Desenvolvimento de tecnologia para aplicações de missão crítica

A Skywater se concentra no desenvolvimento de tecnologias para setores de alta confiabilidade.

• Soluções semicondutores de defesa e aeroespacial
• Tecnologias de dispositivos médicos
• Processos de semicondutores endurecidos por radiação

Fabricação de precisão de soluções complexas de semicondutores

A empresa é especializada na produção de tecnologias avançadas de semicondutores com alta precisão.

Métricas de precisão de fabricação	Especificações
Nós de tecnologia de processo	90Nm a 130nm
Precisão de fabricação	Precisão do sub-micron

Skywater Technology, Inc. (Skyt) - Modelo de negócios: Recursos -chave

Instalações avançadas de fabricação de semicondutores

A Skywater opera uma instalação de fabricação de semicondutores de 150.000 pés quadrados localizada em Bloomington, Minnesota. A instalação foi projetada para fabricação especializada de semicondutores, com foco em nós avançados de tecnologia.

Especificação da instalação	Detalhes
Localização	Bloomington, Minnesota
Tamanho total da instalação	150.000 pés quadrados
Capacidade de fabricação	Aproximadamente 36.000 wafer de 300 mm inicia por ano

Tecnologias de processo proprietárias

A Skywater mantém tecnologias especializadas de fabricação de semicondutores em vários nós de processo.

• Tecnologias de processo de 0,5 µm a 130nm
• Capacidades de fabricação de semicondutores endurecidas por radiação
• Tecnologias de processo de sinal misto e analógico/RF

Recursos de força de trabalho

A partir do quarto trimestre de 2023, a Skywater empregou aproximadamente 570 funcionários com engenharia especializada de semicondutores e experiência técnica.

Equipamento especializado

Categoria de equipamento	Especificação
Sistemas de litografia	Equipamento avançado de litografia Ultraviolet (DUV)
Sistemas de deposição	Sistemas de deposição de vapor químico (DCV) e deposição física de vapor (PVD)
Sistemas de gravação	Equipamento plasmático e de gravura de íons reativos

Propriedade intelectual

A Skywater possui várias patentes e tecnologias proprietárias especificamente focadas em:

• Design de semicondutores endurecido por radiação
• Fabricação de semicondutores militares e aeroespaciais
• Tecnologias especializadas de processos analógicos e de sinal misto

A Companhia relatou 24 patentes emitidas no seu relatório anual de 2022, com pedidos de patente adicionais em processo.

Skywater Technology, Inc. (Skyt) - Modelo de Negócios: Proposições de Valor

Soluções de semicondutores personalizadas para aplicações missionárias críticas

A partir do quarto trimestre 2023, a Skywater Technology oferece soluções semicondutores com as seguintes métricas -chave:

Métrica	Valor
Mercado endereçável total	US $ 37,5 bilhões
Capacidade personalizada de design de semicondutores	Tamanhos de bolas de até 200 mm e 300 mm
Capacidade anual de fabricação	Aproximadamente 36.000 bolachas por ano

Fabricação de chips de alta confiabilidade para setores de defesa e aeroespacial

As capacidades de semicondutores de defesa e aeroespacial da Skywater incluem:

• Plataformas de tecnologia endurecidas por radiação
• Certificações AS9100D e ISO 9001: 2015
• Instalações de fabricação de grau de defesa em Bloomington, Minnesota

Tecnologias especializadas de embalagem e integração

Tecnologia de embalagem	Capacidade
Embalagem avançada	Integração 2.5D e 3D
Integração heterogênea	Soluções de módulo multi-chip
Nós de processo especializados	Tecnologia de 130Nm a 90nm

Capacidades de design e fabricação de ponta a ponta

A Skywater fornece serviços abrangentes de semicondutores com os seguintes recursos:

• Suporte de habilitação de design
• Protótipo para fabricação de produção
• Proteção de propriedade intelectual completa (IP)

Parceiro de fabricação de semicondutores domésticos confiáveis

As métricas de fabricação doméstica da Skywater a partir de 2024:

Categoria de parceria	Detalhes
Contratos do governo dos EUA	Contrato de DARPA de US $ 170 milhões
Investimento de fabricação doméstica	Expansão de instalações de US $ 300 milhões
Parcerias estratégicas	5 principais instituições de tecnologia dos EUA

Skywater Technology, Inc. (Skyt) - Modelo de Negócios: Relacionamentos do Cliente

Parcerias estratégicas de longo prazo com empreiteiros de defesa

A partir do quarto trimestre 2023, a Skywater Technology mantém parcerias estratégicas com os seguintes clientes relacionados à defesa:

Cliente de defesa	Valor do contrato	Duração do contrato
Departamento de Defesa dos EUA	US $ 37,2 milhões	2024-2026
Agência de Projetos de Pesquisa Avançada de Defesa (DARPA)	US $ 22,5 milhões	2024-2025

Suporte técnico e serviços de design colaborativo

A Skywater fornece suporte técnico abrangente por meio de:

• Consulta 24/7 de engenharia
• Equipes de suporte de design dedicados
• Desenvolvimento rápido do protótipo

Gerenciamento de contas dedicado para projetos complexos de semicondutores

Estatísticas de gerenciamento de contas para 2023:

Segmento de clientes	Número de gerentes de conta dedicados	Complexidade média do projeto
Defesa/Aeroespacial	12	Alto
Eletrônica comercial	8	Médio

Consulta técnica contínua e suporte de engenharia

Métricas de suporte de engenharia para 2023:

• Horário total de suporte de engenharia: 42,500
• Tempo médio de resposta: 2,3 horas
• Classificação de satisfação do cliente: 94.6%

Soluções de fabricação personalizadas

Redução de personalização de fabricação para 2023:

Setor da indústria	Projetos de fabricação personalizados	Valor médio do projeto
Defesa	37	US $ 1,8 milhão
Dispositivos médicos	22	US $ 1,2 milhão
Eletrônica comercial	45	$750,000

Skywater Technology, Inc. (Skyt) - Modelo de Negócios: Canais

Equipe direta de vendas direcionando setores de defesa e aeroespacial

A Skywater Technology mantém uma força de vendas direta dedicada focada nos segmentos de mercado de defesa e aeroespacial. A partir do quarto trimestre de 2023, a Companhia relatou 37 representantes de vendas diretas especializadas em soluções semicondutores para mercados críticos de infraestrutura.

Canal de vendas	Número de representantes	Segmento de mercado -alvo
Vendas de semicondutores de defesa	22	Eletrônica militar e de defesa
Vendas aeroespaciais de semicondutores	15	Tecnologias de espaço e satélite

Conferências de Tecnologia e Exposições da Indústria

A Skywater participa de eventos importantes do setor para mostrar tecnologias de semicondutores e envolver clientes em potencial.

• Simpósio de Tecnologia da Agência de Projetos de Pesquisa Avançada de Defesa (DARPA)
• Reunião Internacional de Dispositivos do IEEE
• Space Technology Expo
• Conferência de Semicon West

Documentação técnica online e recursos de design

A empresa fornece recursos digitais abrangentes para design de semicondutores e suporte técnico. Em 2023, a Skywater relatou 127.000 downloads exclusivos de documentação de design técnico em sua plataforma on -line.

Desenvolvimento estratégico de negócios por meio de redes governamentais e da indústria

A Skywater aproveita as parcerias estratégicas com instituições de pesquisa governamentais e consórcios da indústria. As parcerias ativas atuais incluem:

• Parceria de Pesquisa da Universidade de Minnesota
• Programa de fundição confiável do Departamento de Defesa
• Acelerador de tecnologia de segurança nacional

Oficinas técnicas de webinars e design de semicondutores

A empresa hospeda workinários técnicos regulares e workshops de design para envolver clientes em potencial e demonstrar recursos tecnológicos. Em 2023, a Skywater conduziu 42 webinars técnicos com uma participação média de 215 profissionais de design de semicondutores.

Categoria de webinar	Número de sessões	Participação média
Design de eletrônicos de defesa	18	187
Tecnologias aeroespaciais de semicondutores	12	224
Tecnologia avançada de processo	12	232

Skywater Technology, Inc. (Skyt) - Modelo de Negócios: Segmentos de Clientes

Departamento de Defesa dos EUA e empreiteiros militares

A tecnologia Skywater serve as necessidades críticas de semicondutores relacionadas à defesa com US $ 94,8 milhões em receita relacionada à defesa em 2023.

Categoria de cliente de defesa	Valor estimado do contrato
Contratos diretos do Departamento de Defesa dos EUA	US $ 42,3 milhões
Parcerias de empreiteiros militares	US $ 52,5 milhões

Empresas de tecnologia aeroespacial e satélite

A Skywater suporta fabricação aeroespacial semicondutores com Aproximadamente US $ 36,5 milhões em contratos relacionados à aeroespacial em 2023.

• Fabricação de sistemas espaciais
• Tecnologias de comunicação por satélite
• Desenvolvimento Aeroespacial Eletrônico

Fabricantes de eletrônicos de alta confiabilidade

Segmento de semicondutores de alta confiabilidade gerado US $ 28,7 milhões em receita para a Skywater em 2023.

Setor de alta confiabilidade	Receita do segmento de mercado
Dispositivos médicos	US $ 12,4 milhões
Sistemas de controle industrial	US $ 9,6 milhões
Eletrônica automotiva	US $ 6,7 milhões

Empresas de design de semicondutores especializados

A Skywater suporta design especializado de semicondutores com US $ 22,1 milhões em serviços relacionados ao design em 2023.

Instituições de Pesquisa e Tecnologia do Governo

Parcerias de pesquisa do governo contribuíram US $ 17,6 milhões para a receita da Skywater em 2023.

Tipo de instituição de pesquisa	Contribuição
Laboratórios de pesquisa federais	US $ 11,3 milhões
Programas de pesquisa universitária	US $ 6,3 milhões

Skywater Technology, Inc. (Skyt) - Modelo de Negócios: Estrutura de Custo

Investimento significativo em equipamentos avançados de fabricação de semicondutores

A partir do quarto trimestre de 2023, a Skywater Technology registrou despesas de capital de US $ 48,2 milhões para equipamentos avançados de fabricação de semicondutores. O total de propriedades, plantas e equipamentos da empresa (PP&E) foi avaliado em US $ 232,1 milhões.

Categoria de equipamento	Valor do investimento (2023)
Equipamento de fabricação de semicondutores	US $ 48,2 milhões
Valor total de PP&E	US $ 232,1 milhões

Altas despesas de pesquisa e desenvolvimento

No ano fiscal de 2023, a Skywater Technology investiu US $ 54,3 milhões em pesquisa e desenvolvimento, representando aproximadamente 16,8% da receita total.

• Gastos de P&D: US $ 54,3 milhões
• Porcentagem de receita: 16,8%

Compensação especializada da força de trabalho

A compensação total dos funcionários pela tecnologia Skywater em 2023 foi de US $ 98,7 milhões, com um custo médio de aproximadamente US $ 125.000 por profissional de semicondutores especializado.

Métrica de compensação	Quantia
Compensação total dos funcionários	US $ 98,7 milhões
Custo médio do funcionário	$125,000

Manutenção de instalações e atualizações tecnológicas

Os custos de manutenção e atualização das instalações para 2023 totalizaram US $ 22,5 milhões, com foco nas instalações de fabricação da empresa em Minnesota e Flórida.

Custos de conformidade e certificação

Tecnologia Skywater gasta US $ 7,6 milhões em processos de conformidade e certificação Para mercados de alta confiabilidade, incluindo setores aeroespacial, de defesa e médico.

• Despesas de conformidade e certificação: US $ 7,6 milhões
• Mercados de certificação -chave: aeroespacial, defesa, médico

Skywater Technology, Inc. (Skyt) - Modelo de Negócios: Fluxos de Receita

Serviços de fabricação de semicondutores personalizados

Receita da fabricação de semicondutores personalizados no terceiro trimestre de 2023: US $ 21,4 milhões

Categoria de serviço	2023 Receita	Porcentagem da receita total
Serviços de Tecnologia Avançada	US $ 12,6 milhões	58.9%
Serviços de tecnologia padrão	US $ 8,8 milhões	41.1%

Contratos de fundição e fabricação

Receita total do contrato de fundição para 2023: US $ 67,3 milhões

• Contratos de fundição comercial: US $ 42,5 milhões
• Contratos de instituição de pesquisa: US $ 15,8 milhões
• Acordos de fabricação especializados: US $ 9 milhões

Taxas de suporte de engenharia e design

Receita dos Serviços de Engenharia em 2023: $ 16,2 milhões

Categoria de suporte de design	Receita anual
Consultoria de Design de Semicondutores	US $ 9,7 milhões
Desenvolvimento de protótipo	US $ 6,5 milhões

Licenciamento de tecnologia e receitas de propriedade intelectual

Receita de licenciamento de IP para 2023: US $ 5,6 milhões

• Licenças de tecnologia de processo semicondutor: US $ 3,4 milhões
• Licenciamento de patentes: US $ 2,2 milhões

Contratos de produção de semicondutores do setor de governo e de defesa

Receita total de defesa e setor governamental em 2023: US $ 44,9 milhões

Tipo de contrato	Receita	Duração do contrato
Departamento de Contratos de Defesa	US $ 31,2 milhões	MULTIMENTE
Contratos de pesquisa federal	US $ 13,7 milhões	1-3 anos

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.