SkyWater Surges As Q2 Revenue Improves Above View

(RTTNews) - Shares of semiconductor maker SkyWater Technology, Inc. (SKYT) are rising more than 34% Tuesday morning at $19.19, after reporting improved revenue in the second quarter, better than analysts' view.

Revenue for the quarter increased 15% year over year to $47.41 million. The consensus estimate of analysts polled by Thomson-Reuters expected revenue of $44.48 million.

"Our year-over-year revenue growth demonstrates both the recent successes in winning new ATS customers as well as the more favorable contract terms reflected in our wafer services business," said Thomas Sonderman, SkyWater president and chief executive officer.

Net loss in the second quarter was $12.18 million or $0.32 per share compared with $6.22 million or $0.20 per share loss in the same quarter a year ago. Excluding one-time items, loss was $0.27 per share.

SKYT has traded in the range of $4.43 - $36.80 in the past 52 weeks.