© SkyWater Business | July 28, 2021
SkyWater to invest $56M in Minnesota capacity expansion
SkyWater Technology's Board of Directors has approved USD 56 million in capital investments to expand the capacity and capabilities of its Minnesota facility and to accelerate the company’s entry into the 200 mm GaN market.
“These strategic investments evidence our commitment to our customers to co-create emerging technologies and help ensure we are in position to deliver long-term value to our shareholders,” said Thomas Sonderman, president and CEO of SkyWater, in a press release. “We believe our investment in GaN technologies – which expand possibilities for next generation microelectronics – enhances SkyWater’s position for leadership in the aerospace and defense, industrial and automotive markets. As recently noted in the White House 100 Day Supply Chain Review, there is a significant need for a U.S.-based foundry to offer technology services for GaN. We firmly believe SkyWater is that foundry,” the CEO continues. For the second quarter ended July 4, 2021, the company expects to report net sales of USD 41.0 to USD 41.5 million and a net loss attributable to shareholders of USD 8.0 to USD 7.0 million. Preliminary net sales, excluding tool sales, grew between 18% to 20% compared to first quarter 2021. Total preliminary net sales increased between 33% to 35% compared to second quarter 2020. “SkyWater accomplished much in the second quarter, including our initial public offering. This achievement is a great testament to our team members, customers and partners. In the midst of this, we were able to deliver significant sales growth,” says Steve Manko, SkyWater CFO. During the second quarter, the company ramped its Minnesota fab to support the IoT and automotive segments of the business and continued the start-up of the its new Florida advanced packaging fab. SkyWater also continued to win new ATS business in the biomedical market. “I am very pleased with our ATS pipeline growth as the industry’s awareness of SkyWater’s TaaS offering continues to build,” adds Sonderman in the press release. “There is strong demand in the semiconductor market for a U.S. investor-owned pure play foundry with unique manufacturing capabilities. We believe our strengthening fundamentals and TaaS business model provide a solid foundation for long-term performance in our targeted end markets.”
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