MergerMay 8, 2026, 04:09 PM
SkyWater Technology to Merge with IonQ; Q1 Revenue $160.7M
AI Summary
SkyWater Technology, Inc. announced a definitive merger agreement with IonQ, Inc., where SkyWater shareholders will receive $15.00 in cash and IonQ common stock per share. This strategic move follows the company's acquisition of Fab 25 in June 2025. For the first quarter of 2026, SkyWater reported a significant increase in revenue to $160.7 million, but also a wider net loss of $(12.3) million compared to the prior year.
Key Highlights
- SkyWater Technology entered into a merger agreement with IonQ, Inc. on January 25, 2026.
- Shareholders will receive $15.00 in cash plus IonQ common stock per share, with an exchange ratio between 0.3326 and 0.5265.
- Revenue for Q1 2026 increased to $160.7 million, up from $61.3 million in Q1 2025.
- Net loss attributable to SkyWater Technology, Inc. widened to $(12.3) million in Q1 2026 from $(7.3) million in Q1 2025.
- Basic and diluted net loss per share was $(0.25) for Q1 2026, compared to $(0.15) for Q1 2025.
- Cash and cash equivalents were $22.2 million as of March 29, 2026, down from $23.2 million at December 28, 2025.
- The acquisition of Fab 25 was completed on June 30, 2025, for $206.5 million.
- Contract liabilities totaled $178.6 million, including $51.8 million related to the Fab 25 Supply Agreement.