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Condensed Financial Information (Parent Company Only) | 12 Months Ended
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Dec. 29, 2024
Condensed Financial Information Disclosure [Abstract] |
Condensed Financial Information (Parent Company Only) | Condensed Financial Information (Parent Company Only) Since the restricted net assets of SkyWater Technology, Inc.’s subsidiaries exceed 25% of its consolidated net assets, the accompanying condensed parent company financial statements have been prepared in accordance with Rule 12-04, Schedule 1 of Regulation S-X. SKYWATER TECHNOLOGY, INC. (Parent Company Only) Condensed Balance Sheets
| December 29, 2024 |  | December 31, 2023
| (in thousands, except per share data)
Assets |  |  |
Current assets |  |  |
Income tax receivable | $ | — |  |  | $ | 172 |
Total current assets | — |  |  | 172 |
Due from subsidiaries | 27,669 |  |  | 15,352 |
Investment in subsidiaries | 57,614 |  |  | 53,740 |
Deferred income tax asset | — |  |  | 3,419 |
Total assets | $ | 85,283 |  |  | $ | 72,683 |
Liabilities and Shareholders’ Equity |  |  |
Current liabilities |  |  |
Short-term financing, net of unamortized debt issuance costs | $ | 27,669 |  |  | $ | 18,943 |
Total current liabilities | 27,669 |  |  | 18,943 |
Total liabilities | 27,669 |  |  | 18,943 |
Commitments and contingencies (Note 12) |  |  |
Shareholders’ equity |  |  |
Preferred stock, $0.01 par value per share (80,000 shares authorized; zero shares issued and outstanding as of December 29, 2024 and December 31, 2023) | — |  |  | — |
Common stock, $0.01 par value per share (200,000 shares authorized; 47,704 and 47,028 shares issued and outstanding as of December 29, 2024 and December 31, 2023, respectively) | 478 |  |  | 470 |
Additional paid-in capital | 189,132 |  |  | 178,473 |
Accumulated deficit | (131,996) |  |  | (125,203) |
Total shareholders’ equity | 57,614 |  |  | 53,740 |
Total liabilities and shareholders’ equity | $ | 85,283 |  |  | $ | 72,683 |
SKYWATER TECHNOLOGY, INC. (Parent Company Only) Condensed Statements of Operations
| Fiscal Year Ended
| December 29, 2024 |  | December 31, 2023 |  | January 1, 2023
| (in thousands, except per share data)
Revenue | $ | — |  |  | $ | — |  |  | $ | — |
Operating expenses | — |  |  | — |  |  | — |
Operating income | — |  |  | — |  |  | — |
Other income (expense), net | — |  |  | — |  |  | — |
Loss before income taxes and equity in net loss of subsidiaries | — |  |  | — |  |  | — |
Income tax expense (benefit) | — |  |  | — |  |  | — |
Equity in net loss of subsidiaries | (6,793) |  |  | (30,756) |  |  | (39,593) |
Net loss | $ | (6,793) |  |  | $ | (30,756) |  |  | $ | (39,593) |
Net loss per share attributable to common shareholders, basic and diluted | $ | (0.14) |  |  | $ | (0.68) |  |  | $ | (0.97) |
Weighted average shares outstanding, basic and diluted | 47,396 |  |  | 45,507 |  |  | 40,835 |
Basis of Presentation The Company owns 100% of SkyWater Technology Foundry, SkyWater Federal, and SkyWater Florida, its primary operating subsidiaries. The Company was formed from the conversion of CMI Acquisition, LLC into a Delaware corporation on April 14, 2021 and became the ultimate parent of the subsidiaries previously owned by CMI Acquisition, LLC. The Company is a holding company with no material operations of its own and conducts substantially all of its activities through its subsidiaries. No investment or noncontrolling interest related to Oxbow Realty is shown in the parent company schedule, as subsidiaries and VIEs are not consolidated, and the Company does not have rights or obligations to these amounts. The Company has no cash and, as a result, all expenses and obligations of the Company are recorded and paid by its subsidiaries. The Company and SkyWater Technology Foundry are the borrowers under the Revolver discussed in Note 6 – Debt. SkyWater Technology Foundry is limited in its ability to declare dividends or to pay, or fund, any dividend or other distribution from equity to the Company in connection with those borrowings. Dividends, redemptions, and other payments on equity (restricted payments) are limited to (1) loan parties; and (2) the declaration and payment of dividends or other distributions solely in capital stock. Due to the aforementioned restrictions, substantially all of the net assets of the Company’s subsidiaries are restricted. These condensed financial statements have been presented on a “parent-only” basis. Under a parent-only presentation, the investment in subsidiaries is presented under the equity method of accounting. A condensed statement of cash flows was not presented because the Company has no cash, and, therefore, no material operating, investing, or financing cash flows for the fiscal years ended December 29, 2024, December 31, 2023, and January 1, 2023. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. As a result, these parent-only statements should be read in conjunction with the accompanying notes to these consolidated financial statements.

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- Definition The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3 Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481231/810-10-45-11 + Details
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