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SkyWater Technology

Acquired by IonQ on 31 Jul 2026. Each share became $15.00 in cash plus 0.4883 IONQ shares. Its shares no longer trade, and this page is no longer updated. SEC 8-K, 31 Jul 2026

No base rate yet — SKYT has 0 graded prints on the record, and the bar is 3.Website
Ticker
SKYT
Beat
hardware
Size
Public Company
Revenue
$156M
as of Jun 2026
Cash
$12.6M
as of Jun 2026
Burn
$23.8M/qtr
as of Jun 2026
Runway
~1 qtr at this rate
as of Jun 2026
Researched · Fresh
7 days ago

SKYT is no longer a foundry — it is an IonQ deal-stub trading $38.40 vs a $35.00 closed-vote merger value, i.e. a +10% premium that is pure leveraged FTC-cleared bet on IonQ rallying past $60.13; the standalone foundry (43% Infineon, negative op cash flow, $22M cash) is the break-case floor, not the thesis.

Orbit · who it trades with and competes with
5 on the rings · 2 trade · 3 rival
18 mentions across our dossiers
Focus · Hardware
SkyWater Technology
SKYT · public
No published house view
Trades with
Competes with
Next prints in its web
Links · 5 companies · 2 trade · 3 rival
“The Infineon Fab 25 layer is the exception — a multi-year supply agreement valued $1B anchors the Texas output.”Infineon Technologies · TRADE · from SkyWater Technology’s dossier
TholoBbrief←→step through the orbitESCcloseclick a company to open ittap a company to read it, tap again to open it
Price

Weekly closes

SKYT · weekly close
32.46 USD0.0%
Friday 7 Aug 2026 · last 3 Fridays 31.36–32.46
pick a pin
Every pin is a dated row
Solid: filed with the SEC, settled at FINRA, or a recorded split. Hollow: the scheduled print, past the last close, never a price.
Height is the close · the ribbon is the stored record, a missing week a missing point · a pin stands on its Friday
  1. Short interest: 2,300,120 sh · 2.79 days to cover, FINRA · settled 31 Jul 2026
32.46USD0.0%hardware -0.4%SKYT · 3 weekly closes to 2026-08-07

Who is buying

Shares sold shortFINRA · settled 31 Jul 2026
2,300,120 shares
Days to unwind the shortFINRA · settled 31 Jul 2026
2.79
see the whole series
Financials

The reported figures

Revenue · quarterly
$156M
latest, Q2 ’26 · 12 periods stored
Filed · primary
Q2 ’26
$156M USD
as of 28 Jun 2026
Source: sec.gov
Solid = filed (primary) · hollow dashed = estimate · a dashed floor tick is a period with no figure held · quarterly and annual never share an axis
SkyWater Technology, quarterly figures held, Q3 ’23 to Q2 ’26
PeriodAs ofRevenueOperating marginFree cash flowCapexCashShares outstandingGradingSource
Q3 ’231 Oct 2023$71.6M USD-5.9% share of revenue-$4.9M USD$1.3M USD$17.3M USD47.0M sharesFiled · primarysec.gov
Q4 ’2331 Dec 2023$79.2M USD-7.5% share of revenue$27.0M USD$4.8M USD$18.4M USD—Filed · primarysec.gov
Q1 ’2431 Mar 2024$79.6M USD-2.8% share of revenue-$5.2M USD$1.3M USD$20.0M USD47.3M sharesFiled · primarysec.gov
Q2 ’2430 Jun 2024$93.3M USD1.5% share of revenue$8.5M USD$827K USD$18.4M USD47.5M sharesFiled · primarysec.gov
Q3 ’2429 Sept 2024$93.8M USD5.0% share of revenue$9.1M USD$5.2M USD$20.7M USD47.7M sharesFiled · primarysec.gov
Q4 ’2429 Dec 2024$75.5M USD3.5% share of revenue-$2.0M USD$680K USD$18.8M USD—Filed · primarysec.gov
Q1 ’2530 Mar 2025$61.3M USD-6.6% share of revenue$41.2M USD$14.8M USD$51.2M USD48.0M sharesFiled · primarysec.gov
Q2 ’2529 Jun 2025$59.1M USD-11.0% share of revenue-$4.3M USD$2.6M USD$49.4M USD48.2M sharesFiled · primarysec.gov
Q3 ’2528 Sept 2025$151M USD5.2% share of revenue-$48.0M USD$830K USD$30.9M USD48.5M sharesFiled · primarysec.gov
Q4 ’2528 Dec 2025$171M USD0.0% share of revenue-$42.2M USD$6.1M USD$23.2M USD—Filed · primarysec.gov
Q1 ’2629 Mar 2026$161M USD-3.3% share of revenue$18.8M USD$9.1M USD$22.2M USD48.0M sharesFiled · primarysec.gov
Q2 ’2628 Jun 2026$156M USD1.2% share of revenue-$23.8M USD$9.5M USD$12.6M USD49.4M sharesFiled · primarysec.gov

SkyWater Technology’s figures as the company reported them in its filings. Quarters are calendar quarters, so a company whose year ends in January shows each fiscal quarter under the calendar quarter it falls in. An empty slot is a quarter we hold no figure for.

Revenue · quarterlyQ3 ’23 – Q2 ’26
$156M+165% vs Q2 ’25

Q2 ’26 · as of Jun 2026

Revenue Q3 ’23: $71.6M, as of Oct 2023Revenue Q4 ’23: $79.2M, as of Dec 2023Revenue Q1 ’24: $79.6M, as of Mar 2024Revenue Q2 ’24: $93.3M, as of Jun 2024Revenue Q3 ’24: $93.8M, as of Sep 2024Revenue Q4 ’24: $75.5M, as of Dec 2024Revenue Q1 ’25: $61.3M, as of Mar 2025Revenue Q2 ’25: $59.1M, as of Jun 2025Revenue Q3 ’25: $151M, as of Sep 2025Revenue Q4 ’25: $171M, as of Dec 2025Revenue Q1 ’26: $161M, as of Mar 2026Revenue Q2 ’26: $156M, as of Jun 2026
Operating margin · quarterlyQ3 ’23 – Q2 ’26
1.2%+12.2 pts vs Q2 ’25

Q2 ’26 · as of Jun 2026

Operating margin Q3 ’23: -5.9%, as of Oct 2023Operating margin Q4 ’23: -7.5%, as of Dec 2023Operating margin Q1 ’24: -2.8%, as of Mar 2024Operating margin Q2 ’24: 1.5%, as of Jun 2024Operating margin Q3 ’24: 5.0%, as of Sep 2024Operating margin Q4 ’24: 3.5%, as of Dec 2024Operating margin Q1 ’25: -6.6%, as of Mar 2025Operating margin Q2 ’25: -11.0%, as of Jun 2025Operating margin Q3 ’25: 5.2%, as of Sep 2025Operating margin Q4 ’25: 0.0%, as of Dec 2025Operating margin Q1 ’26: -3.3%, as of Mar 2026Operating margin Q2 ’26: 1.2%, as of Jun 2026
Free cash flow · quarterlyQ3 ’23 – Q2 ’26
-$23.8M

Q2 ’26 · as of Jun 2026

Free cash flow Q3 ’23: -$4.9M, as of Oct 2023Free cash flow Q4 ’23: $27.0M, as of Dec 2023Free cash flow Q1 ’24: -$5.2M, as of Mar 2024Free cash flow Q2 ’24: $8.5M, as of Jun 2024Free cash flow Q3 ’24: $9.1M, as of Sep 2024Free cash flow Q4 ’24: -$2.0M, as of Dec 2024Free cash flow Q1 ’25: $41.2M, as of Mar 2025Free cash flow Q2 ’25: -$4.3M, as of Jun 2025Free cash flow Q3 ’25: -$48.0M, as of Sep 2025Free cash flow Q4 ’25: -$42.2M, as of Dec 2025Free cash flow Q1 ’26: $18.8M, as of Mar 2026Free cash flow Q2 ’26: -$23.8M, as of Jun 2026

Operating cash flow minus capital spending.

Cash · quarterlyQ3 ’23 – Q2 ’26
$12.6Mdebt $70.8M

Q2 ’26 · as of Jun 2026

Cash Q3 ’23: $17.3M, as of Oct 2023Cash Q4 ’23: $18.4M, as of Dec 2023Cash Q1 ’24: $20.0M, as of Mar 2024Cash Q2 ’24: $18.4M, as of Jun 2024Cash Q3 ’24: $20.7M, as of Sep 2024Cash Q4 ’24: $18.8M, as of Dec 2024Cash Q1 ’25: $51.2M, as of Mar 2025Cash Q2 ’25: $49.4M, as of Jun 2025Cash Q3 ’25: $30.9M, as of Sep 2025Cash Q4 ’25: $23.2M, as of Dec 2025Cash Q1 ’26: $22.2M, as of Mar 2026Cash Q2 ’26: $12.6M, as of Jun 2026Debt Q3 ’23: $42.0M, as of Oct 2023Debt Q4 ’23: $40.1M, as of Dec 2023Debt Q1 ’24: $39.3M, as of Mar 2024Debt Q2 ’24: $42.4M, as of Jun 2024Debt Q3 ’24: $41.3M, as of Sep 2024Debt Q4 ’24: $39.8M, as of Dec 2024Debt Q1 ’25: $38.6M, as of Mar 2025Debt Q2 ’25: $42.1M, as of Jun 2025Debt Q3 ’25: $40.4M, as of Sep 2025Debt Q4 ’25: $38.9M, as of Dec 2025Debt Q1 ’26: $37.5M, as of Mar 2026Debt Q2 ’26: $70.8M, as of Jun 2026

CashDebt

Shares outstanding · quarterlyQ3 ’23 – Q2 ’26
49.4M+5.1% since Q3 ’23

Q2 ’26 · as of Jun 2026

Shares outstanding Q3 ’23: 47.0M, as of Oct 2023Shares outstanding Q1 ’24: 47.3M, as of Mar 2024Shares outstanding Q2 ’24: 47.5M, as of Jun 2024Shares outstanding Q3 ’24: 47.7M, as of Sep 2024Shares outstanding Q1 ’25: 48.0M, as of Mar 2025Shares outstanding Q2 ’25: 48.2M, as of Jun 2025Shares outstanding Q3 ’25: 48.5M, as of Sep 2025Shares outstanding Q1 ’26: 48.0M, as of Mar 2026Shares outstanding Q2 ’26: 49.4M, as of Jun 2026

A rising count is dilution: each existing share owns less of the company.

Latest filing: sec.gov

The record

What happened

What happened
DateTypeWhat happenedSource
2026-10-27editorial noteSources added: 0 → 3The dossier's cited-link count grew from 0 to 3 (deep-dive-2026-06-20.md → deep-dive-2026-10-27.md).dossier
2026-10-27editorial noteRevenue figure revised: 43% → $156,377Revenue moved from 43% (deep-dive-2026-06-20.md) to $156,377 (deep-dive-2026-10-27.md).dossier
dossier age
7 days
researched 27 Oct 2026 · ring fills at 180
pick a section
Each column is a section of the dossier
Its height is how many times the section names a filing: 11 mentions across 2 sections. A dashed foot names none.
Primary sources
0 of 2 sections name no filing · Enter steps through them
  1. The dossier: Refresh delta (since 2026-06-20), 556 words, 8 filing mentions
  2. The dossier: What held, 59 words, 3 filing mentions
Research

The SkyWater Technology dossier

The verdict

SKYT is no longer a foundry — it is an IonQ deal-stub trading $38.40 vs a $35.00 closed-vote merger value, i.e. a +10% premium that is pure leveraged FTC-cleared bet on IonQ rallying past $60.13; the standalone foundry (43% Infineon, negative op cash flow, $22M cash) is the break-case floor, not the thesis.

Primary sources

SEC filings

Source documents — open to read in full

Refresh delta (since 2026-06-20)

  1. Final regulatory approval. On 2026-07-28 SkyWater and IonQ announced final regulatory approval to consummate the mergers, with closing planned for Friday 2026-07-31; the release does not name the regulator. [sec.gov: Form 8-KA filing for something that happened between reports and matters enough to tell shareholders now. filed 2026-07-28, exhibit 99.1, https://www.sec.gov/Archives/edgar/data/1819974/000119312526321272/d152570dex991.htm]
  2. Merger completed. On 2026-07-31 the mergers closed and SkyWater Technology, LLC (formerly Iris Merger Subsidiary 2 LLC) survives as a wholly owned subsidiary of IonQ. Each SkyWater share converted into $15.00 in cash plus 0.4883 shares of IonQ common stock (plus cash in lieu of fractions). SkyWater options and employee RSUs converted into IonQ awards at a ratio of 0.8546. [sec.gov: 8-K filed 2026-07-31, https://www.sec.gov/Archives/edgar/data/1819974/000119312526327137/d49031d8k.htm]
  3. Delisting and deregistration. Trading on Nasdaq was halted before the opening on 2026-07-31; the company asked Nasdaq to file Form 25 and intends to file Form 15 to deregister the common stock and suspend reporting obligations. [sec.gov: 8-K filed 2026-07-31, same URL as item 2]
  4. Debt and governance. The Siena Lending Group revolving credit facility (Loan and Security Agreement of 2025-06-30) was repaid and terminated at closing with no material early termination penalties. All eight directors (Baxter, Daly, Fares, Goetz, Humke, LaFrence, Miller and Unterseher) resigned at the effective time. [sec.gov: 8-K filed 2026-07-31, same URL as item 2]
  5. Q2 results (last quarterly report). Revenue $156,377 thousand vs $59,063 thousand in Q2 2025; six-month revenue $317,063 thousand vs $120,359 thousand. Net loss $5,160 thousand (Q2 2025: $8,857 thousand); six-month net loss $16,312 thousand (2025: $15,075 thousand). Cash and cash equivalents $12,582 thousand at 2026-06-28 ($23,224 thousand at the prior year-end). Net cash provided by operating activities $13,559 thousand in six months (2025: $54,300 thousand). [sec.gov: Form 10-QThe quarterly version of the annual report. Lighter, and not audited. filed 2026-08-07, https://www.sec.gov/Archives/edgar/data/1819974/000181997426000031/skyt-20260628.htm; period ended 2026-06-28]
  6. Customer concentration. Two customers each accounted for 10% or more of revenue, together 72% of Q2 revenue and 68% of six-month revenue; one customer accounted for 43% and 41% in the prior-year periods. [sec.gov: 10-Q filed 2026-08-07, same URL as item 5]
  7. Tool financing. In April 2026 the company agreed to sell a semiconductor manufacturing tool to an equipment financing lender for proceeds of about $36.0M and lease it back at $0.8M a month over 60 months, with a bargain purchase option. [sec.gov: 10-Q filed 2026-08-07, same URL as item 5]
  8. Where the new filings meet the carried view (stated as fact, no line changed). The carried seed catalysts "FTC HSR Second Request response + clearance/decision" and "Merger close" meet items 1 and 2: approval was announced 2026-07-28 and the merger closed 2026-07-31, inside the carried "Q2–Q3 2026" window. The carried seed describes the stock leg as "0.5265 ratio" (in its key risks) and a "$35.00 base-case deal value"; the closing consideration was $15.00 plus 0.4883 IonQ shares (item 2), so the value per SkyWater share at closing depended on the IonQ share price, which no filing read states. The carried catalyst "IonQ (IONQ) share price vs the $37.99 floor / $60.13 cap" is therefore the only live element; it is not refreshed here. The carried bear case cites "43%-single-customer": the 10-Q reports two customers at 72% of Q2 revenue (item 6). The carried catalyst "Next SKYT print" was the Q2 report in item 5, the last the company expects to file (item 3). The carried price figures rest on market data this delta does not refresh, and the stock no longer trades (item 3).

What held

  • The merger terms in the carried dossier (cash plus IonQ stock, FTC-cleared, closed-vote) led to completion within the carried 3-month timeframe (items 1, 2). [sec.gov: 8-K filed 2026-07-31]
  • Customer concentration remains high (item 6). [sec.gov: 10-Q filed 2026-08-07]
  • SkyWater remains loss-making at the net level in the last quarter reported (item 5). [sec.gov: 10-Q filed 2026-08-07]

How our view changed

2 dossiers

Every dossier we have written on SkyWater Technology, newest first.

  1. current

    SKYT is no longer a foundry — it is an IonQ deal-stub trading $38.40 vs a $35.00 closed-vote merger value, i.e.

  2. SKYT is no longer a foundry — it is an IonQ deal-stub trading $38.40 vs a $35.00 closed-vote merger value, i.e.

Research trail

The research around SkyWater Technology

Covered in the Knowledge Base

Hardware — Memory & Compute Architecture

Company details

IndustrySemiconductors
SizePublic Company
WebsiteVisit SkyWater Technology

Others in hardware

5 names

Where SkyWater Technology sits against the other names we cover on this beat. Each line is that company’s verdict, not a summary of it.