Why SkyWater Technology Stock Got Destroyed Today
Shares of SkyWater Technology (NASDAQ: SKYT) have gotten destroyed today, down by 40% as of 11:10 a.m. EDT, after the company reported preliminary second-quarter results. SkyWater is also planning to invest in capacity expansion.
Revenue in the second quarter is estimated to be in the range of $41 million to $41.5 million, while analysts were expecting the semiconductor company to generate $50 million in sales. That should result in a net loss of $7 million to $8 million, with an adjusted EBITDA loss of $500,000 to $1.5 million. SkyWater completed its IPO during the quarter, raising $112 million in capital.
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Source Fool.com
