Welcome to our dedicated page for SHIMMICK CORPORATION news (Ticker: SHIM), a resource for investors and traders seeking the latest updates and insights on SHIMMICK CORPORATION stock.
Shimmick Corporation (NASDAQ: SHIM) delivers essential water infrastructure solutions and critical construction services nationwide. This dedicated news hub provides investors and stakeholders with timely updates on the company's engineering projects, operational developments, and strategic initiatives.
Access official press releases, regulatory filings, and objective analysis of SHIM's water treatment advancements, infrastructure contracts, and sustainability efforts. Our curated collection includes updates on dam construction projects, wastewater system upgrades, transit developments, and other public works critical to communities.
Key resources include earnings announcements, partnership disclosures, project completion milestones, and leadership updates. Bookmark this page for streamlined tracking of SHIM's progress in modernizing water infrastructure while maintaining strict environmental and safety standards across all operations.
Shimmick Corporation (Nasdaq: SHIM) has announced the launch of Axia Electric LLC, a specialized electrical subsidiary focused on delivering electrical and power distribution solutions. The new entity will serve low- and medium-voltage markets, with additional focus on commissioning and O&M services.
Under the leadership of President Fernando DeLeon, Axia Electric has already secured $42 million in new electrical contracts from various clients including Orange County Sanitation District and Redwood Materials. The company currently has over $380 million in active electrical construction projects under contract and employs more than 150 skilled workers.
Ares Commercial Finance (ARES) and Ansley Park Capital have jointly provided a $30 million financing package to Shimmick Corporation, an Irvine-based infrastructure solutions provider. The package consists of a $15 million senior secured revolving line of credit from ACF and a $15 million machinery and equipment term loan from Ansley Park Capital.
The financing will be used to refinance existing debt and provide additional liquidity for Shimmick, which specializes in water, climate resilience, energy transition, and sustainable transportation infrastructure projects. The customized credit facility aims to support Shimmick's project pipeline throughout 2025 and beyond.
Shimmick Corporation (NASDAQ: SHIM), a leading infrastructure solutions provider focused on water, climate resilience, energy transition, and sustainable transportation projects, has scheduled its first quarter 2025 financial results announcement for May 14, 2025, after market close. The company will host a video webcast conference call at 5:00 p.m. Eastern Time on the same day to discuss the results.
Investors can access the live webcast through Shimmick's Investor Relations website, where the earnings call presentation will also be available. A replay of the webcast will be accessible through the same platform for a limited time after the call.
Shimmick (Nasdaq: SHIM) has announced key changes in its financial leadership team. Todd Yoder has been appointed as Executive Vice President and Chief Financial Officer, effective April 14, 2025. Yoder brings extensive financial leadership experience from the construction industry, including previous roles at Shikun & Binui America and Fluor
Amanda Mobley, who has served as interim CFO since June 2024, will transition to the role of Chief Accounting Officer. CEO Ural Yal praised Mobley's leadership during the company's transformative period and highlighted Yoder's expertise in capital management, operational efficiency, risk management, and financial strategy as important for Shimmick's continued growth in infrastructure solutions.
Shimmick Corp. (NASDAQ: SHIM) reported Q4 2024 financial results with revenue of $104 million, including $80 million from Shimmick Projects. Full-year 2024 revenue reached $480 million, with $356 million from Shimmick Projects.
The company reported a net loss of $38 million and Adjusted EBITDA of $(27) million in Q4 2024, primarily due to Legacy Projects. Current backlog stands at $822 million, with over 87% comprising Shimmick Projects. The company maintains liquidity of $100 million and secured a new $15 million credit agreement.
For fiscal 2025 guidance, Shimmick projects:
- 10-15% revenue growth in Shimmick Projects with 9-12% gross margin
- $50-60 million revenue from Legacy and Foundations Projects
- Adjusted EBITDA between $15-25 million
Shimmick (Nasdaq: SHIM), a leading infrastructure solutions provider focused on water, climate resilience, energy transition, and sustainable transportation projects, has scheduled its fourth quarter and full year 2024 earnings release for Thursday, March 13, 2025, after market close.
The company will host a conference call at 5:00 p.m. Eastern Time on the same day. Investors can join via phone by dialing (877)-869-3847 (domestic) or (201)-689-8261 (international). A replay will be available until April 3, 2025, by dialing (877)-660-6853 (domestic) or (201)-612-7415 (international) with passcode 13750884. Additionally, a simultaneous webcast will be accessible through the company's Investor Relations website.
Shimmick Construction and Myers and Sons, operating as Myers-Shimmick Joint Venture (MSJV), have been awarded an $8.26 million contract for preconstruction services on the North Hollywood to Pasadena Bus Rapid Transit Project by LA Metro. The project involves developing a 19-mile transit corridor connecting multiple California cities with 22 new stations.
If awarded the construction phase, the project's estimated value would be $190 million. The initiative aims to provide faster transit options, reduce traffic congestion, and improve air quality using zero-emission electric buses. Early utility work is scheduled to begin in 2025, with completion targeted for 2028.
Shimmick Construction (Nasdaq:SHIM) has been awarded a $45.4 million contract for the Murray Street Bridge project in Santa Cruz. The project involves extensive seismic retrofitting and improvements to enhance the bridge's resilience and accessibility. The scope includes installation of new piles, extended pile caps, new columns, and bent caps. The upgraded bridge will feature wider bike lanes, a new dedicated sidewalk, and see-through barrier rails replacing existing concrete barriers to improve harbor views. Shimmick has previous experience with similar projects including the Caltrans Dumbarton Bridge Seismic Retrofit and Port of San Francisco Illinois Street Intermodal Bridge.
Shimmick (NASDAQ: SHIM) reported Q3 2024 financial results with revenue of $166 million, including $101 million from Shimmick Projects. The company secured a $97 million settlement for the Golden Gate Bridge Project, to be collected by end of 2024. Q3 highlights include a 6% gross margin on Shimmick Projects, a net loss of $2 million, and Adjusted EBITDA of $30 million. The company's backlog stands at $834 million, with over 85% being Shimmick Projects. Notable events include the appointment of Ural Yal as new CEO, a $17 million gain from a sale-leaseback transaction, and a $16 million one-time charge related to ERP system enhancement.
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