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Debt | 6 Months Ended
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Jun. 28, 2026
Debt Disclosure [Abstract] |
Debt | Debt The components of debt outstanding at June 28, 2026 and December 28, 2025 are as follows:
Short-term financing | June 28, 2026 |  | December 28, 2025
Revolver | $ | 192,326 |  |  | $ | 195,460 |
Unamortized debt issuance costs | (9,830) |  |  | (11,058) |
Total short-term financing, net of unamortized debt issuance costs | $ | 182,496 |  |  | $ | 184,402 |
Long-term debt |  |  |
VIE financing | $ | 32,949 |  |  | $ | 33,534 |
Tool financing loans | 39,520 |  |  | 7,142 |
Unamortized debt issuance costs | (1,620) |  |  | (1,797) |
Total long-term debt, including current maturities | 70,849 |  |  | 38,879 |
Less: current portion of long-term debt | (9,783) |  |  | (5,940) |
Total long-term debt, excluding current portion | $ | 61,066 |  |  | $ | 32,939 |
Revolver On December 28, 2022, the Company entered into a Loan and Security Agreement with Siena, which was initially modified on November 19, 2024 upon execution of an Amended and Restated Loan and Security Agreement. On June 30, 2025, this lending arrangement was further modified in advance of the acquisition of Fab 25 when the Company entered into an Amended Loan Agreement with Siena as agent and the other lenders party thereto, which replaced the prior Loan and Security Agreement. The Amended Loan Agreement provides for a revolving line of credit with a borrowing limit of up to $350,000 with a scheduled maturity date of June 30, 2030 (the “Revolver”). Due to a lockbox clause in the Amended Loan Agreement, the outstanding loan balance is required to be serviced with working capital, and the debt is classified as current on the condensed consolidated balance sheets. Under the Amended Loan Agreement, the Company may be required to prepay the unpaid principal balance of the loans following specified prepayment events in the amount of 100% of the net proceeds received by the Company or any borrower with respect to such prepayment event. Borrowing under the Revolver is limited by a borrowing base of specified advance rates applicable to billed accounts receivable, unbilled accounts receivable, inventory and equipment, subject to various conditions and limits as provided in the Amended Loan Agreement. The outstanding balance of the Revolver was $192,326 as of June 28, 2026 at an interest rate of 8.0%. The remaining availability under the Revolver was $50,049 as of June 28, 2026. As of June 28, 2026, the Company was in compliance with applicable financial covenants of the Revolver. VIE Financing On September 30, 2020, Oxbow Realty, the Company’s consolidated VIE entered into a loan agreement for $39,000 (the “VIE Financing”) to finance the acquisition of the building and land of the SkyWater Minnesota facility (see Note 11 – Related Party Transactions and Note 12 – Variable Interest Entity). The VIE Financing is repayable in equal monthly installments of $194 over 10 years, with the remaining balance payable at the maturity date of October 6, 2030. The interest rate under the VIE Financing is fixed at 3.44%. The VIE Financing is guaranteed by Oxbow Industries, who is also the sole equity holder of Oxbow Realty. The VIE financing is not subject to financial debt default covenants. The terms of the VIE Financing include provisions that grant the lender several protective rights when certain triggering events defined in the loan agreement occur, including events tied to SkyWater’s occupancy of the SkyWater Minnesota facility and SkyWater’s financial performance. The occurrence of a triggering event does not represent a default event as per the loan agreement, nor does it result in the VIE Financing becoming callable, rather the protective rights become enforceable by the lender. As defined in the loan agreement, a triggering event occurred beginning in the three-month period ended January 1, 2023 based on the level of earnings before interest, taxes, depreciation, amortization and rent, as defined in the loan agreement, reported by SkyWater historically. Pursuant to its protective rights, the lender retained in a restricted account amounts paid by SkyWater to Oxbow Realty that were in excess of the scheduled debt payments paid by Oxbow Realty to the lender. The triggering event was cured during the three-month period ended June 30, 2024 and the funds held in the restricted account were remitted back to Oxbow Realty. No triggering events as defined in the loan agreement existed as of June 28, 2026. The VIE Financing is secured by a security interest in the land and building which was the subject of the sale-leaseback transaction (see Note 11 – Related Party Transactions). The Company and Oxbow Realty, the Company’s VIE, incurred third-party transaction costs of $3,487 and $65, respectively, which have been capitalized as debt issuance costs, presented as a reduction of the outstanding loan balance, and are being amortized as additional interest expense over the remaining maturity of the VIE Financing. Maturities Future principal payments of the Company’s long-term debt, excluding unamortized debt issuance costs, are as follows:
Fiscal year |  | Future Principal Payments
Remainder of 2026 |  | $ | 5,316 |
2027 |  | 9,170 |
2028 |  | 9,056 |
2029 |  | 9,189 |
2030 |  | 37,379 |
Thereafter |  | 2,359 |
Total |  | $ | 72,469 |
SkyWater Tool Financing Loan In April 2026, the Company entered into an agreement to sell a semiconductor manufacturing tool to an equipment financing lender for total proceeds of $36,684 (“Tool Financing Loan”). Total proceeds were comprised of $16,437 of direct cash receipts and $20,247 in the form of outstanding invoice payments. We subsequently entered into an agreement to lease the tool from the lender for monthly payments of $800 over 60 months at an interest rate of 11.9%. The agreement provides for a bargain purchase option at the end of the lease term which the Company intends to exercise, and the Company is accounting for the transaction as a failed sale leaseback.

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