(1) | Represents the full write-down for inventory to cost of revenue for inventory in which we were contracted to manufacture for a specific customer. The customer's financing for its COVID-19 related business was not obtained and the customer was unable to meet its contractual payment obligations. |
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(2) | Represents non-cash equity-based compensation expense. |
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(3) | Represents start-up costs associated with our 200 mm heterogeneous integration facility in Kissimmee, Florida, which includes legal fees, recruiting expenses, retention awards and facility start-up expenses. These expenses are not indicative of our ongoing costs and will be discontinued following the start-up of SkyWater Florida. |
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(4) | Represents expenses directly associated with the corporate conversion and IPO, such as professional, consulting, legal and accounting services. This also includes bonus awards granted to employees upon the completion of the IPO. These expenses are not indicative of our ongoing costs and were discontinued following the completion of our initial public offering. |
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(5) | Represents expense for the departure of our former Chief Administrative Officer, which includes primarily severance benefits. |
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(6) | Represents non-cash valuation adjustment of contingent consideration to fair market value during the period. |
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(7) | Represents a related party transaction with Oxbow Industries, our principal stockholders. As these fees are not part of the core business, did not continue after our IPO and are excluded from management’s assessment of the business, we believe it is useful to investors to view our results excluding these fees. |
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(8) | Represents net income attributable to our VIE, which was formed for the purpose of purchasing our land, building with the proceeds of a bank loan. Since depreciation and interest expense are excluded from net loss in our adjusted EBITDA financial measure, we also exclude the net income attributable to the VIE. |
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(9) | Includes losses related to the extinguishment of our revolving credit agreement. |
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(10) | Tool revenue and cost of tool revenue represent the revenue and external costs related to the services we provide to qualify customer funded tool technologies as our customers invest in our capabilities to expand our technology platforms. |
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(11) | The Company entered into a revolving credit agreement on December 28, 2022. Our revolving credit arrangement is considered short-term as it requires that the loan be serviced with working capital. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20230213005466/en/
Contact:
SkyWater Investor Contact: Claire McAdams |
claire@headgatepartners.com
SkyWater Media Contact: Lauri Julian |
Media@SkyWaterTechnology.com