SkyWater Technology, Inc. (SKYT) shares are soaring 25.56% in intraday trading on Thursday, building on the pre-market momentum following the company's impressive third-quarter earnings report and a new quantum computing partnership announcement. The semiconductor manufacturer surprised investors with significant profit growth and strong revenue performance across multiple segments.

SkyWater reported an adjusted net income of $11.5 million for Q3, drastically outperforming the consensus estimate of an $8.36 million loss. The company's adjusted earnings per share came in at $0.24, compared to the expected loss of $0.17 per share. Revenue climbed to $150.74 million, representing a 60.7% increase from the same quarter last year and surpassing the expected $135.50 million. The strong performance was driven by record revenues from quantum computing customers, successful Texas operations, and accelerated program timing in aerospace and defense markets.

Adding to the positive sentiment, SkyWater announced a collaboration with QuamCore, a deep-tech startup specializing in superconducting quantum processor architecture. The multi-million-dollar contract focuses on co-developing Single Flux Quantum (SFQ) devices to accelerate the advancement of scalable quantum computing. This partnership is expected to enhance SkyWater's position in the emerging quantum computing market. Following these developments, analysts have become increasingly bullish on SkyWater's prospects. Needham raised its price target to $20 from $15, while TD Cowen increased its target to $24 from $22, maintaining a "Strong Buy" rating. The company's positive outlook, including Q4 consolidated revenue guidance between $155 million and $165 million, has further fueled investor optimism.