Large SkyWater Technology (SKYT) holder reports 9.66M-share stake

Rhea-AI Filing Summary

SkyWater Technology’s largest reported holder updated its ownership position. Loren A. Unterseher reports beneficial ownership of 9,663,895 shares of common stock, representing 19.92% of the class. He has sole voting and dispositive power over 5,176,498 shares and shared power over 4,487,397 shares.

CMI Oxbow Partners, LLC and Oxbow Industries, LLC are also listed as reporting persons, each tied to the same block of 4,487,397 shares. They state that each reporting person disclaims beneficial ownership of certain shares except to the extent of any pecuniary interest.

Insights

Equity ownership and governance analyst

Amended filing shows a concentrated 19.92% stake in SkyWater Technology.

Loren A. Unterseher reports beneficial ownership of 9,663,895 shares, or 19.92% of SkyWater Technology’s common stock. This makes him a significant shareholder with a mix of sole and shared voting and dispositive power across directly and indirectly held shares.

The filing also lists CMI Oxbow Partners, LLC and Oxbow Industries, LLC as reporting persons for a 4,487,397‑share block, while noting that each party disclaims beneficial ownership beyond its pecuniary interest. This structure can influence how voting control and economic exposure are distributed among the affiliated entities.

Because this is an ownership report rather than a transaction disclosure, its practical impact depends on how this large stake is used in future corporate votes or strategic decisions, which would be reflected in subsequent company communications and regulatory filings.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 8)

SkyWater Technology, Inc

(Name of Issuer)

Common Stock, par value $0.01 per share

(Title of Class of Securities)

83089J108

(CUSIP Number)

12/31/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 83089J108

1

Names of Reporting Persons

CMI Oxbow Partners, LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 4,487,394.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 4,487,394.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

4,487,394.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

9.25 %

12

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person: The percentage reflected in Row 11 was calculated based on 48,508,000 shares of common stock outstanding as of November 10, 2025, as reported by the issuer in its quarterly report on Form 10-Q filed with the U.S. Securities and Exchange Commission on November 12, 2025.

SCHEDULE 13G

CUSIP No. 83089J108

1

Names of Reporting Persons

Oxbow Industries, LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

MINNESOTA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 4,487,397.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 4,487,397.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

4,487,397.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

9.25 %

12

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person: The percentage reflected in Row 11 was calculated based on 48,508,000 shares of common stock outstanding as of November 10, 2025, as reported by the issuer in its quarterly report on Form 10-Q filed with the U.S. Securities and Exchange Commission on November 12, 2025.

SCHEDULE 13G

CUSIP No. 83089J108

1

Names of Reporting Persons

Loren A. Unterseher

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 5,176,498.00
6	Shared Voting Power 4,487,397.00
7	Sole Dispositive Power 5,176,498.00
8	Shared Dispositive Power 4,487,397.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

9,663,895.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

19.25 %

12

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person: The percentage reflected in Row 11 was calculated based on 48,508,000 shares of common stock outstanding as of November 10, 2025, as reported by the issuer in its quarterly report on Form 10-Q filed with the U.S. Securities and Exchange Commission on November 12, 2025. The amounts reflected in Rows 5 and 7 exclude 11,428 shares of common stock underlying restricted stock units scheduled to vest on the date immediately preceding the next annual meeting of the issuer's stockholders.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: SkyWater Technology, Inc
(b)	Address of issuer's principal executive offices: 2401 East 86th Street, Bloomington, Minnesota 55425
Item 2.
(a)	Name of person filing: CMI Oxbow Partners, LLC Oxbow Industries, LLC Loren A. Unterseher
(b)	Address or principal business office or, if none, residence: c/o Oxbow Industries, LLC 4450 Excelsior Boulevard, Suite 440 Minneapolis, MN 55416
(c)	Citizenship: CMI Oxbow Partners, LLC - Delaware limited liability company Oxbow Industries, LLC - Minnesota limited liability company Loren A. Unterseher - Citizen of the United States of America
(d)	Title of class of securities: Common Stock, par value $0.01 per share
(e)	CUSIP No.: 83089J108
Item 4.	Ownership
(a)	Amount beneficially owned: 9,663,895 shares Loren A. Unterseher is President of CMI Oxbow Partners, LLC ("CMI") and Managing Partner of Oxbow Industries, LLC ("Oxbow"), which is the majority member of CMI. As a result, Mr. Unterseher and Oxbow may be deemed to be the beneficial owners of, and to have a pecuniary interest in, shares of common stock held by CMI. Each disclaims beneficial ownership of such shares, except to the extent of any pecuniary interest therein.
(b)	Percent of class: 19.92 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 5,176,498
	(ii) Shared power to vote or to direct the vote: 4,487,397
	(iii) Sole power to dispose or to direct the disposition of: 5,176,498
	(iv) Shared power to dispose or to direct the disposition of: 4,487,397
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.	Certifications:
	Not Applicable

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

CMI Oxbow Partners, LLC

Signature:	/s/ Loren A. Unterseher
Name/Title:	Loren A. Unterseher/President
Date:	02/13/2026

Oxbow Industries, LLC

Signature:	/s/ Loren A. Unterseher
Name/Title:	Loren A. Unterseher/President
Date:	02/13/2026

Loren A. Unterseher

Signature:	/s/ Loren A. Unterseher
Name/Title:	Loren A. Unterseher/President
Date:	02/13/2026

Exhibit Information

JOINT FILING AGREEMENT

FAQ

How many SkyWater Technology (SKYT) shares does Loren A. Unterseher report owning?

Loren A. Unterseher reports beneficial ownership of 9,663,895 shares of SkyWater Technology common stock. This figure combines shares over which he has sole and shared voting and dispositive power, as detailed in the Schedule 13G/A ownership table.

What percentage of SkyWater Technology’s common stock does 9,663,895 shares represent?

The filing states that 9,663,895 shares represent 19.92% of SkyWater Technology’s outstanding common stock. This makes Loren A. Unterseher a significant shareholder with nearly one-fifth of the company’s equity based on the referenced share count.

How are voting and dispositive powers over SkyWater Technology (SKYT) shares allocated?

Loren A. Unterseher has sole voting and dispositive power over 5,176,498 shares and shared voting and dispositive power over 4,487,397 shares. The shared portion is associated with entities CMI Oxbow Partners, LLC and Oxbow Industries, LLC listed as reporting persons.

Who are the reporting persons in the SkyWater Technology Schedule 13G/A filing?

The filing lists CMI Oxbow Partners, LLC, Oxbow Industries, LLC, and Loren A. Unterseher as reporting persons. Unterseher is President of CMI and Managing Partner of Oxbow, and they report beneficial ownership related to a large block of SkyWater Technology common shares.

How was the ownership percentage in the SkyWater Technology 13G/A calculated?

The percentage figures, such as 9.25% and 19.25%, were calculated using 48,508,000 shares outstanding as of November 10, 2025, as reported by SkyWater Technology in its Form 10‑Q filed on November 12, 2025, according to the ownership tables.

Do the reporting persons fully acknowledge beneficial ownership of all SkyWater (SKYT) shares reported?

The filing states that Loren A. Unterseher and Oxbow may be deemed beneficial owners of shares held by CMI but each disclaims beneficial ownership of such shares except to the extent of any pecuniary interest, clarifying limits on their acknowledged economic ownership.