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Reportable Segment and Geographic Information | 12 Months Ended
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Dec. 29, 2024
Segment Reporting [Abstract] |
Reportable Segment and Geographic Information | Reportable Segment and Geographic Information Reportable segments are identified as components of an enterprise about which separate financial information is available for evaluation by the chief operating decision maker (“CODM”) in making decisions regarding resource allocation and assessing performance. SkyWater operates and manages its business as one operating and reportable segment based on the organizational structure of the Company and information reviewed by the Company's Chief Executive Officer, who is also the Company's CODM. The CODM allocates resources and evaluates the performance primarily based on net loss and consolidated results as shown on the consolidated statement of operations. Please see Note 3 - Summary of Significant Accounting Policies for a detailed description of accounting policies used by the Company. The measure of segment assets is reported on the consolidated balance sheet as total consolidated assets. The following tables present details of the Company’s operating and reportable segment results:
| Fiscal Year Ended
| December 29, 2024 |  | December 31, 2023 |  | January 1, 2023
| (in thousands, except per share data)
Revenue | $ | 342,269 |  |  | $ | 286,682 |  |  | $ | 212,941 |
Cost of revenue |  |  |  |  |
Labor | 79,430 |  |  | 84,362 |  |  | 66,010 |
Direct expenses | 102,597 |  |  | 102,277 |  |  | 94,668 |
Cost of tool revenue | 73,281 |  |  | 12,760 |  |  | — |
Depreciation and amortization | 17,335 |  |  | 27,991 |  |  | 26,296 |
Total cost of revenue | 272,643 |  | 227,390 |  | 186,974
Gross profit | 69,626 |  | 59,292 |  | 25,967
Research and development expense | 15,040 |  |  | 10,169 |  |  | 9,431 |
Selling, general, and administrative expense |  |  |  |  |
Labor | 24,582 |  |  | 25,726 |  |  | 20,030 |
Direct expenses | 23,015 |  |  | 37,899 |  |  | 26,216 |
Depreciation and amortization | 429 |  |  | 286 |  |  | 57 |
Total selling, general, and administrative expense | $ | 48,026 |  |  | $ | 63,911 |  |  | $ | 46,303 |
Operating income (loss) | 6,560 |  |  | (14,788) |  |  | (29,767) |
Other expense: |  |  |  |  |
Loss on debt extinguishment | — |  |  | — |  |  | 1,101 |
Interest expense | 8,837 |  |  | 10,826 |  |  | 5,194 |
Total other expense | $ | 8,837 |  |  | $ | 10,826 |  |  | $ | 6,295 |
Loss before income taxes | (2,277) |  |  | (25,614) |  |  | (36,062) |
Income tax expense (benefit) | 240 |  |  | (521) |  |  | 809 |
Net loss | $ | (2,517) |  |  | $ | (25,093) |  |  | $ | (36,871) |
The following table discloses revenue for the fiscal years ended December 29, 2024, December 31, 2023, and January 1, 2023 by country as determined by customer address:
| Fiscal Year Ended
| December 29, 2024 |  | December 31, 2023 |  | January 1, 2023
United States | $ | 329,049 |  |  | $ | 261,274 |  |  | $ | 184,908 |
Canada | 8,197 |  |  | 8,327 |  |  | 4,135 |
Hong Kong | 878 |  |  | 6,406 |  |  | 6,181 |
United Kingdom | 1,078 |  |  | 4,639 |  |  | 7,147 |
All others | 3,067 |  |  | 6,036 |  |  | 10,570 |
Total revenue | $ | 342,269 |  |  | $ | 286,682 |  |  | $ | 212,941 |
All of the Company's long-lived assets are located in the United States. For the fiscal year ended December 29, 2024, two customers represented 10% or more of consolidated revenue, comprising 40% and 20% of consolidated revenue. For the fiscal year ended December 31, 2023, four customers represented 10% or more of consolidated revenue, comprising 24%, 17%, 15% and 10% of consolidated revenue. For the fiscal year ended January 1, 2023, three customers represented 10% or more of consolidated revenue, comprising 20%, 28% and 11% of consolidated revenue.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 48 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards 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