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Condensed Financial Information (Parent Company Only)
 12 Months Ended
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, 2024December 31, 2023
(in thousands, except per share data)
Assets
Current assets
Income tax receivable$— $172 
Total current assets— 172 
Due from subsidiaries27,669 15,352 
Investment in subsidiaries57,614 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 liabilities27,669 18,943 
Total liabilities27,669 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 capital189,132 178,473 
Accumulated deficit(131,996)(125,203)
Total shareholders’ equity57,614 53,740 
Total liabilities and shareholders’ equity$85,283 $72,683 
SKYWATER TECHNOLOGY, INC.
(Parent Company Only)
Condensed Statements of Operations
Fiscal Year Ended
December 29, 2024December 31, 2023January 1, 2023
(in thousands, except per share data)
Revenue$— $— $— 
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.