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Balance Sheet Information | 12 Months Ended
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Dec. 29, 2024
Balance Sheet Information [Abstract] |
Balance Sheet Information | Balance Sheet Information Certain significant amounts included in the Company’s condensed consolidated balance sheets are summarized in the following tables:
| Fiscal Year Ended
Allowance for credit losses - accounts receivable | December 29, 2024 |  | December 31, 2023
Balance at beginning of fiscal year | $ | 180 |  |  | $ | 1,638 |
Add |  |  |
Adoption of Credit Loss Standard (Topic 326) | — |  |  | 168 |
Provision for credit losses | 218 |  |  | 146 |
Deduct |  |  |
Accounts written-off | — |  |  | 1,772 |
Balance at end of fiscal year | $ | 398 |  |  | $ | 180 |
Inventory | December 29, 2024 |  | December 31, 2023
Raw materials | $ | 3,218 |  |  | $ | 4,775 |
Work-in-process | 981 |  |  | 19 |
Supplies and spare parts | 10,222 |  |  | 10,547 |
Finished goods | 114 |  |  | — |
Total inventories, current | 14,535 |  |  | 15,341 |
Inventory, non-current (1) | 4,747 |  |  | 3,293 |
Total inventory | $ | 19,282 |  |  | $ | 18,634 |
__________________ (1)Inventory, non-current consists of spare parts that will not be used within twelve months.
Prepaid expenses and other current assets | December 29, 2024 |  | December 31, 2023
Prepaid expenses | $ | 3,984 |  |  | $ | 2,663 |
Tools purchased for customers (1) | 16,923 |  |  | 12,737 |
Deferred contract costs | 1,253 |  |  | 1,453 |
Investment tax credit receivable | 1,316 |  |  | — |
Income tax receivable | — |  |  | 172 |
Total prepaid assets and other current assets | $ | 23,476 |  |  | $ | 17,025 |
__________________ (1)The Company acquires tools for its customers that consist of manufacturing equipment its customers will own but will be installed and qualified in a SkyWater facility. Prior to the customer obtaining ownership and control of the equipment, the Company records the costs associated with the acquisition, installation, and qualification of the equipment within prepaid expenses and other current assets. These deferred costs are recognized as cost of revenue when control of the equipment transfers to the customer and the related tools revenue is recognized.
Property and equipment, net | December 29, 2024 |  | December 31, 2023
Land | $ | 5,396 |  |  | $ | 5,396 |
Buildings and improvements | 89,443 |  |  | 88,782 |
Machinery and equipment | 202,667 |  |  | 193,977 |
Property and equipment placed in service, at cost (1) | 297,506 |  |  | 288,155 |
Less: accumulated depreciation (1) | (150,657) |  |  | (137,767) |
Property and equipment placed in service, net (1) | 146,849 |  |  | 150,388 |
Property and equipment not yet in service | 18,582 |  |  | 8,979 |
Total property and equipment, net | $ | 165,431 |  |  | $ | 159,367 |
__________________ (1)Includes $10,805 and $13,332 of cost and $2,398 and $3,976 of accumulated depreciation associated with capital assets subject to financing leases at December 29, 2024 and December 31, 2023, respectively. In addition, the December 29, 2024 balance reflects a $4,824 reduction of the cost basis of machinery and equipment arising from investment tax credit on qualifying capital expenditures recognized in fiscal year 2024. Depreciation expense was $16,769, $27,123, and $26,353, for the fiscal years ended December 29, 2024, December 31, 2023, and January 1, 2023, respectively. Depreciation for the fiscal year ended December 29, 2024 includes a $449 reduction related to the accretion of investment tax credit recognized on qualifying capital expenditures. In December 2021, SkyWater revised the useful life assigned to its machinery and equipment and prospectively adjusted the estimated useful life from seven years to ten years to better reflect the estimated periods during which the machinery and equipment will remain in service. The effect of this change in accounting estimate resulted in an immaterial change in depreciation expense for the year ended January 1, 2023.
Intangible assets, net | December 29, 2024 |  | December 31, 2023
Software and licensed technology | $ | 13,742 |  |  | $ | 12,148 |
Less: accumulated amortization | (7,950) |  |  | (6,476) |
Intangible assets placed in service, net | 5,792 |  |  | 5,672 |
Intangible assets not yet in service | 1,987 |  |  | — |
Total intangible assets, net | $ | 7,779 |  |  | $ | 5,672 |
Intangible assets consist of payments made under software and technology licensing arrangements with third parties. During the fiscal years ended December 29, 2024 and December 31, 2023, the Company acquired third-party software and licensed technology of $1,993 and $1,871, respectively, which will be amortized over a weighted average estimated life of 7.3 years and 7.5 years, respectively. For the years ended December 29, 2024, December 31, 2023, and January 1, 2023, amortization of software and licenses was $1,474, $1,807, and $1,839, respectively. Remaining estimated aggregate annual amortization expense for in-service intangible assets is as follows for future fiscal years:
| Amortization Expense
2025 | $ | 1,316 |
2026 | 1,036 |
2027 | 653 |
2028 | 653 |
2029 | 653 |
Thereafter | 1,481 |
Total | $ | 5,792 |
Other assets | December 29, 2024 |  | December 31, 2023
Inventory, non-current (1) | $ | 4,747 |  |  | $ | 3,293 |
Operating lease right-of-use assets | 49 |  |  | 96 |
Investment tax credit receivable | 3,200 |  |  | — |
Other assets | 492 |  |  | 1,953 |
Total other assets | $ | 8,488 |  |  | $ | 5,342 |
__________________ (1)Inventory, non-current consists of spare parts that will not be used within twelve months.
Accrued expenses | December 29, 2024 |  | December 31, 2023
Accrued compensation | $ | 6,392 |  |  | $ | 10,947 |
Accrued commissions | 473 |  |  | 488 |
Accrued royalties | 447 |  |  | 3,122 |
Current portion of operating lease liabilities | 52 |  |  | 48 |
Current portion of finance lease liabilities | 608 |  |  | 645 |
Accrued inventory | 623 |  |  | 1,261 |
Accrued consulting fees | — |  |  | 9,345 |
Accrued restructuring costs (1) | — |  |  | 1,319 |
Accrued warranty (2) | 3,752 |  |  | 824 |
Accrued vendor purchase commitments (3) | 13,718 |  |  | 10,457 |
Accrued accounts payable | 818 |  |  | 650 |
Accrued accounts payable - customer | 2,175 |  |  | 4,738 |
Accrued utilities | 1,934 |  |  | 879 |
Other accrued expenses | 5,837 |  |  | 3,568 |
Total accrued expenses | $ | 36,829 |  |  | $ | 48,291 |
__________________ (1)The Company incurred restructuring costs of $188 and $1,921 during the fiscal years ended December 29, 2024 and December 31, 2023. The Company has $0 remaining to be paid as of December 29, 2024. (2)The Company accrued provisions for warranties of $3,752 and $824 as of December 29, 2024 and December 31, 2023, respectively. Warranty expense for the fiscal year ended December 29, 2024 was $5,455, and warranty credits for the fiscal year ended December 29, 2024 were $2,527. (3)The Company accrues outstanding obligations on vendor purch ase orders for goods or services provided to the Company for which invoices have not yet been received.
Other long-term liabilities | December 29, 2024 |  | December 31, 2023
Finance lease obligations | $ | 8,652 |  |  | $ | 9,275 |
Operating lease liabilities | — |  |  | 52 |
Liability for uncertain tax positions | 69 |  |  | — |
Total other long-term liabilities | $ | 8,721 |  |  | $ | 9,327 |

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