At last check in afterhours trading, SkyWater Technology Inc. (SKYT) was down -10.19% at $25.92. SkyWater stock closed Monday at $28.86, following a gain of 5.29% on the day. Trading volume of SKYT stock has been lower, at 0.24 million shares, as compared to the average daily volume of 281.63K for the last three months. The SKYT stock fluctuated between $27.55 and $30.23 during the trading session.
The earnings per share ratio for SKYT were -1.79. SKYT stock has gained 7.53% in the past five sessions and -6.09% over the past month, but has gained 62.68% year to date. Furthermore, the SKYT stock currently has a RSI of 56.28. SKYT stock fell following the announcement that its board had approved strategic capital investment.
How much has SKYT Stock approved for the investment?
US-owned and US-based SkyWater is a pure play semiconductor foundry. SKYT also offers custom technology development services, volume manufacturing and advanced packaging capabilities, making them a DOD-certified trusted supplier. As part of the Technology Foundry model, SKYT operates manufacturing facilities in Bloomington, Minnesota and Kissimmee, Florida to enable CMOS and rad-hard mix-signal development, full-price packaging, and advanced programming.
The Advanced Technology Services offered by SKYT enable the development of superconducting and 3D ICs, as well as carbon nanotube, photonic and MEMS devices. As part of its growing product portfolio, SKYT currently serves customers in market segments such as aerospace & defense, automotive, biomedical, cloud & computing, consumer, industrial, and IoT.
In a company announcement, SkyWater announced that its Board of Directors has approved $56 million worth of strategic capital investments to expand the capacity and capabilities of its Minnesota facility and to accelerate its entry into the 200 mm GaN market.
- As a result of these strategic investments, SKYT is demonstrating its commitment to its customers in co-creating emerging technologies, which is a key component of ensuring long-term shareholder value for investors.
- Due to the potential of next-generation microelectronics, SKYT stock believes it will become a leader in aerospace, defense, industrial and automotive markets as a result of its investment in GaN technologies.
- In the White House 100 Day Supply Chain Review, it was noted that there is a need for US-based foundries that can offer GaN technology services.
SKYT also shared preliminary results:
- SKYT also announced selected preliminary financial results for the second quarter ended July 4, 2021 in connection with its earnings webcast to be held on August 4, 2021.
- At Q2, 2021, SKYT stock is expecting net sales of $41.0 million to $41.5 million, a net loss attributable to shareholders of $8.0 million to $7.0 million, and Adjusted EBITDA of $(1.5) million to $(0.5) million.
- According to preliminary numbers, net sales excluding tool sales grew 18% to 20% compared to the first quarter of 2021.
- Comparatively to the second quarter of 2020, total preliminary net sales increased by 33% to 35%.
What SKYT has achieved in the current quarter?
SkyWater (SKYT) completed a number of milestones in its second quarter, including its initial public offering. It is a great tribute to the team members, customers, and partners of the organization as SKYT was able to achieve significant sales growth despite all of this.
