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Exhibit 99.1 Skywater SkyWater Technology Reports Third Quarter 2021 Results BLOOMINGTON , Minn . , - Year - over - Year Revenue Growth of 6 % - November 2 , 2021 SkyWater Technology ( NASDAQ : SKYT ) , the trusted technology realization partner today announced financial results for the third quarter of 2021 , ended October 3 , 2021 . • Revenue grew 6 % year - over - year to $ 35.0 million Net loss to shareholders of $ 13.9 million , or ( 40 ) % of revenue Adjusted EBITDA of $ ( 2.7 ) million , or ( 7.7 ) % of revenue " We made important progress on our Radiation Hardened and Power Management platform qualifications while adding eight new Advanced Technology Services customers in the quarter , for a total of 25 in the past twelve months , " said SkyWater president and CEO Thomas Sonderman . " Supply chain challenges and hiring constraints plus continued delays in the funding of existing United States Government programs had a magnified near - term effect on the company . This resulted in delayed revenue for certain Advanced Technology Services and Wafer Services programs in the amount of approximately $ 15 million for the third and fourth quarter of 2021. Despite these headwinds , the company continued to aggressively ramp our Advanced Technology Services and Wafer Services businesses and sustainably grew our overall sales pipeline . All of these factors give us a strong conviction in our long - term growth model of 25 % annual top line growth . " Q3 2021 Summary : GAAP In USD millions , except per share data Advanced Technology Services Q3 21 Q3 20 Y / Y Q2 21 Q / Q revenue $ 22.4 $ 24.2 ( 8 ) % $ 26.9 ( 17 ) % Wafer Services revenue $ 12.7 $ 8.8 44 % $ 14.3 ( 12 ) % Revenue $ 35.0 $ 33.0 6 % $ 41.2 ( 15 ) % Gross profit ( loss ) $ ( 1.8 ) $ 7.3 ( 125 ) % $ 1.8 ( 201 ) % Gross margin ( 5.2 ) % 22.1 % ( 2,730 ) bps 4.4 % ( 960 ) bps Net loss to shareholders $ ( 13.9 ) $ ( 1.7 ) ( 739 ) % $ ( 7.0 ) ( 99 ) % Basic loss per share $ ( 0.36 ) $ ( 0.09 ) ( 300 ) % $ ( 0.20 ) ( 80 ) %