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SkyWater Technology, Inc. (NASDAQ:SKYT), a semiconductor manufacturing company with a market capitalization of $439 million, disclosed the outcomes of its annual meeting of stockholders held on May 21, 2025. According to InvestingPro data, the company maintains a GOOD financial health score despite not being profitable over the last twelve months. In a recent 8-K filing with the Securities and Exchange Commission, the company reported on the election of directors and the ratification of its independent auditor.
During the annual meeting, stockholders elected nine directors to hold office until the 2026 annual meeting. The elected directors are Timothy E. Baxter (NYSE:BAX), Edward M. Daly, Nancy Fares, Dennis J. Goetz, Joseph J. Humke, Andrew D. C. LaFrence, Tammy J. Miller, Thomas Sonderman, and Loren A. Unterseher. Votes for each director ranged from approximately 23.6 million to 29.6 million, with withheld votes between approximately 237,000 and 6.3 million. There were also a significant number of broker non-votes for each candidate, reported to be around 7.9 million. The stock has shown strong momentum recently, with a 7.4% return over the past week, though InvestingPro data indicates high price volatility.
Additionally, the appointment of KPMG LLP as the company’s independent registered public accounting firm for fiscal year 2025 was ratified with over 32.6 million votes in favor, 3.8 million against, and about 1.3 million abstentions.
The filing also included the company’s commitment to transparency and governance, as demonstrated by the detailed voting results and the engagement of a top-tier auditing firm. The election of the board members and the ratification of the auditor are critical governance activities that reflect shareholder interests and the company’s adherence to regulatory requirements.
This report is based on the official documentation provided by SkyWater Technology, Inc. to the SEC and highlights the key decisions made by the company’s shareholders at the annual meeting. Looking ahead, InvestingPro analysis reveals that analysts expect the company to return to profitability this year, though sales may decline. For deeper insights into SkyWater’s financial health and growth prospects, investors can access the comprehensive Pro Research Report, available exclusively to InvestingPro subscribers.
In other recent news, Skywater Technology Inc. reported its Q1 2025 earnings, which did not meet analyst expectations. The company announced an earnings per share (EPS) of -$0.08, missing the forecasted -$0.06, and reported revenue of $61.3 million, which fell short of the anticipated $66.46 million. Despite these shortfalls, the company noted a strong adjusted EBITDA of $4 million and an improved cash position of $51 million. Skywater Technology is also in the process of acquiring Infineon (OTC:IFNNY)’s Fab 25 in Austin, Texas, which is expected to enhance its domestic manufacturing capacity and provide immediate revenue and positive cash flow. Additionally, the company is focusing on its ThermoView platform, which is expected to drive growth in its Wafer Services business. Analysts from firms such as Needham and Company have raised concerns about government budget delays impacting Skywater’s revenue outlook, but the company remains optimistic about a recovery in the second half of the year. Skywater Technology aims for a positive non-GAAP EPS by year-end, with expectations of significant revenue growth in Q3 and Q4 2025.
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