SKYT Q2 revenue surges 165% to $156.4M on Fab 25; IonQ merger closes, ending public trading

Filed August 7, 2026 · Period ending June 28, 2026 · Compared to 10-Q Aug 7, 2025 · ~1 min read

Key Changes

• high

  Q2 revenue jumped 165% YoY to $156.4M, driven by the Fab 25 acquisition (contributed $87.4M) and 17% growth in legacy operations to $69.0M. Operating income swung positive to $1.9M from a $6.5M loss.

  MD&A: Q2 revenue and operating income verify on EDGAR →
• high

  Net loss narrowed 36% to $6.4M ($0.13 per diluted share) despite the revenue surge, as interest expense quadrupled to $7.0M on higher revolver borrowings ($192.3M outstanding) and a new $36M tool financing loan at 11.9%.

  MD&A: Net loss and interest expense verify on EDGAR →
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  Aerospace and defense revenue declined $20.5M YoY as two programs moved to stop-work and termination for convenience in 2026, reflecting U.S. government policy shifts and defense spending changes. Advanced compute revenue rose $30.0M, offsetting most of the decline.

  MD&A: Aerospace and defense revenue decline verify on EDGAR →