v3.26.1
Balance Sheet Information
 6 Months Ended
Jun. 28, 2026
Balance Sheet Information [Abstract]  
Balance Sheet Information Balance Sheet Information
Certain significant amounts included in the Company’s interim condensed consolidated balance sheets are summarized in the following tables:
Three-Month Period Ended
Six-Month Period Ended
Allowance for credit losses - Accounts ReceivableJune 28, 2026June 29, 2025June 28, 2026June 29, 2025
Balance at beginning of period$80 $597 $80 $398 
Provision for credit losses— (9)— 346 
Accounts written off(64)(491)(64)(619)
Less recoveries of accounts charged off— 28 — — 
Balance at end of period$16 $125 $16 $125 
InventoryJune 28, 2026December 28, 2025
Raw materials$1,481 $2,064 
Work-in-process83 — 
Supplies and spare parts24,668 22,536 
Total inventory, current26,232 24,600 
Inventory, non-current (1)
10,300 9,370 
Total inventory $36,532 $33,970 
(1)Inventory, non-current consists of spare parts that will not be used within twelve months. Inventory non-current is included in Other assets on the consolidated balance sheet.
Prepaid expenses and other current assets
June 28, 2026December 28, 2025
Prepaid expenses$6,186 $5,307 
Tools purchased for customers (1)
7,452 20,503 
Deferred contract costs2,203 1,459 
Investment tax credit receivable - current1,624 — 
Total prepaid assets and other current assets$17,465 $27,269 
(1)The Company acquires tools for its customers that consist of manufacturing equipment its customers will own but will be installed and qualified in a SkyWater facility. Prior to the customer obtaining ownership and control of the equipment, the Company records the costs associated with the acquisition, installation, and qualification of the equipment within prepaid expenses and other current assets. These deferred costs are recognized as cost of revenue when control of the equipment transfers to the customer and the related tools revenue is recognized.
Property and equipment, net
June 28, 2026December 28, 2025
Land$36,596 $36,596 
Buildings and improvements163,789 164,752 
Machinery and equipment (2)
479,824 456,090 
Property and equipment placed in service, at cost (1)
680,209 657,438 
Less: accumulated depreciation (1)
(204,833)(181,737)
Property and equipment placed in service, net (1)
475,376 475,701 
Property and equipment not yet in service22,708 36,019 
Total property and equipment, net$498,084 $511,720 
(1)Includes $28,683 and $29,651 of cost and $3,895 and $3,974 of accumulated depreciation associated with capital assets subject to financing leases at June 28, 2026 and December 28, 2025, respectively.
(2)The cost basis of machinery and equipment reflects the amount of investment tax credits the Company has received, or expects to receive, on new investments in related equipment.
For the three-month periods ended June 28, 2026 and June 29, 2025, depreciation expense was $14,182 and $3,973, respectively, and $26,466 and $8,002 for the six-month periods ended June 28, 2026 and June 29, 2025, respectively, substantially all of which was classified as cost of revenue.
Intangible Assets, netJune 28, 2026December 28, 2025
Software and licensed technology$20,163 $18,758 
Less: accumulated amortization(10,119)(13,460)
Intangible assets placed in service, net10,044 5,298 
Intangible assets not yet in service3,627 3,870 
Total intangible assets, net$13,671 $9,168 
Intangible assets consist primarily of payments made under software and technology licensing arrangements with third parties, in addition to internally developed software costs. For the three-month periods ended June 28, 2026 and June 29, 2025, amortization of software and licenses was $402 and $328, respectively, and $749 and $657 for the six-month periods ended June 28, 2026 and June 29, 2025, respectively.
Remaining estimated aggregate annual amortization expense for intangible assets placed in service is as follows for future fiscal years:
Fiscal yearAmortization
Expense
Remainder of 2026$1,112 
20271,805 
20281,813 
20291,595 
20301,562 
Thereafter2,157 
Total$10,044 
Other AssetsJune 28, 2026December 28, 2025
Inventory, non-current (1)
$10,300 $9,370 
Operating lease right-of-use assets262 — 
Investment tax credit receivable - non-current19,349 10,230 
Other assets1,085 223 
Total other assets$30,996 $19,823 
(1)Inventory, non-current consists of spare parts that will not be used within twelve months.
Accrued ExpensesJune 28, 2026December 28, 2025
Accrued compensation$25,675 $11,248 
Accrued commissions320 390 
Accrued royalties477 1,815 
Current portion of operating lease liabilities37 — 
Current portion of finance lease liabilities2,280 2,203 
Accrued inventory (2)
7,422 2,233 
Accrued warranty536 1,131 
Accrued vendor purchase commitments (1)
10,318 14,094 
Accrued accounts payable11,953 15,041 
Accrued utilities1,296 1,208 
Other accrued expenses4,129 7,249 
Total accrued expenses$64,443 $56,612 
(1)The Company accrues outstanding obligations on vendor purchase orders for goods or services provided to the Company for which invoices have not yet been received.
(2)The Company accrues outstanding obligations on uninvoiced receipts of inventory and inventory in transit.
Three-Month Period EndedSix-Month Period Ended
Accrued provisions for warrantiesJune 28, 2026June 29, 2025June 28, 2026June 29, 2025
Beginning accrued warranty balance
$998 $2,687 $1,131 $3,752 
Warranty expense
462582594821
Warranty credits
(924)(1,130)(1,189)(2,434)
Ending accrued warranty balance
$536 $2,139 $536 $2,139 
Other long-term liabilitiesJune 28, 2026December 28, 2025
Finance lease obligations$25,916 $24,859 
Other968 369 
Liability for uncertain tax positions69 69 
Total other long-term liabilities$26,953 $25,297