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Revenue | 6 Months Ended
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Jun. 28, 2026
Revenue from Contract with Customer [Abstract] |
Revenue | Revenue Disaggregated Revenue The Company recognizes ATS development, tools, and Wafer Services revenues pursuant to its revenue recognition policies as described in Note 3 – Summary of Significant Accounting Policies to the annual consolidated financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 28, 2025. The following tables disclose revenue by product type and the timing of recognition of revenue for transfer of goods and services to customers:
| Three-Month Period Ended June 28, 2026
| Topic 606 Revenue |  |  |  |
| Point-in-Time |  | Over Time |  | Lease Revenue Per Topic 842 |  | Total Revenue
ATS development |  |  |  |  |  |  |
Time-and-materials and cost-plus-fixed-fee contracts | $ | — |  |  | $ | 22,685 |  |  | $ | — |  |  | $ | 22,685 |
Fixed price contracts | 1,276 |  |  | 39,252 |  |  | — |  |  | 40,528 |
Total ATS development | 1,276 |  |  | 61,937 |  |  | — |  |  | 63,213 |
Wafer Services | — |  |  | 90,973 |  |  | 395 |  |  | 91,368 |
Combined ATS development and Wafer Services | 1,276 |  |  | 152,910 |  |  | 395 |  |  | 154,581 |
Tools | 1,796 |  |  | — |  |  | — |  |  | 1,796 |
Total | $ | 3,072 |  |  | $ | 152,910 |  |  | $ | 395 |  |  | $ | 156,377 |
| Three-Month Period Ended June 29, 2025
| Topic 606 Revenue |  |  |  |
| Point-in-Time |  | Over Time |  | Lease Revenue Per Topic 842 |  | Total Revenue
ATS development |  |  |  |  |  |  |
Time-and-materials and cost-plus-fixed-fee contracts | $ | — |  |  | $ | 36,566 |  |  | $ | — |  |  | $ | 36,566 |
Fixed price contracts | 3,737 |  |  | 11,524 |  |  | — |  |  | 15,261 |
Other | — |  |  | — |  |  | 778 |  |  | 778 |
Total ATS development | 3,737 |  |  | 48,090 |  |  | 778 |  |  | 52,605 |
Wafer Services | 296 |  |  | 5,115 |  |  | — |  |  | 5,411 |
Combined ATS development and Wafer Services | 4,033 |  |  | 53,205 |  |  | 778 |  |  | 58,016 |
Tools | 1,047 |  |  | — |  |  | — |  |  | 1,047 |
Total | $ | 5,080 |  |  | $ | 53,205 |  |  | $ | 778 |  |  | $ | 59,063 |
| Six-Month Period Ended June 28, 2026
| Topic 606 Revenue |  |  |  |
| Point-in-Time |  | Over Time |  | Lease Revenue Per Topic 842 |  | Total Revenue
ATS development |  |  |  |  |  |  |
Time-and-materials and cost-plus-fixed-fee contracts | $ | — |  |  | $ | 50,610 |  |  | $ | — |  |  | $ | 50,610 |
Fixed price contracts | 6,221 |  |  | 61,318 |  |  | — |  |  | 67,539 |
Total ATS development | 6,221 |  |  | 111,928 |  |  | — |  |  | 118,149 |
Wafer Services | — |  |  | 186,452 |  |  | 764 |  |  | 187,216 |
Combined ATS development and Wafer Services | 6,221 |  |  | 298,380 |  |  | 764 |  |  | 305,365 |
Tools | 11,698 |  |  | — |  |  | — |  |  | 11,698 |
Total | $ | 17,919 |  |  | $ | 298,380 |  |  | $ | 764 |  |  | $ | 317,063 |
| Six-Month Period Ended June 29, 2025
| Topic 606 Revenue |  |  |  |
| Point-in-Time |  | Over Time |  | Lease Revenue Per Topic 842 |  | Total Revenue
ATS development |  |  |  |  |  |  |
Time-and-materials and cost-plus-fixed-fee contracts | $ | 1,204 |  |  | $ | 72,441 |  |  | $ | — |  |  | $ | 73,645 |
Fixed price contracts | 8,569 |  |  | 20,981 |  |  | — |  |  | 29,550 |
Other | — |  |  | — |  |  | 1,945 |  |  | 1,945 |
Total ATS development | 9,773 |  |  | 93,422 |  |  | 1,945 |  |  | 105,140 |
Wafer Services | 380 |  |  | 12,558 |  |  | — |  |  | 12,938 |
Combined ATS development and Wafer Services | 10,153 |  |  | 105,980 |  |  | 1,945 |  |  | 118,078 |
Tools | 2,281 |  |  | — |  |  | — |  |  | 2,281 |
Total | $ | 12,434 |  |  | $ | 105,980 |  |  | $ | 1,945 |  |  | $ | 120,359 |
Contract Assets Contract assets represent SkyWater’s rights to payments for services it has transferred to its customers, but has not yet billed to its customers. Contract assets were $30,694 and $18,020 at June 28, 2026 and December 28, 2025, respectively, and are presented net of allowances for expected credit losses of $2 and $26, respectively. Contract Liabilities The Company’s contract liabilities principally consist of deferred revenue which represents payments from customers for which performance obligations have not yet been satisfied and deferred lease revenue which represents prepayments on a leasing arrangement in which the Company serves as lessor. In some instances, cash may be received, or payment may be contractually due by a customer before the related revenue is recognized. The contract liabilities and other significant components of contract liabilities at June 28, 2026 and December 28, 2025 are as follows:
| June 28, 2026 |  | December 28, 2025
| Contract Deferred Revenue (1) |  | Lease Deferred Revenue |  | Supply Agreement (2) |  | Total Deferred Revenue |  | Contract Deferred Revenue (1) |  | Lease Deferred Revenue |  | Supply Agreement (2) |  | Total Deferred Revenue
Current contract liabilities | $ | 24,868 |  |  | $ | — |  |  | $ | — |  |  | $ | 24,868 |  |  | $ | 40,301 |  |  | $ | 100 |  |  | $ | 1,794 |  |  | $ | 42,195 |
Long-term contract liabilities | 79,195 |  |  | — |  |  | 45,751 |  |  | 124,946 |  |  | 81,665 |  |  | — |  |  | 67,805 |  |  | 149,470 |
Total contract liabilities | $ | 104,063 |  |  | $ | — |  |  | $ | 45,751 |  |  | $ | 149,814 |  |  | $ | 121,966 |  |  | $ | 100 |  |  | $ | 69,599 |  |  | $ | 191,665 |
(1)Contract deferred revenue includes $31,515 and $37,077 at June 28, 2026 and December 28, 2025, respectively, related to material rights provided to a significant customer in exchange for funding additional manufacturing capacity. Of these amounts, $11,123 and $11,123 were classified as current in the interim condensed consolidated balance sheets as of June 28, 2026 and December 28, 2025, respectively. (2)In connection with the Transaction, the Company entered into a multi-year supply agreement with certain of Infineon’s subsidiaries under a take-or-pay arrangement for the first four-year period following the closing of the Transaction (the “Supply Agreement”). The Supply Agreement included an off-market component estimated at a fair value of $120,000 which was included in the purchase price for the Transaction. This amount is presented net of Supply Agreement specific contract assets which total $38,656 as of June 28, 2026. The change in contract liabilities during the three- and six-month periods ended June 28, 2026 and June 29, 2025 are as follows:
| Three-Month Period Ended |  | Six-Month Period Ended |  |
| June 28, 2026 |  | June 29, 2025 |  | June 28, 2026 |  | June 29, 2025 |  |  |  |
Balance at beginning of period | $ | 178,556 |  |  | $ | 158,479 |  |  | $ | 191,665 |  |  | $ | 107,067 |  |  |  |  |
Increase due to payments received, excluding amounts recognized as revenue | 13,241 |  |  | 3,239 |  |  | 40,298 |  |  | 64,146 |  |  |  |  |
Revenue recognized included in the contract liabilities balance at the beginning of the period | (34,520) |  |  | (9,581) |  |  | (64,464) |  |  | (19,076) |  |  |  |  |
Revenue recognized from Fab 25 Supply Agreement (1) | (7,463) |  |  | — |  |  | (17,685) |  |  | — |  |  |  |  |
Balance at end of period | $ | 149,814 |  |  | $ | 152,137 |  |  | $ | 149,814 |  |  | $ | 152,137 |  |  |  |  |
(1) The Company recorded a $120,000 contract liability in purchase accounting for the acquisition of Fab 25 to recognize the fair value of the off-market component of the Supply Agreement. Related revenue for this contract liability is recognized as the Company fulfills its wafer production obligations over the four-year term of the Supply Agreement. For the three-month period ended June 28, 2026, the Company recognized $7,463 of revenue associated with this contract liability reducing its total balance to $84,406 at June 28, 2026. Remaining Performance Obligations Excluding the contract liability related to the off-market component of the Supply Agreement recognized in purchase accounting (see Note 4 - Acquisition), the Company had $179,447 of remaining performance obligations at June 28, 2026 that had not been fully satisfied on contracts with original expected durations of one year or more, which were primarily related to ATS development and tools contracts. The Company expects to recognize the revenue associated with these performance obligations as it satisfies the performance obligations within the next 10 years. The Company does not disclose the value of remaining performance obligations for contracts with an original expected duration of one year or less. Further, the Company does not adjust the promised amount of consideration for the effects of a significant financing component if it expects, at contract inception, that the period between when it transfers a promised good or service to a customer and when the customer pays for that good or service will be one year or less.

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-7 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-9 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-10 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-15 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-13 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 606 -Publisher FASB -URI https://asc.fasb.org/606/tableOfContent + Details
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