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BLOOMINGTON, Minn. - SkyWater Technology (NASDAQ: SKYT), a semiconductor manufacturer and trusted technology partner, announced the addition of three new members to its board of directors, effective March 31, 2025. The appointments of Timothy E. Baxter, Tammy J. Miller, and Andrew D.C. LaFrence come as the company prepares for its next growth phase. The company, currently valued at $340 million with shares trading at $7.09, appears undervalued according to InvestingPro analysis.
The incoming board members will replace Gary Obermiller, the current board chair, who will retire at SkyWater’s Annual Meeting on May 21, 2025. Timothy Baxter is set to become the new chair, pending election results. Baxter, with his extensive experience in technology and leadership roles, including at Samsung Electronics Co., LTD., is expected to guide the company through strategic growth and operational scaling.
Tammy J. Miller brings her expertise in finance, leadership, and public policy to the board. Her past roles include Lieutenant Governor of North Dakota and CEO of Border States Electric, where she oversaw growth from $485 million to nearly $2.5 billion in annual sales.
Andrew D.C. LaFrence, with a background in accounting and finance, as well as experience in business strategy and U.S. government contract manufacturing, will add depth to the board’s financial and strategic expertise. He currently holds the position of CFO and senior vice president of finance at Nortech Systems Incorporated.
SkyWater CEO Thomas Sonderman expressed confidence in the new board members, highlighting their diverse skill sets and experiences as valuable assets for the company’s expansion strategy. The company generated $342 million in revenue over the last twelve months, though InvestingPro data shows relatively high stock volatility with a beta of 3.38.
SkyWater, a DMEA-accredited Category 1A Trusted Supplier, emphasizes its Technology as a Service model, which supports customers from development to high-volume production. The company caters to sectors such as aerospace & defense, automotive, biomedical, industrial, and quantum computing.
This news is based on a press release statement and contains forward-looking statements subject to risks and uncertainties. SkyWater has not provided any additional comments beyond the press release.
In other recent news, SkyWater Technology Inc reported a strong performance in its fourth-quarter 2024 earnings, surpassing expectations with an earnings per share (EPS) of $0.04, against a forecasted loss of $0.06. The company also reported revenue of $75.5 million, exceeding the anticipated $74.18 million. This robust financial performance was further highlighted by a full-year revenue increase of 19% to $342 million compared to 2023. SkyWater Technology is planning to acquire Infineon’s Fab 25, which is expected to significantly boost its production capacity and contribute approximately $300 million in annual wafer services revenue. The acquisition is part of SkyWater’s strategic expansion in advanced technologies and domestic manufacturing capabilities. Analysts have noted the company’s strategic focus on growth areas such as quantum computing and advanced packaging. Additionally, SkyWater Technology’s recent developments include the launch of ThermaVu Solutions, aimed at expanding its presence in the thermal imaging market. These strategic moves are anticipated to enhance SkyWater’s market position and drive future growth.
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