Summary by Moomoo AI
SkyWater Technology, Inc. reported its financial results for the first quarter of 2024 on May 8, 2024. The company announced a 20% year-over-year increase in revenue, reaching a record $79.6 million. However, gross margins declined to 16.3% on a GAAP basis and 16.9% on a non-GAAP basis, compared to 24.9% and 25.7% in the first quarter of 2023, respectively. The net loss to shareholders widened to $5.7 million, or $0.12 per share on a GAAP basis, and $3.7 million, or $0.08 per share on a non-GAAP basis. This is an increase from the net loss of $4.3 million, or $0.10 per share on a GAAP basis, and $2.4 million, or $0.06 per share on a non-GAAP basis in Q1 2023. Adjusted EBITDA for the quarter was $4.9 million, or 6.2% of revenue, a decrease from $8.1 million, or...Show More