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    Robert Aguanno

    Research Analyst at Piper Sandler & Co.

    Robert Aguanno is an Assistant Vice President and Equity Analyst at Piper Sandler & Co., specializing in semiconductor sector research with an emphasis on leading technology firms such as Meta Platforms, OpenAI, and Anthropic. He has delivered actionable insights reflected in overweight ratings and has contributed to industry analyses that influence major investor outlooks, notably in the artificial intelligence and data center engineering spaces. Aguanno began his analyst career in April 2022 at Piper Sandler following his graduation from Indiana University, where he earned his undergraduate degree that same year. He holds relevant financial services credentials listed by Piper Sandler, and his rapid advancement to Assistant Vice President by 2024 signifies strong performance and recognition among peers.

    Robert Aguanno's questions to SkyWater Technology (SKYT) leadership

    Robert Aguanno's questions to SkyWater Technology (SKYT) leadership • Q2 2025

    Question

    Robert Aguanno of Piper Sandler Companies asked about the customer acquisition strategy for Fab 25 beyond Infineon, inquiring about the types of customers being targeted and whether those discussions have commenced.

    Answer

    CEO Thomas Sonderman explained that the primary targets are "hybrid" semiconductor manufacturers (like NXP, STMicroelectronics) and others (like Renesas) who value U.S.-based sourcing for foundational nodes, particularly for automotive and industrial applications. He also highlighted the national imperative for the Department of Defense to reduce reliance on foreign silicon, creating another strong demand vector. Sonderman confirmed that these conversations are active, capitalizing on the megatrend of domestic sourcing.

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    Robert Aguanno's questions to SkyWater Technology (SKYT) leadership • Q1 2025

    Question

    Robert Aguanno asked for more details on other new product opportunities driving Wafer Services revenue and the potential for expanding that business. He also requested key performance indicators or metrics to gauge the revenue impact from the Florida packaging facility in 2025 versus 2026.

    Answer

    CEO Thomas Sonderman explained that two lead customers are ramping ThermaView products and that future design wins on the platform will move directly into Wafer Services, with ramp rates dependent on customer qualifications. Regarding the Florida facility, Sonderman clarified that its 2025 revenue impact will primarily be from tool sales in the second half, with traditional ATS engineering revenue expected to ramp in 2026.

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    Robert Aguanno's questions to SkyWater Technology (SKYT) leadership • Q3 2024

    Question

    Robert Aguanno, on for Harsh Kumar at Piper Sandler, asked about the gross margin trajectory, perceiving the Q4 guidance as a decline, and requested details on the drivers for gross margin expansion in 2025, such as revenue growth and operating leverage.

    Answer

    CFO Steve Manko corrected the premise, clarifying that Q4 gross margin for the core ATS and Wafer Services business is expected to be very similar to Q3. For 2025, he projected that overall gross margin will increase. This expansion will be driven by lower tool revenue (which carries a negative margin impact) and continued growth in the higher-margin ATS and Wafer Services business, where he expects a margin flow-through better than 55% at current revenue levels.

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    Robert Aguanno's questions to D-Wave Quantum (QBTS) leadership

    Robert Aguanno's questions to D-Wave Quantum (QBTS) leadership • Q3 2024

    Question

    Robert Aguanno questioned whether annealing solutions could capture parts of the Total Addressable Market (TAM) previously thought to be exclusive to gate-model systems. He also asked if potential year-end government budget tightening could impact near-term results.

    Answer

    CEO Alan Baratz asserted that optimization is a 'killer app' for quantum and that a growing body of evidence shows annealing systems are far superior to gate-model systems for these problems, effectively making that portion of the TAM best addressed by annealing. Regarding budget tightening, Baratz stated it is not a current issue for D-Wave, as the company's model has been commercially focused, and any impact would likely be felt more by gate-model competitors who are heavily reliant on government funding.

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