SkyWater Technology, Inc (NASDAQ: SKYT)

SkyWater Technology Inc is a U. S-based independent pure-play semiconductor foundry providing foundational-node manufacturing advanced technology development and advanced packaging services through an integrated multi-site operating model. The company operates exclusively within the United States with fabrication and packaging facilities in Minnesota Texas and Florida. Its operations support customers requiring secure domestic manufacturing long product life cycles high reliability and close engineering collaboration by integrating production-scale manufacturing with advanced technology development to enable efficient transition of specialized semiconductor technologies from development to volume production.

SkyWater generates revenue through two primary service categories Advanced Technology Services (ATS) and Wafer Services (WS). ATS involves customer-funded development activities spanning materials devices process flows and packaging architectures conducted within production-oriented manufacturing environments. WS provides production manufacturing for established platform technologies and customer-specific technologies that originate from ATS programs. Revenue is derived from these integrated wafer fabrication and advanced packaging services serving customers across aerospace and defense quantum computing automotive bio-health and industrial end markets where continuity of supply manufacturability and long-term availability are critical.

The company operates through the following segments: Legacy SkyWater and SkyWater Texas.

• Legacy SkyWater is a pure-play technology foundry offering advanced semiconductor development and manufacturing services from its fabrication facility in Bloomington Minnesota and advanced packaging services from its Kissimmee Florida facility providing both ATS and WS product offerings.

• SkyWater Texas is a high-volume manufacturer offering manufacturing services from its fabrication facility in Austin Texas providing WS product offerings focused on 200 mm semiconductor fabrication copper processing high-voltage technology services and 65 nm node infrastructure support.

SkyWater Technology Inc holds a leading position as a domestic pure-play semiconductor foundry specializing in foundational-node technologies within the U. S semiconductor ecosystem. Its competitive advantage stems from its secure domestic manufacturing footprint integrated development and production capabilities and focus on serving customers requiring supply chain resilience long product life cycles and technical differentiation in aerospace defense automotive medical and industrial applications. The company differentiates itself through its ability to co-develop and manufacture technologies within a single trusted foundry environment reducing intellectual property exposure and accelerating time to market.

SkyWater serves a diverse customer base including designers producing near-commodity volume chips and those requiring highly specialized next-generation technology solutions. Specific customers include Infineon Technologies AG which accounted for 43% of revenue for the fiscal year ended December 28 2025. Other significant customers include those in aerospace and defense quantum computing automotive bio-health and industrial sectors requiring secure domestic manufacturing and long-term supply continuity.