SkyWater Technology, Inc. (SKYT) shares surged 18.01% in after-hours trading on Wednesday, following the release of its third-quarter earnings report that significantly exceeded analyst expectations.

The company reported an adjusted net income of $11.5 million for the quarter, a stark contrast to the consensus estimate of a $8.36 million loss. This surprising turnaround in profitability likely fueled investor enthusiasm, driving the stock's sharp rise.

Additional highlights from the earnings report include an adjusted EBITDA of $25.8 million and an adjusted gross profit of $37.1 million. However, the company's revenue of $64.1 million fell short of the estimated $135.5 million. Despite this revenue miss, the market appears to be focusing on SkyWater's profitability metrics, which paint a picture of improved operational efficiency and cost management.