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Reportable Segment and Geographic Information (Tables) | 6 Months Ended
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Jun. 28, 2026
Segment Reporting [Abstract] |
Schedule of Operating and Reportable Segment | Prior to the completion of the Fab 25 acquisition, the Company operated as a single reportable segment which reflected how the Company managed its business and the nature of its services. Following the Fab 25 acquisition, the Company re-evaluated its reportable segments and now operates as two distinct reportable segments, Legacy SkyWater and SkyWater Texas. This determination aligns with how our Chief Executive Officer, who was our chief operating decision maker (“CODM”) has assessed segment operating performance and allocated resources since the acquisition of Fab 25. Prior to the acquisition, the CODM utilized net earnings as the primary measure of segment profit or loss. Subsequent to the completion of the Fab 25 acquisition, net earnings has been the primary measure of segment profit or loss utilized by the CODM in regard to evaluating segment performance and allocation of resources. Total assets by segment are not presented as that information is not used to allocate resources or assess performance at the segment level and is not regularly reviewed by the CODM. •Legacy SkyWater: A technology foundry that offers advanced semiconductor development and manufacturing services from its fabrication facility in Bloomington, Minnesota and advanced packaging services from its Kissimmee Florida facility. Legacy SkyWater provides ATS and Wafer Services product offerings. •SkyWater Texas: A high-volume manufacturer that offers manufacturing services from its fabrication facility in Austin, Texas. SkyWater Texas provides Wafer Services product offerings focused on 200 mm semiconductor fabrication, copper processing, high-voltage technology services and 65 nm node infrastructure support. The following table represents the results of the Company’s reportable segments:
| Three-Month Period Ended
| June 28, 2026 |  | June 29, 2025
| Legacy SkyWater |  | SkyWater Texas |  | Total |  | Legacy SkyWater |  | SkyWater Texas |  | Total
Revenue | $ | 68,966 |  |  | $ | 87,411 |  |  | $ | 156,377 |  |  | $ | 59,063 |  |  | $ | — |  |  | $ | 59,063 |
Cost of revenue |  |  |  |  |  |  |  |  |  |  |
Labor | 25,296 |  |  | 26,411 |  |  | 51,707 |  |  | 20,892 |  |  | — |  |  | 20,892 |
Direct expenses | 19,303 |  |  | 33,937 |  |  | 53,240 |  |  | 22,362 |  |  | — |  |  | 22,362 |
Cost of tool revenue | 1,922 |  |  | — |  |  | 1,922 |  |  | 881 |  |  | — |  |  | 881 |
Depreciation and amortization | 4,804 |  |  | 9,493 |  |  | 14,297 |  |  | 4,029 |  |  | — |  |  | 4,029 |
Total cost of revenue | 51,325 |  |  | 69,841 |  |  | 121,166 |  |  | 48,164 |  |  | — |  |  | 48,164 |
Gross profit | 17,641 |  |  | 17,570 |  |  | 35,211 |  |  | 10,899 |  |  | — |  |  | 10,899 |
Research and development expense | 5,102 |  |  | 554 |  |  | 5,656 |  |  | 3,368 |  |  | — |  |  | 3,368 |
Selling, general, administrative expense |  |  |  |  |  |  |  |  |  |  |
Labor | 12,903 |  |  | 2,994 |  |  | 15,897 |  |  | 6,510 |  |  | — |  |  | 6,510 |
Direct expenses | 9,032 |  |  | 2,419 |  |  | 11,451 |  |  | 7,353 |  |  | — |  |  | 7,353 |
Depreciation and amortization | 241 |  |  | 55 |  |  | 296 |  |  | 146 |  |  | — |  |  | 146 |
Total selling, general, and administrative expense | $ | 22,176 |  |  | $ | 5,468 |  |  | $ | 27,644 |  |  | $ | 14,009 |  |  | $ | — |  |  | $ | 14,009 |
Operating (loss) income | (9,637) |  |  | 11,548 |  |  | 1,911 |  |  | (6,478) |  |  | — |  |  | (6,478) |
Other expense: |  |  |  |  |  |  |  |  |  |  |
Interest expense | (6,671) |  |  | (378) |  |  | (7,049) |  |  | (1,637) |  |  | — |  |  | (1,637) |
Total other expense | $ | (6,671) |  |  | $ | (378) |  |  | $ | (7,049) |  |  | $ | (1,637) |  |  | $ | — |  |  | $ | (1,637) |
(Loss) income before income taxes | (16,308) |  |  | 11,170 |  |  | (5,138) |  |  | (8,115) |  |  | — |  |  | (8,115) |
Income tax (benefit) expense | 22 |  |  | — |  |  | 22 |  |  | 742 |  |  | — |  |  | 742 |
Net (loss) income | $ | (16,330) |  |  | $ | 11,170 |  |  | $ | (5,160) |  |  | $ | (8,857) |  |  | $ | — |  |  | $ | (8,857) |
| Six-Month Period Ended
| June 28, 2026 |  | June 29, 2025
| Legacy SkyWater |  | SkyWater Texas |  | Total |  | Legacy SkyWater |  | SkyWater Texas |  | Total
Revenue | $ | 143,334 |  |  | $ | 173,729 |  |  | $ | 317,063 |  |  | $ | 120,359 |  |  | $ | — |  |  | $ | 120,359 |
Cost of revenue |  |  |  |  |  |  |  |  |  |  |
Labor | 48,645 |  |  | 53,503 |  |  | 102,148 |  |  | 42,160 |  |  | — |  |  | 42,160 |
Direct expenses | 43,813 |  |  | 64,785 |  |  | 108,598 |  |  | 43,009 |  |  | — |  |  | 43,009 |
Cost of tool revenue | 12,540 |  |  | — |  |  | 12,540 |  |  | 1,911 |  |  | — |  |  | 1,911 |
Depreciation and amortization | 7,672 |  |  | 18,742 |  |  | 26,414 |  |  | 8,123 |  |  | — |  |  | 8,123 |
Total cost of revenue | 112,670 |  |  | 137,030 |  |  | 249,700 |  |  | 95,203 |  |  | — |  |  | 95,203 |
Gross profit | 30,664 |  |  | 36,699 |  |  | 67,363 |  |  | 25,156 |  |  | — |  |  | 25,156 |
Research and development expense | 9,476 |  |  | 1,176 |  |  | 10,652 |  |  | 6,617 |  |  | — |  |  | 6,617 |
Selling, general, administrative expense |  |  |  |  |  |  |  |  |  |  |
Labor | 21,832 |  |  | 5,443 |  |  | 27,275 |  |  | 13,623 |  |  | — |  |  | 13,623 |
Direct expenses | 25,792 |  |  | 6,297 |  |  | 32,089 |  |  | 15,130 |  |  | — |  |  | 15,130 |
Depreciation and amortization | 518 |  |  | 195 |  |  | 713 |  |  | 286 |  |  | — |  |  | 286 |
Total selling, general, and administrative expense | $ | 48,142 |  |  | $ | 11,935 |  |  | $ | 60,077 |  |  | $ | 29,038 |  |  | $ | — |  |  | $ | 29,038 |
Operating (loss) income | (26,954) |  |  | 23,588 |  |  | (3,366) |  |  | (10,499) |  |  | — |  |  | (10,499) |
Other expense: |  |  |  |  |  |  |  |  |  |  |
Interest expense | (12,700) |  |  | (508) |  |  | (13,208) |  |  | (3,450) |  |  | — |  |  | (3,450) |
Total other expense | $ | (12,700) |  |  | $ | (508) |  |  | $ | (13,208) |  |  | $ | (3,450) |  |  | $ | — |  |  | $ | (3,450) |
(Loss) income before income taxes | (39,654) |  |  | 23,080 |  |  | (16,574) |  |  | (13,949) |  |  | — |  |  | (13,949) |
Income tax (benefit) expense | (262) |  |  | — |  |  | (262) |  |  | 1,126 |  |  | — |  |  | 1,126 |
Net (loss) income | $ | (39,392) |  |  | $ | 23,080 |  |  | $ | (16,312) |  |  | $ | (15,075) |  |  | $ | — |  |  | $ | (15,075) |
Schedule of Revenue by Country | The following table discloses revenue for the for the three- and six-month periods ended June 28, 2026 and June 29, 2025 by country as determined based on customer address:
| Three-Month Period Ended |  | Six-Month Period Ended
| June 28, 2026 |  | June 29, 2025 |  | June 28, 2026 |  | June 29, 2025
United States | $ | 146,689 |  |  | $ | 53,780 |  |  | $ | 298,083 |  |  | $ | 111,026 |
Canada | 5,301 |  |  | 3,030 |  |  | 9,735 |  |  | 560 |
Hong Kong | 997 |  |  | 293 |  |  | 1,869 |  |  | 5,342 |
United Kingdom | — |  |  | 560 |  |  | — |  |  | 767 |
Israel | 2,161 |  |  | — |  |  | 3,431 |  |  | — |
All others | 1,229 |  |  | 1,400 |  |  | 3,945 |  |  | 2,663 |
Total | $ | 156,377 |  |  | $ | 59,063 |  |  | $ | 317,063 |  |  | $ | 120,359 |

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