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Skywater Exhibit 99.1 SkyWater Technology Reports First Quarter 2021 Results Record Net Sales of $ 48 Million BLOOMINGTON , Minn . , - May 18 , 2021 - SkyWater Technology ( NASDAQ : SKYT ) today announced financial results for the first quarter of 2021 , ended April 4 , 2021 . • Net sales grew 30 % year - over - year to $ 48.1 million Net loss to shareholders of $ 2.8 million , or ( 6 % ) of net sales Adjusted EBITDA of $ 5.6 million , or 12 % of net sales " SkyWater delivered record net sales in our first quarter driven by continued growth in our Advanced Technology Services ( ATS ) business , " said SkyWater Technology president and chief executive officer Thomas Sonderman . “ Our Minnesota fab is ramping automotive and loT - related production activities as we see significant increases in demand while continuing to transition customers from ATS into volume Wafer Services . During the quarter we also engaged with several new partners in both our ATS business and as part of our 130 nanometer ( nm ) mixed - signal offering . " Mr. Sonderman continued , " The start - up of SkyWater's Advanced Packaging fab in Florida is progressing as planned with the existing Department of Defense program commencement underway . Completing our initial public offering in April , while delivering a strong quarter , is a testament to the dedication and tenacity of SkyWater's employees as we co - create the next generation of disruptive technologies with our customers . " In USD millions Q1 21 Q1 20 Y / Y Q4 20 Q / Q Advanced Technology Services sales $ 38.1 $ 23.6 61 % $ 26.3 45 % Wafer Services sales $ 10.0 $ 13.3 ( 25 % ) $ 13.5 ( 26 % ) Net sales $ 48.1 $ 36.9 30 % $ 39.8 21 % Gross Profit $ 9.2 $ 6.4 43 % $ 4.8 91 % Gross Margin 19.1 % 17.4 % 170 bps 12.0 % 710 bps Net loss to shareholders ( $ 2.8 ) ( $ 1.4 ) ( 104 % ) ( $ 12.3 ) 77 % Net loss to shareholders margin ( 5.8 % ) ( 3.7 % ) ( 210 ) bps ( 30.9 % ) Adjusted EBITDA Adjusted EBITDA margin $ 5.6 11.7 % $ 5.3 14.5 % 5 % ( 280 ) bps $ 0.4 2,510 bps 1,370 % 1.0 % 1,070 bps