SKYT · CIK 0001819974
What SkyWater Technology, Inc. told the SEC could break it.
SkyWater's sharpest exposure is how few customers carry it: in fiscal 2025 Infineon alone was 43% of revenue (up from 7%), three customers each topped 10%, and a single customer accounted for roughly 59% of accounts receivable at year-end — so losing a major account would hit results hard. As a domestic foundry it also depends on imported inputs, procuring certain essential fabrication materials, tools and maintenance parts from outside the U.S., which leaves it open to disruption and to tariffs and trade-policy changes on goods from China, Canada and Mexico. Underneath, its balance sheet is stretched by growth: it had $195.5 million drawn on its revolver with only $55.7 million of availability while funding heavy capex such as Fab 25.
4 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Customer concentration
- Infineon 43% of revenue; three customers ≥10%; one customer = 59% of ARhigh
SkyWater's revenue is highly concentrated — Infineon was 43% of FY2025 revenue (up from 7%), with two other customers at 21% and 10%, and a single customer represented ~59% of accounts receivable at year-end 2025 — so loss of a major customer would materially hurt results.
“For the fiscal year ended December 28, 2025, three customers represented 10% or more of consolidated revenue, comprising 43 % , 21 % and 10 % of consolidated revenue.”
SEC filing →As of 2026
Geographic concentration
- essential fab materials, tools and maintenance parts procured from outside the U.S.medium
Despite being a domestic foundry, SkyWater procures certain essential manufacturing materials, tools and maintenance parts (directly or indirectly) from outside the United States; disruption, tariffs or limited availability of these inputs could impair its fabrication operations.
“We procure certain materials, tools, and maintenance parts which are essential in the manufacturing of our products directly or 26 indirectly from outside of the United States.”
SEC filing →As of 2026
Liquidity & debt
- $195.5M Revolver borrowings with limited headroom amid heavy capex (Fab 25)medium
At year-end 2025 SkyWater had $195.5M drawn on its Revolver with only $55.7M of availability, while funding heavy growth capex (e.g., Fab 25); limited liquidity headroom and reliance on the Revolver/future funding constrain its expansion plans.
“At December 28, 2025, we had borrowings of $195.5 million and availability of $55.7 million under the Revolver.”
SEC filing →As of 2026
Regulatory & policy
- tariffs/trade-policy changes on imported products (China/Canada/Mexico)low
Changes to U.S./foreign trade policy — greater free-trade restrictions and increased tariffs, particularly on goods from China, Canada and Mexico — could raise costs or limit availability of imported inputs SkyWater needs for chip fabrication.
“there may be changes to existing trade agreements, greater restrictions on free trade generally, and imposition of or significant increases in tariffs on imported products, particularly tariffs on products manufactured in China, Canada and Mexico, among other possible changes.”
SEC filing →As of 2026
The hidden graph
Who it depends on, and who depends on it.
Relationships surfaced from filings, including ones disclosed by the other side, which is how the non-obvious ones come to light.
Its customers
“Infineon accounted for 43% and 7% of our revenue for fiscal years ended December 28, 2025 and December 29, 2024, respectively.”
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