SkyWater Technology (SKYT) 10-Q 7 Nov 24 2024 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 29, 2024	Nov. 04, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 29, 2024
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	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	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		47,655,998
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001819974
Current Fiscal Year End Date	--12-29
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 29, 2024	Dec. 31, 2023
Current assets
Cash and cash equivalents	$ 20,684	$ 18,382
Accounts receivable (net of allowance for credit losses of $378 and $180, respectively)	60,562	65,961
Contract assets (net of allowance for credit losses of $42 and $99, respectively)	29,179	29,666
Inventory	14,429	15,341
Prepaid expenses and other current assets	15,127	16,853
Income tax receivable	0	172
Total current assets	139,981	146,375
Property and equipment, net	162,972	159,367
Intangible assets, net	7,220	5,672
Other assets	4,906	5,342
Total assets	315,079	316,756
Current liabilities
Current portion of long-term debt	5,099	3,976
Accounts payable	30,217	19,614
Accrued expenses	31,430	48,291
Income taxes payable	392	0
Short-term financing, net of unamortized debt issuance costs	19,552	22,765
Contract liabilities	73,353	49,551
Total current liabilities	160,043	144,197
Long-term liabilities
Long-term debt, less current portion and net of unamortized debt issuance costs	36,179	36,098
Long-term contract liabilities	41,145	65,754
Deferred income tax liability, net	378	679
Other long-term liabilities	8,780	9,327
Total long-term liabilities	86,482	111,858
Total liabilities	246,525	256,055
Commitments and contingencies (Note 10)
Shareholders’ equity
Preferred stock, $0.01 par value per share (80,000 shares authorized; zero shares issued and outstanding as of September 29, 2024 and December 31, 2023)	0	0
Common stock, $0.01 par value per share (200,000 shares authorized; 47,643 and 47,028 shares issued and outstanding as of September 29, 2024 and December 31, 2023, respectively)	477	470
Additional paid-in capital	187,004	178,473
Accumulated deficit	(131,317)	(125,203)
Total shareholders’ equity, SkyWater Technology, Inc.	56,164	53,740
Noncontrolling interests	12,390	6,961
Total shareholders’ equity	68,554	60,701
Total liabilities and shareholders’ equity	$ 315,079	$ 316,756

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 29, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Accounts receivable, allowance for credit loss	$ 378	$ 180
Contract asset, allowance for credit loss	$ 42	$ 99
Preferred stock, par value per share (in USD per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	80,000,000	80,000,000
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	200,000,000
Common stock, shares issued (in shares)	47,643,000	47,028,000
Common stock, shares outstanding (in shares)	47,643,000	47,028,000

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 29, 2024	Oct. 01, 2023	Sep. 29, 2024	Oct. 01, 2023
Income Statement [Abstract]
Revenue	$ 93,817	$ 71,624	$ 266,782	$ 207,529
Cost of revenue	73,582	57,477	216,453	160,247
Gross profit	20,235	14,147	50,329	47,282
Research and development expense	3,431	2,233	10,825	7,296
Selling, general, and administrative expense	12,095	16,105	35,598	48,821
Operating income (loss)	4,709	(4,191)	3,906	(8,835)
Interest expense	1,988	2,507	6,859	7,928
Income (loss) before income taxes	2,721	(6,698)	(2,953)	(16,763)
Income tax expense (benefit)	93	(96)	7	(71)
Net income (loss)	2,628	(6,602)	(2,960)	(16,692)
Less: net income attributable to noncontrolling interests	1,116	966	3,154	3,739
Net income (loss) attributable to SkyWater Technology, Inc.	$ 1,512	$ (7,568)	$ (6,114)	$ (20,431)
Net income (loss) per share attributable to common shareholders, basic (in USD per share)	$ 0.03	$ (0.16)	$ (0.13)	$ (0.45)
Weighted average shares outstanding, basic (in shares)	47,523,000	46,445,000	47,339,000	45,002,000
Net income (loss) per share attributable to common shareholders, diluted (in USD per share)	$ 0.03	$ (0.16)	$ (0.13)	$ (0.45)
Weighted average shares outstanding, diluted (in shares)	47,640,000	46,445,000	47,339,000	45,002,000

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Shareholders’ Equity - USD ($) $ in Thousands	Total	Cumulative Effect, Period of Adoption, Adjustment	Total Shareholders’ Equity, SkyWater Technology, Inc.	Total Shareholders’ Equity, SkyWater Technology, Inc. Cumulative Effect, Period of Adoption, Adjustment	Preferred Stock	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Deficit Cumulative Effect, Period of Adoption, Adjustment	Noncontrolling Interests
Preferred stock, balance at the beginning (in shares) at Jan. 01, 2023					0
Common stock, balance at the beginning (in shares) at Jan. 01, 2023						43,705,000
Beginning balance at Jan. 01, 2023	$ 53,977	$ (375)	$ 53,669	$ (375)	$ 0	$ 437	$ 147,304	$ (94,072)	$ (375)	$ 308
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under the ATM (in shares)						2,040,000
Issuance of common stock under the ATM	20,386		20,386			$ 20	20,366
Issuance of common stock pursuant to equity compensation plans (in shares)						1,262,000
Issuance of common stock pursuant to equity compensation plans	3,956		3,956			$ 13	3,943
Equity-based compensation	5,673		5,673				5,673
Contribution from noncontrolling interest	905									905
Net income (loss)	(16,692)		(20,431)					(20,431)		3,739
Preferred stock, balance at the end (in shares) at Oct. 01, 2023					0
Common stock, balance at the end (in shares) at Oct. 01, 2023						47,007,000
Ending balance at Oct. 01, 2023	67,830		62,878		$ 0	$ 470	177,286	(114,878)		4,952
Preferred stock, balance at the beginning (in shares) at Jul. 02, 2023					0
Common stock, balance at the beginning (in shares) at Jul. 02, 2023						45,400,000
Beginning balance at Jul. 02, 2023	62,882		59,323		$ 0	$ 454	166,179	(107,310)		3,559
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under the ATM (in shares)						884,000
Issuance of common stock under the ATM	8,234		8,234			$ 9	8,225
Issuance of common stock pursuant to equity compensation plans (in shares)						723,000
Issuance of common stock pursuant to equity compensation plans	1,036		1,036			$ 7	1,029
Equity-based compensation	1,853		1,853				1,853
Contribution from noncontrolling interest	427									427
Net income (loss)	(6,602)		(7,568)					(7,568)		966
Preferred stock, balance at the end (in shares) at Oct. 01, 2023					0
Common stock, balance at the end (in shares) at Oct. 01, 2023						47,007,000
Ending balance at Oct. 01, 2023	$ 67,830		62,878		$ 0	$ 470	177,286	(114,878)		4,952
Preferred stock, balance at the beginning (in shares) at Dec. 31, 2023	0				0
Common stock, balance at the beginning (in shares) at Dec. 31, 2023	47,028,000					47,028,000
Beginning balance at Dec. 31, 2023	$ 60,701		53,740		$ 0	$ 470	178,473	(125,203)		6,961
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock pursuant to equity compensation plans (in shares)						615,000
Issuance of common stock pursuant to equity compensation plans	2,433		2,433			$ 7	2,426
Equity-based compensation	6,105		6,105				6,105
Contribution from noncontrolling interest	6,957									6,957
Distribution to noncontrolling interest	(4,682)									(4,682)
Net income (loss)	$ (2,960)		(6,114)					(6,114)		3,154
Preferred stock, balance at the end (in shares) at Sep. 29, 2024	0				0
Common stock, balance at the end (in shares) at Sep. 29, 2024	47,643,000					47,643,000
Ending balance at Sep. 29, 2024	$ 68,554		56,164		$ 0	$ 477	187,004	(131,317)		12,390
Preferred stock, balance at the beginning (in shares) at Jun. 30, 2024					0
Common stock, balance at the beginning (in shares) at Jun. 30, 2024						47,468,000
Beginning balance at Jun. 30, 2024	56,820		51,462		$ 0	$ 474	183,817	(132,829)		5,358
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock pursuant to equity compensation plans (in shares)						175,000
Issuance of common stock pursuant to equity compensation plans	1,172		1,172			$ 3	1,169
Equity-based compensation	2,018		2,018				2,018
Contribution from noncontrolling interest	6,633									6,633
Distribution to noncontrolling interest	(717)									(717)
Net income (loss)	$ 2,628		1,512					1,512		1,116
Preferred stock, balance at the end (in shares) at Sep. 29, 2024	0				0
Common stock, balance at the end (in shares) at Sep. 29, 2024	47,643,000					47,643,000
Ending balance at Sep. 29, 2024	$ 68,554		$ 56,164		$ 0	$ 477	$ 187,004	$ (131,317)		$ 12,390

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 29, 2024	Oct. 01, 2023
Cash flows from operating activities
Net loss	$ (2,960)	$ (16,692)
Adjustments to reconcile net loss to net cash flows from operating activities
Depreciation and amortization	13,295	21,651
Gain on sale of property and equipment	(55)	0
Amortization of debt issuance costs included in interest expense	1,322	1,349
Equity-based compensation expense	6,105	5,673
Deferred income taxes	(301)	(118)
Provision for credit losses	262	4,133
Changes in operating assets and liabilities
Accounts receivable and contract assets, net	5,624	(23,063)
Inventories	911	(3,251)
Prepaid expenses and other assets	2,164	270
Accounts payable and accrued expenses	(6,386)	4,182
Contract liabilities, current and long-term	(806)	(15,843)
Income tax receivable and payable	564	47
Net cash provided by (used in) operating activities	19,739	(21,662)
Cash flows from investing activities
Purchase of software and technology licenses	(1,953)	(612)
Proceeds from sale of property and equipment	55	0
Purchases of property and equipment	(13,894)	(3,864)
Net cash used in investing activities	(15,792)	(4,476)
Cash flows from financing activities
Proceeds from draws on the revolving line of credit	251,000	182,763
Repayment of draws on the revolving line of credit	(251,463)	(194,396)
Proceeds from tool financings	1,298	6,492
Repayment of tool financing advanced payments	(920)	0
Principal payments on long-term debt	(3,248)	(1,839)
Cash paid for principal on finance leases	(520)	(818)
Proceeds from the issuance of common stock pursuant to equity compensation plans	2,433	2,305
Proceeds from the issuance of common stock under the ATM	0	20,397
Cash paid on licensed technology obligations	(2,500)	(2,350)
Contributions from noncontrolling interest	6,957	905
Distributions to noncontrolling interest	(4,682)
Net cash provided by (used in) financing activities	(1,645)	13,459
Net increase (decrease) in cash and cash equivalents	2,302	(12,679)
Cash and cash equivalents, beginning of period	18,382	30,025
Cash and cash equivalents, end of period	20,684	17,346
Supplemental disclosure of cash flow information:
Cash paid during the period for interest	5,024	6,578
Cash paid during the period for income taxes	112	0
Noncash investing and financing activity
Capital expenditures incurred, not yet paid	2,116	3,269
Equipment acquired through finance lease obligations	0	662
Intangible assets acquired, not yet paid	$ 660	$ 0

Nature of Business

Nature of Business	9 Months Ended
	Sep. 29, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Business	Nature of Business SkyWater Technology, Inc., together with its consolidated subsidiaries (collectively, “SkyWater,” the “Company,” “it,” or “its”), is a U.S.-based, independent, pure-play technology foundry that offers advanced semiconductor development and manufacturing services from its fabrication facility, or fab, in Minnesota and advanced packaging services from its Florida facility. SkyWater’s technology-as-a-service model leverages a foundation of proprietary technology to co-develop process technology intellectual property with its customers that enables disruptive concepts through its Advanced Technology Services (“ATS”) for diverse microelectronics (integrated circuits (“ICs”)) and related micro and nanotechnology applications. In addition to these differentiated technology development services, SkyWater supports customers with volume production of ICs for high-growth markets through its Wafer Services. SkyWater is an emerging growth company, as defined in the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”).

Basis of Presentation and Princ

Basis of Presentation and Principles of Consolidation	9 Months Ended
	Sep. 29, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation The unaudited interim condensed consolidated financial statements as of September 29, 2024, and for the three- and nine-month periods ended September 29, 2024 and October 1, 2023, are presented in thousands of U.S. dollars (except share and per share data), 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 annual consolidated financial statements. These interim condensed consolidated financial statements should be read in conjunction with SkyWater’s annual consolidated financial statements and the related notes thereto as of December 31, 2023 and for the fiscal year then ended. The unaudited interim condensed consolidated financial statements have been prepared on the same basis as the annual consolidated financial statements and, in the opinion of management, reflect all adjustments, including normal and recurring adjustments, necessary for the fair presentation of the Company’s consolidated financial position as of September 29, 2024 and its consolidated results of operations, shareholders’ equity, and cash flows for the three- and nine-month periods ended September 29, 2024 and October 1, 2023. The consolidated results of operations for the three- and nine-month periods ended September 29, 2024 are not necessarily indicative of the results of operations to be expected for the fiscal year ending December 29, 2024, or for any other interim period, or for any other future fiscal year. Principles of Consolidation The interim condensed consolidated financial statements include the Company’s assets, liabilities, revenues, and expenses, as well as the assets, liabilities, revenues, and expenses of subsidiaries in which it has a controlling financial interest, SkyWater Technology Foundry, Inc. (“SkyWater Technology Foundry”), SkyWater Federal, LLC (“SkyWater Federal”), SkyWater Florida, Inc. (“SkyWater Florida”), and Oxbow Realty Partners, LLC (“Oxbow Realty”), a variable interest entity (“VIE”) for which SkyWater is the primary beneficiary and an affiliate of the Company’s principal shareholder. All intercompany accounts and transactions have been eliminated in consolidation. Liquidity and Cash Requirements The accompanying interim condensed consolidated financial statements have been prepared on the basis of the realization of assets and the satisfaction of liabilities and commitments in the normal course of business and do not include any adjustments to the recoverability and classifications of recorded assets and liabilities as a result of uncertainties. For the three- and nine-month periods ended September 29, 2024, the Company incurred net income attributable to SkyWater Technology, Inc. of $1,512 and a net loss attributable to SkyWater Technology, Inc. of $6,114, respectively. For the three- and nine-month periods ended October 1, 2023, the Company incurred net losses attributable to SkyWater Technology, Inc. of $7,568 and $20,431, respectively. As of September 29, 2024 and December 31, 2023, the Company had cash and cash equivalents of $20,684 and $18,382, respectively. SkyWater’s ability to execute its operating strategy is dependent on its ability to maintain liquidity and continue to access capital through the Revolver (as defined in Note 6 – Debt ) and other sources of financing. The Company has identified specific actions it could take to reduce operating costs to improve cash flow, including reductions in spending and delays in hiring personnel. If such actions are taken, it may require the Company to decrease its level of investment in new products and technologies, or discontinue further expansion of its business. The Company has also obtained a support letter from Oxbow Industries, LLC (“Oxbow Industries”), an affiliate of the Company’s principal stockholder, to provide funding in an amount up to $12,500, if necessary, to enable the Company to meet its obligations as they become due. The support letter expires March 18, 2026. Based upon SkyWater’s operating forecasts, its cash and cash equivalents on hand, available borrowings on the Revolver, and potential cost reduction measures it could undertake, management believes SkyWater will have sufficient liquidity to fund its operations for the next twelve months from the date these interim condensed consolidated financial statements are issued. Additionally, the Company could seek additional equity or debt financing, including a refinancing and/or expansion of the Revolver, however it cannot provide any assurance that additional funds will be available when needed or, if available, will be available on terms that are acceptable to the Company. The Company’s ability to access additional funds depends on prevailing economic conditions and other factors, many of which are beyond SkyWater’s control. SkyWater has based this estimate on assumptions that may prove to be wrong, and its operating plan may change as a result of many factors currently unknown to it. Use of Estimates The preparation of the interim 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 as of the date of the interim condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting periods then ended. 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. Net Income (Loss) Per Share Basic net income (loss) per common share is calculated by dividing the net income (loss) attributable to SkyWater Technology, Inc. by the weighted-average number of shares outstanding during the reporting periods, without consideration for potentially dilutive securities. Diluted net (loss) per common share is computed by dividing the net income (loss) attributable to SkyWater Technology, Inc. by the weighted-average number of shares and potentially dilutive securities outstanding during the reporting periods determined using the treasury-stock method. Because the Company reported net losses attributable to SkyWater Technology, Inc. for the nine-month period ended September 29, 2024 and three- and nine-month periods ended October 1, 2023, the number of shares used to calculate diluted net loss per common share is the same as the number of shares used to calculate basic net loss per common share because the potentially dilutive shares would have been anti-dilutive if included in the calculation. For the three- and nine-month periods ended September 29, 2024, there were restricted stock units and stock options totaling 1,637 and 1,416, respectively, excluded from the computation of diluted weighted-average shares outstanding because their inclusion would have been anti-dilutive. For each of the three- and nine-month periods ended October 1, 2023, there were restricted stock units and stock options totaling 2,258 excluded from the computation of diluted weighted-average shares outstanding because their inclusion would have been anti-dilutive. The following table sets forth the computation of basic and diluted net income (loss) per common share for the three- and nine-month periods ended September 29, 2024 and October 1, 2023: Three-Month Period Ended Nine-Month Period Ended September 29, October 1, September 29, October 1, (in thousands, except per share data) Numerator: net income (loss) attributable to SkyWater Technology, Inc. $ 1,512 $ (7,568) $ (6,114) $ (20,431) Denominator: weighted-average common shares outstanding, basic 47,523 46,445 47,339 45,002 Net income (loss) per common share, basic $ 0.03 $ (0.16) $ (0.13) $ (0.45) Denominator: weighted-average common shares outstanding, diluted 47,640 46,445 47,339 45,002 Net income (loss) per common share, diluted $ 0.03 $ (0.16) $ (0.13) $ (0.45) Reportable 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 when making decisions regarding resource allocation and assessing performance. SkyWater operates and manages its business as one reportable segment.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 29, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Recently Adopted Accounting Standards In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-13, “Measurement of Credit Losses on Financial Instruments,” later codified in Topic 326, “Financial Instruments – Credit Losses” (“Topic 326”). Topic 326 replaces the preexisting U.S. GAAP guidance that only required the recognition of credit losses when losses were probable and estimable. Topic 326 now requires recognition of credit losses based on SkyWater’s expectation of losses to be incurred while the financial instrument is held. Topic 326 was effective for most public business entities for fiscal years beginning after December 15, 2019. As an emerging growth company, SkyWater adopted Topic 326 on January 2, 2023 using the modified retrospective approach. Upon adoption, the Company increased its accumulated deficit by $375 for the effects of increasing its allowance for credit losses as of January 2, 2023. All other impacts to SkyWater’s consolidated financial position, results of operations, and cash flows were immaterial. Recently Issued Accounting Standards Not Yet Adopted In November 2023, the FASB issued ASU No. 2023-07, “Segment Reporting.” The amendments in this update improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses and are effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. SkyWater will reflect the amended disclosure requirements of this update in its annual consolidated financial statements for its fiscal year ending December 29, 2024 and for the interim periods in its fiscal year ending December 28, 2025. Given that the Company reports as a single reportable segment, the impacts of adopting the provisions of this update will not be significant. In December 2023, the FASB issued ASU No. 2023-09, “Income Taxes.” The amendments in this update improve existing income tax disclosures, notably with respect to the income tax rate reconciliation and income taxes paid disclosures, and are effective for annual periods beginning after December 15, 2025. As an emerging growth company, SkyWater currently anticipates that it will adopt the amendments in this update for its fiscal year ending January 3, 2027. If the Company ceases to qualify as an emerging growth company before the end of its fiscal year ending December 29, 2024, the Company will adopt this ASU at an earlier date. The Company is evaluating the impacts of the amendments on its consolidated financial statements and the accompanying notes to the financial statements. Significant Accounting Policies The annual consolidated financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023 include discussion of the significant accounting policies and estimates used in the preparation of the interim condensed consolidated financial statements. The Company did not make any significant changes to its accounting policies and estimates during the three- and nine-month periods ended September 29, 2024.

Revenue

Revenue	9 Months Ended
	Sep. 29, 2024
Revenue from Contract with Customer [Abstract]
Revenue	Revenue Disaggregated Revenue The Company recognizes ATS development, tools, and Wafer Services revenues pursuant to our revenue recognition policies as described in Note 3 – Summary of Significant Accounting Policies to the annual consolidated financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023. The following tables disclose revenue by product type and the timing of recognition of revenue for transfer of goods and services to customers: Three-Month Period Ended September 29, 2024 Topic 606 Revenue Point-in-Time Over Time Lease Revenue Per Topic 842 Total Revenue ATS development Time and materials contracts $ — $ 30,232 $ — $ 30,232 Fixed price contracts 6,187 18,804 — 24,991 Other — — 1,167 1,167 Total ATS development 6,187 49,036 1,167 56,390 Wafer Services 100 6,618 — 6,718 Combined ATS development and Wafer Services 6,287 55,654 1,167 63,108 Tools 30,709 — — 30,709 Total $ 36,996 $ 55,654 $ 1,167 $ 93,817 Three-Month Period Ended October 1, 2023 Topic 606 Revenue Point-in-Time Over Time Lease Revenue Per Topic 842 Total Revenue ATS development Time and materials contracts $ — $ 27,662 $ — $ 27,662 Fixed price contracts — 25,062 — 25,062 Other — — 1,167 1,167 Total ATS development — 52,724 1,167 53,891 Wafer Services 124 14,366 — 14,490 Combined ATS development and Wafer Services 124 67,090 1,167 68,381 Tools 3,243 — — 3,243 Total $ 3,367 $ 67,090 $ 1,167 $ 71,624 Nine-Month Period Ended September 29, 2024 Topic 606 Revenue Point-in-Time Over Time Lease Revenue Per Topic 842 Total Revenue ATS development Time and materials contracts $ — $ 113,091 $ — $ 113,091 Fixed price contracts 7,777 54,875 — 62,652 Other — — 3,501 3,501 Total ATS development 7,777 167,966 3,501 179,244 Wafer Services 1,602 20,888 — 22,490 Combined ATS development and Wafer Services 9,379 188,854 3,501 201,734 Tools 65,048 — — 65,048 Total $ 74,427 $ 188,854 $ 3,501 $ 266,782 Nine-Month Period Ended October 1, 2023 Topic 606 Revenue Point-in-Time Over Time Lease Revenue Per Topic 842 Total Revenue ATS development Time and materials contracts $ — $ 82,872 $ — $ 82,872 Fixed price contracts — 67,363 — 67,363 Other — — 3,500 3,500 Total ATS development — 150,235 3,500 153,735 Wafer Services 7,312 41,767 — 49,079 Combined ATS development and Wafer Services 7,312 192,002 3,500 202,814 Tools 4,715 — — 4,715 Total revenue $ 12,027 $ 192,002 $ 3,500 $ 207,529 The following table discloses revenue for the three- and nine-month periods ended September 29, 2024 and October 1, 2023 by country determined based on customer address: Three-Month Period Ended Nine-Month Period Ended September 29, 2024 October 1, 2023 September 29, 2024 October 1, 2023 United States $ 90,459 $ 67,064 $ 257,281 $ 185,185 Canada 1,752 1,889 5,632 6,395 Hong Kong 592 289 671 6,291 United Kingdom 441 265 1,078 4,139 All others 573 2,117 2,120 5,519 Total revenue $ 93,817 $ 71,624 $ 266,782 $ 207,529 Two customers each accounted for 10% or more of revenue, and in aggregate accounted for 69% and 63% of revenue for the three- and nine-month periods ended September 29, 2024, respectively, and in aggregate accounted for 65% and 58% of revenue for the three- and nine-month periods ended October 1, 2023, respectively. The loss of a major customer could adversely affect the Company’s operating results and financial condition. Deferred Contract Costs The Company recognizes an asset for the incremental cost of obtaining a contract with a customer (i.e., deferred contract costs) when costs are considered recoverable and the duration of the contract is in excess of one year. Deferred contract costs are amortized as the related revenue is recognized. The Company recognized amortization of deferred contract costs totaling $0 for the three-month period ended September 29, 2024 and recognized accretion of deferred contract costs of $43 for the three-month period ended October 1, 2023. The Company recognized amortization of deferred contract costs totaling $172 and $757 for the nine-month periods ended September 29, 2024 and October 1, 2023, respectively. Contract Assets Contract assets represent SkyWater’s rights to payments for services it has transferred to its customers, but has not yet billed to its customers. Contract assets were $29,179 and $29,666 at September 29, 2024 and December 31, 2023, respectively, and are presented net of allowances for expected credit losses of $42 and $99, respectively, and net of accrued contract liabilities arising from certain contracts expected to generate losses over the remaining period of performance. As of September 29, 2024 and December 31, 2023, the Company maintained liabilities of $175 and $0, respectively, arising from long-term production-type contracts with the U.S. Federal government expected to generate losses over the period of performance. Contract Liabilities The Company’s contract liabilities principally consist of deferred revenue on customer contracts and deferred lease revenue representing customer prepayments on a leasing arrangement in which the Company serves as lessor. Deferred revenue on customer contracts represents payments from customers for which performance obligations have not yet been satisfied. In some instances, cash may be received, or payment may be contractually due by a customer before the related revenue is recognized. The contract liabilities and other significant components of contract liabilities at September 29, 2024 and December 31, 2023 are as follows: September 29, 2024 December 31, 2023 Contract Deferred Revenue (1) Lease Deferred Revenue Total Contract Liabilities Contract Deferred Revenue (1) Lease Deferred Revenue Total Contract Liabilities Current contract liabilities $ 70,242 $ 3,111 $ 73,353 $ 44,883 $ 4,668 $ 49,551 Long-term contract liabilities 41,145 — 41,145 63,810 1,944 65,754 Total contract liabilities $ 111,387 $ 3,111 $ 114,498 $ 108,693 $ 6,612 $ 115,305 __________________ (1) Contract deferred revenue includes The change in contract liabilities during the three- and nine-month periods ended September 29, 2024 and October 1, 2023 are as follows: Three-Month Period Ended Nine-Month Period Ended September 29, 2024 October 1, 2023 September 29, 2024 October 1, 2023 Balance at beginning of period $ 105,877 $ 87,782 $ 115,305 $ 96,153 Revenue recognized included in the balance at the beginning of the period (16,967) (7,306) (51,614) (18,867) Increase due to payments received, excluding amounts recognized as revenue 25,588 (166) 50,807 3,024 Balance at end of period $ 114,498 $ 80,310 $ 114,498 $ 80,310 Remaining Performance Obligations At September 29, 2024, the Company had $117,924 of remaining performance obligations that had not been fully satisfied on contracts with original expected durations of one year or more, which were primarily related to ATS development and tools revenue contracts. The Company expects to recognize those revenues as it satisfies its performance obligations within the next 6.5 years. The Company does not disclose the value of remaining performance obligations for contracts with an original expected duration of one year or less. Further, the Company does not adjust the promised amount of consideration for the effects of a significant financing component if it expects, at contract inception, that the period between when it transfers 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	9 Months Ended
	Sep. 29, 2024
Balance Sheet Information [Abstract]
Balance Sheet Information	Balance Sheet Information Certain significant amounts included in the Company’s interim condensed consolidated balance sheets are summarized in the following tables: Allowance for credit losses - accounts receivable Three-Month Period Ended Nine-Month Period Ended September 29, October 1, September 29, October 1, Balance at beginning of period $ 433 $ 4,209 $ 180 $ 1,638 Add Adoption of Credit Loss Standard (Topic 326) — — — 168 Provision for credit losses 66 490 319 4,113 Deduct Accounts written-off 121 — 121 1,220 Less recoveries of accounts charged-off — — — — Net account charge-offs (recoveries) 121 — 121 1,220 Balance at end of period $ 378 $ 4,699 $ 378 $ 4,699 Allowance for credit losses - contract assets Three-Month Period Ended Nine-Month Period Ended September 29, 2024 October 1, September 29, October 1, Balance at beginning of period $ 49 $ 186 $ 99 $ — Add Adoption of Credit Loss Standard (Topic 326) — — — 207 Provision for credit losses (7) 41 (57) 20 Deduct Accounts written-off — — — — Less recoveries of accounts charged-off — — — — Net account charge-offs (recoveries) — — — — Balance at end of period $ 42 $ 227 $ 42 $ 227 Inventory September 29, 2024 December 31, 2023 Raw materials $ 3,365 $ 4,775 Work-in-process 1,612 19 Supplies and spare parts 9,452 10,547 Total inventory, current 14,429 15,341 Inventory, non-current (1) 4,353 3,293 Total inventory $ 18,782 $ 18,634 __________________ (1) Inventory, non-current consists of spare parts that will not be used within twelve months following the date of the interim condensed consolidated balance sheets. Prepaid expenses and other current assets September 29, 2024 December 31, 2023 Prepaid expenses $ 3,123 $ 2,663 Tools purchased for customers (1) 10,546 12,737 Deferred contract costs 1,458 1,453 Total prepaid assets and other current assets $ 15,127 $ 16,853 __________________ (1) The Company acquires tools for its customers that, while owned by our customers, are installed and qualified in a SkyWater facility. Prior to the customer obtaining ownership and control of a tool, the Company records costs incurred prior to completing the qualification of the tool, including tool acquisition costs, tool installation costs, and tool qualification costs, within prepaid expenses and other current assets. These deferred costs are recognized as cost of tools revenue when control of the tool is transferred to the customer and associated tools revenue is recognized. Property and equipment, net September 29, 2024 December 31, 2023 Land $ 5,396 $ 5,396 Buildings and improvements 89,207 88,782 Machinery and equipment 199,702 193,977 Property and equipment placed in service, at cost (1) 294,305 288,155 Less: accumulated depreciation (1) (145,688) (137,767) Property and equipment placed in service, net (1) 148,617 150,388 Property and equipment not yet in service 14,355 8,979 Total property and equipment, net $ 162,972 $ 159,367 __________________ (1) Includes $10,805 and $13,332 of cost and $2,172 and $3,976 of accumulated depreciation associated with capital assets subject to financing leases at September 29, 2024 and December 31, 2023, respectively. For the three-month periods ended September 29, 2024 and October 1, 2023, depreciation expense was $3,836 and $6,719, respectively, and $12,230 and $20,275 for the nine-month periods ended September 29, 2024 and October 1, 2023, respectively, substantially all of which was classified as cost of revenue. Intangible assets, net September 29, 2024 December 31, 2023 Software and licensed technology $ 13,344 $ 12,148 Less: accumulated amortization (7,541) (6,476) Intangible assets placed in service, net 5,803 5,672 Intangible assets not yet in service 1,417 — Total intangible assets, net $ 7,220 $ 5,672 Intangible assets consist of (1) purchased software and license costs from the Company’s acquisition of the business in 2017; and (2) payments made under software and technology licensing agreements with third parties. During the three- and nine-month periods ended September 29, 2024, the Company acquired third-party software and licensed technology placed in service of $399 and $1,594, respectively, which will be amortized over a weighted average estimated life of 7.8 years and 7.8 years, respectively. For the three-month periods ended September 29, 2024 and October 1, 2023, amortization of software and licenses was $330 and $373, respectively, and $1,065 and $1,376 for the nine-month periods ended September 29, 2024 and October 1, 2023, respectively. Remaining estimated aggregate annual amortization expense for intangible assets placed in service is as follows for future fiscal years: Amortization Remainder of 2024 $ 317 2025 1,262 2026 981 2027 598 2028 598 Thereafter 2,047 Total future intangible asset amortization expense $ 5,803 Other assets September 29, 2024 December 31, 2023 Inventory, non-current (1) $ 4,353 $ 3,293 Operating lease right-of-use assets 61 96 Other assets 492 1,953 Total other assets $ 4,906 $ 5,342 __________________ (1) Inventory, non-current consists of spare parts that will not be used within twelve months following the date of the interim condensed consolidated balance sheets. Accrued expenses September 29, 2024 December 31, 2023 Accrued compensation $ 7,877 $ 10,947 Accrued commissions 530 488 Accrued royalties 3,641 3,122 Current portion of operating lease liabilities 51 48 Current portion of finance lease liabilities 610 645 Accrued inventory — 1,261 Accrued consulting fees — 9,345 Accrued restructuring costs (1) — 1,319 Accrued warranty (2) 3,444 824 Accrued vendor purchase commitments (3) 8,107 10,457 Other accrued expenses 7,170 9,835 Total accrued expenses $ 31,430 $ 48,291 __________________ (1) The Company incurred restructuring costs of $1,921 during the fiscal year ended December 31, 2023. The Company paid $602 during the fiscal year ended December 31, 2023, and the remainder was paid in the three-month period ended March 31, 2024. (2) The Company accrued provisions for warranties of $1,496 and $411 during the three-month periods ended September 29, 2024 and October 1, 2023, respectively, and $2,621 and $402 for the nine-month periods ended September 29, 2024 and October 1, 2023, respectively. (3) The Company accrues outstanding obligations on vendor purchase orders for goods or services provided to the Company for which invoices have not yet been received. Other long-term liabilities September 29, 2024 December 31, 2023 Finance lease liabilities $ 8,767 $ 9,275 Operating lease liabilities 13 52 Total other long-term liabilities $ 8,780 $ 9,327

Debt

Debt	9 Months Ended
	Sep. 29, 2024
Debt Disclosure [Abstract]
Debt	Debt The components of debt outstanding at September 29, 2024 and December 31, 2023 are as follows: September 29, 2024 December 31, 2023 Short-term financing Revolver $ 21,334 $ 21,794 Tool financing advance payments (1) — 3,822 Unamortized debt issuance costs (1,782) (2,851) Total short-term financing, net of unamortized debt issuance costs 19,552 22,765 Long-term debt VIE Financing 34,950 35,765 Tool financing loans (1) 8,562 6,799 Unamortized debt issuance costs (2,234) (2,490) Total long-term debt, including current maturities 41,278 40,074 Less: Current portion of long-term debt (5,099) (3,976) Total long-term debt, excluding current portion $ 36,179 $ 36,098 __________________ (1) Tool financing advance payments represent proceeds received from equipment lenders prior to the Company placing underlying manufacturing tools and other equipment into service. When the underlying tools are placed into service, financing agreements are executed to repay the equipment lender the outstanding financial obligation over a period of time, and the advance payments are converted to tool financing loans and classified as long-term debt in the Company’s condensed consolidated balance sheets. Tool financings are often accounted for as failed sale and leasebacks. Revolver On December 28, 2022, we entered into a Loan and Security Agreement (the “Loan Agreement”) with Siena Lending Group LLC (“Siena”). The Loan Agreement provides for a revolving line of credit with a borrowing limit of up to $100.0 million with a scheduled maturity date of December 28, 2025 (the “Revolver”). The outstanding balance of the Revolver was $21,334 as of September 29, 2024 at an interest rate of 10.6%. Borrowing under the Revolver is limited by a borrowing base of specified advance rates applicable to billed accounts receivable, contract assets, inventory and equipment, subject to various conditions and limits as provided in the Loan Agreement. As the borrowing base of $96,914 was below the borrowing limit, the remaining availability under the Revolver was $75,580 as of September 29, 2024. As of September 29, 2024, the Company was in compliance with all applicable financial covenants of the Revolver. VIE Financing On September 30, 2020, Oxbow Realty, the Company’s consolidated VIE (see Note 11 – Related Party Transactions and Note 12 – Variable Interest Entity ), entered into a loan agreement for $39,000 (the “VIE Financing”) to finance the acquisition of the land and building of the SkyWater Minnesota facility. The VIE Financing is repayable in equal monthly installments of $194 over 10 years, with the remaining balance payable at the maturity date of October 6, 2030. The interest rate under the VIE Financing is fixed at 3.44%. The VIE Financing is guaranteed by Oxbow Industries, who is also the sole equity holder of Oxbow Realty. The VIE financing is not subject to financial debt default covenants. The terms of the VIE Financing include provisions that grant the lender several protective rights when certain triggering events defined in the loan agreement occur, including events tied to the Company’s occupancy of the SkyWater Minnesota facility and SkyWater’s financial performance. The triggering events are not financial covenants and the occurrence of a triggering event does not represent a default event, nor does it result in the VIE Financing becoming callable, rather the protective rights become enforceable by the lender. As defined in the loan agreement, a triggering event occurred beginning in the three-month period ended January 1, 2023 based on the level of earnings before interest, taxes, depreciation, amortization and rent, as defined in the loan agreement, reported by SkyWater historically. Pursuant to its protective rights, the lender retained in a restricted account amounts paid by SkyWater to Oxbow Realty that were in excess of the scheduled debt payments paid by Oxbow Realty to the lender. The triggering event was cured during the three-month period ended June 30, 2024 and the funds held in the restricted account were remitted back to Oxbow Realty. No triggering events as defined in the loan agreement existed as of September 29, 2024. Tool Financing Loans The Company, from time to time, enters into financing arrangements with equipment lenders to finance the purchase of manufacturing tools and other equipment. These agreements are often structured as sale and leasebacks, to which the leases includes bargain purchase options at the end of the lease terms that the Company intends to exercise. The Company accounts for these transactions as failed sale and leasebacks with the associated tools recorded in property and equipment, net and the proceeds received from equipment lenders recorded as financing obligations on the Company’s interim condensed consolidated balance sheets. Prior to placing a tool into service, advanced payments received from equipment lenders are recorded as short-term financings on the Company’s interim condensed consolidated balance sheets. When the financed tools are placed into service, financing agreements are executed to repay the equipment lenders the outstanding financial obligations over a period of time. Upon execution of the financing arrangements, the financing obligation is classified as long-term debt. Advance payments of tools that have been financed by equipment lenders prior to placing the underlying tool into service totaled $0 and $3,822 as of September 29, 2024 and December 31, 2023, respectively. Maturities Future principal payments of the Company’s long-term debt, excluding unamortized debt issuance costs, are as follows: Remainder of 2024 $ 1,232 2025 5,222 2026 4,701 2027 1,219 2028 1,259 Thereafter 29,879 Total future principal payments of long-term debt, excluding unamortized debt issuance costs $ 43,512

Income Taxes

Income Taxes	9 Months Ended
	Sep. 29, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company’s effective tax rates for the three- and nine-month periods ended September 29, 2024 and October 1, 2023 differ from its 21% U.S. statutory corporate tax rate due to the impact of state income taxes, permanent tax differences, the tax impact of the vesting of employee equity awards, and changes in the Company’s deferred tax asset valuation allowance. The effective 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 rates were 3.4% and 1.4% for the three-month periods ended September 29, 2024 and October 1, 2023, respectively, and (0.2)% and 0.4% for the nine-month periods ended September 29, 2024 and October 1, 2023, respectively. Management regularly evaluates the future realization of deferred tax assets and provides a valuation allowance, if considered necessary. As part of the evaluation, management assesses taxable income in carryback years, future reversals of taxable temporary differences, feasible tax planning strategies the execution of which are in the Company’s control, and future expectations of income. Based upon this analysis, a valuation allowance of $27,655 and $26,111 was recorded at September 29, 2024 and December 31, 2023, respectively, to reduce the net deferred tax assets to the amount that is more likely than not to be realized. No liability has been recorded for uncertain tax positions. If applicable, the Company would accrue income tax related interest and penalties in income tax expense in its interim condensed consolidated statements of operations. There were no interest or penalties incurred during the three- and nine-month periods ended September 29, 2024 and October 1, 2023. In August 2022, the U.S. enacted the Creating Helpful Incentives to Produce Semiconductors and Science Act of 2022 (the “CHIPS Act”). The CHIPS Act provides incentives to semiconductor chip manufacturers in the U.S., including providing a 25% manufacturing investment credit for investments in semiconductor manufacturing property placed in service after December 31, 2022, for which construction begins before January 1, 2027. Property investments qualify for the 25% credit if, among other requirements, the property is integral to the operation of an advanced manufacturing facility, defined as having a primary purpose of manufacturing semiconductors or semiconductor manufacturing equipment.

Shareholders' Equity

Shareholders' Equity	9 Months Ended
	Sep. 29, 2024
Stockholders' Equity Note [Abstract]
Shareholders' Equity	Shareholders’ Equity On September 2, 2022, SkyWater entered into an Open Market Sale Agreement with Jefferies LLC with respect to an at the market offering program (the “ATM Program”). Pursuant to the agreement, the Company may, from time to time, offer and sell up to $100,000 in shares of the Company’s common stock. During the three- and nine-month periods ended September 29, 2024, the Company did not sell shares under the ATM Program. During the three and nine-month periods ended October 1, 2023, the Company sold 779,697 and 2,081,167 shares under the ATM Program, respectively. From the date of the ATM program through September 29, 2024, the Company has cumulatively sold 2,516,586 shares at an average sale price of $9.96 per share, resulting in gross proceeds of approximately $25,070 before deducting sales commissions and fees of approximately $1,212. The Company used the net proceeds to pay down the Revolver and fund its operations. As of September 29, 2024, the Company had availability under the agreement to sell an additional $74,930 in shares under the ATM Program.

Equity-Based Compensation

Equity-Based Compensation	9 Months Ended
	Sep. 29, 2024
Share-Based Payment Arrangement [Abstract]
Equity-Based Compensation	Equity-Based Compensation Equity-based compensation expense was recorded in the interim condensed consolidated statements of operations as follows: Three-Month Period Ended Nine-Month Period Ended September 29, 2024 October 1, 2023 September 29, 2024 October 1, 2023 Cost of revenue $ 565 $ 438 $ 1,524 $ 1,242 Research and development expense 69 218 266 597 Selling, general and administrative expense 1,384 1,197 4,315 3,834 Total equity-based compensation expense $ 2,018 $ 1,853 $ 6,105 $ 5,673

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 29, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Litigation and Other Asserted Claims From time to time, the Company is involved in legal proceedings and subject to other asserted claims arising in the ordinary course of business. Although the results of litigation and asserted claims cannot be predicted with certainty, the resolution of these ordinary-course matters are not expected to have a material adverse effect on its business, consolidated operating results, financial condition, or cash flows. Even if any particular litigation is resolved in a manner that is favorable to the Company, such litigation can have a negative impact on the Company because of defense and settlement costs, diversion of management resources from its business, and other factors. There were no material litigation-related or other asserted claim contingencies recognized at either September 29, 2024 or December 31, 2023. Capital Expenditures The Company has various contracts outstanding with third parties, primarily related to the purchase of tools. The Company had $7,505 and $7,910 of contractual commitments outstanding as of September 29, 2024 and December 31, 2023, respectively, that it expects to pay in the next twelve months using cash on hand and operating cash flows. Center for NeoVation On January 25, 2021, the Company entered into a technology and economic development agreement (the “TED Agreement”), and a lease agreement (the “CfN Lease”) with the government of Osceola County, Florida (“Osceola”) and ICAMR, Inc., a Florida non-profit corporation (also known as “BRIDG”), to lease and operate the Center for NeoVation (the “CfN”), a semiconductor research and development and manufacturing facility in Florida. Under the CfN Lease, the Company agrees to bring the plant to full production capacity within five years, and then to operate the plant at full capacity for an additional 15 years. At the end of the lease, SkyWater will take ownership of the facility. The Company is responsible for taxes, utilities, insurance, maintenance, operation of the assets, and making capital investments in the facility to bring the facility to its full production capacity. Investments and costs required to bring the facility to its full capacity will be substantial. The Company may terminate the TED Agreement and CfN Lease with 18 months’ notice. In the event the Company terminates the agreements, the Company must continue to operate the CfN until either a replacement operator for the CfN is identified, or the 18-month termination notice period expires. The Company may be required to make a payment of up to $15,000 to Osceola upon termination. As part of entering into the TED Agreement, the Company agreed to operate the advanced wastewater treatment facility (“AWT Facility”), a separate building located on the same leased premise as the CfN and subject to the CfN Lease. The AWT Facility was financed in substantial part by funds provided by the Tohopekaliga Water Authority (“TWA”) to house the acid waste neutralization and pH adjustment treatment system and the reverse osmosis water treatment system. In connection with entering into the CfN Lease, the Company agreed that development of the CfN requires the payment of water, wastewater and reuse water capacity charges imposed by TWA monthly over the remaining period of six years. The Company also agreed that TWA shall be entitled to recover the capital contribution of TWA for construction of the AWT Facility through a capital reimbursement surcharge monthly over the remaining period of six years. As of September 29, 2024, the Company expects future payments on these commitments of approximately $3,700. Build Back Better Grant In third quarter 2022, the U.S. Department of Commerce Economic Development Administration granted funds to Osceola and BRIDG for continued development of Central Florida’s Semiconductor Cluster for Broad-Based Prosperity through the Build Back Better Regional Challenge, a portion of which is committed to the expansion of the CfN and purchase, installation, and qualification of tools in the CfN. In February 2023, SkyWater committed to a 20% matching share contribution of the project costs to Osceola totaling $9,100. SkyWater’s commitment to fund this matching contribution is limited to $1,000 in any single calendar quarter. As of September 29, 2024, SkyWater has not been obligated to pay any portion of the matching contribution to which it has committed.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 29, 2024
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions In August 2022, SkyWater entered into an agreement with Oxbow Industries to provide funding in an amount up to $12,500, if necessary, to enable the Company to meet its obligations as they become due. In March 2024, the agreement was amended to extend the term through March 18, 2026. No amounts have been provided to the Company under this agreement. Sale-Leaseback Transaction On September 29, 2020, SkyWater entered into an agreement to sell the land and building of its Minnesota facility to Oxbow Realty. In the fourth quarter of 2020, SkyWater entered into an agreement to lease the land and building back from Oxbow Realty for initial lease 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. In the most recent month, the rental payment to Oxbow Realty was $426. The Company is also required to make certain customary payments constituting “additional rent,” including certain monthly reserve, insurance, and tax payments, in accordance with the terms of the lease agreement. Future minimum lease commitments to Oxbow Realty as of September 29, 2024 were as follows (such amounts are eliminated from the Company’s interim condensed consolidated financial statements due to the consolidation of Oxbow Realty, see Note 12 – Variable Interest Entity ): Remainder of 2024 $ 1,279 2025 5,149 2026 5,252 2027 5,357 2028 5,464 Thereafter 72,408 Total future minimum lease payments 94,909 Less: imputed interest (66,914) Total future minimum lease payments $ 27,995

Variable Interest Entity

Variable Interest Entity	9 Months Ended
	Sep. 29, 2024
Condensed Financial Information Disclosure [Abstract]
Variable Interest Entity	Variable Interest Entity Oxbow Realty was established for the purpose of holding real estate and facilitating real estate transactions on behalf of Oxbow Industries. This included facilitating the purchase of the land and building of SkyWater’s Minnesota facility with proceeds from a bank loan (see Note 6 – Debt ) and managing the leaseback of the land and building to SkyWater (see Note 11 – Related Party Transactions ). Management determined that Oxbow Realty meets the definition of a VIE under FASB Accounting Standards Codification Topic 810, “Consolidations” (“Topic 810”), because it lacks sufficient equity to finance its activities. Furthermore, the Company is the primary beneficiary of Oxbow Realty as it has the power over those activities that most significantly affect Oxbow Realty’s economic performance, mainly activities focused on the operation and maintenance of the Minnesota facility. As the primary beneficiary, the Company consolidates the assets, liabilities, and results of operations of Oxbow Realty pursuant to Topic 810, eliminating any transactions between the Company and Oxbow Realty, and recording a noncontrolling interest for the economic interest in Oxbow Realty attributable to parties other than the Company’s common stock shareholders. 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 the Company as of September 29, 2024 and December 31, 2023. The assets and liabilities are presented prior to the elimination of intercompany balances. September 29, 2024 December 31, 2023 Cash and cash equivalents $ 576 $ 9 Accounts receivable 1,180 8,807 Finance receivable 41,053 40,707 Property and equipment, net 6,718 — Other assets 107 744 Total assets $ 49,634 $ 50,267 Accounts payable $ 1,141 $ 6,053 Accrued expenses 63 248 Contract liabilities 1,129 1,283 Debt 34,911 35,722 Total liabilities $ 37,244 $ 43,306 The following table shows the revenue and expenses of Oxbow Realty for the three- and nine-month periods ended September 29, 2024 and October 1, 2023. These results of Oxbow Realty are presented prior to the elimination of intercompany transactions. Three-Month Period Ended Nine-Month Period Ended September 29, 2024 October 1, 2023 September 29, 2024 October 1, 2023 Revenue $ 1,446 $ 1,462 $ 4,288 $ 5,411 General and administrative expenses 9 183 49 728 Interest expense 321 313 1,085 944 Total expenses 330 496 1,134 1,672 Net income $ 1,116 $ 966 $ 3,154 $ 3,739

Leases

Leases	9 Months Ended
	Sep. 29, 2024
Leases [Abstract]
Leases	Leases SkyWater as the Lessor In March 2020, SkyWater executed a contract with a customer that includes an operating lease for the right to use a specified portion of the Company’s Minnesota facility to produce wafers using the customer’s equipment. The contractual amount that relates to revenue from an operating lease was $21,000, and is being recognized over the estimated lease term of 4.5 years . The total amount was prepaid by the customer and recorded as deferred revenue. See Note 4 – Revenue

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 29, 2024	Oct. 01, 2023	Sep. 29, 2024	Oct. 01, 2023
Pay vs Performance Disclosure
Net income	$ 1,512	$ (7,568)	$ (6,114)	$ (20,431)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 29, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 29, 2024
Accounting Policies [Abstract]
Principles of Consolidation	Principles of Consolidation The interim condensed consolidated financial statements include the Company’s assets, liabilities, revenues, and expenses, as well as the assets, liabilities, revenues, and expenses of subsidiaries in which it has a controlling financial interest, SkyWater Technology Foundry, Inc. (“SkyWater Technology Foundry”), SkyWater Federal, LLC (“SkyWater Federal”), SkyWater Florida, Inc. (“SkyWater Florida”), and Oxbow Realty Partners, LLC (“Oxbow Realty”), a variable interest entity (“VIE”) for which SkyWater is the primary beneficiary and an affiliate of the Company’s principal shareholder. All intercompany accounts and transactions have been eliminated in consolidation.
Liquidity and Cash Requirements	Liquidity and Cash Requirements The accompanying interim condensed consolidated financial statements have been prepared on the basis of the realization of assets and the satisfaction of liabilities and commitments in the normal course of business and do not include any adjustments to the recoverability and classifications of recorded assets and liabilities as a result of uncertainties. For the three- and nine-month periods ended September 29, 2024, the Company incurred net income attributable to SkyWater Technology, Inc. of $1,512 and a net loss attributable to SkyWater Technology, Inc. of $6,114, respectively. For the three- and nine-month periods ended October 1, 2023, the Company incurred net losses attributable to SkyWater Technology, Inc. of $7,568 and $20,431, respectively. As of September 29, 2024 and December 31, 2023, the Company had cash and cash equivalents of $20,684 and $18,382, respectively. SkyWater’s ability to execute its operating strategy is dependent on its ability to maintain liquidity and continue to access capital through the Revolver (as defined in Note 6 – Debt ) and other sources of financing. The Company has identified specific actions it could take to reduce operating costs to improve cash flow, including reductions in spending and delays in hiring personnel. If such actions are taken, it may require the Company to decrease its level of investment in new products and technologies, or discontinue further expansion of its business. The Company has also obtained a support letter from Oxbow Industries, LLC (“Oxbow Industries”), an affiliate of the Company’s principal stockholder, to provide funding in an amount up to $12,500, if necessary, to enable the Company to meet its obligations as they become due. The support letter expires March 18, 2026. Based upon SkyWater’s operating forecasts, its cash and cash equivalents on hand, available borrowings on the Revolver, and potential cost reduction measures it could undertake, management believes SkyWater will have sufficient liquidity to fund its operations for the next twelve months from the date these interim condensed consolidated financial statements are issued. Additionally, the Company could seek additional equity or debt financing, including a refinancing and/or expansion of the Revolver, however it cannot provide any assurance that additional funds will be available when needed or, if available, will be available on terms that are acceptable to the Company. The Company’s ability to access additional funds depends on prevailing economic conditions and other factors, many of which are beyond SkyWater’s control. SkyWater has based this estimate on assumptions that may prove to be wrong, and its operating plan may change as a result of many factors currently unknown to it.
Use of Estimates	Use of Estimates The preparation of the interim 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 as of the date of the interim condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting periods then ended. 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.
Net Income (Loss) Per Share	Net Income (Loss) Per Share Basic net income (loss) per common share is calculated by dividing the net income (loss) attributable to SkyWater Technology, Inc. by the weighted-average number of shares outstanding during the reporting periods, without consideration for potentially dilutive securities. Diluted net (loss) per common share is computed by dividing the net income (loss) attributable to SkyWater Technology, Inc. by the weighted-average number of shares and potentially dilutive securities outstanding during the reporting periods determined using the treasury-stock method. Because the Company reported net losses attributable to SkyWater Technology, Inc. for the nine-month period ended September 29, 2024 and three- and nine-month periods ended October 1, 2023, the number of shares used to calculate diluted net loss per common share is the same as the number of shares used to calculate basic net loss per common share because the potentially dilutive shares would have been anti-dilutive if included in the calculation. For the three- and nine-month periods ended September 29, 2024, there were restricted stock units and stock options totaling 1,637 and 1,416, respectively, excluded from the computation of diluted weighted-average shares outstanding because their inclusion would have been anti-dilutive. For each of the three- and nine-month periods ended October 1, 2023, there were restricted stock units and stock options totaling 2,258 excluded from the computation of diluted weighted-average shares outstanding because their inclusion would have been anti-dilutive.
Reportable Segment Information	Reportable 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 when making decisions regarding resource allocation and assessing performance. SkyWater operates and manages its business as one reportable segment.
Recently Adopted Accounting Standards and Recently Issued Accounting Standards Not Yet Adopted	Recently Adopted Accounting Standards In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-13, “Measurement of Credit Losses on Financial Instruments,” later codified in Topic 326, “Financial Instruments – Credit Losses” (“Topic 326”). Topic 326 replaces the preexisting U.S. GAAP guidance that only required the recognition of credit losses when losses were probable and estimable. Topic 326 now requires recognition of credit losses based on SkyWater’s expectation of losses to be incurred while the financial instrument is held. Topic 326 was effective for most public business entities for fiscal years beginning after December 15, 2019. As an emerging growth company, SkyWater adopted Topic 326 on January 2, 2023 using the modified retrospective approach. Upon adoption, the Company increased its accumulated deficit by $375 for the effects of increasing its allowance for credit losses as of January 2, 2023. All other impacts to SkyWater’s consolidated financial position, results of operations, and cash flows were immaterial. Recently Issued Accounting Standards Not Yet Adopted In November 2023, the FASB issued ASU No. 2023-07, “Segment Reporting.” The amendments in this update improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses and are effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. SkyWater will reflect the amended disclosure requirements of this update in its annual consolidated financial statements for its fiscal year ending December 29, 2024 and for the interim periods in its fiscal year ending December 28, 2025. Given that the Company reports as a single reportable segment, the impacts of adopting the provisions of this update will not be significant.

Basis of Presentation and Pri_2

Basis of Presentation and Principles of Consolidation (Tables)	9 Months Ended
	Sep. 29, 2024
Organization, Consolidation and Presentation of Financial Statements [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 income (loss) per common share for the three- and nine-month periods ended September 29, 2024 and October 1, 2023: Three-Month Period Ended Nine-Month Period Ended September 29, October 1, September 29, October 1, (in thousands, except per share data) Numerator: net income (loss) attributable to SkyWater Technology, Inc. $ 1,512 $ (7,568) $ (6,114) $ (20,431) Denominator: weighted-average common shares outstanding, basic 47,523 46,445 47,339 45,002 Net income (loss) per common share, basic $ 0.03 $ (0.16) $ (0.13) $ (0.45) Denominator: weighted-average common shares outstanding, diluted 47,640 46,445 47,339 45,002 Net income (loss) per common share, diluted $ 0.03 $ (0.16) $ (0.13) $ (0.45)

Revenue (Tables)

Revenue (Tables)	9 Months Ended
	Sep. 29, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregated Revenue	The following tables disclose revenue by product type and the timing of recognition of revenue for transfer of goods and services to customers: Three-Month Period Ended September 29, 2024 Topic 606 Revenue Point-in-Time Over Time Lease Revenue Per Topic 842 Total Revenue ATS development Time and materials contracts $ — $ 30,232 $ — $ 30,232 Fixed price contracts 6,187 18,804 — 24,991 Other — — 1,167 1,167 Total ATS development 6,187 49,036 1,167 56,390 Wafer Services 100 6,618 — 6,718 Combined ATS development and Wafer Services 6,287 55,654 1,167 63,108 Tools 30,709 — — 30,709 Total $ 36,996 $ 55,654 $ 1,167 $ 93,817 Three-Month Period Ended October 1, 2023 Topic 606 Revenue Point-in-Time Over Time Lease Revenue Per Topic 842 Total Revenue ATS development Time and materials contracts $ — $ 27,662 $ — $ 27,662 Fixed price contracts — 25,062 — 25,062 Other — — 1,167 1,167 Total ATS development — 52,724 1,167 53,891 Wafer Services 124 14,366 — 14,490 Combined ATS development and Wafer Services 124 67,090 1,167 68,381 Tools 3,243 — — 3,243 Total $ 3,367 $ 67,090 $ 1,167 $ 71,624 Nine-Month Period Ended September 29, 2024 Topic 606 Revenue Point-in-Time Over Time Lease Revenue Per Topic 842 Total Revenue ATS development Time and materials contracts $ — $ 113,091 $ — $ 113,091 Fixed price contracts 7,777 54,875 — 62,652 Other — — 3,501 3,501 Total ATS development 7,777 167,966 3,501 179,244 Wafer Services 1,602 20,888 — 22,490 Combined ATS development and Wafer Services 9,379 188,854 3,501 201,734 Tools 65,048 — — 65,048 Total $ 74,427 $ 188,854 $ 3,501 $ 266,782 Nine-Month Period Ended October 1, 2023 Topic 606 Revenue Point-in-Time Over Time Lease Revenue Per Topic 842 Total Revenue ATS development Time and materials contracts $ — $ 82,872 $ — $ 82,872 Fixed price contracts — 67,363 — 67,363 Other — — 3,500 3,500 Total ATS development — 150,235 3,500 153,735 Wafer Services 7,312 41,767 — 49,079 Combined ATS development and Wafer Services 7,312 192,002 3,500 202,814 Tools 4,715 — — 4,715 Total revenue $ 12,027 $ 192,002 $ 3,500 $ 207,529
Schedule of Revenue by Country	The following table discloses revenue for the three- and nine-month periods ended September 29, 2024 and October 1, 2023 by country determined based on customer address: Three-Month Period Ended Nine-Month Period Ended September 29, 2024 October 1, 2023 September 29, 2024 October 1, 2023 United States $ 90,459 $ 67,064 $ 257,281 $ 185,185 Canada 1,752 1,889 5,632 6,395 Hong Kong 592 289 671 6,291 United Kingdom 441 265 1,078 4,139 All others 573 2,117 2,120 5,519 Total revenue $ 93,817 $ 71,624 $ 266,782 $ 207,529
Schedule of Contract Liabilities	The contract liabilities and other significant components of contract liabilities at September 29, 2024 and December 31, 2023 are as follows: September 29, 2024 December 31, 2023 Contract Deferred Revenue (1) Lease Deferred Revenue Total Contract Liabilities Contract Deferred Revenue (1) Lease Deferred Revenue Total Contract Liabilities Current contract liabilities $ 70,242 $ 3,111 $ 73,353 $ 44,883 $ 4,668 $ 49,551 Long-term contract liabilities 41,145 — 41,145 63,810 1,944 65,754 Total contract liabilities $ 111,387 $ 3,111 $ 114,498 $ 108,693 $ 6,612 $ 115,305 __________________ (1) Contract deferred revenue includes The change in contract liabilities during the three- and nine-month periods ended September 29, 2024 and October 1, 2023 are as follows: Three-Month Period Ended Nine-Month Period Ended September 29, 2024 October 1, 2023 September 29, 2024 October 1, 2023 Balance at beginning of period $ 105,877 $ 87,782 $ 115,305 $ 96,153 Revenue recognized included in the balance at the beginning of the period (16,967) (7,306) (51,614) (18,867) Increase due to payments received, excluding amounts recognized as revenue 25,588 (166) 50,807 3,024 Balance at end of period $ 114,498 $ 80,310 $ 114,498 $ 80,310

Balance Sheet Information (Tabl

Balance Sheet Information (Tables)	9 Months Ended
	Sep. 29, 2024
Balance Sheet Information [Abstract]
Schedule of Allowance for Credit Loss on Accounts Receivable	Allowance for credit losses - accounts receivable Three-Month Period Ended Nine-Month Period Ended September 29, October 1, September 29, October 1, Balance at beginning of period $ 433 $ 4,209 $ 180 $ 1,638 Add Adoption of Credit Loss Standard (Topic 326) — — — 168 Provision for credit losses 66 490 319 4,113 Deduct Accounts written-off 121 — 121 1,220 Less recoveries of accounts charged-off — — — — Net account charge-offs (recoveries) 121 — 121 1,220 Balance at end of period $ 378 $ 4,699 $ 378 $ 4,699
Schedule of Contract Assets, Allowance for Credit Loss	Allowance for credit losses - contract assets Three-Month Period Ended Nine-Month Period Ended September 29, 2024 October 1, September 29, October 1, Balance at beginning of period $ 49 $ 186 $ 99 $ — Add Adoption of Credit Loss Standard (Topic 326) — — — 207 Provision for credit losses (7) 41 (57) 20 Deduct Accounts written-off — — — — Less recoveries of accounts charged-off — — — — Net account charge-offs (recoveries) — — — — Balance at end of period $ 42 $ 227 $ 42 $ 227
Schedule of Inventory	Inventory September 29, 2024 December 31, 2023 Raw materials $ 3,365 $ 4,775 Work-in-process 1,612 19 Supplies and spare parts 9,452 10,547 Total inventory, current 14,429 15,341 Inventory, non-current (1) 4,353 3,293 Total inventory $ 18,782 $ 18,634 __________________ (1) Inventory, non-current consists of spare parts that will not be used within twelve months following the date of the interim condensed consolidated balance sheets.
Schedule of Prepaid Expenses and Other Current Assets	Prepaid expenses and other current assets September 29, 2024 December 31, 2023 Prepaid expenses $ 3,123 $ 2,663 Tools purchased for customers (1) 10,546 12,737 Deferred contract costs 1,458 1,453 Total prepaid assets and other current assets $ 15,127 $ 16,853 __________________ (1) The Company acquires tools for its customers that, while owned by our customers, are installed and qualified in a SkyWater facility. Prior to the customer obtaining ownership and control of a tool, the Company records costs incurred prior to completing the qualification of the tool, including tool acquisition costs, tool installation costs, and tool qualification costs, within prepaid expenses and other current assets. These deferred costs are recognized as cost of tools revenue when control of the tool is transferred to the customer and associated tools revenue is recognized.
Schedule of Property and Equipment, Net	Property and equipment, net September 29, 2024 December 31, 2023 Land $ 5,396 $ 5,396 Buildings and improvements 89,207 88,782 Machinery and equipment 199,702 193,977 Property and equipment placed in service, at cost (1) 294,305 288,155 Less: accumulated depreciation (1) (145,688) (137,767) Property and equipment placed in service, net (1) 148,617 150,388 Property and equipment not yet in service 14,355 8,979 Total property and equipment, net $ 162,972 $ 159,367 __________________ (1)
Schedule of Intangible Assets	Intangible assets, net September 29, 2024 December 31, 2023 Software and licensed technology $ 13,344 $ 12,148 Less: accumulated amortization (7,541) (6,476) Intangible assets placed in service, net 5,803 5,672 Intangible assets not yet in service 1,417 — Total intangible assets, net $ 7,220 $ 5,672
Schedule of Remaining Estimated Aggregate Annual Amortization Expense	Remaining estimated aggregate annual amortization expense for intangible assets placed in service is as follows for future fiscal years: Amortization Remainder of 2024 $ 317 2025 1,262 2026 981 2027 598 2028 598 Thereafter 2,047 Total future intangible asset amortization expense $ 5,803
Schedule of Other Assets	Other assets September 29, 2024 December 31, 2023 Inventory, non-current (1) $ 4,353 $ 3,293 Operating lease right-of-use assets 61 96 Other assets 492 1,953 Total other assets $ 4,906 $ 5,342 __________________ (1) Inventory, non-current consists of spare parts that will not be used within twelve months following the date of the interim condensed consolidated balance sheets.
Schedule of Accrued Expenses	Accrued expenses September 29, 2024 December 31, 2023 Accrued compensation $ 7,877 $ 10,947 Accrued commissions 530 488 Accrued royalties 3,641 3,122 Current portion of operating lease liabilities 51 48 Current portion of finance lease liabilities 610 645 Accrued inventory — 1,261 Accrued consulting fees — 9,345 Accrued restructuring costs (1) — 1,319 Accrued warranty (2) 3,444 824 Accrued vendor purchase commitments (3) 8,107 10,457 Other accrued expenses 7,170 9,835 Total accrued expenses $ 31,430 $ 48,291 __________________ (1) The Company incurred restructuring costs of $1,921 during the fiscal year ended December 31, 2023. The Company paid $602 during the fiscal year ended December 31, 2023, and the remainder was paid in the three-month period ended March 31, 2024. (2) The Company accrued provisions for warranties of $1,496 and $411 during the three-month periods ended September 29, 2024 and October 1, 2023, respectively, and $2,621 and $402 for the nine-month periods ended September 29, 2024 and October 1, 2023, respectively. (3)
Schedule of Other Noncurrent Liabilities	Other long-term liabilities September 29, 2024 December 31, 2023 Finance lease liabilities $ 8,767 $ 9,275 Operating lease liabilities 13 52 Total other long-term liabilities $ 8,780 $ 9,327

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 29, 2024
Debt Disclosure [Abstract]
Schedule of Debt Outstanding	The components of debt outstanding at September 29, 2024 and December 31, 2023 are as follows: September 29, 2024 December 31, 2023 Short-term financing Revolver $ 21,334 $ 21,794 Tool financing advance payments (1) — 3,822 Unamortized debt issuance costs (1,782) (2,851) Total short-term financing, net of unamortized debt issuance costs 19,552 22,765 Long-term debt VIE Financing 34,950 35,765 Tool financing loans (1) 8,562 6,799 Unamortized debt issuance costs (2,234) (2,490) Total long-term debt, including current maturities 41,278 40,074 Less: Current portion of long-term debt (5,099) (3,976) Total long-term debt, excluding current portion $ 36,179 $ 36,098 __________________ (1) Tool financing advance payments represent proceeds received from equipment lenders prior to the Company placing underlying manufacturing tools and other equipment into service. When the underlying tools are placed into service, financing agreements are executed to repay the equipment lender the outstanding financial obligation over a period of time, and the advance payments are converted to tool financing loans and classified as long-term debt in the Company’s condensed consolidated balance sheets. Tool financings are often accounted for as failed sale and leasebacks.
Schedule of Future Principal Payments	Future principal payments of the Company’s long-term debt, excluding unamortized debt issuance costs, are as follows: Remainder of 2024 $ 1,232 2025 5,222 2026 4,701 2027 1,219 2028 1,259 Thereafter 29,879 Total future principal payments of long-term debt, excluding unamortized debt issuance costs $ 43,512

Equity-Based Compensation (Tabl

Equity-Based Compensation (Tables)	9 Months Ended
	Sep. 29, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Equity-Based Compensation Expense	Equity-based compensation expense was recorded in the interim condensed consolidated statements of operations as follows: Three-Month Period Ended Nine-Month Period Ended September 29, 2024 October 1, 2023 September 29, 2024 October 1, 2023 Cost of revenue $ 565 $ 438 $ 1,524 $ 1,242 Research and development expense 69 218 266 597 Selling, general and administrative expense 1,384 1,197 4,315 3,834 Total equity-based compensation expense $ 2,018 $ 1,853 $ 6,105 $ 5,673

Related Party Transactions (Tab

Related Party Transactions (Tables)	9 Months Ended
	Sep. 29, 2024
Related Party Transactions [Abstract]
Schedule of Future Minimum Lease Commitments	Future minimum lease commitments to Oxbow Realty as of September 29, 2024 were as follows (such amounts are eliminated from the Company’s interim condensed consolidated financial statements due to the consolidation of Oxbow Realty, see Note 12 – Variable Interest Entity ): Remainder of 2024 $ 1,279 2025 5,149 2026 5,252 2027 5,357 2028 5,464 Thereafter 72,408 Total future minimum lease payments 94,909 Less: imputed interest (66,914) Total future minimum lease payments $ 27,995

Variable Interest Entity (Table

Variable Interest Entity (Tables)	9 Months Ended
	Sep. 29, 2024
Condensed Financial Information Disclosure [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 the Company as of September 29, 2024 and December 31, 2023. The assets and liabilities are presented prior to the elimination of intercompany balances. September 29, 2024 December 31, 2023 Cash and cash equivalents $ 576 $ 9 Accounts receivable 1,180 8,807 Finance receivable 41,053 40,707 Property and equipment, net 6,718 — Other assets 107 744 Total assets $ 49,634 $ 50,267 Accounts payable $ 1,141 $ 6,053 Accrued expenses 63 248 Contract liabilities 1,129 1,283 Debt 34,911 35,722 Total liabilities $ 37,244 $ 43,306
Schedule of VIE Condensed Income Statements	The following table shows the revenue and expenses of Oxbow Realty for the three- and nine-month periods ended September 29, 2024 and October 1, 2023. These results of Oxbow Realty are presented prior to the elimination of intercompany transactions. Three-Month Period Ended Nine-Month Period Ended September 29, 2024 October 1, 2023 September 29, 2024 October 1, 2023 Revenue $ 1,446 $ 1,462 $ 4,288 $ 5,411 General and administrative expenses 9 183 49 728 Interest expense 321 313 1,085 944 Total expenses 330 496 1,134 1,672 Net income $ 1,116 $ 966 $ 3,154 $ 3,739

Basis of Presentation and Pri_3

Basis of Presentation and Principles of Consolidation - Narrative (Details) shares in Thousands, $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
	Aug. 31, 2022 USD ($)	Sep. 29, 2024 USD ($) shares	Oct. 01, 2023 USD ($) shares	Sep. 29, 2024 USD ($) segment shares	Oct. 01, 2023 USD ($) shares	Dec. 31, 2023 USD ($)
Organization, Consolidation And Presentation Of Financial Statements [Line Items]
Net income		$ 1,512	$ (7,568)	$ (6,114)	$ (20,431)
Cash and cash equivalents		$ 20,684		$ 20,684		$ 18,382
Number of reportable segments | segment				1
Restricted Stock Units and Stock Options
Organization, Consolidation And Presentation Of Financial Statements [Line Items]
Units excluded from computation (in shares) | shares		1,637	2,258	1,416	2,258
Provide Funding | Affiliated Entity | Oxbow Industries LLC
Organization, Consolidation And Presentation Of Financial Statements [Line Items]
Funding agreement with related party (up to)	$ 12,500			$ 0

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	3 Months Ended		9 Months Ended
	Sep. 29, 2024	Oct. 01, 2023	Sep. 29, 2024	Oct. 01, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Numerator: net income (loss) attributable to SkyWater Technology, Inc.	$ 1,512	$ (7,568)	$ (6,114)	$ (20,431)
Denominator: weighted-average common shares outstanding, basic (in shares)	47,523,000	46,445,000	47,339,000	45,002,000
Net income (loss) per common share, basic (in USD per share)	$ 0.03	$ (0.16)	$ (0.13)	$ (0.45)
Denominator: weighted-average common shares outstanding, diluted (in shares)	47,640,000	46,445,000	47,339,000	45,002,000
Net income (loss) per common share, diluted (in USD per share)	$ 0.03	$ (0.16)	$ (0.13)	$ (0.45)

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands	Sep. 29, 2024	Jun. 30, 2024	Dec. 31, 2023	Oct. 01, 2023	Jul. 02, 2023	Jan. 02, 2023	Jan. 01, 2023
Organization, Consolidation And Presentation Of Financial Statements [Line Items]
Stockholders' equity, including portion attributable to noncontrolling interest	$ 68,554	$ 56,820	$ 60,701	$ 67,830	$ 62,882		$ 53,977
Accumulated Deficit
Organization, Consolidation And Presentation Of Financial Statements [Line Items]
Stockholders' equity, including portion attributable to noncontrolling interest	$ (131,317)	$ (132,829)	$ (125,203)	$ (114,878)	$ (107,310)		(94,072)
Cumulative Effect, Period of Adoption, Adjustment
Organization, Consolidation And Presentation Of Financial Statements [Line Items]
Stockholders' equity, including portion attributable to noncontrolling interest							(375)
Cumulative Effect, Period of Adoption, Adjustment | Accumulated Deficit
Organization, Consolidation And Presentation Of Financial Statements [Line Items]
Stockholders' equity, including portion attributable to noncontrolling interest						$ 375	$ (375)

Revenue - Schedule of Disaggreg

Revenue - Schedule of Disaggregated Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 29, 2024	Oct. 01, 2023	Sep. 29, 2024	Oct. 01, 2023
Disaggregation of Revenue [Line Items]
Lease Revenue Per Topic 842	$ 1,167	$ 1,167	$ 3,501	$ 3,500
Revenue	93,817	71,624	266,782	207,529
Point-in-Time
Disaggregation of Revenue [Line Items]
Topic 606 Revenue	36,996	3,367	74,427	12,027
Over Time
Disaggregation of Revenue [Line Items]
Topic 606 Revenue	55,654	67,090	188,854	192,002
Combined ATS development and Wafer Services
Disaggregation of Revenue [Line Items]
Lease Revenue Per Topic 842	1,167	1,167	3,501	3,500
Revenue	63,108	68,381	201,734	202,814
Combined ATS development and Wafer Services | Point-in-Time
Disaggregation of Revenue [Line Items]
Topic 606 Revenue	6,287	124	9,379	7,312
Combined ATS development and Wafer Services | Over Time
Disaggregation of Revenue [Line Items]
Topic 606 Revenue	55,654	67,090	188,854	192,002
Advanced Technology Services (ATS) Development
Disaggregation of Revenue [Line Items]
Lease Revenue Per Topic 842	1,167	1,167	3,501	3,500
Revenue	56,390	53,891	179,244	153,735
Advanced Technology Services (ATS) Development | Point-in-Time
Disaggregation of Revenue [Line Items]
Topic 606 Revenue	6,187	0	7,777	0
Advanced Technology Services (ATS) Development | Over Time
Disaggregation of Revenue [Line Items]
Topic 606 Revenue	49,036	52,724	167,966	150,235
Time and materials contracts
Disaggregation of Revenue [Line Items]
Lease Revenue Per Topic 842	0	0	0	0
Revenue	30,232	27,662	113,091	82,872
Time and materials contracts | Point-in-Time
Disaggregation of Revenue [Line Items]
Topic 606 Revenue	0	0	0	0
Time and materials contracts | Over Time
Disaggregation of Revenue [Line Items]
Topic 606 Revenue	30,232	27,662	113,091	82,872
Fixed price contracts
Disaggregation of Revenue [Line Items]
Lease Revenue Per Topic 842	0	0	0	0
Revenue	24,991	25,062	62,652	67,363
Fixed price contracts | Point-in-Time
Disaggregation of Revenue [Line Items]
Topic 606 Revenue	6,187	0	7,777	0
Fixed price contracts | Over Time
Disaggregation of Revenue [Line Items]
Topic 606 Revenue	18,804	25,062	54,875	67,363
Other
Disaggregation of Revenue [Line Items]
Lease Revenue Per Topic 842	1,167	1,167	3,501	3,500
Revenue	1,167	1,167	3,501	3,500
Other | Point-in-Time
Disaggregation of Revenue [Line Items]
Topic 606 Revenue	0	0	0	0
Other | Over Time
Disaggregation of Revenue [Line Items]
Topic 606 Revenue	0	0	0	0
Wafer Services
Disaggregation of Revenue [Line Items]
Lease Revenue Per Topic 842	0	0	0	0
Revenue	6,718	14,490	22,490	49,079
Wafer Services | Point-in-Time
Disaggregation of Revenue [Line Items]
Topic 606 Revenue	100	124	1,602	7,312
Wafer Services | Over Time
Disaggregation of Revenue [Line Items]
Topic 606 Revenue	6,618	14,366	20,888	41,767
Tools
Disaggregation of Revenue [Line Items]
Lease Revenue Per Topic 842	0	0	0	0
Revenue	30,709	3,243	65,048	4,715
Tools | Point-in-Time
Disaggregation of Revenue [Line Items]
Topic 606 Revenue	30,709	3,243	65,048	4,715
Tools | Over Time
Disaggregation of Revenue [Line Items]
Topic 606 Revenue	$ 0	$ 0	$ 0	$ 0

Revenue - Schedule of Revenue b

Revenue - Schedule of Revenue by Country (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 29, 2024	Oct. 01, 2023	Sep. 29, 2024	Oct. 01, 2023
Disaggregation of Revenue [Line Items]
Revenues	$ 93,817	$ 71,624	$ 266,782	$ 207,529
United States
Disaggregation of Revenue [Line Items]
Revenues	90,459	67,064	257,281	185,185
Canada
Disaggregation of Revenue [Line Items]
Revenues	1,752	1,889	5,632	6,395
Hong Kong
Disaggregation of Revenue [Line Items]
Revenues	592	289	671	6,291
United Kingdom
Disaggregation of Revenue [Line Items]
Revenues	441	265	1,078	4,139
All others
Disaggregation of Revenue [Line Items]
Revenues	$ 573	$ 2,117	$ 2,120	$ 5,519

Revenue - Narrative (Details)

Revenue - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 29, 2024	Oct. 01, 2023	Sep. 29, 2024	Oct. 01, 2023	Jun. 30, 2024	Dec. 31, 2023	Jul. 02, 2023	Jan. 01, 2023
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Amortization of deferred contract costs	$ 0	$ 43	$ 172	$ 757
Contract assets	29,179		29,179			$ 29,666
Contract asset, allowance for credit loss	42	$ 227	42	$ 227	$ 49	99	$ 186	$ 0
Contract with customer, loss reserve	$ 175		$ 175			$ 0
Major Customers | Revenue Benchmark | Customer Concentration Risk
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Customer percentage of revenue	69%	65%	63%	58%

Revenue - Schedule of Contract

Revenue - Schedule of Contract Liabilities (Details) - USD ($) $ in Thousands	Sep. 29, 2024	Jun. 30, 2024	Dec. 31, 2023	Oct. 01, 2023	Jul. 02, 2023	Jan. 01, 2023
Disaggregation of Revenue [Line Items]
Current contract deferred revenue	$ 70,242		$ 44,883
Long-term contract deferred revenue	41,145		63,810
Contract liabilities	111,387		108,693
Current lease deferred revenue	3,111		4,668
Long-term lease deferred revenue	0		1,944
Total lease deferred revenue	3,111		6,612
Total current contract liabilities	73,353		49,551
Total long-term contract liabilities	41,145		65,754
Total contract liabilities	114,498	$ 105,877	115,305	$ 80,310	$ 87,782	$ 96,153
Customer Contract Including Funding Assistance For Facility Expansion
Disaggregation of Revenue [Line Items]
Current contract deferred revenue	11,123		11,123
Contract liabilities	$ 50,980		$ 59,323

Revenue - Changes in Contract R

Revenue - Changes in Contract Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 29, 2024	Oct. 01, 2023	Sep. 29, 2024	Oct. 01, 2023
Contract Liabilities [Roll Forward]
Balance at beginning of period	$ 105,877	$ 87,782	$ 115,305	$ 96,153
Revenue recognized included in the balance at the beginning of the period	(16,967)	(7,306)	(51,614)	(18,867)
Increase due to payments received, excluding amounts recognized as revenue	25,588	(166)	50,807	3,024
Balance at end of period	$ 114,498	$ 80,310	$ 114,498	$ 80,310

Revenue - Schedule of Performan

Revenue - Schedule of Performance Obligations (Details) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-09-30 $ in Thousands	Sep. 29, 2024 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue obligation amount	$ 117,924
Revenue recognition period	6 years 6 months

Balance Sheet Information - Sum

Balance Sheet Information - Summary of Credit Losses, Accounts Receivable (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 29, 2024	Oct. 01, 2023	Sep. 29, 2024	Oct. 01, 2023
Allowance for credit losses - accounts receivable
Balance at beginning of period	$ 433	$ 4,209	$ 180	$ 1,638
Provision for credit losses	66	490	319	4,113
Accounts written-off	121	0	121	1,220
Less recoveries of accounts charged-off	0	0	0	0
Net account charge-offs (recoveries)	121	0	121	1,220
Balance at end of period	378	4,699	378	4,699
Cumulative Effect, Period of Adoption, Adjustment
Allowance for credit losses - accounts receivable
Balance at beginning of period	$ 0	$ 0	$ 0	$ 168

Balance Sheet Information - Sch

Balance Sheet Information - Schedule of Contract Assets, Allowance for Credit Loss (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 29, 2024	Oct. 01, 2023	Sep. 29, 2024	Oct. 01, 2023
Allowance for credit losses - contract assets
Balance at beginning of period	$ 49	$ 186	$ 99	$ 0
Provision for credit losses	(7)	41	(57)	20
Accounts written-off	0	0	0	0
Less recoveries of accounts charged-off	0	0	0	0
Net account charge-offs (recoveries)	0	0	0	0
Balance at end of period	42	227	42	227
Cumulative Effect, Period of Adoption, Adjustment
Allowance for credit losses - contract assets
Balance at beginning of period	$ 0	$ 0	$ 0	$ 207

Balance Sheet Information - S_2

Balance Sheet Information - Summary of Inventories (Details) - USD ($) $ in Thousands	Sep. 29, 2024	Dec. 31, 2023
Balance Sheet Information [Abstract]
Raw materials	$ 3,365	$ 4,775
Work-in-process	1,612	19
Supplies and spare parts	9,452	10,547
Total inventory, current	14,429	15,341
Inventory, non-current	4,353	3,293
Total inventory	$ 18,782	$ 18,634

Balance Sheet Information - S_3

Balance Sheet Information - Summary of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Sep. 29, 2024	Dec. 31, 2023
Balance Sheet Information [Abstract]
Prepaid expenses	$ 3,123	$ 2,663
Tools purchased for customers	10,546	12,737
Deferred contract costs	1,458	1,453
Total prepaid assets and other current assets	$ 15,127	$ 16,853

Balance Sheet Information - S_4

Balance Sheet Information - Summary of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Sep. 29, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Total property and equipment, net	$ 162,972	$ 159,367
Finance lease, right-of-use asset, before accumulated amortization	10,805	13,332
Finance lease, right-of-use asset, accumulated amortization	(2,172)	(3,976)
Property and equipment placed in service
Property, Plant and Equipment [Line Items]
Total property and equipment, at cost	294,305	288,155
Less: accumulated depreciation	(145,688)	(137,767)
Total property and equipment, net	148,617	150,388
Land
Property, Plant and Equipment [Line Items]
Total property and equipment, at cost	5,396	5,396
Buildings and improvements
Property, Plant and Equipment [Line Items]
Total property and equipment, at cost	89,207	88,782
Machinery and equipment
Property, Plant and Equipment [Line Items]
Total property and equipment, at cost	199,702	193,977
Property and equipment not yet in service
Property, Plant and Equipment [Line Items]
Total property and equipment, at cost	$ 14,355	$ 8,979

Balance Sheet Information - Nar

Balance Sheet Information - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 29, 2024	Oct. 01, 2023	Sep. 29, 2024	Oct. 01, 2023
Property, Plant and Equipment [Line Items]
Depreciation expense	$ 3,836	$ 6,719	$ 12,230	$ 20,275
Software and licensed technology
Property, Plant and Equipment [Line Items]
Acquired third-party intangible assets	$ 399		$ 1,594
Weighted average estimated life of acquired intangibles (in years)	7 years 9 months 18 days		7 years 9 months 18 days
Intangible assets placed in service, net	$ 330	$ 373	$ 1,065	$ 1,376

Balance Sheet Information - S_5

Balance Sheet Information - Summary of Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 29, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Total intangible assets, net	$ 7,220	$ 5,672
Software and licensed technology
Finite-Lived Intangible Assets [Line Items]
Software and licensed technology	13,344	12,148
Less: accumulated amortization	(7,541)	(6,476)
Total intangible assets, net	5,803	5,672
Intangible assets not yet in service
Finite-Lived Intangible Assets [Line Items]
Software and licensed technology	$ 1,417	$ 0

Balance Sheet Information - S_6

Balance Sheet Information - Summary of Remaining Estimated Aggregate Annual Amortization Expense (Details) - USD ($) $ in Thousands	Sep. 29, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Total intangible assets, net	$ 7,220	$ 5,672
Software and licensed technology
Finite-Lived Intangible Assets [Line Items]
Remainder of 2024	317
2025	1,262
2026	981
2027	598
2028	598
Thereafter	2,047
Total intangible assets, net	$ 5,803	$ 5,672

Balance Sheet Information - S_7

Balance Sheet Information - Summary of Other Assets (Details) - USD ($) $ in Thousands	Sep. 29, 2024	Dec. 31, 2023
Balance Sheet Information [Abstract]
Inventory, non-current	$ 4,353	$ 3,293
Operating lease right-of-use assets	$ 61	$ 96
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Total other assets	Total other assets
Other assets	$ 492	$ 1,953
Total other assets	$ 4,906	$ 5,342

Balance Sheet Information - S_8

Balance Sheet Information - Summary of Accrued Expenses (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 29, 2024	Oct. 01, 2023	Sep. 29, 2024	Oct. 01, 2023	Dec. 31, 2023
Balance Sheet Information [Abstract]
Accrued compensation	$ 7,877		$ 7,877		$ 10,947
Accrued commissions	530		530		488
Accrued royalties	3,641		3,641		3,122
Current portion of operating lease liabilities	$ 51		$ 51		$ 48
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Total accrued expenses		Total accrued expenses		Total accrued expenses
Current portion of finance lease liabilities	$ 610		$ 610		$ 645
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Total accrued expenses		Total accrued expenses		Total accrued expenses
Accrued inventory	$ 0		$ 0		$ 1,261
Accrued consulting fees	0		0		9,345
Accrued restructuring costs	0		0		1,319
Accrued warranty	3,444		3,444		824
Accrued vendor purchase commitments	8,107		8,107		10,457
Other accrued expenses	7,170		7,170		9,835
Total accrued expenses	31,430		31,430		48,291
Restructuring costs					1,921
Payments for restructuring					$ 602
Provisions for warranty, net	$ 1,496	$ 411	$ 2,621	$ 402

Balance Sheet Information - S_9

Balance Sheet Information - Schedule of Other Long-term Liabilities (Details) - USD ($) $ in Thousands	Sep. 29, 2024	Dec. 31, 2023
Balance Sheet Information [Abstract]
Finance lease liabilities	$ 8,767	$ 9,275
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other long-term liabilities	Other long-term liabilities
Operating lease liabilities	$ 13	$ 52
Other long-term liabilities	$ 8,780	$ 9,327

Debt - Summary of Debt Outstand

Debt - Summary of Debt Outstanding (Details) - USD ($) $ in Thousands	Sep. 29, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Short-term financing	$ 19,552	$ 22,765
Unamortized debt issuance costs	(1,782)	(2,851)
Total future principal payments of long-term debt, excluding unamortized debt issuance costs	43,512
Unamortized debt issuance costs	(2,234)	(2,490)
Total future principal payments of long-term debt, excluding unamortized debt issuance costs	41,278	40,074
Less: Current portion of long-term debt	(5,099)	(3,976)
Total long-term debt, excluding current portion	36,179	36,098
Financing loan
Debt Instrument [Line Items]
Total future principal payments of long-term debt, excluding unamortized debt issuance costs	8,562	6,799
VIE Financing | Financing loan
Debt Instrument [Line Items]
Total future principal payments of long-term debt, excluding unamortized debt issuance costs	34,950	35,765
Financing loan
Debt Instrument [Line Items]
Short-term financing	0	3,822
Revolver | Revolver
Debt Instrument [Line Items]
Short-term financing	$ 21,334	$ 21,794

Debt - Narrative (Details)

Debt - Narrative (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Sep. 29, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Short-term financing		$ 19,552	$ 22,765
Term Loan | VIE Financing
Debt Instrument [Line Items]
Debt instrument, interest rate (as a percent)	3.44%
Principal amount of debt	$ 39,000
Periodic payment installments	$ 194
Debt instrument, term (in years)	10 years
Revolver
Debt Instrument [Line Items]
Maximum borrowing capacity		100,000
Current borrowing capacity		96,914
Remaining balance of revolver		75,580
Line of Credit | Revolver
Debt Instrument [Line Items]
Short-term financing		$ 21,334	21,794
Debt instrument, interest rate (as a percent)		10.60%
Term Loan
Debt Instrument [Line Items]
Short-term financing		$ 0	$ 3,822

Debt - Summary of Future Princi

Debt - Summary of Future Principal Payments (Details) $ in Thousands	Sep. 29, 2024 USD ($)
Debt Disclosure [Abstract]
Remainder of 2024	$ 1,232
2025	5,222
2026	4,701
2027	1,219
2028	1,259
Thereafter	29,879
Total future principal payments of long-term debt, excluding unamortized debt issuance costs	$ 43,512

Income Taxes (Details)

Income Taxes (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 29, 2024	Oct. 01, 2023	Sep. 29, 2024	Oct. 01, 2023	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Federal statutory income tax rate (as a percent)	21%	21%	21%	21%
Effective income tax rate (as a percent)	3.40%	1.40%	(0.20%)	0.40%
Valuation allowance	$ 27,655,000		$ 27,655,000		$ 26,111,000
Liability for uncertain tax positions	0		0
Penalties and interest expense	$ 0	$ 0	$ 0	$ 0

Shareholders' Equity (Details)

Shareholders' Equity (Details) - Jefferies LLC - ATM Program - USD ($)		3 Months Ended		9 Months Ended		25 Months Ended
	Sep. 02, 2022	Sep. 29, 2024	Oct. 01, 2023	Sep. 29, 2024	Oct. 01, 2023	Sep. 29, 2024
Class of Stock [Line Items]
Sale of stock, ATM authorized amount	$ 100,000,000
Shares issued in offering (in shares)		0	779,697	0	2,081,167	2,516,586
Offering price per share (in USD per share)		$ 9.96		$ 9.96		$ 9.96
Proceeds from offering						$ 25,070,000
Stock offering costs						1,212,000
Additional shares to be issued in transaction, value		$ 74,930,000		$ 74,930,000		$ 74,930,000

Equity-Based Compensation (Deta

Equity-Based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 29, 2024	Oct. 01, 2023	Sep. 29, 2024	Oct. 01, 2023
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total equity-based compensation expense	$ 2,018	$ 1,853	$ 6,105	$ 5,673
Cost of revenue
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total equity-based compensation expense	565	438	1,524	1,242
Research and development expense
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total equity-based compensation expense	69	218	266	597
Selling, general and administrative expense
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total equity-based compensation expense	$ 1,384	$ 1,197	$ 4,315	$ 3,834

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($) $ in Thousands	Jan. 25, 2021	Sep. 29, 2024	Dec. 31, 2023	Feb. 28, 2023
Commitments And Contingencies [Line Items]
Contractual commitments outstanding		$ 7,505	$ 7,910
Operation of Advanced Wastewater Treatment Facility
Commitments And Contingencies [Line Items]
Total amount committed		$ 3,700
Matching Share of Osceola Project Costs
Commitments And Contingencies [Line Items]
Total amount committed				$ 9,100
Matching share commitment (as a percent)				20%
Maximum | Matching Share of Osceola Project Costs
Commitments And Contingencies [Line Items]
Funding commitment per single calendar quarter				$ 1,000
Center For NeoVation
Commitments And Contingencies [Line Items]
Contract, termination period	18 months
Center For NeoVation | Maximum
Commitments And Contingencies [Line Items]
Contract termination fee	$ 15
Center For NeoVation | Term To Bring The Plant To Full Production Capacity
Commitments And Contingencies [Line Items]
Lease term	5 years
Center For NeoVation | Term To Operate The Plant At Full Capacity
Commitments And Contingencies [Line Items]
Lease term	15 years

Related Party Transactions - Na

Related Party Transactions - Narrative (Details) - Affiliated Entity - USD ($) $ in Thousands	1 Months Ended		3 Months Ended	9 Months Ended
	Sep. 29, 2024	Aug. 31, 2022	Jan. 03, 2021	Sep. 29, 2024
Oxbow Industries LLC | Provide Funding
Related Party Transaction [Line Items]
Related party transaction, amount		$ 12,500		$ 0
Oxbow Realty
Related Party Transaction [Line Items]
Monthly rental payment			$ 394
Sale leaseback, lease term			20 years
Annual percentage increase in monthly lease payments			2%
Lease payment	$ 426

Related Party Transactions - Su

Related Party Transactions - Summary of Minimum Lease Payments Sale Lease back Transactions (Details) - Affiliated Entity - Oxbow Realty $ in Thousands	Sep. 29, 2024 USD ($)
Related Party Transaction [Line Items]
Remainder of 2024	$ 1,279
2025	5,149
2026	5,252
2027	5,357
2028	5,464
Thereafter	72,408
Total future minimum lease payments	94,909
Less: imputed interest	(66,914)
Total future minimum lease payments	$ 27,995

Variable Interest Entity - Summ

Variable Interest Entity - Summary of Condensed Balance Sheet Statements (Details) - USD ($) $ in Thousands	Sep. 29, 2024	Jun. 30, 2024	Dec. 31, 2023	Oct. 01, 2023	Jul. 02, 2023	Jan. 01, 2023
Condensed Balance Sheet Statements, Captions [Line Items]
Cash and cash equivalents	$ 20,684		$ 18,382
Total assets	315,079		316,756
Contract liabilities	114,498	$ 105,877	115,305	$ 80,310	$ 87,782	$ 96,153
Total liabilities	246,525		256,055
VIE Financing
Condensed Balance Sheet Statements, Captions [Line Items]
Cash and cash equivalents	576		9
Accounts receivable	1,180		8,807
Finance receivable	41,053		40,707
Property and equipment, net	6,718		0
Other assets	107		744
Total assets	49,634		50,267
Accounts payable	1,141		6,053
Accrued expenses	63		248
Contract liabilities	1,129		1,283
Debt	34,911		35,722
Total liabilities	$ 37,244		$ 43,306

Variable Interest Entity - Su_2

Variable Interest Entity - Summary of Condensed Income Statements (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 29, 2024	Oct. 01, 2023	Sep. 29, 2024	Oct. 01, 2023
Condensed Income Statements, Captions [Line Items]
Net income	$ 1,512	$ (7,568)	$ (6,114)	$ (20,431)
VIE Financing
Condensed Income Statements, Captions [Line Items]
Revenue	1,446	1,462	4,288	5,411
General and administrative expenses	9	183	49	728
Interest expense	321	313	1,085	944
Total expenses	330	496	1,134	1,672
Net income	$ 1,116	$ 966	$ 3,154	$ 3,739

Leases - Narrative (Details)

Leases - Narrative (Details) $ in Thousands	Mar. 31, 2020 USD ($)
Leases [Abstract]
Revenue from operating lease	$ 21,000
Estimated lease term (in years)	4 years 6 months