Statement of Changes in Beneficial Ownership (Form 4)

FORM 4 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b). Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person * Unterseher Loren A 2. Issuer Name and Ticker or Trading Symbol SkyWater Technology, Inc [SKYT] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) __X__ Director __X__ 10% Owner _____ Officer (give title below) _____ Other (specify below) (Last) (First) (Middle) 4450 EXCELSIOR BLVD, SUITE 440 3. Date of Earliest Transaction (Month/Day/Year) 09/09/2025 (Street) MINNEAPOLIS, MN 55416 4. If Amendment, Date Original Filed (Month/Day/Year) 6. Individual or Joint/Group Filing (Check Applicable Line) ___ Form filed by One Reporting Person _X_ Form filed by More than One Reporting Person (City) (State) (Zip) Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1.Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4) Code V Amount (A) or (D) Price Common Stock 09/09/2025 S 6,218 D $10.8688(1) 7,594,027 D (2) Common Stock 09/10/2025 S 4,396 D $10.6358(3) 7,589,631 D (2) Common Stock 09/11/2025 S 229,029 D $10.4358(4) 7,360,602 D(5) (2) Common Stock 3 D (6) Common Stock 23,713 D (7) Common Stock 2,480,746 I By 2023 grantor retained annuity trust Common Stock 230,580 I By trust for benefit of son Common Stock 230,580 I By trust for benefit of son Common Stock 230,579 I By trust for benefit of daughter Common Stock 230,579 I By trust for benefit of daughter Common Stock 52,317 I By spouse Common Stock 531,283 I By family irrevocable trust Common Stock 1,229,864 I By 2024 grantor retained annuity trust Common Stock 2 I By revocable trust

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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security (Instr. 3)

2. Conversion or Exercise Price of Derivative Security

3. Transaction Date (Month/Day/Year)

3A. Deemed Execution Date, if any (Month/Day/Year)

4. Transaction Code (Instr. 8)

5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5)

6. Date Exercisable and Expiration Date (Month/Day/Year)

7. Title and Amount of Underlying Securities (Instr. 3 and 4)

8. Price of Derivative Security (Instr. 5)

9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)

10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4)

11. Nature of Indirect Beneficial Ownership (Instr. 4)

Code

V

(A)

(D)

Date Exercisable

Expiration Date

Title

Amount or Number of Shares

Reporting Owners

Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
Unterseher Loren A 4450 EXCELSIOR BLVD SUITE 440 MINNEAPOLIS, MN 55416	X	X
CMI Oxbow Partners, LLC 4450 EXCELSIOR BOULEVARD SUITE 440 MINNEAPOLIS, MN 55416	X	X
Oxbow Industries, LLC 4450 EXCELSIOR BOULEVARD SUITE 440 MINNEAPOLIS, MN 55416	X	X

Signatures

/s/ Loren A. Unterseher		09/11/2025
**Signature of Reporting Person		Date

Explanation of Responses:

*	If the form is filed by more than one reporting person, see Instruction 4(b)(v).
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1)	Reflects the weighted average price of 6,218 shares of common stock of SkyWater Technology, Inc. sold in multiple transactions on September 9, 2025 with sale prices ranging from $10.80 to $10.97 per share. The reporting person undertakes to provide upon request by the U.S. Securities and Exchange Commission staff, the issuer, or a security holder of the issuer, full information regarding the number of shares sold at each separate price.
(2)	Mr. Unterseher is President of CMI Oxbow Partners, LLC ("CMI") and Managing Partner of Oxbow Industries, LLC ("Oxbow"), which is the majority member of CMI. CMI directly holds the shares of Common Stock reported in Column 5. As a result, he may be deemed to be the beneficial owner of, and to have a pecuniary interest in, such shares of Common Stock. Mr. Unterseher disclaims beneficial ownership of such shares, except to the extent of any pecuniary interest therein.
(3)	Reflects the weighted average price of 4,396 shares of common stock of SkyWater Technology, Inc. sold in multiple transactions on September 10, 2025 with sale prices ranging from $10.60 to $10.67 per share. The reporting person undertakes to provide upon request by the U.S. Securities and Exchange Commission staff, the issuer, or a security holder of the issuer, full information regarding the number of shares sold at each separate price.
(4)	Reflects the weighted average price of 229,029 shares of common stock of SkyWater Technology, Inc. sold in multiple transactions on September 11, 2025 with sale prices ranging from $10.00 to $10.50 per share. The reporting person undertakes to provide upon request by the U.S. Securities and Exchange Commission staff, the issuer, or a security holder of the issuer, full information regarding the number of shares sold at each separate price.
(5)	Includes 120,000 sold automatically pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on June 13, 2025.
(6)	Oxbow directly holds the shares reported in Column 5.
(7)	Shares owned directly by Mr. Unterseher.

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