SkyWater Technology, Inc.

Good afternoon. My name is Chris, and I'll be your conference operator today. At this time, I'd like to welcome everyone to the Skywater Technology First Quarter 2022 Financial Results Conference Call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you'd like to ask a question during this time, simply press star, then the number one on your telephone keypad. To withdraw your question, please press star one again. Thank you. Claire McAdams. and best relations with Skywater, you may begin.

Good afternoon, and welcome to Skywater's first quarter fiscal 22 conference call. With me on the call today from Skywater are Thomas Sonderman, President and Chief Executive Officer, and Steve Manko, Chief Financial Officer. I'd like to remind you that our call is being webcast live on Skywater's investor relations website at ir.skywatertechnology.com. The webcast will be available for replay shortly after the call concludes. During the call, any statements made about our future financial results and business are forward-looking statements. These forward-looking statements are subject to risks and uncertainties that could cause our actual results to differ materially. For a discussion of these risks and uncertainties, please refer to our filings with the Securities and Exchange Commission, including our earnings release filed on Form 8-K today and our fiscal 2021 10-K filed on March 10th. All forward-looking statements are made as of today, and we assume no obligation to update any such statements. During the call, we will discuss non-GAAP financial measures. you can find a reconciliation of these non-GAAP financial measures to GAAP financial measures in our earnings release, which is available on our investor relations website. Unless otherwise noted, all comparable periods referenced today are versus the prior year or the first quarter of fiscal 2021. With that, I'll turn the call over to Tom.

Thank you, Claire, and good afternoon to everyone on the call. Today we are pleased to report total Q1 sales of $48 million. While GAAP reported revenues were essentially flat year-over-year, total revenues, excluding tool sales, were up 44%.