Cash flow generation remains highly volatile, as demonstrated by the erratic OCF/NI ratio of -2.27 in 2026Q1 and a liquidity buffer of only $22.2 million in cash.
| Cash from Operations | -52.22M | -24.15M | 18.46M | 10.08M | -14.3M | -55.68M | 96.19M | 10.92M | 12.59M |
| Operating CF Margin % | - | -5.46% | 5.39% | 3.52% | -6.71% | -34.19% | 68.5% | 7.99% | 9.53% |
| Operating CF Growth % | -2941.42% | -230.82% | 83.12% | 170.51% | 74.32% | -157.88% | 780.66% | -13.27% | - |
| Net Income | 113.95M | 123.45M | -2.52M | -25.09M | -36.87M | -47.4M | -19.71M | -16.42M | -65K |
| Depreciation & Amortization | 45.36M | 35.67M | 18.69M | 28.93M | 28.19M | 27.37M | 18.87M | 16.66M | 15.09M |
| Stock-Based Compensation | 10.15M | 9.42M | 8.17M | 6.86M | 8.61M | 12.53M | 2.64M | 4.17M | 3.11M |
| Deferred Taxes | -32.27M | -31.5M | -496K | -560K | 244K | -7.06M | 2.39M | -3.83M | -1.2M |
| Other Non-Cash Items | -140.22M | -128.68M | 1.82M | 3.06M | 2.83M | -6.97M | -7.74M | 6.97M | 36.22M |
| Working Capital Changes | -53.77M | -32.52M | -7.21M | -3.11M | -17.3M | -34.15M | 99.76M | 3.37M | -2.35M |
| Change in Receivables | -18.57M | -22.44M | 20.2M | -33.37M | -11.6M | -9.39M | 31.45M | -42.47M | -4.49M |
| Change in Inventory | -5.55M | -4.26M | 805K | -1.94M | -9.22M | -3.77M | -11.18M | 2.04M | -3.45M |
| Change in Payables | 48.49M | 13.66M | -10.39M | 0 | 20.98M | -5.91M | 12.08M | -595K | 3.02M |
| Cash from Investing | -112.91M | -118M | -11.21M | -10.49M | -17.45M | -29.82M | -88.18M | -7.37M | -4.28M |
| Capital Expenditures | -23.33M | -29.05M | -7.94M | -8.62M | -17.05M | -30.76M | -85.77M | -8.46M | -5.55M |
| CapEx % of Revenue | 4.31% | 6.57% | 2.32% | 3.01% | 8.01% | 18.89% | 61.07% | 6.18% | 4.2% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.28M |
| Investments | - | - | - | - | - | - | - | - | - |
| Other Investing | -89.59M | -88.95M | -3.26M | -1.87M | -400K | 939K | -2.41M | 1.09M | 1.21M |
| Cash from Financing | 136.13M | 146.52M | -6.79M | -11.23M | 48.86M | 90.98M | -5.19M | 552K | -7.82M |
| Debt Issued (Net) | -10.7M | 140.55M | -931K | -32.58M | 33.96M | -8.19M | -12.3M | 10.49M | 3.21M |
| Equity Issued (Net) | 842K | 3.85M | 2.5M | 20.4M | 20.09M | 104.21M | -4.08M | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | -2.92M | -2.47M | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | -4.08M | 0 | 0 |
| Other Financing | 145.98M | 2.13M | -8.36M | 945K | -5.19M | -2.12M | 13.67M | -9.94M | -11.03M |
| Net Change in Cash | -29M | 4.38M | 462K | -11.64M | 17.11M | 5.48M | 2.83M | 4.11M | 498K |
| Free Cash Flow | -75.54M | -53.2M | 7.2M | -408K | -31.75M | -87.66M | 6.34M | 1.96M | 7.04M |
| FCF Margin % | -13.95% | -12.03% | 2.1% | -0.14% | -14.91% | -53.83% | 4.52% | 1.43% | 5.33% |
| FCF Growth % | -235.48% | -838.82% | 1864.71% | 98.72% | 63.78% | -1482.25% | 224.07% | -72.21% | - |
| FCF per Share | -1.55 | -1.09 | 0.15 | -0.01 | -0.78 | -2.20 | 0.16 | 0.05 | 0.18 |
| FCF Conversion (FCF/Net Income) | -0.66x | -0.20x | -2.72x | -0.33x | 0.36x | 1.10x | -4.67x | -0.67x | -193.75x |
| Interest Paid | 0 | 0 | 6.55M | 8.76M | 4.44M | 2.74M | 4.44M | 4.73M | 0 |
| Taxes Paid | 0 | 0 | 112K | 6K | 3K | 2.92M | 149K | 1.38M | 0 |
Persistent Operating Cash Volatility
As reported in financial statements, the relationship between net income and operating cash flow is highly erratic, with the OCF/NI ratio swinging from -7.62 in 2025Q1 to 4.02 in 2025Q4, suggesting that reported earnings are frequently decoupled from actual cash generation capabilities.
The extreme volatility in the OCF/NI ratio indicates that SkyWater's accounting is heavily impacted by non-cash adjustments and working capital swings rather than consistent operational performance. Investors should monitor whether this divergence stems from the percentage-of-completion accounting methods used in ATS contracts, which may pull revenue forward without immediate cash inflows.
Based on recent SEC filings, SkyWater's free cash flow trajectory is characterized by sharp quarterly fluctuations, ranging from a positive $41.2 million in 2025Q1 to a significant outflow of $48.0 million in 2025Q3, highlighting the difficulty in achieving consistent self-funded growth.
The lack of a stable FCF trend suggests that the company's capital-intensive business model is highly sensitive to the timing of project milestones and government funding cycles. This inconsistency makes it difficult to rely on internal cash generation to support ongoing R&D and infrastructure requirements.
According to the provided cash flow data, working capital changes are the primary driver of quarterly cash variance, with a massive $34.1 million inflow in 2026Q1 contrasting sharply with a $58.7 million outflow in 2025Q3, indicating significant reliance on timing-sensitive balance sheet management.
These large swings in working capital suggest that SkyWater's cash position is highly vulnerable to the payment terms of its government and commercial partners. Such volatility implies that the company's liquidity is not derived from core operational efficiency but rather from the timing of large, lumpy contract settlements.
As reported in financial disclosures, SkyWater's capital expenditure as a percentage of revenue reached as high as 24.1% in 2025Q1, reflecting the heavy investment required to maintain and upgrade its specialized semiconductor fabrication facilities to meet ATS program demands.
The high capital intensity relative to revenue suggests that the company must continuously reinvest to remain competitive in the specialty foundry space. Given the current cash position, this level of spending may necessitate further external financing if the ATS-to-production bridge does not yield higher, more consistent cash margins.
Quick answers to the most common questions about buying SKYT stock.
SkyWater Technology, Inc. (SKYT) generated $-24.1M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
SkyWater Technology, Inc. (SKYT) reported negative free cash flow of $53.2M in 2025, indicating capital requirements exceeded cash from operations.
SkyWater Technology, Inc. (SKYT) spent $29.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.