SkyWater Technology (SKYT) 10-Q 4 Aug 21 2021 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jul. 04, 2021	Aug. 02, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jul. 4, 2021
Document Transition Report	false
Entity File Number	001-40345
Entity Registrant Name	SkyWater Technology, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	37-1839853
Entity Address, Address Line One	2401 East 86th Street
Entity Address, City or Town	Bloomington
Entity Address, State or Province	MN
Entity Address, Postal Zip Code	55425
City Area Code	952
Local Phone Number	851-5200
Title of 12(b) Security	Common stock, par value $0.01 per share
Trading Symbol	SKYT
Security Exchange Name	NASDAQ
Entity Current Reporting Status	No
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		39,059,743
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Entity Central Index Key	0001819974
Current Fiscal Year End Date	--01-02
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jul. 04, 2021	Jan. 03, 2021
Current assets:
Cash and cash equivalents	$ 64,603	$ 7,436
Accounts receivable, net	33,396	29,995
Inventories	29,167	27,169
Prepaid expenses and other current assets	3,597	11,972
Total current assets	130,763	76,572
Property and equipment, net	179,441	178,078
Intangible assets, net	4,029	4,561
Other assets	4,518	3,998
Total assets	318,751	263,209
Current liabilities:
Current portion of long-term debt	1,006	2,772
Accounts payable	15,880	16,792
Accrued expenses	20,733	25,496
Income taxes payable	539	1,710
Current portion of contingent consideration	3,900	8,904
Deferred revenue - current	24,919	30,653
Total current liabilities	66,977	86,327
Long-term liabilities:
Long-term debt, less current portion and unamortized debt issuance costs	65,348	69,828
Contingent consideration, less current portion	0	1,996
Long-term incentive plan	3,648	3,185
Deferred revenue - long-term	84,438	95,399
Deferred income tax liability, net	2,866	8,058
Total long-term liabilities	156,300	178,466
Total liabilities	223,277	264,793
Commitments and contingencies
Shareholders’ equity (deficit):
Preferred stock, $0.01 par value per share (80,000,000 and zero shares authorized; zero issued and outstanding)	0	0
Common stock, $0.01 par value per share (200,000,000 and zero shares authorized; 39,059,743 and zero shares issued and outstanding)	391	0
Additional paid-in capital	110,082	0
Common units (zero and 5,000,000 units authorized; zero and 3,057,344 units issued; zero and 2,107,452 outstanding)	0	3,767
Accumulated deficit	(13,573)	(3,783)
Total shareholders’ equity (deficit), SkyWater Technology, Inc.	96,900	(16)
Non-controlling interests	(1,426)	(1,568)
Total shareholders’ equity (deficit)	95,474	(1,584)
Total liabilities and shareholders’ equity	318,751	263,209
Class A Units
Shareholders’ equity (deficit):
Preferred units	0	0
Total shareholders’ equity (deficit)	0	0
Class B Units
Shareholders’ equity (deficit):
Preferred units	0	0
Total shareholders’ equity (deficit)	$ 0	$ 0

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jul. 04, 2021	Jan. 03, 2021
Preferred stock, par value per share (in USD per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	80,000,000	0
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value per share (in USD per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	200,000,000	0
Common stock, shares issued (in shares)	39,059,743	0
Common stock, shares outstanding (in shares)	39,059,743	0
Common units authorized (in shares)	0	5,000,000
Common units issued (in shares)	0	3,057,344
Common units outstanding (in shares)	0	2,107,452
Class A Units
Preferred units authorized (in shares)	0	2,000,000
Preferred units issued (in shares)	0	0
Preferred units outstanding (in shares)	0	0
Class B Units
Preferred units authorized (in shares)	0	18,000,000
Preferred units issued (in shares)	0	18,000,000
Preferred units outstanding (in shares)	0	18,000,000

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 04, 2021	Jun. 28, 2020	Jul. 04, 2021	Jun. 28, 2020
Net sales	$ 41,189	$ 30,759	$ 89,290	$ 67,663
Cost of sales	39,377	25,297	78,312	55,777
Gross profit	1,812	5,462	10,978	11,886
Research and development	3,339	786	5,266	1,448
Selling, general and administrative expenses	15,415	6,921	24,018	12,554
Change in fair value of contingent consideration	(942)	712	(886)	1,553
Operating loss	(16,000)	(2,957)	(17,420)	(3,669)
Other income (expense):
Paycheck Protection Program loan forgiveness	6,453	0	6,453	0
Change in fair value of warrant liability	0	(99)	0	(240)
Interest expense	(912)	(1,322)	(1,970)	(2,784)
Total other expense	5,541	(1,421)	4,483	(3,024)
Loss before income taxes	(10,459)	(4,378)	(12,937)	(6,693)
Income tax (benefit) expense	(4,237)	915	(4,662)	(28)
Net loss	(6,222)	(5,293)	(8,275)	(6,665)
Less: net income attributable to non-controlling interests	757	0	1,515	0
Net loss attributable to SkyWater Technology, Inc.	$ (6,979)	$ (5,293)	$ (9,790)	$ (6,665)
Net loss per unit, basic (in USD per share)	$ (0.20)		$ (0.54)
Net loss per unit, diluted (in USD per share)	$ (0.20)		$ (0.54)
Weighted average units used in computing net loss per unit, basic (in shares)	34,707,758		18,884,051
Weighted average units used in computing net loss per unit, diluted (in shares)	34,707,758		18,884,051
Class B Units
Other income (expense):
Net loss per unit, basic (in USD per share)		$ (0.29)		$ (0.37)
Net loss per unit, diluted (in USD per share)		$ (0.29)		$ (0.37)
Weighted average units used in computing net loss per unit, basic (in shares)		18,000,000		18,000,000
Weighted average units used in computing net loss per unit, diluted (in shares)		18,000,000		18,000,000

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands	Total	Preferred Stock	Common Stock	Additional Paid-in Capital	Retained Earnings (Accumulated Deficit)	Total Shareholders’ Equity (Deficit), SkyWater Technology, Inc.	Non-controlling Interests	Class A Units	Class B Units	Common Units
Beginning balance (in shares) at Dec. 29, 2019		0	0					0	18,000,000	0
Beginning balance at Dec. 29, 2019	$ 24,167	$ 0	$ 0	$ 0	$ 16,834	$ 24,167	$ 0	$ 0	$ 0	$ 7,333
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Unit-based compensation	488					488				$ 488
Net income (loss)	(6,665)				(6,665)	(6,665)
Ending balance (in shares) at Jun. 28, 2020		0	0					0	18,000,000	0
Ending balance at Jun. 28, 2020	17,990	$ 0	$ 0	0	10,169	17,990	0	$ 0	$ 0	$ 7,821
Beginning balance (in shares) at Mar. 29, 2020		0	0					0	18,000,000	0
Beginning balance at Mar. 29, 2020	23,283	$ 0	$ 0	0	15,462	23,283	0	$ 0	$ 0	$ 7,821
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(5,293)				(5,293)	(5,293)
Ending balance (in shares) at Jun. 28, 2020		0	0					0	18,000,000	0
Ending balance at Jun. 28, 2020	17,990	$ 0	$ 0	0	10,169	17,990	0	$ 0	$ 0	$ 7,821
Beginning balance (in shares) at Jan. 03, 2021		0	0					0	18,000,000	2,108,000
Beginning balance at Jan. 03, 2021	(1,584)	$ 0	$ 0	0	(3,783)	(16)	(1,568)	$ 0	$ 0	$ 3,767
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Unit-based compensation	5					5				$ 5
Other (in shares)										(2,000)
Corporate conversion (in shares)			31,056,000						18,000,000	2,106,000
Corporate conversion	0		$ 311	3,461						$ 3,772
Issuance of common stock sold in initial public offering (in shares)			8,004,000
Issuance of common stock sold in initial public offering, net of issuance costs	100,162		$ 80	100,082		100,162
Stock-based compensation	6,539			6,539		6,539
Distribution to VIE member	(1,373)						(1,373)
Net income (loss)	(8,275)				(9,790)	(9,790)	1,515
Ending balance (in shares) at Jul. 04, 2021		0	39,060,000					0	0	0
Ending balance at Jul. 04, 2021	95,474	$ 0	$ 391	110,082	(13,573)	96,900	(1,426)	$ 0	$ 0	$ 0
Beginning balance (in shares) at Apr. 04, 2021		0	0					0	18,000,000	2,106,000
Beginning balance at Apr. 04, 2021	(4,613)	$ 0	$ 0	0	(6,594)	(2,822)	(1,791)	$ 0	$ 0	$ 3,772
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Corporate conversion (in shares)			31,056,000						18,000,000	2,106,000
Corporate conversion	0		$ 311	3,461						$ 3,772
Issuance of common stock sold in initial public offering (in shares)			8,004,000
Issuance of common stock sold in initial public offering, net of issuance costs	100,162		$ 80	100,082		100,162
Stock-based compensation	6,539			6,539		6,539
Distribution to VIE member	(392)						(392)
Net income (loss)	(6,222)				(6,979)	(6,979)	757
Ending balance (in shares) at Jul. 04, 2021		0	39,060,000					0	0	0
Ending balance at Jul. 04, 2021	$ 95,474	$ 0	$ 391	$ 110,082	$ (13,573)	$ 96,900	$ (1,426)	$ 0	$ 0	$ 0

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jul. 04, 2021	Jun. 28, 2020
Cash flows from operating activities:
Net loss	$ (8,275)	$ (6,665)
Adjustments to reconcile net loss to net cash flows (used in) provided by operating activities:
Depreciation and amortization	13,336	8,639
Gain on Paycheck Protection Program loan forgiveness	(6,453)	0
Foundry services obligation	0	(3,732)
Gain on sale of property and equipment	0	(1,117)
Amortization of debt issuance costs included in interest expense	320	781
Long-term incentive and stock-based compensation	7,008	865
Change in fair value of warrant liability	0	240
Change in fair value of contingent consideration	(886)	1,553
Cash paid for contingent consideration in excess of initial valuation	(6,114)	0
Deferred income taxes	(5,191)	(1,190)
Non-cash revenue related to customer equipment	(2,481)	0
Changes in operating assets and liabilities:
Accounts receivable	(3,401)	43,854
Inventories	(1,998)	(1,778)
Prepaid expenses and other assets	5,672	(5,390)
Accounts payable	(610)	(529)
Accrued expenses	(3,872)	9,841
Deferred revenue	(16,695)	56,777
Income tax payable and receivable	(1,171)	886
Net cash (used in) provided by operating activities	(30,811)	103,035
Cash flows from investing activities:
Purchase of software and licenses	(357)	0
Proceeds from sale of property and equipment	0	1,650
Purchases of property and equipment	(12,898)	(38,409)
Net cash used in investing activities	(13,255)	(36,759)
Cash flows from financing activities:
Proceeds from issuance of common stock pursuant to the initial public offering, net of underwriting discounts and commissions	104,212	0
Cash paid for offering costs	(1,205)	0
Proceeds from Paycheck Protection Program loan	0	6,453
Repayment of term loan	0	(2,574)
Net repayment on line of credit	0	(9,759)
Net proceeds from Revolver	382	0
Repayment of Financing	(495)	0
Cash paid for capital leases	(288)	0
Cash paid for debt issuance costs	0	(100)
Cash paid for contingent consideration	0	(5,253)
Distributions to VIE member	(1,373)	0
Net cash provided by (used in) financing activities	101,233	(11,233)
Net change in cash and cash equivalents	57,167	55,043
Cash and cash equivalents - beginning of period	7,436	4,605
Cash and cash equivalents - end of period	64,603	59,648
Supplemental disclosure of cash flow information:
Interest	1,635	2,144
Income taxes	1,701	90
Noncash investing and financing activity:
Capital expenditures incurred, not yet paid	11,444	13,808
Common stock issuance costs incurred, not yet paid	662	0
Equipment acquired through capital lease obligations	$ 2,603	$ 0

Nature of Business

Nature of Business	6 Months Ended
	Jul. 04, 2021
Accounting Policies [Abstract]
Nature of Business	Nature of Business SkyWater Technology, Inc., together with its consolidated subsidiaries (collectively, “we”, “us”, “our”, or “SkyWater”), is a U.S. investor-owned, independent, pure-play technology foundry that offers advanced semiconductor development and manufacturing services from our fabrication facility, or fab, in Minnesota and advanced packaging services from our Florida facility. In our technology as a service model, we leverage a strong foundation of proprietary technology to co-develop process technology intellectual property with our customers that enables disruptive concepts through our Advanced Technology Services for diverse microelectronics (integrated circuits, or ICs) and related micro- and nanotechnology applications. In addition to these differentiated technology development services, we support customers with volume production of ICs for high-growth markets through our Wafer Services. Emerging Growth Company Status We are an emerging growth company, as defined in the Jumpstart Our Business Startups Act of 2012. Corporate Conversion and Initial Public Offering Effective April 14, 2021, we converted into a Delaware corporation pursuant to a statutory conversion and changed our name to SkyWater Technology, Inc. Previously, we operated as a Delaware limited liability company under the name CMI Acquisition, LLC. As a result of the corporate conversion, the holders of the different series of units of CMI Acquisition, LLC, became holders of common stock and options to purchase common stock of SkyWater Technology, Inc. The number of shares of common stock that holders of Class B preferred units and common units were entitled to receive in the corporate conversion was determined in accordance with a plan of conversion, which was based upon the terms of the CMI Acquisition, LLC operating agreement, and varied depending on which class of Units a holder owned. See Note 8 – Shareholders’ Equity . On April 23, 2021, we completed our initial public offering (“IPO”) and issued 8,004,000 shares of common stock, including the underwriter’s exercise of their right to purchase additional shares, at an initial offering price to the public of $14.00 per share. We received net proceeds from the IPO of approximately $100,162 after deducting underwriting discounts and commissions of $7,844 and offering costs of approximately $4,050. Shares of common stock began trading on the Nasdaq Stock Market on April 21, 2021 under the symbol “SKYT”. The shares were registered under the Securities Act on a registration statement on Form S-1, which was declared effective by the Securities and Exchange Commission (“SEC”) on April 20, 2021.

Basis of Presentation and Princ

Basis of Presentation and Principles of Consolidation	6 Months Ended
	Jul. 04, 2021
Accounting Policies [Abstract]
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of ConsolidationThe condensed consolidated financial statements as of July 4, 2021, and for the three and six months ended July 4, 2021 and June 28, 2020, are presented in thousands of U.S. dollars (except share and per share information), are unaudited and have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information. Accordingly, they do not include all financial information and disclosures required by U.S. GAAP for complete financial statements. These unaudited interim condensed consolidated financial statements should be read in conjunction with our audited consolidated financial statements and the related notes thereto as of January 3, 2021. The unaudited interim condensed consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements and, in the opinion of management, reflect all adjustments, which include normal recurring adjustments, necessary for a fair statement of our financial position as of July 4, 2021, our results of operations and shareholders' equity for the three and six months ended July 4, 2021 and June 28, 2020, and our cash flows for the six months ended July 4, 2021 and June 28, 2020. The results of operations for the three and six months ended July 4, 2021 are not necessarily indicative of the results of operations to be expected for the year ending January 2, 2022, or for any other interim period, or for any other future year. Principles of Consolidation Our condensed consolidated financial statements include our assets, liabilities, revenues, and expenses, as well as the assets, liabilities, revenues, and expenses of subsidiaries in which we have a controlling financial interest, SkyWater Technology Foundry, Inc. (“SkyWater Technology Foundry”), SkyWater Federal, LLC (“SkyWater Federal”), and SkyWater Florida, Inc. (“SkyWater Florida”), and variable interest entities (“VIE”) for which we are the primary beneficiary. All intercompany accounts and transactions have been eliminated in consolidation. The condensed consolidated statements of operations, shareholders’ equity and cash flows are for the three and six months ended July 4, 2021 and June 28, 2020. The three and six months ended July 4, 2021 and June 28, 2020 each consisted of 13 and 26 weeks, respectively. Use of Estimates The preparation of our condensed consolidated financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Management evaluates these estimates and judgments on an ongoing basis and bases its estimates on experience, current and expected future conditions, third-party evaluations and various other assumptions that management believes are reasonable under the circumstances. Actual results could differ from those estimates. COVID-19 In March 2020, the World Health Organization declared the novel coronavirus 2019 (“COVID-19”) outbreak a global pandemic. The COVID-19 pandemic has spread throughout the United States and the world, with the continued potential for significant impact. Our business has been adversely affected by the effects of the COVID-19 pandemic. We implemented modifications to employee travel and employee work locations, as required in some cases by federal, state and local authorities, which has had a negative impact on employee productivity. Because we have manufacturing operations, we may be vulnerable to an outbreak of a new coronavirus or other contagious diseases. Although we have not experienced a shutdown of our manufacturing facilities, the effects of such an outbreak could include the temporary shutdown of our operations or the operations of our customers, disruptions or restrictions on the ability to ship our products to our customers as well as disruptions that may affect our suppliers. Any disruption of our ability to manufacture or distribute our products, the ability of our suppliers to deliver key components on a timely basis, or our customers’ ability to order and take delivery of our products could have a material adverse effect on our sales and operating results. The future broader implications of the pandemic remain uncertain and will depend on certain future developments, including the duration, scope and severity of the pandemic and the availability and effectiveness of vaccines. Net Loss Per Share We calculate basic and diluted net loss per common share in conformity with the two-class method required for companies with participating securities. Our previously outstanding Class B preferred units met the criteria of a participating security as they contained the rights to an 8% “preferred return” on the deemed original equity value of each such Class B preferred unit (accrued daily since the date of issuance of each such Class B preferred unit). Under the two-class method, income or losses are allocated between the common shareholders and the Class B preferred unitholders. The two-class method includes an allocation formula that determines income or loss per unit for each class according to preferred dividends and undistributed earnings or losses for the period. Our reported net loss for the three and six months ended July 4, 2021 is increased by the amount allocated to the Class B preferred units to arrive at the loss allocated to common shareholders for purposes of calculating net loss per share. For the three and six months ended June 28, 2020, we did not apply the two-class method since only Class B preferred units were outstanding and were thus the lowest level of equity subordination. As a result of our April 2021 corporate conversion and IPO, the number of common shares used to compute net loss per common share for the three and six months ended July 4, 2021 were retrospectively adjusted to reflect the conversion akin to a split-like situation. Our historical balance sheets reflect the number of common units outstanding prior to the corporate conversion and no adjustment was made. Basic net loss per share is calculated by dividing the net loss by the weighted-average number of shares outstanding during the period, without consideration for potentially dilutive securities. Diluted net loss per share is computed by dividing the net loss by the weighted-average number of shares and potentially dilutive securities outstanding for the year determined using the treasury-stock method. Because we reported a net loss for the three and six months ended July 4, 2021 and June 28, 2020, the number of shares used to calculate diluted net loss per common share is the same as the number of units used to calculate basic net loss per common share because the potentially dilutive shares would have been anti-dilutive if included in the calculation. At July 4, 2021, there were restricted stock units and stock options totaling 3,966,000 excluded from the computation of diluted weighted-average because their inclusion would have been anti-dilutive. There were no restricted stock units and stock options outstanding at June 28, 2020. The following table sets forth the computation of basic and diluted net loss per common share for the three and six months ended July 4, 2021: Three Months Ended Six Months Ended (in thousands, except per share data) Numerator: Net loss attributable to SkyWater Technology, Inc. $ (6,979) $ (9,790) Undistributed preferred return to Class B preferred unitholders (39) (398) Net loss attributable to common shareholders $ (7,018) $ (10,188) Denominator: Weighted-average common shares outstanding, basic and diluted (1) 34,708 18,884 Net loss per common share, basic and diluted $ (0.20) $ (0.54) __________________ (1) The weighted-average common shares outstanding for the three and six months ended July 4, 2021 reflects the retrospective adjustment for the April 14, 2021 corporate conversion of 2,105,936 common units into 3,060,343 shares of common stock. The April 14, 2021 corporate conversion of 18,000,000 Class B preferred units into 27,995,400 shares of common stock is reflected prospectively on the date of conversion for the three and six months ended July 4, 2021. The following table sets forth the computation of basic and diluted net loss per unit attributable to Class B preferred unitholders for the three and six months ended June 28, 2020. There were no common units outstanding during the period. Three Months Ended Six Months Ended (in thousands, except per unit data) Numerator: Net loss attributable to SkyWater Technology, Inc. $ (5,293) $ (6,665) Denominator: Weighted-average Class B preferred units outstanding, basic and diluted 18,000 18,000 Net loss per unit attributable to Class B preferred unitholders, basic and diluted $ (0.29) $ (0.37) Center for NeoVation Through our subsidiary, SkyWater Florida, we entered into several agreements on January 25, 2021 with the government of Osceola County, Florida (“Osceola”) and ICAMR, Inc., a Florida non-profit corporation (“BRIDG”), to operate the Center for NeoVation (“CfN”), a semiconductor research and development and manufacturing facility. These agreements included a technology and economic development agreement (the “TED Agreement”), a lease agreement (the “CfN Lease”) and a semiconductor line operation agreement (the “LOA”). Under the TED Agreement and the CfN Lease, we agreed to operate the CfN, including certain semiconductor manufacturing equipment, and an advanced water treatment facility currently owned by Osceola for a period of at least 23 years for a lease payment of $1.00 per year. During the period of the CfN Lease, we are responsible for taxes, utilities, insurance, maintenance and operation of those assets. We may terminate the TED Agreement and CfN Lease with 18 months’ notice. In the event we terminate the agreements, we would be required to continue to operate the center until we find a replacement operator or the 18 months expire and may be required to make a payment of up to $15,000 to Osceola. We are accounting for the CfN Lease as a lease. Given the nominal minimum lease payments required under the lease ($23.00), no assets were initially recognized on our condensed consolidated balance sheet. As we perform under the agreements, expenses we incur and any revenue we are able to generate from the operations of CfN will be included in our condensed consolidated statements of operations as they are incurred or earned. If we are able to reach and maintain full capacity in the CfN for a minimum period of 20 years, Osceola will convey the land, buildings and equipment to us for no consideration at the end of the CfN Lease. At such time that we believe the conveyance of the land, buildings and equipment is reasonably assured, we will record those assets on our condensed consolidated balance sheet at fair value and record a corresponding deferred gain. We will subsequently depreciate the assets over their remaining economic life and recognize an equivalent amount of income from the amortization of the deferred gain. Operating Segment Information Operating segments are identified as components of an enterprise about which separate financial information is available for evaluation by the chief operating decision-maker in making decisions regarding resource allocation and assessing performance. We view our operations and manage our business as one operating segment.

Summary Of Significant Accounti

Summary Of Significant Accounting Policies	6 Months Ended
	Jul. 04, 2021
Accounting Policies [Abstract]
Summary Of Significant Accounting Policies	Summary of Significant Accounting Policies Our audited consolidated financial statements include an additional discussion of the significant accounting policies and estimates used in the preparation of our consolidated financial statements. There were no material changes to our significant accounting policies and estimates during the three and six months ended July 4, 2021. Contingent Consideration Royalties of $2,758 and $2,714 were paid during the three months ended July 4, 2021 and June 28, 2020, respectively, and $6,114 and $5,253 during the six months ended July 4, 2021 and June 28, 2020, respectively. During the three months ended July 4, 2021 and June 28, 2020, we recorded royalty expense of $(942) and $712, respectively, to reflect the change in fair value of the contingent consideration obligation in our condensed consolidated statements of operations. During the six months ended July 4, 2021 and June 28, 2020, we recorded royalty expense of $(886) and $1,553, respectively, to reflect the change in fair value of the contingent consideration obligation in our condensed consolidated statements of operations. Recently Issued Accounting Standards In February 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-2, Leases (“Topic 842”). The guidance in this ASU supersedes the leasing guidance in Topic 840, Leases. Under the new guidance, lessees are required to recognize lease assets and lease liabilities on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the statement of operations. The standard is effective for public business entities for fiscal years beginning after December 15, 2018. As an emerging growth company, we intend to adopt the new standard on January 3, 2022 for our year ending January 1, 2023. However if we lose our emerging growth company status prior to our intended adoption date, we may be required to adopt the new standard in the year we lose such status. We do not expect adopting Topic 842 will have a material impact on our condensed consolidated financial statements. In June 2016, the FASB issued a new credit loss accounting standard, ASU 2016-13, Current Expected Credit Losses (“Topic 326”). This guidance replaces the current allowance for loan and lease loss accounting standard and focuses on estimation of expected losses over the life of the loans instead of relying on incurred losses. The standard is effective for certain public business entities for fiscal years beginning after December 15, 2019. As an emerging growth company, we intend to adopt the new standard on January 2, 2023 for our year ending December 31, 2023. However if we lose our emerging growth

Revenue

Revenue	6 Months Ended
	Jul. 04, 2021
Revenue from Contract with Customer [Abstract]
Revenue	Revenue BRIDG In connection with the TED Agreement and CfN Lease as discussed in Note 2 – Basis of Presentation and Principles of Consolidation – Center for NeoVation , we executed the LOA pursuant to which we agreed to provide engineering and test wafer services as requested by BRIDG based on our standard hourly and activity-based rates, which we are accounting for as revenue over time as we perform. In addition, we agreed to provide BRIDG access to the cleanrooms in the facilities that are subject to the TED Agreement and the CfN Lease for an access fee of approximately $14,000. We are accounting for the access fee as a stand-ready obligation with revenue recognized ratably over 38 months, the life of BRIDG’s third-party contracts for which we are a subcontractor. Disaggregated Revenue The following table discloses revenue by service type and the timing of recognition of revenue for transfer of goods and services to customers (point-in-time or over time): Three Months Ended July 4, 2021 Topic 606 Revenue Point-in-Time Over Time Lease Revenue Total Revenue Wafer Services $ 14,312 $ — $ — $ 14,312 Advanced Technology Services T&M — 10,692 — 10,692 Fixed Price — 15,018 — 15,018 Other — — 1,167 1,167 Total Advanced Technology Services — 25,710 1,167 26,877 Total revenue $ 14,312 $ 25,710 $ 1,167 $ 41,189 Three Months Ended June 28, 2020 Topic 606 Revenue Point-in-Time Over Time Revenue recognized from foundry services obligation Total Revenue Wafer Services $ 10,885 $ — $ 11 $ 10,896 Advanced Technology Services T&M — 12,548 — 12,548 Fixed Price — 7,315 — 7,315 Total Advanced Technology Services — 19,863 — 19,863 Total revenue $ 10,885 $ 19,863 $ 11 $ 30,759 Six Months Ended July 4, 2021 Topic 606 Revenue Point-in-Time Over Time Lease Revenue Total Revenue Wafer Services $ 24,331 $ — $ — $ 24,331 Advanced Technology Services T&M — 21,484 — 21,484 Fixed Price — 41,141 — 41,141 Other — — 2,334 2,334 Total Advanced Technology Services — 62,625 2,334 64,959 Total revenue $ 24,331 $ 62,625 $ 2,334 $ 89,290 Six Months Ended June 28, 2020 Topic 606 Revenue Point-in-Time Over Time Revenue recognized from foundry services obligation Total Revenue Wafer Services $ 23,815 $ — $ 399 $ 24,214 Advanced Technology Services T&M — 31,954 — 31,954 Fixed Price — 11,495 — 11,495 Other — — — — Total Advanced Technology Services — 43,449 — 43,449 Total revenue $ 23,815 $ 43,449 $ 399 $ 67,663 The following table discloses revenue by country as determined based on customer address: Three Months Ended Six Months Ended July 4, 2021 June 28, 2020 July 4, 2021 June 28, 2020 United States $ 36,612 $ 26,327 $ 80,233 $ 57,797 Canada 1,547 2,048 3,156 5,084 All others 3,030 2,384 5,901 4,782 $ 41,189 $ 30,759 $ 89,290 $ 67,663 Deferred Contract Costs We recognized amortization of deferred contract costs in our condensed consolidated statements of operations totaling $426 and $0 for the three months ended July 4, 2021 and June 28, 2020, respectively, and $977 and $0 for the six months ended July 4, 2021 and June 28, 2020, respectively. Contract Assets Contract assets are $15,969 and $8,147 at July 4, 2021 and January 3, 2021, respectively, and are included in accounts receivable, net in our condensed consolidated balance sheets. Contract Liabilities The contract liabilities and other significant components of deferred revenue are as follows: July 4, 2021 January 3, 2021 Contract Deferred Total Contract Deferred Total Current $ 20,252 $ 4,667 $ 24,919 $ 25,986 $ 4,667 $ 30,653 Long-term 70,827 13,611 84,438 79,455 15,944 95,399 Total $ 91,079 $ 18,278 $ 109,357 $ 105,441 $ 20,611 $ 126,052 The decrease in contract liabilities from January 3, 2021 to July 4, 2021 was primarily the result of completion of specific performance obligations for our customers. Approximately 20% of our total contract liabilities at January 3, 2021 were recognized in revenue in the first six months of 2021. Remaining Performance Obligations As of July 4, 2021, we had approximately $85,019 of transaction price allocated to remaining performance obligations that are unsatisfied (or partially satisfied) on contracts with an original expected duration of one year or more, which are primarily related to Advanced Technology Services contracts. We expect to recognize those remaining performance obligations as follows: Within one year $ 15,196 From one to two years 12,695 From two to three years 12,695 After three years 44,433 Total $ 85,019 We do not disclose the value of remaining performance obligations for contracts with an original expected duration of one year or less. Further, we do not adjust the promised amount of consideration for the effects of a significant financing component if we expect, at contract inception, that the period between when we transfer a promised good or service to a customer and when the customer pays for that good or service will be one year or less.

Balance Sheet Information

Balance Sheet Information	6 Months Ended
	Jul. 04, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Balance Sheet Information	Balance Sheet Information Certain significant amounts included in our condensed consolidated balance sheets consist of the following: Accounts receivable, net: July 4, 2021 January 3, 2021 Trade accounts receivable $ 17,197 $ 21,357 Unbilled revenue (contract assets) 15,969 8,147 Note receivable — 230 Employee note receivable 223 222 Other receivables 7 39 Total accounts receivable, net $ 33,396 $ 29,995 On December 31, 2020, we entered into a note receivable with a key employee for $222. The note may be repaid any time prior to its maturity date of March 31, 2022 and bears interest at 6%. Inventories: July 4, 2021 January 3, 2021 Raw materials $ 2,585 $ 1,463 Work-in-process 20,874 19,719 Supplies and spare parts 5,708 5,987 Total inventories—current 29,167 27,169 Supplies and spare parts classified as other assets 2,350 1,949 Total inventories $ 31,517 $ 29,118 Prepaid expenses and other current assets: July 4, 2021 January 3, 2021 Prepaid expenses $ 1,839 $ 2,761 Equipment purchased for customers (1) — 5,343 Deferred contract costs 1,724 1,647 Deferred offering costs — 2,183 Other 34 38 Total prepaid assets and other current assets $ 3,597 $ 11,972 __________________ (1) We acquired equipment for a customer that we installed and calibrated in our facility. Prior to the customer obtaining ownership and control of the equipment, we recorded costs incurred to date within prepaid expenses and other current assets. Property and equipment, net: July 4, 2021 January 3, 2021 Land $ 5,396 $ 5,396 Buildings and improvements 86,092 85,197 Machinery and equipment 135,824 124,130 Fixed assets not yet in service 23,823 22,602 Total property and equipment, at cost 251,135 237,325 Less: Accumulated depreciation (71,694) (59,247) Total property and equipment, net $ 179,441 $ 178,078 Depreciation expense was $6,400 and $4,130 for the three months ended July 4, 2021 and June 28, 2020, respectively, and $12,447 and $8,261 for the six months ended July 4, 2021 and June 28, 2020, respectively. Intangible assets, net: Intangible assets consist of purchased software and license costs and a customer list from our acquisition of the business in 2017. Intangible assets are summarized as follows: July 4, 2021 January 3, 2021 Customer list $ 1,500 $ 1,500 Software and licenses 5,766 5,408 Total intangible assets, at cost 7,266 6,908 Less: Accumulated amortization (3,237) (2,347) Total intangible assets, net $ 4,029 $ 4,561 For the three months ended July 4, 2021 and June 28, 2020, amortization of the customer list intangible asset charged to operations was $88 and amortization of software and licenses was $366 and $99, respectively. For the six months ended July 4, 2021 and June 28, 2020, amortization of the customer list intangible asset charged to operations was $176 and amortization of software and licenses was $713 and $202, respectively. Remaining estimated aggregate annual amortization expense is as follows for the years ending: Amortization Remainder of 2021 $ 842 2022 1,140 2023 800 2024 445 2025 445 Thereafter 357 Total $ 4,029 Other assets: July 4, 2021 January 3, 2021 Supplies and spare parts $ 2,350 $ 1,949 Deferred contract costs 1,699 2,049 Other assets 469 — Total other assets $ 4,518 $ 3,998 Accrued expenses: July 4, 2021 January 3, 2021 Accrued compensation $ 5,624 $ 6,315 Accrued commissions 1,586 5,183 Accrued fixed asset expenditures 2,468 6,337 Accrued royalties 1,525 2,145 Accrued customer payable 1,455 783 Other accrued expenses 8,075 4,733 Total accrued expenses $ 20,733 $ 25,496

Debt

Debt	6 Months Ended
	Jul. 04, 2021
Debt Disclosure [Abstract]
Debt	Debt The components of debt outstanding are as follows: July 4, 2021 January 3, 2021 Revolver $ 32,686 $ 32,303 Financing (by VIE) 38,343 38,839 Paycheck Protection Program loan — 6,453 Unamortized debt issuance costs (1) (4,675) (4,995) Total long-term debt, including current maturities 66,354 72,600 Less: Current portion of long-term debt (1,006) (2,772) Long-term debt, excluding current portion and unamortized debt issuance costs $ 65,348 $ 69,828 __________________ (1) Unamortized debt issuance costs as of July 4, 2021 included $1,383 for the Revolver (as defined below) and $3,292 for the Financing (as defined below). Unamortized debt issuance costs as of January 3, 2021 included $1,537 for the Revolver and $3,458 for the Financing (by VIE). Revolver The outstanding balance of our amended and restated revolving credit agreement with Wells Fargo Bank, National Association (the “Revolver”) was $32,686 as of July 4, 2021 at an interest rate of 3%. Our remaining availability under the Revolver was $28,900 as of July 4, 2021. Financing On September 30, 2020, the VIE which we consolidate entered into a loan agreement for $39,000 (the “Financing”) at a fixed interest rate of 3.44%. The outstanding balance of the Financing was $38,343 as of July 4, 2021. Paycheck Protection Program Loan On April 18, 2020, we received proceeds of $6,453 pursuant to a loan from TCF Bank under the Paycheck Protection Program (the “PPP” Loan). Under the terms of the loan, recipients can apply for and be granted forgiveness for all or a portion of the loan granted under the program. During the three months ended July 4, 2021, the PPP Loan was fully forgiven and $6,453 was recorded as other income in the condensed consolidated statement of operations. Covenants As of July 4, 2021, we were not in compliance with the fixed charge coverage ratio and the leverage ratio related to the Revolver. On August 1, 2021, we entered into an amendment to the Revolver that, effective as of August 1, 2021, amended the Revolver to eliminate the requirement for us to comply with those financial covenants as of July 4, 2021. Under the Revolver, as amended, we were in full compliance with the Revolver covenant requirements as of July 4, 2021. Our VIE was in compliance with the financial covenants related to the Financing. Maturities As of July 4, 2021, the Revolver is due in December 2025. The Financing is repayable in equal monthly installments of $194 over 10 years, with the balance payable at the maturity date of October 6, 2030. Future principal payments of our Revolver and consolidated VIE’s Financing, excluding unamortized debt issuance costs, are as follows: Remainder of 2021 $ 497 2022 1,024 2023 1,060 2024 1,094 2025 33,820 Thereafter 33,534 Total $ 71,029 Historically, we have addressed our liquidity needs (including funds required to make scheduled principal and interest payments, refinance debt and fund working capital, and planned capital expenditures) with operating cash flows, borrowings under credit facilities, and proceeds from the term loans. Our ability to execute our operating strategy is dependent on our ability to continue to access capital through our Revolver, public markets and other sources of financing and if we were unable to obtain financing on reasonable terms, this may impact our ability to execute our operating strategy.

Income Taxes

Income Taxes	6 Months Ended
	Jul. 04, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Income TaxesThe effective tax rates for the three and six months ended July 4, 2021 and June 28, 2020 differ from the statutory tax rates due to state income taxes, permanent tax differences, and changes in our deferred tax asset valuation allowance. The tax rate in any quarter can be affected positively or negatively by adjustments that are required to be reported in the specific quarter of resolution. The effective income tax rate for the three and six months ended July 4, 2021 was 40.5% and 36.0%, compared to (20.9)% and 0.4% for the three and six months ended June 28, 2020. The income tax benefit rate applied to our pre-tax loss was higher for the three and six months ended July 4, 2021 than our statutory tax rate of 21% primarily due to the gain on the PPP Loan forgiveness, which is exempt from federal income taxation. For the three and six months ended June 28, 2020, the effective income tax rate applied to our pre-tax loss was lower than our statutory tax rate of 21% due to a deferred tax asset valuation allowance, partially offset by excess tax benefits related to stock-based compensation expense. Management regularly evaluates the future realization of deferred tax assets and provides a valuation allowance, if considered necessary, based on such evaluation. As part of the evaluation, management has evaluated taxable income in carryback years, future reversals of taxable temporary differences, feasible tax planning strategies, and future expectations of income. Based upon this analysis, a valuation allowance of $1,401 was recorded as of July 4, 2021 to reduce our net deferred tax assets to the amount that is more likely than not to be realized. The valuation allowance at January 3, 2021 was $1,609. No liability has been recorded for uncertain tax positions. We would accrue, if applicable, income tax related interest and penalties in income tax expense in our condensed consolidated statement of operations. There were no interest and penalties incurred during the three and six months ended July 4, 2021 and June 28, 2020.

Shareholders' Equity

Shareholders' Equity	6 Months Ended
	Jul. 04, 2021
Stockholders' Equity Note [Abstract]
Shareholders' Equity	Shareholders’ Equity Classes of Equity Units Until our corporate conversion on April 14, 2021, we had three classes of limited liability interests, designated as Class A preferred units, Class B preferred units, and common units (collectively, the “Unit” or “Units”). There were 2,000,000 Class A preferred units authorized specifically for issuance upon exercise of warrants, of which none were issued and outstanding at January 3, 2021. There were 18,000,000 Class B preferred units authorized, of which 18,000,000 were issued and outstanding at January 3, 2021. There were 5,000,000 common units authorized, of which 3,057,344 were issued as of January 3, 2021 and 2,107,452 were outstanding as of January 3, 2021. Class A preferred units and common units were non-voting classes, and Class B preferred units are a voting class. Conversion On April 14, 2021, we completed a corporate conversion. Pursuant to the certificate of incorporation effected in connection with the corporate conversion, our authorized capital stock consists of 200,000,000 shares of voting common stock, par value $0.01 per share, and 80,000,000 shares of preferred stock, par value $0.01 per share. As of July 4, 2021, giving effect to the corporate conversion and our IPO, 39,059,743 shares of common stock were issued and outstanding. No shares of our preferred stock were outstanding. As discussed in Note 1 – Nature of Business , on April 21, 2021, our common stock began trading on the Nasdaq Stock Market under the symbol “SKYT”. Upon the corporate conversion, all Units were converted into an aggregate of 31,055,743 shares of our common stock. Each Class B preferred unit and common unit was converted into a number of shares of common stock determined by dividing (1) the amount that would have been distributed in respect of each such Unit in accordance with CMI Acquisition, LLC’s operating agreement if all assets of CMI Acquisition, LLC had been sold for a cash amount equal to the pre-offering value of CMI Acquisition, LLC, as such value is determined by CMI Acquisition, LLC’s board of managers based on the fair value of each share of common stock (net of any underwriting discounts, fees and expenses), by (2) such per share fair value. The amounts that would have been distributed for this purpose in respect of Class B preferred units and common units were determined by reference to the terms of CMI Acquisition, LLC’s operating agreement, with different values applicable to each series of Units. Before any distributions were made on common units, distributions were made on each Class B preferred unit in an amount equal to the sum of an 8% “preferred return” on the deemed original equity value of each such Class B preferred unit (accrued daily since the date of issuance of each such Class B preferred unit) plus the amount of such original equity value. Only after those distributions were made, the common units, together with the Class B preferred units, shared in the remainder of the distribution on a pro rata basis. For purposes of the corporate conversion, pre-offering “per share fair value” was determined taking into account an assumed initial public offering price of common stock. Accordingly, the outstanding Units were converted as follows: • holders of Class B preferred units received an aggregate of 27,995,400 shares of common stock; and • holders of common units received an aggregate of shares 3,060,343 of common stock. Initial Public Offering On April 23, 2021, we completed our initial public offering (“IPO”) and issued 8,004,000 shares of common stock, including the underwriter’s exercise of their right to purchase additional shares, at an initial offering price to the public of $14.00 per share. We received net proceeds from the IPO of approximately $100,162 after deducting underwriting discounts and commissions of $7,844 and offering costs of approximately $4,050.

Share-Based Compensation

Share-Based Compensation	6 Months Ended
	Jul. 04, 2021
Share-based Payment Arrangement [Abstract]
Share-Based Compensation	Share-Based Compensation 2021 Equity Incentive Plan In connection with our IPO, we adopted the 2021 Equity Incentive Plan (the “2021 Equity Plan”). The 2021 Equity Plan became effective upon the consummation of the IPO and no further awards will be issued under the previous Employee Unit Option Plan. No awards remained outstanding from the Employee Unit Option Plan as of July 4, 2021 and at the corporate conversion date. Under the 2021 Equity Plan, 5,000,000 shares of common stock are available for issuance to eligible individuals in the form of options, stock appreciation rights, restricted stock, restricted stock units, deferred stock units, unrestricted stock, dividend equivalent rights, other equity-based awards and cash bonus awards. The share reserve of the 2021 Plan will be increased effective the first business day of each calendar year commencing in 2022 by an amount equal to the least of: (i) 150,000 shares of common stock; (ii) three percent (3%) of the shares of common stock outstanding on the final day of the immediately preceding calendar year; and (iii) such smaller number of shares of common stock as determined by the compensation committee. Stock Options On April 21, 2021, we granted 342,783 stock options which vest in full on the first anniversary of the grant date and expire 15 months from the grant date; and granted 744,374 stock options which vest ratably on each of the first, second, third, and fourth anniversaries of the grant date and expire 10 years from the grant date. Share-based compensation expense related to stock option awards was $439 and $0 for the three months ended July 4, 2021 and June 28, 2020, respectively, and $444 and $488 for the six months ended July 4, 2021 and June 28, 2020, respectively. Actual forfeitures are recognized as they occur. The fair value of each stock option is estimated on the date of grant using a Black-Scholes option-pricing model that uses assumptions noted in the following table. The risk-free interest rate used in the option valuation model was based on yields available on the grant dates for U.S. Treasury Strips with maturity consistent with the expected life assumption. The expected term of the option represents the period of time that options granted are expected to be outstanding and is based on the SEC Simplified Method (midpoint of average vesting time and contractual term). Expected volatility is based on an average of the historical, daily volatility of a peer group of similar companies over a period consistent with the expected life assumption ending on the grant date. We assumed no dividend yield in the valuation of the options granted as we have never declared or paid dividends on our common stock and currently intend to retain earnings for use in operations. Six Months Ended Expected volatility: 46.0% Expected term (in years): 1.13 - 6.25 Risk-free interest rate: 0.09% - 1.19% The following table summarizes our stock option activity during the six months ended July 4, 2021: Number of Stock Options Weighted Average Aggregate Intrinsic Value Weighted-Average Remaining Contractual Life Balance outstanding as of January 3, 2021 — $ — Granted 1,087 $ 14.00 Exercised — $ — Forfeited or canceled (54) $ 14.00 Balance outstanding as of July 4, 2021 1,033 $ 14.00 $ 13,003 7.1 years Balance vested and exercisable as of July 4, 2021 — $ — $ — 0.0 years The weighted average grant-date fair value of options granted in the six months ended July 4, 2021 was $5.29. As of July 4, 2021, total unrecognized compensation cost related to stock options was $5,057 and is expected to be recognized over a weighted average period of approximately 3.4 years. Restricted Common Stock On November 1, 2020, we granted 4,672 restricted common units to two directors. Upon the corporate conversion, such restricted common units were converted into 6,788 shares of restricted common stock which continue to vest over a one-year period. Restricted Common Stock Units On April 21, 2021, we granted 440,836 restricted common stock units to eligible employees and directors which vest in full on the first anniversary of the grant date and granted 204,910 restricted common stock units which vest ratably on each of the first, second and third anniversaries of the grant date. The common stock relating to these restricted common stock units is issued upon vesting. The grantee has no rights as a common stockholder until the common stock related to the restricted common stock units have been issued. On December 18, 2020, we granted restricted unit units to acquire up to 1,602,588 common units to certain key employees. Upon the corporate conversion, such restricted unit units were converted into 2,328,880 shares of restricted common stock units which continue to vest in equal amounts over a three-year period, but only in the event we complete an IPO of our stock or experience a change of control event. The common stock relating to these restricted common stock units is issued upon vesting. The grantee has no rights as a common stockholder until the common stock related to the restricted common stock units have been issued. With our IPO completed on April 23, 2021, these restricted common stock units began vesting in accordance with their other terms. Share-based compensation expense related to restricted common stock unit awards was $6,100 and $0 for the three months ended July 4, 2021 and June 28, 2020, respectively, and $6,100 and $0 for the six months ended July 4, 2021 and June 28, 2020, respectively. Actual forfeitures are recognized as they occur. As of July 4, 2021, total unrecognized compensation cost related to restricted common stock units was $11,360 and is expected to be recognized over a weighted average period of approximately 1.5 years. The estimated fair value of restricted common stock units is based on the grant date closing price of our common stock for time-based vesting awards. The following table summarizes our restricted common stock unit activity during the six months ended July 4, 2021: Number of Restricted Common Stock Units Weighted Average Grant Date Fair Value Per Share Balance outstanding as of January 3, 2021 2,329 $ 3.87 Granted 646 $ 14.00 Vested — $ — Forfeited or canceled (42) $ 14.00 Balance outstanding as of July 4, 2021 2,933 $ 5.95 2021 Employee Stock Purchase Plan In connection with our IPO, we also adopted the 2021 Employee Stock Purchase Plan (the “2021 ESPP”). A maximum of 700,000 shares of our common stock has been reserved for issuance under the 2021 ESPP. Under the 2021 ESPP, eligible employees may purchase our common stock through payroll deductions at a discount not to exceed 15% of the lower of the fair market values of our common stock as of the beginning or end of each offering period, which may range from 6 to 27 months. Payroll deductions are limited to 15% of the employee’s eligible compensation and a maximum of 2,500 shares of our common stock may be purchased by an employee each offering period. As of July 4, 2021, the initial offering period had not commenced. Share-Based Compensation Expense Allocation Share-based compensation expense was allocated in the consolidated statements of operations as follows: Three Months Ended Six Months Ended July 4, 2021 June 28, 2020 July 4, 2021 June 28, 2020 Cost of sales $ 704 $ — $ 704 $ — Research and development 1,480 — 1,480 — Selling, general and administrative expenses 4,355 — 4,360 488 $ 6,539 $ — $ 6,544 $ 488

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jul. 04, 2021
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The FASB defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. To determine fair value, we use a fair value hierarchy categorized into three levels based on inputs used. Generally, the three levels are as follows: • Level 1 – Quoted prices in active markets for identical assets or liabilities; • Level 2 – Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities; and • Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 inputs are used in the valuation of our contingent consideration obligation. The change in level 3 assets measured at fair value on a recurring basis is summarized as follows: Contingent Balance at January 3, 2021 $ 10,900 Payments (6,114) Change in fair value (886) Balance at July 4, 2021 $ 3,900 The change in fair value is reflected in our condensed consolidated statements of operations. The fair value of our contingent consideration liability at July 4, 2021 and January 3, 2021 was determined using forecasted receipts of projected future revenues of Advanced Technology Services. The royalty is paid out quarterly through 2021. The forecasted future cash flows were discounted reflecting the risk in estimating future revenues. We expect total future cash payments to be between $3,900 and $4,000. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The carrying values of accounts receivable, accounts payable, accrued liabilities, and other financial working capital items approximate fair values at July 4, 2021 and January 3, 2021 due to the short maturity of these items. The carrying values of our borrowings under our Revolver and Financing approximate their fair values due to the frequency of the floating interest rate resets on these borrowings. The fair value of the Revolver and Financing were determined based on inputs that are classified as Level 2 in the fair value hierarchy. Our non-financial assets such as property and equipment and intangible assets are recorded at fair value upon acquisition and are remeasured at fair value only if an impairment charge is recognized. As of July 4, 2021 and January 3, 2021, we did not have any assets or liabilities measured at fair value on a non-recurring basis.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jul. 04, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Foundry Services Agreement Under a Foundry Services Agreement (“FSA”) which expired in June 2020, we were required to provide semiconductor wafers to our main customer over a 40-month period, beginning March 1, 2017, at contractual rates. As part of the FSA, the customer guaranteed certain levels of purchase orders for wafers. Sales of Wafer Services to this customer were $10,932 and $23,477 for the three and six months ended June 28, 2020, respectively. Litigation From time to time, we are involved in legal proceedings and subject to claims arising in the ordinary course of our business. Although the results of litigation and claims cannot be predicted with certainty, we currently believe that the resolution of these ordinary-course matters will not have a material adverse effect on our business, operating results, financial condition or cash flows. Even if any particular litigation is resolved in a manner that is favorable to our interests, such litigation can have a negative impact on us because of defense and settlement costs, diversion of management resources from our business and other factors. Capital Expenditures

Major Customers and Concentrati

Major Customers and Concentration Risk	6 Months Ended
	Jul. 04, 2021
Revenue from Contract with Customer [Abstract]
Major Customers and Concentration Risk	Major Customers and Concentration Risk The following customers accounted for 10% or more of sales for the three and six months ended July 4, 2021 and June 28, 2020: Three Months Ended Six Months Ended July 4, 2021 June 28, 2020 July 4, 2021 June 28, 2020 Customer A 19 % 12 % 28 % * Customer B 28 % 34 % 23 % 34 % Customer C 15 % * 11 % * Customer D * 19 % * 24 % 62 % 65 % 62 % 58 % __________________ * Represents less than 10% of net sales. We had four major customers that accounted for 26%, 19%, 10% and 10% of outstanding trade accounts receivable as of July 4, 2021 and four major customers that accounted for 30%, 20%, 19% and 18% of outstanding trade accounts receivable as of January 3, 2021. The loss of a major customer could adversely affect our operating results and financial condition.

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jul. 04, 2021
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Professional Services Oxbow Industries, LLC (“Oxbow”), our principal owner, provided management and financial consulting services to us for an annual management fee not to exceed $700. We incurred management fees to Oxbow of $55 and $160 of during the three months ended July 4, 2021 and June 28, 2020, respectively, and $215 and $320 for the six months ended July 4, 2021 and June 28, 2020, respectively, which have been expensed and included in general and administrative expenses in our condensed consolidated statements of operations. Members of our board of directors provided legal and professional services to us. We incurred fees of $1 and $46 for the three months ended July 4, 2021 and June 28, 2020, and $117 and $108 for the six months ended July 4, 2021 and June 28, 2020, which have been expensed and included in general and administrative expenses in our condensed consolidated statements of operations. Sale-Leaseback Transaction On September 29, 2020, we entered into an agreement to sell the land and building representing our primary operating location in Bloomington, Minnesota to an entity (“Oxbow Realty”) controlled by our principal owner. We subsequently entered into an agreement to lease the land and building from Oxbow Realty for initial payments of $394 per month over 20 years. The monthly payments are subject to a 2% increase each year during the term of the lease. Future minimum lease commitments to Oxbow Realty as of July 4, 2021 were as follows (such amounts are eliminated from our condensed consolidated financial statements due to the consolidation of Oxbow Realty, see Note 14 – Variable Interest Entities ): Remainder of 2021 $ 2,378 2022 4,836 2023 4,932 2024 5,031 2025 5,132 Thereafter 89,350 Total lease payments 111,659 Less: imputed interest (84,476) Total $ 27,183

Variable Interest Entities

Variable Interest Entities	6 Months Ended
	Jul. 04, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Variable Interest Entities	Variable Interest Entities Oxbow Realty was established for the purpose of holding real estate and facilitating real estate transactions. This included facilitating the purchase of our land and building with proceeds from a bank loan and managing the leaseback of the land and building to us. We determined that Oxbow Realty meets the definition of a VIE under Topic 810, Consolidation , because it lacks sufficient equity to finance its activities. We concluded that we are the primary beneficiary of Oxbow Realty as we have the power to direct operation and maintenance decisions during the lease term, which would most significantly affect the VIE’s economic performance. As the primary beneficiary, we consolidate the assets, liabilities and results of operations of Oxbow Realty, eliminate any transactions between us and Oxbow Realty, and record a non-controlling interest for the economic interest in Oxbow Realty not owned by us because the owners of our common stock do not legally have rights or obligations to those profits or losses. In addition, the assets of Oxbow Realty can only be used to settle its liabilities, and the creditors of Oxbow Realty do not have recourse to the general credit of SkyWater. The following table shows the carrying amounts of assets and liabilities of Oxbow Realty that are consolidated by us as of July 4, 2021 and January 3, 2021. The assets and liabilities are presented prior to consolidation, and thus a portion of these assets and liabilities are eliminated in consolidation. July 4, January 3, Cash and cash equivalents $ 495 $ 860 Prepaid expenses — 99 Finance receivable 37,301 36,930 Other assets 100 — Total assets $37,896 $37,889 Accounts payable $ 720 $ 672 Accrued expenses 319 9 Debt 38,283 38,776 Total liabilities $39,322 $39,457 The following table shows the revenue and expenses of Oxbow Realty that are consolidated by us for the three and six months ended July 4, 2021, which we began consolidating on September 29, 2020. We have included these amounts, net of eliminations, in the corresponding tables in the notes to our condensed consolidated financial statements. Three Months Ended Six Months Ended Revenue $ 1,159 $ 2,504 General and administrative expenses 66 318 Interest expense 336 671 Total expenses 402 989 Net income $ 757 $ 1,515

Basis Of Presentation And Pri_2

Basis Of Presentation And Principles Of Consolidation (Policies)	6 Months Ended
	Jul. 04, 2021
Accounting Policies [Abstract]
Principles of Consolidation	Principles of Consolidation Our condensed consolidated financial statements include our assets, liabilities, revenues, and expenses, as well as the assets, liabilities, revenues, and expenses of subsidiaries in which we have a controlling financial interest, SkyWater Technology Foundry, Inc. (“SkyWater Technology Foundry”), SkyWater Federal, LLC (“SkyWater Federal”), and SkyWater Florida, Inc. (“SkyWater Florida”), and variable interest entities (“VIE”) for which we are the primary beneficiary. All intercompany accounts and transactions have been eliminated in consolidation. The condensed consolidated statements of operations, shareholders’ equity and cash flows are for the three and six months ended July 4, 2021 and June 28, 2020. The three and six months ended July 4, 2021 and June 28, 2020 each consisted of 13 and 26 weeks, respectively.
Use of Estimates	Use of Estimates The preparation of our condensed consolidated financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Management evaluates these estimates and judgments on an ongoing basis and bases its estimates on experience, current and expected future conditions, third-party evaluations and various other assumptions that management believes are reasonable under the circumstances. Actual results could differ from those estimates.
COVID-19	COVID-19 In March 2020, the World Health Organization declared the novel coronavirus 2019 (“COVID-19”) outbreak a global pandemic. The COVID-19 pandemic has spread throughout the United States and the world, with the continued potential for significant impact. Our business has been adversely affected by the effects of the COVID-19 pandemic. We implemented modifications to employee travel and employee work locations, as required in some cases by federal, state and local authorities, which has had a negative impact on employee productivity. Because we have manufacturing operations, we may be vulnerable to an outbreak of a new coronavirus or other contagious diseases. Although we have not experienced a shutdown of our manufacturing facilities, the effects of such an outbreak could include the temporary shutdown of our operations or the operations of our customers, disruptions or restrictions on the ability to ship our products to our customers as well as disruptions that may affect our suppliers. Any disruption of our ability to manufacture or distribute our products, the ability of our suppliers to deliver key components on a timely basis, or our customers’ ability to order and take delivery of our products could have a material adverse effect on our sales and operating results. The future broader implications of the pandemic remain uncertain and will depend on certain future developments, including the duration, scope and severity of the pandemic and the availability and effectiveness of vaccines.
Net Loss Per Share	Net Loss Per Share We calculate basic and diluted net loss per common share in conformity with the two-class method required for companies with participating securities. Our previously outstanding Class B preferred units met the criteria of a participating security as they contained the rights to an 8% “preferred return” on the deemed original equity value of each such Class B preferred unit (accrued daily since the date of issuance of each such Class B preferred unit). Under the two-class method, income or losses are allocated between the common shareholders and the Class B preferred unitholders. The two-class method includes an allocation formula that determines income or loss per unit for each class according to preferred dividends and undistributed earnings or losses for the period. Our reported net loss for the three and six months ended July 4, 2021 is increased by the amount allocated to the Class B preferred units to arrive at the loss allocated to common shareholders for purposes of calculating net loss per share. For the three and six months ended June 28, 2020, we did not apply the two-class method since only Class B preferred units were outstanding and were thus the lowest level of equity subordination. As a result of our April 2021 corporate conversion and IPO, the number of common shares used to compute net loss per common share for the three and six months ended July 4, 2021 were retrospectively adjusted to reflect the conversion akin to a split-like situation. Our historical balance sheets reflect the number of common units outstanding prior to the corporate conversion and no adjustment was made. Basic net loss per share is calculated by dividing the net loss by the weighted-average number of shares outstanding during the period, without consideration for potentially dilutive securities. Diluted net loss per share is computed by dividing the net loss by the weighted-average number of shares and potentially dilutive securities outstanding for the year determined using the treasury-stock method. Because we reported a net loss for the three and six months ended July 4, 2021 and June 28, 2020, the number of shares used to calculate diluted net loss per common share is the same as the number of units used to calculate basic net loss per common share because the potentially dilutive shares would have been anti-dilutive if included in the calculation. At July 4, 2021, there were restricted stock units and stock options totaling 3,966,000 excluded from the computation of diluted weighted-average because their inclusion would have been anti-dilutive. There were no restricted stock units and stock options outstanding at June 28, 2020.
Center for NeoVation	Center for NeoVation Through our subsidiary, SkyWater Florida, we entered into several agreements on January 25, 2021 with the government of Osceola County, Florida (“Osceola”) and ICAMR, Inc., a Florida non-profit corporation (“BRIDG”), to operate the Center for NeoVation (“CfN”), a semiconductor research and development and manufacturing facility. These agreements included a technology and economic development agreement (the “TED Agreement”), a lease agreement (the “CfN Lease”) and a semiconductor line operation agreement (the “LOA”). Under the TED Agreement and the CfN Lease, we agreed to operate the CfN, including certain semiconductor manufacturing equipment, and an advanced water treatment facility currently owned by Osceola for a period of at least 23 years for a lease payment of $1.00 per year. During the period of the CfN Lease, we are responsible for taxes, utilities, insurance, maintenance and operation of those assets. We may terminate the TED Agreement and CfN Lease with 18 months’ notice. In the event we terminate the agreements, we would be required to continue to operate the center until we find a replacement operator or the 18 months expire and may be required to make a payment of up to $15,000 to Osceola. We are accounting for the CfN Lease as a lease. Given the nominal minimum lease payments required under the lease ($23.00), no assets were initially recognized on our condensed consolidated balance sheet. As we perform under the agreements, expenses we incur and any revenue we are able to generate from the operations of CfN will be included in our condensed consolidated statements of operations as they are incurred or earned. If we are able to reach and maintain full capacity in the CfN for a minimum period of 20 years, Osceola will convey the land, buildings and equipment to us for no consideration at the end of the CfN Lease. At such time that we believe the conveyance of the land, buildings and equipment is reasonably assured, we will record those assets on our condensed consolidated balance sheet at fair value and record a corresponding deferred gain. We will subsequently depreciate the assets over their remaining economic life and recognize an equivalent amount of income from the amortization of the deferred gain.
Operating Segment Information	Operating Segment Information Operating segments are identified as components of an enterprise about which separate financial information is available for evaluation by the chief operating decision-maker in making decisions regarding resource allocation and assessing performance. We view our operations and manage our business as one operating segment.
Contingent Consideration	Contingent ConsiderationRoyalties of $2,758 and $2,714 were paid during the three months ended July 4, 2021 and June 28, 2020, respectively, and $6,114 and $5,253 during the six months ended July 4, 2021 and June 28, 2020, respectively. During the three months ended July 4, 2021 and June 28, 2020, we recorded royalty expense of $(942) and $712, respectively, to reflect the change in fair value of the contingent consideration obligation in our condensed consolidated statements of operations. During the six months ended July 4, 2021 and June 28, 2020, we recorded royalty expense of $(886) and $1,553, respectively, to reflect the change in fair value of the contingent consideration obligation in our condensed consolidated statements of operations.
Recently Issued Accounting Standards	Recently Issued Accounting Standards In February 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-2, Leases (“Topic 842”). The guidance in this ASU supersedes the leasing guidance in Topic 840, Leases. Under the new guidance, lessees are required to recognize lease assets and lease liabilities on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the statement of operations. The standard is effective for public business entities for fiscal years beginning after December 15, 2018. As an emerging growth company, we intend to adopt the new standard on January 3, 2022 for our year ending January 1, 2023. However if we lose our emerging growth company status prior to our intended adoption date, we may be required to adopt the new standard in the year we lose such status. We do not expect adopting Topic 842 will have a material impact on our condensed consolidated financial statements. In June 2016, the FASB issued a new credit loss accounting standard, ASU 2016-13, Current Expected Credit Losses (“Topic 326”). This guidance replaces the current allowance for loan and lease loss accounting standard and focuses on estimation of expected losses over the life of the loans instead of relying on incurred losses. The standard is effective for certain public business entities for fiscal years beginning after December 15, 2019. As an emerging growth company, we intend to adopt the new standard on January 2, 2023 for our year ending December 31, 2023. However if we lose our emerging growth

Basis of Presentation and Pri_3

Basis of Presentation and Principles of Consolidation (Tables)	6 Months Ended
	Jul. 04, 2021
Accounting Policies [Abstract]
Schedule of Computation of Basic and Diluted Net Loss Per Common Share	The following table sets forth the computation of basic and diluted net loss per common share for the three and six months ended July 4, 2021: Three Months Ended Six Months Ended (in thousands, except per share data) Numerator: Net loss attributable to SkyWater Technology, Inc. $ (6,979) $ (9,790) Undistributed preferred return to Class B preferred unitholders (39) (398) Net loss attributable to common shareholders $ (7,018) $ (10,188) Denominator: Weighted-average common shares outstanding, basic and diluted (1) 34,708 18,884 Net loss per common share, basic and diluted $ (0.20) $ (0.54) __________________ (1) The weighted-average common shares outstanding for the three and six months ended July 4, 2021 reflects the retrospective adjustment for the April 14, 2021 corporate conversion of 2,105,936 common units into 3,060,343 shares of common stock. The April 14, 2021 corporate conversion of 18,000,000 Class B preferred units into 27,995,400 shares of common stock is reflected prospectively on the date of conversion for the three and six months ended July 4, 2021. The following table sets forth the computation of basic and diluted net loss per unit attributable to Class B preferred unitholders for the three and six months ended June 28, 2020. There were no common units outstanding during the period. Three Months Ended Six Months Ended (in thousands, except per unit data) Numerator: Net loss attributable to SkyWater Technology, Inc. $ (5,293) $ (6,665) Denominator: Weighted-average Class B preferred units outstanding, basic and diluted 18,000 18,000 Net loss per unit attributable to Class B preferred unitholders, basic and diluted $ (0.29) $ (0.37)

Revenue (Tables)

Revenue (Tables)	6 Months Ended
	Jul. 04, 2021
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregated Revenue	The following table discloses revenue by service type and the timing of recognition of revenue for transfer of goods and services to customers (point-in-time or over time): Three Months Ended July 4, 2021 Topic 606 Revenue Point-in-Time Over Time Lease Revenue Total Revenue Wafer Services $ 14,312 $ — $ — $ 14,312 Advanced Technology Services T&M — 10,692 — 10,692 Fixed Price — 15,018 — 15,018 Other — — 1,167 1,167 Total Advanced Technology Services — 25,710 1,167 26,877 Total revenue $ 14,312 $ 25,710 $ 1,167 $ 41,189 Three Months Ended June 28, 2020 Topic 606 Revenue Point-in-Time Over Time Revenue recognized from foundry services obligation Total Revenue Wafer Services $ 10,885 $ — $ 11 $ 10,896 Advanced Technology Services T&M — 12,548 — 12,548 Fixed Price — 7,315 — 7,315 Total Advanced Technology Services — 19,863 — 19,863 Total revenue $ 10,885 $ 19,863 $ 11 $ 30,759 Six Months Ended July 4, 2021 Topic 606 Revenue Point-in-Time Over Time Lease Revenue Total Revenue Wafer Services $ 24,331 $ — $ — $ 24,331 Advanced Technology Services T&M — 21,484 — 21,484 Fixed Price — 41,141 — 41,141 Other — — 2,334 2,334 Total Advanced Technology Services — 62,625 2,334 64,959 Total revenue $ 24,331 $ 62,625 $ 2,334 $ 89,290 Six Months Ended June 28, 2020 Topic 606 Revenue Point-in-Time Over Time Revenue recognized from foundry services obligation Total Revenue Wafer Services $ 23,815 $ — $ 399 $ 24,214 Advanced Technology Services T&M — 31,954 — 31,954 Fixed Price — 11,495 — 11,495 Other — — — — Total Advanced Technology Services — 43,449 — 43,449 Total revenue $ 23,815 $ 43,449 $ 399 $ 67,663
Schedule of Revenue by Country	The following table discloses revenue by country as determined based on customer address: Three Months Ended Six Months Ended July 4, 2021 June 28, 2020 July 4, 2021 June 28, 2020 United States $ 36,612 $ 26,327 $ 80,233 $ 57,797 Canada 1,547 2,048 3,156 5,084 All others 3,030 2,384 5,901 4,782 $ 41,189 $ 30,759 $ 89,290 $ 67,663
Schedule of Deferred Revenue	The contract liabilities and other significant components of deferred revenue are as follows: July 4, 2021 January 3, 2021 Contract Deferred Total Contract Deferred Total Current $ 20,252 $ 4,667 $ 24,919 $ 25,986 $ 4,667 $ 30,653 Long-term 70,827 13,611 84,438 79,455 15,944 95,399 Total $ 91,079 $ 18,278 $ 109,357 $ 105,441 $ 20,611 $ 126,052
Schedule of Performance Obligations	We expect to recognize those remaining performance obligations as follows: Within one year $ 15,196 From one to two years 12,695 From two to three years 12,695 After three years 44,433 Total $ 85,019

Balance Sheet Information (Tabl

Balance Sheet Information (Tables)	6 Months Ended
	Jul. 04, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Accounts Receivable, Net	Accounts receivable, net: July 4, 2021 January 3, 2021 Trade accounts receivable $ 17,197 $ 21,357 Unbilled revenue (contract assets) 15,969 8,147 Note receivable — 230 Employee note receivable 223 222 Other receivables 7 39 Total accounts receivable, net $ 33,396 $ 29,995
Schedule of Inventories	Inventories: July 4, 2021 January 3, 2021 Raw materials $ 2,585 $ 1,463 Work-in-process 20,874 19,719 Supplies and spare parts 5,708 5,987 Total inventories—current 29,167 27,169 Supplies and spare parts classified as other assets 2,350 1,949 Total inventories $ 31,517 $ 29,118
Schedule of Prepaid Expenses and Other Current Assets	Prepaid expenses and other current assets: July 4, 2021 January 3, 2021 Prepaid expenses $ 1,839 $ 2,761 Equipment purchased for customers (1) — 5,343 Deferred contract costs 1,724 1,647 Deferred offering costs — 2,183 Other 34 38 Total prepaid assets and other current assets $ 3,597 $ 11,972 __________________ (1) We acquired equipment for a customer that we installed and calibrated in our facility. Prior to the customer obtaining ownership and control of the equipment, we recorded costs incurred to date within prepaid expenses and other current assets.
Schedule of Property and Equipment, Net	Property and equipment, net: July 4, 2021 January 3, 2021 Land $ 5,396 $ 5,396 Buildings and improvements 86,092 85,197 Machinery and equipment 135,824 124,130 Fixed assets not yet in service 23,823 22,602 Total property and equipment, at cost 251,135 237,325 Less: Accumulated depreciation (71,694) (59,247) Total property and equipment, net $ 179,441 $ 178,078
Schedule of Intangible Assets	Intangible assets are summarized as follows: July 4, 2021 January 3, 2021 Customer list $ 1,500 $ 1,500 Software and licenses 5,766 5,408 Total intangible assets, at cost 7,266 6,908 Less: Accumulated amortization (3,237) (2,347) Total intangible assets, net $ 4,029 $ 4,561
Schedule of Remaining Estimated Aggregate Annual Amortization Expense	Remaining estimated aggregate annual amortization expense is as follows for the years ending: Amortization Remainder of 2021 $ 842 2022 1,140 2023 800 2024 445 2025 445 Thereafter 357 Total $ 4,029
Schedule of Other Assets	Other assets: July 4, 2021 January 3, 2021 Supplies and spare parts $ 2,350 $ 1,949 Deferred contract costs 1,699 2,049 Other assets 469 — Total other assets $ 4,518 $ 3,998
Schedule of Accrued Expenses	Accrued expenses: July 4, 2021 January 3, 2021 Accrued compensation $ 5,624 $ 6,315 Accrued commissions 1,586 5,183 Accrued fixed asset expenditures 2,468 6,337 Accrued royalties 1,525 2,145 Accrued customer payable 1,455 783 Other accrued expenses 8,075 4,733 Total accrued expenses $ 20,733 $ 25,496

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jul. 04, 2021
Debt Disclosure [Abstract]
Schedule of Debt Outstanding	The components of debt outstanding are as follows: July 4, 2021 January 3, 2021 Revolver $ 32,686 $ 32,303 Financing (by VIE) 38,343 38,839 Paycheck Protection Program loan — 6,453 Unamortized debt issuance costs (1) (4,675) (4,995) Total long-term debt, including current maturities 66,354 72,600 Less: Current portion of long-term debt (1,006) (2,772) Long-term debt, excluding current portion and unamortized debt issuance costs $ 65,348 $ 69,828 __________________ (1) Unamortized debt issuance costs as of July 4, 2021 included $1,383 for the Revolver (as defined below) and $3,292 for the Financing (as defined below). Unamortized debt issuance costs as of January 3, 2021 included $1,537 for the Revolver and $3,458 for the Financing (by VIE).
Summary of Future Principal Payments	Future principal payments of our Revolver and consolidated VIE’s Financing, excluding unamortized debt issuance costs, are as follows: Remainder of 2021 $ 497 2022 1,024 2023 1,060 2024 1,094 2025 33,820 Thereafter 33,534 Total $ 71,029

Share-Based Compensation (Table

Share-Based Compensation (Tables)	6 Months Ended
	Jul. 04, 2021
Share-based Payment Arrangement [Abstract]
Schedule of Black-Scholes Option Pricing Model Assumptions	Six Months Ended Expected volatility: 46.0% Expected term (in years): 1.13 - 6.25 Risk-free interest rate: 0.09% - 1.19%
Schedule of Stock Option Activity	The following table summarizes our stock option activity during the six months ended July 4, 2021: Number of Stock Options Weighted Average Aggregate Intrinsic Value Weighted-Average Remaining Contractual Life Balance outstanding as of January 3, 2021 — $ — Granted 1,087 $ 14.00 Exercised — $ — Forfeited or canceled (54) $ 14.00 Balance outstanding as of July 4, 2021 1,033 $ 14.00 $ 13,003 7.1 years Balance vested and exercisable as of July 4, 2021 — $ — $ — 0.0 years
Schedule of Restricted Common Stock Unit Activity	The following table summarizes our restricted common stock unit activity during the six months ended July 4, 2021: Number of Restricted Common Stock Units Weighted Average Grant Date Fair Value Per Share Balance outstanding as of January 3, 2021 2,329 $ 3.87 Granted 646 $ 14.00 Vested — $ — Forfeited or canceled (42) $ 14.00 Balance outstanding as of July 4, 2021 2,933 $ 5.95
Schedule of Share-based Compensation Expense	Share-based compensation expense was allocated in the consolidated statements of operations as follows: Three Months Ended Six Months Ended July 4, 2021 June 28, 2020 July 4, 2021 June 28, 2020 Cost of sales $ 704 $ — $ 704 $ — Research and development 1,480 — 1,480 — Selling, general and administrative expenses 4,355 — 4,360 488 $ 6,539 $ — $ 6,544 $ 488

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jul. 04, 2021
Fair Value Disclosures [Abstract]
Schedule of Change in Level 3 Assets Measured at Fair Value On a Recurring Basis	Level 3 inputs are used in the valuation of our contingent consideration obligation. The change in level 3 assets measured at fair value on a recurring basis is summarized as follows: Contingent Balance at January 3, 2021 $ 10,900 Payments (6,114) Change in fair value (886) Balance at July 4, 2021 $ 3,900

Major Customers and Concentra_2

Major Customers and Concentration Risk (Tables)	6 Months Ended
	Jul. 04, 2021
Revenue from Contract with Customer [Abstract]
Summary of Concentration Risk Percentage of Customers	The following customers accounted for 10% or more of sales for the three and six months ended July 4, 2021 and June 28, 2020: Three Months Ended Six Months Ended July 4, 2021 June 28, 2020 July 4, 2021 June 28, 2020 Customer A 19 % 12 % 28 % * Customer B 28 % 34 % 23 % 34 % Customer C 15 % * 11 % * Customer D * 19 % * 24 % 62 % 65 % 62 % 58 % __________________ * Represents less than 10% of net sales.

Related Party Transactions (Tab

Related Party Transactions (Tables)	6 Months Ended
	Jul. 04, 2021
Related Party Transactions [Abstract]
Schedule of Future Minimum Lease Commitments	Future minimum lease commitments to Oxbow Realty as of July 4, 2021 were as follows (such amounts are eliminated from our condensed consolidated financial statements due to the consolidation of Oxbow Realty, see Note 14 – Variable Interest Entities ): Remainder of 2021 $ 2,378 2022 4,836 2023 4,932 2024 5,031 2025 5,132 Thereafter 89,350 Total lease payments 111,659 Less: imputed interest (84,476) Total $ 27,183

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	6 Months Ended
	Jul. 04, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of VIE Condensed Balance Sheet Statements	The following table shows the carrying amounts of assets and liabilities of Oxbow Realty that are consolidated by us as of July 4, 2021 and January 3, 2021. The assets and liabilities are presented prior to consolidation, and thus a portion of these assets and liabilities are eliminated in consolidation. July 4, January 3, Cash and cash equivalents $ 495 $ 860 Prepaid expenses — 99 Finance receivable 37,301 36,930 Other assets 100 — Total assets $37,896 $37,889 Accounts payable $ 720 $ 672 Accrued expenses 319 9 Debt 38,283 38,776 Total liabilities $39,322 $39,457
Schedule of VIE Condensed Income Statements	The following table shows the revenue and expenses of Oxbow Realty that are consolidated by us for the three and six months ended July 4, 2021, which we began consolidating on September 29, 2020. We have included these amounts, net of eliminations, in the corresponding tables in the notes to our condensed consolidated financial statements. Three Months Ended Six Months Ended Revenue $ 1,159 $ 2,504 General and administrative expenses 66 318 Interest expense 336 671 Total expenses 402 989 Net income $ 757 $ 1,515

Nature of Business (Details)

Nature of Business (Details) - USD ($) $ / shares in Units, $ in Thousands	Apr. 23, 2021	Jul. 04, 2021	Jun. 28, 2020	Jul. 26, 2021
Sale of Stock [Line items]
Stock offering costs		$ 1,205	$ 0
Subsequent Event
Sale of Stock [Line items]
Strategic capital investments				$ 56,000
IPO
Sale of Stock [Line items]
Underwriting discounts and commissions	$ 7,844
Stock offering costs	$ 4,050
IPO | Common Stock
Sale of Stock [Line items]
Shares issued in public offering (in shares)	8,004,000
Public offering price per share (in USD per share)	$ 14
Proceeds from public offering	$ 100,162

Basis of Presentation and Pri_4

Basis of Presentation and Principles of Consolidation - Schedule of Basic And Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	Apr. 14, 2021	Jul. 04, 2021	Jun. 28, 2020	Jul. 04, 2021	Jun. 28, 2020	Apr. 04, 2021	Jan. 03, 2021	Mar. 29, 2020	Dec. 29, 2019
Numerator:
Net loss attributable to SkyWater Technology, Inc.		$ (6,979)	$ (5,293)	$ (9,790)	$ (6,665)
Undistributed preferred return to Class B preferred unitholders, basic		(39)		(398)
Undistributed preferred return to Class B preferred unitholders, diluted		(39)		(398)
Net loss attributable to common shareholders, basic		(7,018)		(10,188)
Net loss attributable to common shareholders, diluted		$ (7,018)		$ (10,188)
Denominator:
Weighted average shares outstanding, basic (in shares)		34,707,758		18,884,051
Weighted average shares outstanding, diluted (in shares)		34,707,758		18,884,051
Net loss per share, basic (in USD per share)		$ (0.20)		$ (0.54)
Net loss per share, diluted (in USD per share)		$ (0.20)		$ (0.54)
Common Units
Denominator:
Number of units converted (in shares)	2,105,936
Units outstanding (in shares)		0	0	0	0	2,106,000	2,108,000	0	0
Common Stock
Denominator:
Conversion of units (in shares)	31,055,743
Common Stock | Common Unit Holders
Denominator:
Conversion of units (in shares)	3,060,343
Common Stock | Class B Preferred Unitholders
Denominator:
Conversion of units (in shares)	27,995,400
Class B Units
Denominator:
Weighted average shares outstanding, basic (in shares)			18,000,000		18,000,000
Weighted average shares outstanding, diluted (in shares)			18,000,000		18,000,000
Net loss per share, basic (in USD per share)			$ (0.29)		$ (0.37)
Net loss per share, diluted (in USD per share)			$ (0.29)		$ (0.37)
Number of units converted (in shares)	18,000,000
Units outstanding (in shares)		0	18,000,000	0	18,000,000	18,000,000	18,000,000	18,000,000	18,000,000

Basis of Presentation and Pri_5

Basis of Presentation and Principles of Consolidation - Narrative (Details)	Jul. 04, 2021USD ($)shares	Jul. 04, 2021USD ($)segmentshares	Apr. 04, 2021shares	Jan. 03, 2021shares	Jun. 28, 2020shares	Mar. 29, 2020shares	Dec. 29, 2019shares
Lessee, Lease, Description [Line Items]
Minimum lease payment	$ 111,659,000	$ 111,659,000
Number of operating segments | segment		1
Class B Units
Lessee, Lease, Description [Line Items]
Preferred units rate of return		8.00%
Units outstanding (in shares) | shares	0	0	18,000,000	18,000,000	18,000,000	18,000,000	18,000,000
CNF Lease [Member]
Lessee, Lease, Description [Line Items]
Lease term	23 years	23 years
Lease payment per year		$ 1
Payment for lease termination		$ 15,000,000
CNF Lease [Member] | Minimum
Lessee, Lease, Description [Line Items]
Lease term	18 months	18 months
Minimum lease payment	$ 23	$ 23
Restricted Stock Units And Stock Options
Lessee, Lease, Description [Line Items]
Units excluded from computation (in shares) | shares	3,966,000
Units outstanding (in shares) | shares					0

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 04, 2021	Jun. 28, 2020	Jul. 04, 2021	Jun. 28, 2020
Accounting Policies [Abstract]
Royalty payments	$ 2,758	$ 2,714	$ 6,114	$ 5,253
Contingent consideration royalties expense	$ (942)	$ 712	$ (886)	$ 1,553

Revenue - Narrative (Details)

Revenue - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 04, 2021	Jun. 28, 2020	Jul. 04, 2021	Jun. 28, 2020	Jan. 03, 2021
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue obligation amount	$ 85,019		$ 85,019
Amortization of deferred contract costs	426	$ 0	977	$ 0
Contract assets	15,969		$ 15,969		$ 8,147
Percentage of contract liabilities recognized in revenue			20.00%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-07-05
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue obligation amount	$ 15,196		$ 15,196
Revenue recognition period	6 months		6 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-07-05 | BRIDG
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue obligation amount	$ 14,000		$ 14,000
Revenue recognition period	38 months		38 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-07-04
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue obligation amount	$ 12,695		$ 12,695
Revenue recognition period	12 months		12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-07-03
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue obligation amount	$ 12,695		$ 12,695
Revenue recognition period	12 months		12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue obligation amount	$ 44,433		$ 44,433
Revenue recognition period	12 months		12 months

Revenue - Summary of Disaggrega

Revenue - Summary of Disaggregated Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 04, 2021	Jun. 28, 2020	Jul. 04, 2021	Jun. 28, 2020
Disaggregation of Revenue [Line Items]
Lease Revenue	$ 1,167		$ 2,334
Revenue recognized from foundry services obligation		$ 11		$ 399
Total Revenue	41,189	30,759	89,290	67,663
Point-in-Time
Disaggregation of Revenue [Line Items]
Net sales	14,312	10,885	24,331	23,815
Over Time
Disaggregation of Revenue [Line Items]
Net sales	25,710	19,863	62,625	43,449
Wafer Services
Disaggregation of Revenue [Line Items]
Lease Revenue	0		0
Revenue recognized from foundry services obligation		11		399
Total Revenue	14,312	10,896	24,331	24,214
Wafer Services | Point-in-Time
Disaggregation of Revenue [Line Items]
Net sales	14,312	10,885	24,331	23,815
Wafer Services | Over Time
Disaggregation of Revenue [Line Items]
Net sales	0	0	0	0
Total Advanced Technology Services
Disaggregation of Revenue [Line Items]
Lease Revenue	1,167		2,334
Revenue recognized from foundry services obligation		0		0
Total Revenue	26,877	19,863	64,959	43,449
Total Advanced Technology Services | Point-in-Time
Disaggregation of Revenue [Line Items]
Net sales	0	0	0	0
Total Advanced Technology Services | Over Time
Disaggregation of Revenue [Line Items]
Net sales	25,710	19,863	62,625	43,449
T&M
Disaggregation of Revenue [Line Items]
Lease Revenue	0		0
Revenue recognized from foundry services obligation		0		0
Total Revenue	10,692	12,548	21,484	31,954
T&M | Point-in-Time
Disaggregation of Revenue [Line Items]
Net sales	0	0	0	0
T&M | Over Time
Disaggregation of Revenue [Line Items]
Net sales	10,692	12,548	21,484	31,954
Fixed Price
Disaggregation of Revenue [Line Items]
Lease Revenue	0		0
Revenue recognized from foundry services obligation		0		0
Total Revenue	15,018	7,315	41,141	11,495
Fixed Price | Point-in-Time
Disaggregation of Revenue [Line Items]
Net sales	0	0	0	0
Fixed Price | Over Time
Disaggregation of Revenue [Line Items]
Net sales	15,018	$ 7,315	41,141	11,495
Other
Disaggregation of Revenue [Line Items]
Lease Revenue	1,167		2,334
Revenue recognized from foundry services obligation				0
Total Revenue	1,167		2,334	0
Other | Point-in-Time
Disaggregation of Revenue [Line Items]
Net sales	0		0	0
Other | Over Time
Disaggregation of Revenue [Line Items]
Net sales	$ 0		$ 0	$ 0

Revenue - Summary of Revenue by

Revenue - Summary of Revenue by Country (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 04, 2021	Jun. 28, 2020	Jul. 04, 2021	Jun. 28, 2020
Disaggregation of Revenue [Line Items]
Revenues	$ 41,189	$ 30,759	$ 89,290	$ 67,663
United States
Disaggregation of Revenue [Line Items]
Revenues	36,612	26,327	80,233	57,797
Canada
Disaggregation of Revenue [Line Items]
Revenues	1,547	2,048	3,156	5,084
All others
Disaggregation of Revenue [Line Items]
Revenues	$ 3,030	$ 2,384	$ 5,901	$ 4,782

Revenue - Summary of Deferred R

Revenue - Summary of Deferred Revenue (Details) - USD ($) $ in Thousands	Jul. 04, 2021	Jan. 03, 2021
Revenue Recognition and Deferred Revenue [Abstract]
Current contract liabilities	$ 20,252	$ 25,986
Long-term contract liabilities	70,827	79,455
Total contract liabilities	91,079	105,441
Current deferred lease revenue	4,667	4,667
Long-term deferred lease revenue	13,611	15,944
Total deferred lease revenue	18,278	20,611
Current deferred revenue	24,919	30,653
Long-term deferred revenue	84,438	95,399
Total deferred revenue	$ 109,357	$ 126,052

Revenue - Summary of Performanc

Revenue - Summary of Performance Obligations (Details) $ in Thousands	Jul. 04, 2021USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue obligation amount	$ 85,019
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-07-05
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue obligation amount	15,196
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-07-04
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue obligation amount	12,695
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-07-03
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue obligation amount	12,695
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue obligation amount	$ 44,433

Balance Sheet Information - Sum

Balance Sheet Information - Summary of Accounts Receivable, Net (Details) - USD ($) $ in Thousands	Jul. 04, 2021	Jan. 03, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total accounts receivable, net	$ 33,396	$ 29,995
Trade accounts receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total accounts receivable, net	17,197	21,357
Unbilled revenue (contract assets)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total accounts receivable, net	15,969	8,147
Note receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total accounts receivable, net	0	230
Employee note receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total accounts receivable, net	223	222
Other receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total accounts receivable, net	$ 7	$ 39

Balance Sheet Information - Nar

Balance Sheet Information - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 04, 2021	Jun. 28, 2020	Jul. 04, 2021	Jun. 28, 2020	Dec. 31, 2020
Debt Instrument [Line Items]
Depreciation expense	$ 6,400	$ 4,130	$ 12,447	$ 8,261
Key Employee
Debt Instrument [Line Items]
Loan agreement face amount					$ 222
Debt instrument, interest rate					6.00%
Customer list
Debt Instrument [Line Items]
Amortization of intangible assets	88	88	176	176
Software and licenses
Debt Instrument [Line Items]
Amortization of intangible assets	$ 366	$ 99	$ 713	$ 202

Balance Sheet Information - S_2

Balance Sheet Information - Summary Of Inventories (Details) - USD ($) $ in Thousands	Jul. 04, 2021	Jan. 03, 2021
Inventory Disclosure [Abstract]
Raw materials	$ 2,585	$ 1,463
Work-in-process	20,874	19,719
Supplies and spare parts	5,708	5,987
Total inventories—current	29,167	27,169
Supplies and spare parts classified as other assets	2,350	1,949
Total inventories	$ 31,517	$ 29,118

Balance Sheet Information - S_3

Balance Sheet Information - Summary of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Jul. 04, 2021	Jan. 03, 2021
Prepaid Expense and Other Assets, Current [Abstract]
Prepaid expenses	$ 1,839	$ 2,761
Equipment purchased for customers	0	5,343
Deferred contract costs	1,724	1,647
Deferred offering costs	0	2,183
Other	34	38
Total prepaid assets and other current assets	$ 3,597	$ 11,972

Balance Sheet Information - S_4

Balance Sheet Information - Summary of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Jul. 04, 2021	Jan. 03, 2021
Property, Plant and Equipment [Abstract]
Land	$ 5,396	$ 5,396
Buildings and improvements	86,092	85,197
Machinery and equipment	135,824	124,130
Fixed assets not yet in service	23,823	22,602
Total property and equipment, at cost	251,135	237,325
Less: Accumulated depreciation	(71,694)	(59,247)
Total property and equipment, net	$ 179,441	$ 178,078

Balance Sheet Information - S_5

Balance Sheet Information - Summary of Intangible Assets (Details) - USD ($) $ in Thousands	Jul. 04, 2021	Jan. 03, 2021
Finite-Lived Intangible Assets [Line Items]
Total intangible assets, at cost	$ 7,266	$ 6,908
Less: Accumulated amortization	(3,237)	(2,347)
Total intangible assets, net	4,029	4,561
Customer list
Finite-Lived Intangible Assets [Line Items]
Total intangible assets, at cost	1,500	1,500
Software and licenses
Finite-Lived Intangible Assets [Line Items]
Total intangible assets, at cost	$ 5,766	$ 5,408

Balance Sheet Information - S_6

Balance Sheet Information - Summary of Remaining Estimated Aggregate Annual Amortization Expense (Details) - USD ($) $ in Thousands	Jul. 04, 2021	Jan. 03, 2021
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract]
Remainder of 2021	$ 842
2022	1,140
2023	800
2024	445
2025	445
Thereafter	357
Total intangible assets, net	$ 4,029	$ 4,561

Balance Sheet Information - S_7

Balance Sheet Information - Summary of Other Assets (Details) - USD ($) $ in Thousands	Jul. 04, 2021	Jan. 03, 2021
Other Assets, Noncurrent [Abstract]
Supplies and spare parts	$ 2,350	$ 1,949
Deferred contract costs	1,699	2,049
Other assets	469	0
Total other assets	$ 4,518	$ 3,998

Balance Sheet Information - S_8

Balance Sheet Information - Summary of Accrued Expenses (Details) - USD ($) $ in Thousands	Jul. 04, 2021	Jan. 03, 2021
Payables and Accruals [Abstract]
Accrued compensation	$ 5,624	$ 6,315
Accrued commissions	1,586	5,183
Accrued fixed asset expenditures	2,468	6,337
Accrued royalties	1,525	2,145
Accrued customer payable	1,455	783
Other accrued expenses	8,075	4,733
Total accrued expenses	$ 20,733	$ 25,496

Debt - Summary of Debt Outstand

Debt - Summary of Debt Outstanding (Details) - USD ($) $ in Thousands	Jul. 04, 2021	Jan. 03, 2021	Apr. 18, 2020
Debt Instrument [Line Items]
Unamortized debt issuance costs	$ (4,675)	$ (4,995)
Total long-term debt, including current maturities	66,354	72,600
Less: Current portion of long-term debt	(1,006)	(2,772)
Long-term debt, excluding current portion and unamortized debt issuance costs	65,348	69,828
Revolver
Debt Instrument [Line Items]
Long-term debt	32,686	32,303
Unamortized debt issuance costs	1,383	1,537
Financing (by VIE)
Debt Instrument [Line Items]
Long-term debt	38,343	38,839
Unamortized debt issuance costs	3,292	3,458
Paycheck Protection Program loan
Debt Instrument [Line Items]
Long-term debt	$ 0	$ 6,453	$ 6,453

Debt - Narrative (Details)

Debt - Narrative (Details) - USD ($) $ in Thousands	Apr. 04, 2021	Jul. 04, 2021	Jun. 28, 2020	Jul. 04, 2021	Jun. 28, 2020	Jan. 03, 2021	Sep. 30, 2020	Apr. 18, 2020
Debt Instrument [Line Items]
Paycheck Protection Program loan forgiveness		$ 6,453	$ 0	$ 6,453	$ 0
Revolver
Debt Instrument [Line Items]
Outstanding balance of loan		32,686		32,686		$ 32,303
Debt instrument, periodic payment	$ 194
Debt instrument, term	10 years
Financing (by VIE)
Debt Instrument [Line Items]
Outstanding balance of loan		38,343		38,343		38,839
Debt instrument, interest rate							3.44%
Loan agreement face amount							$ 39,000
Paycheck Protection Program loan
Debt Instrument [Line Items]
Outstanding balance of loan		$ 0		$ 0		$ 6,453		$ 6,453
Wells Fargo Bank | Revolver
Debt Instrument [Line Items]
Debt instrument, interest rate		3.00%		3.00%
Remaining balance of revolver		$ 28,900		$ 28,900

Debt - Summary of Future Princi

Debt - Summary of Future Principal Payments (Details) - USD ($) $ in Thousands	Jul. 04, 2021	Jan. 03, 2021
Long-term Debt, Fiscal Year Maturity [Abstract]
Total long-term debt, including current maturities	$ 66,354	$ 72,600
Line of Credit And Loans Payable
Long-term Debt, Fiscal Year Maturity [Abstract]
Remainder of 2021	497
2022	1,024
2023	1,060
2024	1,094
2025	33,820
Thereafter	33,534
Total long-term debt, including current maturities	$ 71,029

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 04, 2021	Jun. 28, 2020	Jul. 04, 2021	Jun. 28, 2020	Jan. 03, 2021
Income Tax Disclosure [Abstract]
Effective income tax rate	40.50%	(20.90%)	36.00%	0.40%
Federal statutory income tax rate			21.00%	21.00%
Valuation allowance	$ 1,401		$ 1,401		$ 1,609
Penalties and interest expense	$ 0	$ 0	$ 0	$ 0

Shareholders' Equity (Details)

Shareholders' Equity (Details) - USD ($) $ / shares in Units, $ in Thousands	Apr. 23, 2021	Apr. 14, 2021	Jul. 04, 2021	Jun. 28, 2020	Jan. 03, 2021
Class of Stock [Line Items]
Common shares authorized (in shares)		200,000,000	200,000,000		0
Common shares, per share (in USD per share)		$ 0.01	$ 0.01		$ 0.01
Preferred shares authorized (in shares)		80,000,000	80,000,000		0
Preferred shares, per share (in USD per share)		$ 0.01	$ 0.01		$ 0.01
Common shares, issued (in shares)			39,059,743		0
Preferred shares outstanding (in shares)			0		0
Stock offering costs			$ 1,205	$ 0
Class A Units
Class of Stock [Line Items]
Preferred units authorized (in shares)			0		2,000,000
Preferred units outstanding (in shares)			0		0
Preferred units issued (in shares)			0		0
Class B Units
Class of Stock [Line Items]
Preferred units authorized (in shares)			0		18,000,000
Preferred units outstanding (in shares)			0		18,000,000
Preferred units issued (in shares)			0		18,000,000
Preferred units rate of return			8.00%
Common Units
Class of Stock [Line Items]
Preferred units authorized (in shares)					5,000,000
Preferred units outstanding (in shares)					2,107,452
Preferred units issued (in shares)					3,057,344
Common Stock
Class of Stock [Line Items]
Conversion of units (in shares)		31,055,743
IPO
Class of Stock [Line Items]
Underwriting discounts and commissions	$ 7,844
Stock offering costs	$ 4,050
IPO | Common Stock
Class of Stock [Line Items]
Shares issued in public offering (in shares)	8,004,000
Public offering price per share (in USD per share)	$ 14
Proceeds from public offering	$ 100,162
Class B Preferred Unitholders | Common Stock
Class of Stock [Line Items]
Conversion of units (in shares)		27,995,400
Common Unit Holders | Common Stock
Class of Stock [Line Items]
Conversion of units (in shares)		3,060,343

Share-Based Compensation - Narr

Share-Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	Apr. 23, 2021	Apr. 21, 2021	Apr. 04, 2021	Dec. 18, 2020	Nov. 01, 2020	Jul. 04, 2021	Jul. 04, 2021	Jun. 28, 2020	Jul. 04, 2021	Jun. 28, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for issuance (in shares)						5,000,000	5,000,000		5,000,000
Annual increase of number of shares reserved for issuance (in shares)						150,000	150,000		150,000
Annual percent increase of number of shares reserved for issuance						3.00%	3.00%		3.00%
Number of stock options granted (in shares)									1,087,000
Share-based compensation expense							$ 6,539	$ 0	$ 6,544	$ 488
Weighted average grant-date fair value of options granted									$ 5.29
Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Additional awards issued under previous plan (in shares)						0
Awards outstanding under previous plan (in shares)						0	0		0
Share-based compensation expense							$ 439	0	$ 444	488
Unrecognized compensation cost						$ 5,057	5,057		$ 5,057
Weighted average period of recognition for unrecognized compensation cost									3 years 4 months 24 days
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Units granted (in shares)				1,602,588	4,672
Number of units converted (in shares)					6,788
Award vesting period					1 year
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense							6,100	$ 0	$ 6,100	$ 0
Unrecognized compensation cost						$ 11,360	$ 11,360		$ 11,360
Weighted average period of recognition for unrecognized compensation cost									1 year 6 months
Award vesting period				3 years
Number of units converted upon corporate conversion (in shares)				2,328,880
Employee Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for ESPP issuance (in shares)	700,000
Percentage of earnings applied to purchase of stock under ESPP	15.00%
Shares available for purchase by an employee at each offering period (in shares)			2,500
Employee Stock | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of fair value of shares at grant date to determine purchase price	15.00%
Offering period			27 months
Employee Stock | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Offering period			6 months
Share-based Payment Arrangement, Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of stock options granted (in shares)		342,783
Share-based Payment Arrangement, Tranche One | Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period of options granted		15 months
Share-based Payment Arrangement, Tranche One | Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Units granted (in shares)		440,836
Share-based Payment Arrangement, Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of stock options granted (in shares)		744,374
Share-based Payment Arrangement, Tranche Two | Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period of options granted		10 years
Share-based Payment Arrangement, Tranche Two | Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Units granted (in shares)		204,910

Share-Based Compensation - Sche

Share-Based Compensation - Schedule of Option Pricing Model Assumption (Details) - Options	6 Months Ended
	Jul. 04, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility:	46.00%
Risk-free interest rate, minimum	0.09%
Risk-free interest rate, maximum	1.19%
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years):	1 year 1 month 17 days
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years):	6 years 3 months

Share-Based Compensation - Sc_2

Share-Based Compensation - Schedule of Option Activity (Details) $ / shares in Units, $ in Thousands	6 Months Ended
	Jul. 04, 2021USD ($)$ / sharesshares
Number of Stock Options
Number of stock options outstanding at beginning of period (in shares) | shares	0
Number of stock options granted (in shares) | shares	1,087,000
Number of stock options exercised (in shares) | shares	0
Number of stock options forfeited or canceled (in shares) | shares	(54,000)
Number of stock options outstanding at end of period (in shares) | shares	1,033,000
Number of stock options vested and exercisable (in shares) | shares	0
Weighted Average Exercise Price Per Share
Weighted average exercise of options outstanding at beginning of period (in USD per share) | $ / shares	$ 0
Weighted average exercise of options granted (in USD per share) | $ / shares	14
Weighted average exercise of options exercised (in USD per share) | $ / shares	0
Weighted average exercise of options forfeited or canceled (in USD per share) | $ / shares	14
Weighted average exercise of options outstanding at end of period (in USD per share) | $ / shares	14
Weighted average exercise of options vested and exercisable (in USD per share) | $ / shares	$ 0
Aggregate intrinsic value of shares outstanding | $	$ 13,003
Aggregate intrinsic value of shares vested and exercisable | $	$ 0
Weighted-average remaining contractual life of shares outstanding	7 years 1 month 6 days
Weighted-average remaining contractual life of shares vested and exercisable	0 years

Share-Based Compensation - Sc_3

Share-Based Compensation - Schedule of RSU Activity (Details) - Restricted Stock Units (RSUs)	6 Months Ended
	Jul. 04, 2021$ / sharesshares
Number of Restricted Common Stock Units
RSUs outstanding at beginning of period (in shares) | shares	2,329,000
RSUs granted (in shares) | shares	646,000
RSUs vested (in shares) | shares	0
RSUs forfeited or canceled (in shares) | shares	(42,000)
RSUs outstanding at end of period (in shares) | shares	2,933,000
Weighted Average Grant Date Fair Value Per Share
Weighted average grant date fair value of RSUs outstanding at beginning of period (in USD per share) | $ / shares	$ 3.87
Weighted average grant date fair value of RSUs granted (in USD per share) | $ / shares	14
Weighted average grant date fair value of RSUs vested (in USD per share) | $ / shares	0
Weighted average grant date fair value of RSUs forfeited or canceled (in USD per share) | $ / shares	14
Weighted average grant date fair value of RSUs outstanding at end of period (in USD per share) | $ / shares	$ 5.95

Share-Based Compensation - Sc_4

Share-Based Compensation - Schedule of Share-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 04, 2021	Jun. 28, 2020	Jul. 04, 2021	Jun. 28, 2020
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense	$ 6,539	$ 0	$ 6,544	$ 488
Cost of sales
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense	704	0	704	0
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense	1,480	0	1,480	0
Selling, general and administrative expenses
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense	$ 4,355	$ 0	$ 4,360	$ 488

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Change in Level 3 Assets Measured at Fair Value On a Recurring Basis (Detail) $ in Thousands	6 Months Ended
	Jul. 04, 2021USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Contingent consideration balance at beginning of period	$ 10,900
Payments	(6,114)
Change in fair value	(886)
Contingent consideration balance at end of period	$ 3,900

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) - Fair Value, Recurring - Fair Value, Inputs, Level 3 $ in Thousands	6 Months Ended
	Jul. 04, 2021USD ($)
Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Future cash payments	$ 4,000
Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Future cash payments	$ 3,900

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 28, 2020	Jun. 28, 2020	Jul. 04, 2021	Mar. 01, 2017
Commitments And Contingencies [Line Items]
Revenue recognized from foundry services obligation	$ 11	$ 399
Contractual commitments outstanding			$ 15,000
Capital lease term			15 years
Capital lease			$ 14,000
Wafer Services
Commitments And Contingencies [Line Items]
Revenue recognized from foundry services obligation	11	399
Wafer Services | Main Customer
Commitments And Contingencies [Line Items]
Commitment obligation period				40 months
Revenue recognized from foundry services obligation	$ 10,932	$ 23,477

Major Customers and Concentra_3

Major Customers and Concentration Risk - Summary of Concentration Risk Percentage of Customers (Details) - Revenue Benchmark - Customer Concentration Risk	3 Months Ended		6 Months Ended
	Jul. 04, 2021	Jun. 28, 2020	Jul. 04, 2021	Jun. 28, 2020
Customer A
Concentration Risk [Line Items]
Customer percentage of revenue	19.00%	12.00%	28.00%
Customer B
Concentration Risk [Line Items]
Customer percentage of revenue	28.00%	34.00%	23.00%	34.00%
Customer C
Concentration Risk [Line Items]
Customer percentage of revenue	15.00%		11.00%
Customer D
Concentration Risk [Line Items]
Customer percentage of revenue		19.00%		24.00%
Major Customers
Concentration Risk [Line Items]
Customer percentage of revenue	62.00%	65.00%	62.00%	58.00%

Major Customers and Concentra_4

Major Customers and Concentration Risk - Narrative (Details) - Accounts Receivable - Customer Concentration Risk	6 Months Ended	12 Months Ended
	Jul. 04, 2021	Jan. 03, 2021
Customer One
Concentration Risk [Line Items]
Customer percentage of trade receivables	26.00%	30.00%
Customer Two
Concentration Risk [Line Items]
Customer percentage of trade receivables	19.00%	20.00%
Customer Three
Concentration Risk [Line Items]
Customer percentage of trade receivables	10.00%	19.00%
Customer Four
Concentration Risk [Line Items]
Customer percentage of trade receivables	10.00%	18.00%

Related Party Transactions - Na

Related Party Transactions - Narrative (Details) - USD ($) $ in Thousands	Sep. 29, 2020	Jul. 04, 2021	Jun. 28, 2020	Jul. 04, 2021	Jun. 28, 2020
Board Of Directors
Related Party Transaction [Line Items]
Management fees incurred		$ 1	$ 46	$ 117	$ 108
Oxbow Realty
Related Party Transaction [Line Items]
Lease payment per month	$ 394
Lease term	20 years
Annual percentage increase in monthly lease payments	2.00%
Oxbow Industries LLC
Related Party Transaction [Line Items]
Management fees incurred		$ 55	$ 160	215	$ 320
Maximum | Oxbow Industries LLC
Related Party Transaction [Line Items]
Annual management fee				$ 700

Related Party Transactions - Su

Related Party Transactions - Summary of Minimum Lease Payments Sale Lease back Transactions (Details) $ in Thousands	Jul. 04, 2021USD ($)
Minimum Lease Payments, Sale Leaseback Transactions, Fiscal Year Maturity [Abstract]
Remainder of 2021	$ 2,378
2022	4,836
2023	4,932
2024	5,031
2025	5,132
Thereafter	89,350
Total lease payments	111,659
Less: imputed interest	(84,476)
Total	$ 27,183

Variable Interest Entities - Su

Variable Interest Entities - Summary of Condensed Balance Sheet Statements (Details) - USD ($) $ in Thousands	Jul. 04, 2021	Jan. 03, 2021
Condensed Balance Sheet Statements, Captions [Line Items]
Cash and cash equivalents	$ 64,603	$ 7,436
Total assets	318,751	263,209
Total liabilities	223,277	264,793
VIEs
Condensed Balance Sheet Statements, Captions [Line Items]
Cash and cash equivalents	495	860
Prepaid expenses	0	99
Finance receivable	37,301	36,930
Other assets	100	0
Total assets	37,896	37,889
Accounts payable	720	672
Accrued expenses	319	9
Debt	38,283	38,776
Total liabilities	$ 39,322	$ 39,457

Variable Interest Entities - _2

Variable Interest Entities - Summary of Condensed Income Statements (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 04, 2021	Jun. 28, 2020	Jul. 04, 2021	Jun. 28, 2020
Condensed Income Statements, Captions [Line Items]
Interest expense	$ 912	$ 1,322	$ 1,970	$ 2,784
Net loss attributable to SkyWater Technology, Inc.	(6,979)	$ (5,293)	(9,790)	$ (6,665)
VIEs
Condensed Income Statements, Captions [Line Items]
Revenue	1,159		2,504
General and administrative expenses	66		318
Interest expense	336		671
Total expenses	402		989
Net loss attributable to SkyWater Technology, Inc.	$ 757		$ 1,515