What happened 

Shares of SkyWater Technology (SKYT -1.84%), a semiconductor manufacturing company, were skyrocketing today after the company reported top- and bottom-line second-quarter results that outpaced analysts' average estimates. 

The semiconductor stock was up by 32.2% as of 2:08 p.m. ET. 

So what 

SkyWater reported a non-GAAP (adjusted) loss per share of $0.32 in the second quarter, which was worse than the company's loss of $0.20 in the year-ago quarter but still ahead of Wall Street's consensus estimate of a loss of $0.34 per share. 

A person smiling while sitting in front of multiple computer screens.

Image source: Getty Images.

The company's second-quarter revenue of $47.4 million was up 15% year over year and beat analysts' average estimate of $44.5 million for the quarter. 

Investors were clearly happy with the company's better-than-expected results and were also likely impressed with some of its highlights from the quarter.

SkyWater said it started a new partnership with the state of Indiana and Purdue University to build an advanced $1.8 billion semiconductor factory on Purdue's campus.

Additionally, the company said it had received a $15 million investment from the U.S. Department of Defense to fund an open source semiconductor design partnership the company has with Alphabet's Google. 

Now what

In addition to the strong results for the quarter, investors may have latched onto a recent positive note from Piper Sandler analyst Harsh Kumar, who raised his price target for SkyWater's stock from $10 to $18 and kept an overweight rating on the stock following the company's release of its second-quarter results. 

Kumar said the company's latest results were "solid" and thinks that SkyWater could benefit from the recent passage of the CHIPS and Science Act, which includes $52 billion in funding and tax credits for companies to produce semiconductors in the U.S. 

SkyWater didn't provide any forward guidance for the upcoming quarter.