SkyWater Technology reported total revenue of $59.1 million for Q2 2025, a 37% decrease year-over-year. ATS development revenue was $52.6 million, a 15% decrease, and Wafer Services revenue was $5.4 million, a 7% decrease.
The company reported a GAAP net loss of $(10.0) million and GAAP diluted EPS of $(0.21). Non-GAAP diluted EPS was $(0.11), and Adjusted EBITDA decreased by 72% to $2.3 million.
For Q3 2025, SkyWater expects total revenue between $130 million and $141 million, with Wafer Services revenue from Fab 25 (TX) projected at $75 million to $80 million. GAAP diluted loss per share is guided between $(0.28) and $(0.22), and non-GAAP diluted loss per share between $(0.20) and $(0.14).
The federal budget for fiscal 2025 remains under a continuing resolution, impacting the timing of funding for certain Department of Defense programs. Fab 25 is expected to contribute at least $300 million in annual revenue starting in Q3.
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