Summary by Moomoo AI
SkyWater Technology, a U.S.-based independent technology foundry, reported a 20% increase in revenue to $79.6 million for the first quarter of 2024 compared to $66.1 million in the first quarter of 2023. Despite the rise in revenue, the company experienced a 21% decrease in gross profit and a 34% increase in net loss attributable to SkyWater Technology, Inc., amounting to $5.729 million. The company's financial performance was influenced by increased costs in procuring tools for customer ATS development programs and anticipated additional costs for a significant aerospace and defense program. SkyWater's business development has been robust, with continued momentum in U.S. government programs and increased activity in the cloud and computing end market. The company also noted a significant increase in tools revenue...Show More