SkyWater reported fiscal 2025 revenue of USD 442.14 million, up 29%. Fiscal 2025 operating loss was USD 2.58 million, compared with fiscal 2024 operating income. Fiscal 2025 net income attributable to shareholders was USD 118.91 million, compared with a loss in fiscal 2024, reflecting a USD 111.75 million bargain purchase gain tied to the Fab 25 acquisition and an income tax benefit of USD 27.99 million. Adjusted EBITDA rose 55% in fiscal 2025 to USD 53.16 million, driven by the addition of Fab 25 and expansion in advanced compute, partially offset by weaker ATS business tied to U.S. government policy impacts on defense spending. In fiscal 2025, ATS development revenue fell 11% to USD 212.5 million due largely to a 41.8% drop in aerospace and defense revenue, while selling, general and administrative expense increased 56% to USD 74.88 million on Fab 25 costs and transaction and integration expenses.

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