[SCHEDULE 13G/A] SkyWater Technology, Inc. SEC Filing

Rhea-AI Filing Summary

SkyWater Technology, Inc. Schedule 13G/A filed for common stock (CUSIP 83089J108) reports combined holdings by CMI Oxbow Partners, LLC, Oxbow Industries, LLC and Loren A. Unterseher. The filing states that Loren A. Unterseher, as President of CMI and Managing Partner of Oxbow, may be deemed to have a pecuniary interest in shares held by CMI.

The statement discloses aggregate beneficial ownership of 15,041,407 shares, representing 31.2% of the 48,175,815 shares outstanding used for the percentage calculation. Individual positions shown include 9,812,589 shares held by CMI/Oxbow (20.4%) with shared voting and dispositive power, and 5,176,498 shares held with sole voting and dispositive power by Mr. Unterseher. The filing includes a joint filing agreement and signatures dated August 14, 2025.

Positive

• Transparent disclosure of aggregated ownership and voting/dispositive power allocations
• Clear identification of relationships among reporting persons and basis for beneficial ownership calculation

Negative

• None.

Insights

Securities Analyst

TL;DR Major insider-related group holds 31.2% of SkyWater, a material ownership disclosure that warrants investor attention.

The Schedule 13G/A documents concentrated ownership by affiliated entities and an individual, totaling 15,041,407 shares or 31.2% of the reported outstanding shares basis. The filing distinguishes shared versus sole voting and dispositive power, showing both collective control (9,864,909 shared voting) and individual control (5,176,498 sole voting). This is a material disclosure because it signals a large, coordinated stake; the document, however, contains no transaction details, timing of acquisitions, or intent changes that would indicate an imminent corporate action.

Corporate Governance Expert

TL;DR Concentrated ownership by a related group raises governance considerations but the filing presents only ownership facts.

The report clarifies ownership relationships: Oxbow Industries is majority member of CMI and Mr. Unterseher occupies leadership roles across the parties, creating potential aligned voting influence. The split between sole and shared voting/dispositive power is explicitly reported, and the joint filing agreement is included. No governance actions, agreements, or plans are disclosed in this filing; it solely documents current holdings and power allocation.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 6)

SkyWater Technology, Inc

(Name of Issuer)

Common Stock, par value $0.01 per share

(Title of Class of Securities)

83089J108

(CUSIP Number)

06/30/2025

(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 9,812,589.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 9,812,589.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

9,812,589.00

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)

20.4 %

12

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person: The percentage reflected in Row 11 was calculated based on 48,175,815 shares of common stock outstanding as of August 6, 2025, as reported by the issuer in its quarterly report on Form 10-Q filed with the U.S. Securities and Exchange Commission on August 7, 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 9,812,589.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 9,812,589.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

9,812,589.00

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)

20.4 %

12

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person: The percentage reflected in Row 11 was calculated based on 48,175,815 shares of common stock outstanding as of August 6, 2025, as reported by the issuer in its quarterly report on Form 10-Q filed with the U.S. Securities and Exchange Commission on August 7, 2025.

SCHEDULE 13G

CUSIP No. 83089J108

1

Names of Reporting Persons

Unterseher Loren A

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 9,864,909.00
7	Sole Dispositive Power 5,176,498.00
8	Shared Dispositive Power 9,864,909.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

15,041,407.00

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)

31.2 %

12

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person: The percentage reflected in Row 11 was calculated based on 48,175,815 shares of common stock outstanding as of August 6, 2025, as reported by the issuer in its quarterly report on Form 10-Q filed with the U.S. Securities and Exchange Commission on August 7, 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 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 15,041,407 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: 31.2%
(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: 9,864,909
	(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: 9,864,909
Item 5.	Ownership of 5 Percent or Less of a Class.
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:	08/14/2025

Oxbow Industries, LLC

Signature:	/s/Loren A. Unterseher
Name/Title:	Loren A. Unterseher/President
Date:	08/14/2025

Unterseher Loren A

Signature:	/s/Loren A. Unterseher
Name/Title:	Loren A. Unterseher/President
Date:	08/14/2025

Exhibit Information

JOINT FILING AGREEMENT

FAQ

What percentage of SkyWater Technology (SKYT) is reported as beneficially owned in this filing?

The filing reports 15,041,407 shares, representing 31.2% based on 48,175,815 shares outstanding used for the calculation.

Who are the reporting persons on this Schedule 13G/A for SKYT?

The reporting persons are CMI Oxbow Partners, LLC, Oxbow Industries, LLC, and Loren A. Unterseher.

How many shares does Loren A. Unterseher have sole voting power over?

The filing shows Mr. Unterseher has sole voting power and sole dispositive power over 5,176,498 shares.

How many shares are held with shared voting or dispositive power by the group?

Shared voting power is reported as 9,864,909 shares and shared dispositive power as 9,864,909 shares for the group.

On what basis was the percent of class calculated?

The percent was calculated using 48,175,815 shares outstanding as reported by the issuer in its quarterly report filed August 7, 2025.