SkyWater Technology Inc. (SKYT) stock has reached a new 52-week high, hitting $12.99, marking a significant milestone for the company. According to InvestingPro data, the stock has delivered an impressive 11.53% return in just the past week, with a robust 26.84% gain over the last six months. This peak reflects a robust year-over-year growth, with CMI Acquisition LLC, SkyWater's parent company, reporting an impressive 1-year change of 56.16%. The surge to the 52-week high underscores investor confidence, supported by the company's strong revenue growth of 26.89% in the last twelve months. InvestingPro analysis indicates the stock may be trading above its Fair Value, with additional insights available in the comprehensive Pro Research Report. SkyWater Technology's performance is particularly notable in the context of the broader tech industry's fluctuating fortunes, suggesting a strong business model and promising prospects for the future. InvestingPro subscribers can access 12 additional expert tips and detailed valuation metrics to better understand the company's growth trajectory.
In other recent news, SkyWater Technology reported robust Q3 2024 results with record revenue of $94 million and positive non-GAAP earnings per share of $0.08. The company also projected Q4 revenue between $72 million and $76 million, forecasting an 18% to 20% revenue growth for the full year of 2024. SkyWater Technology has also secured a potential $16 million in federal funding from the CHIPS for America program, aiming to bolster production at its Minnesota facility.
The company's expansion efforts are also supported by $19 million from the State of Minnesota's Forward Fund, with total external capital expenditure investments expected to surpass $350 million within this decade. SkyWater Technology also extended its loan and security agreement with Siena Lending Group LLC, increasing the facility amount from $100 million to $130 million and extending the maturity date to December 31, 2028.
In addition, SkyWater Technology has announced a multiyear supply agreement with NanoDx, which is expected to drive future growth. These recent developments have shaped the company's financial trajectory. It's worth noting that the above information is based on recent reports and analyst notes, providing a snapshot of SkyWater Technology's recent financial and strategic highlights.
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