SkyWater Technology lost more than one-third of its market value Wednesday after it revealed that supply shortages and a government spending logjam were putting a crimp in its revenue.
The Bloomington-based chipmaker revealed the delay of about $15 million in expected revenue in its quarterly earnings report late Tuesday. On Wednesday, executives used a conference call to assure investors and analysts they expected the money to arrive next year.
"There is high conviction for that revenue," Steve Manko, the company's chief financial officer, said on the call. "We are seeing those headwinds and some supply constraints remaining. That is why it was pushed out of (2021)."
Investors handed SkyWater its biggest one-day drop in value since the company went public this spring. Its shares closed down $11.78 to $20.85, a 36% drop.
The company provides engineering and technical talent and services to help customers develop the manufacturing process for new chips and then manufacture those products at scale. It added eight new customers in the July-to-September quarter, when revenue grew 6% to $35 million but was still below analysts' expectations.
Supply chain issues are affecting nearly all industries as the recovery from the pandemic slowdown has been uneven among suppliers and transportation providers. SkyWater, which is a qualified defense contractor, has also been hurt by uneven payouts from the government, executives said.
The company reported a net loss of $13.9 million, or 36 cents a share in the quarter. It lost $1.7 million, or 9 cents a share, in the same period a year ago.
Adjusted for one-time events, SkyWater had a net loss of $11.5 million, or 29 cents a share, compared to an adjusted loss of $800,000, or 4 cents a share, in the third quarter of 2020.
