SKYWATER TECHNOLOGY, INC. |
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Consolidated Statements of Operations |
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(Unaudited) |
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|
Three Months Ended |
|
Twelve Months Ended |
|||||||||||||
|
January 2,
|
|
January 3,
|
|
January 2,
|
|
January 3,
|
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|
(in thousands, except share, unit and per share and unit data) |
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Revenue |
$ |
38,533 |
|
|
$ |
39,772 |
|
|
$ |
162,848 |
|
|
$ |
140,438 |
|
|
Cost of revenue: |
|
|
|
|
|
|
|
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Cost of revenue, before inventory write-down |
|
41,714 |
|
|
|
36,244 |
|
|
|
156,878 |
|
|
|
117,746 |
|
|
Inventory write-down (1) |
|
13,442 |
|
|
|
— |
|
|
|
13,442 |
|
|
|
— |
|
|
Total cost of revenue |
|
55,156 |
|
|
|
36,244 |
|
|
|
170,320 |
|
|
|
117,746 |
|
|
| Gross profit (loss) |
|
(16,623 |
) |
|
|
3,528 |
|
|
|
(7,472 |
) |
|
|
22,692 |
|
|
| Research and development |
|
1,228 |
|
|
|
1,672 |
|
|
|
8,747 |
|
|
|
4,208 |
|
|
| Selling, general and administrative expenses |
|
9,951 |
|
|
|
6,713 |
|
|
|
43,595 |
|
|
|
25,032 |
|
|
| Change in fair value of contingent consideration |
|
(154 |
) |
|
|
741 |
|
|
|
(2,710 |
) |
|
|
2,094 |
|
|
| Operating loss |
|
(27,648 |
) |
|
|
(5,598 |
) |
|
|
(57,104 |
) |
|
|
(8,642 |
) |
|
| Other income (expense): |
|
|
|
|
|
|
|
|||||||||
| Paycheck Protection Program loan forgiveness |
|
— |
|
|
|
— |
|
|
|
6,453 |
|
|
|
— |
|
|
| Change in fair value of warrant liability |
|
— |
|
|
|
1,680 |
|
|
|
— |
|
|
|
780 |
|
|
| Loss on debt extinguishment |
|
— |
|
|
|
(1,434 |
) |
|
|
— |
|
|
|
(1,434 |
) |
|
| Interest expense |
|
(839 |
) |
|
|
(1,412 |
) |
|
|
(3,542 |
) |
|
|
(5,499 |
) |
|
| Total other expense |
|
(839 |
) |
|
|
(1,166 |
) |
|
|
2,911 |
|
|
|
(6,153 |
) |
|
| Loss before income taxes |
|
(28,487 |
) |
|
|
(6,764 |
) |
|
|
(54,193 |
) |
|
|
(14,795 |
) |
|
| Income tax expense (benefit) |
|
(2,322 |
) |
|
|
4,631 |
|
|
|
(6,790 |
) |
|
|
4,919 |
|
|
| Net loss |
|
(26,165 |
) |
|
|
(11,395 |
) |
|
|
(47,403 |
) |
|
|
(19,714 |
) |
|
| Less: net income attributable to non-controlling interests |
|
871 |
|
|
|
903 |
|
|
|
3,293 |
|
|
|
903 |
|
|
| Net loss attributable to SkyWater Technology, Inc. |
$ |
(27,036 |
) |
|
$ |
(12,298 |
) |
|
$ |
(50,696 |
) |
|
$ |
(20,617 |
) |
|
| Net loss per share attributable to common shareholders, basic and diluted: |
$ |
(0.69 |
) |
|
|
|
$ |
(1.76 |
) |
|
|
|||||
| Net loss per unit attributable to Class B preferred unitholders, basic and diluted: |
|
|
$ |
(0.68 |
) |
|
|
|
$ |
(1.15 |
) |
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| Weighted average shares used in computing net loss per common share, basic and diluted: |
|
39,324,851 |
|
|
|
|
|
29,038,174 |
|
|
|
|||||
| Weighted average units used in computing net loss per Class B preferred unit, basic and diluted: |
|
|
|
18,000,000 |
|
|
|
|
|
18,000,000 |
|
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The accompanying notes are an integral part of these consolidated financial statements.
