SKYWATER TECHNOLOGY Business Summary

SkyWater Technology Inc. (SKYT) operates as a leading U.S.-based, pure-play semiconductor foundry utilizing a unique "Technology as a Service" (TaaS) business model. The company generates revenue through three primary segments: Advanced Technology Services (ATS), which focuses on co-developing process technology intellectual property (IP) with customers; Wafer Services, providing high-volume manufacturing for diverse end-markets; and Tools revenue, derived from specialized equipment installations. Following its transformative June 2025 acquisition of Infineon’s Fab 25 in Austin, Texas, SkyWater significantly expanded its domestic manufacturing footprint and 200mm capacity. On January 26, 2026, the company entered into a definitive agreement to be acquired by IonQ for $1.8 billion, a deal expected to close in mid-2026 that will establish the first vertically integrated quantum computing and semiconductor platform. SkyWater competes directly with GlobalFoundries, X-FAB Silicon Foundries, and Intel Foundry, positioning itself as the largest exclusively U.S.-owned and operated pure-play foundry serving critical aerospace, defense, and quantum computing sectors. SkyWater was formed in 2017 as a spin-off from Cypress Semiconductor, backed by the private equity firm Oxbow Industries. The leadership team is led by CEO Thomas Sonderman, a semiconductor veteran with over 30 years of experience at AMD and GlobalFoundries, where he played a pivotal role in the spin-off of manufacturing operations. He is supported by President and COO John Sakamoto, who brings an extensive pedigree from Altera, Intel, and Marvell, and CFO Steve Manko, who oversees the firm’s capital-efficient growth strategy. In February 2026, the company further strengthened its commercial bench by appointing Christine Dunbar, formerly of IBM and GlobalFoundries, as Senior Vice President of Sales and Solutions Engineering. The company’s technical roadmap is guided by CTO Dr. Steve Kosier, a founding member of Polar Semiconductor. Notable institutional backing includes Oxbow Industries, Millennium Management, and Baillie Gifford, with the board currently chaired by Timothy E. Baxter.