Shimmick Corporation Announces Third Quarter 2025 Results
Shimmick Corporation (NASDAQ: SHIM) reported third quarter 2025 results for the period ended October 3, 2025, with $142 million total revenue and $107 million from Shimmick Projects.
Key operational metrics: Shimmick Projects revenue +6% YoY, Shimmick Projects gross margin $10M (up 67% YoY), consolidated gross margin $11M, adjusted EBITDA $4M (first positive in four quarters), and reported net loss $4M. Backlog was approximately $754M (up 15% QoQ) with a book-to-burn of 1.7x; the company added $190M of new work in Q3 2025. Liquidity was $48M. Management reaffirmed full-year 2025 guidance and expects Shimmick Projects revenue of $405M–$415M and consolidated adjusted EBITDA of $5M–$15M.
Shimmick Corporation (NASDAQ: SHIM) ha riportato i risultati del terzo trimestre 2025 per il periodo terminato il 3 ottobre 2025, con 142 milioni di dollari di fatturato totale e 107 milioni di dollari da Shimmick Projects.
Metriche operative chiave: ricavi di Shimmick Projects +6% anno su anno, margine lordo di Shimmick Projects 10 milioni di dollari (in aumento del 67% YoY), margine lordo consolidato 11 milioni di dollari, EBITDA rettificato 4 milioni di dollari (primo valore positivo in quattro trimestri), e la perdita netta riportata 4 milioni di dollari. L"imbalo (backlog) era di circa 754 milioni di dollari (in aumento del 15% QoQ) con un book-to-burn di 1,7x; la società ha aggiunto 190 milioni di dollari di nuovi lavori nel Q3 2025. La liquidità era di 48 milioni di dollari. Il management ha ribadito la guidance per l"intero 2025 e si aspetta ricavi di Shimmick Projects di 405–415 milioni di dollari e EBITDA rettificato consolidato di 5–15 milioni di dollari.
Shimmick Corporation (NASDAQ: SHIM) informó los resultados del tercer trimestre de 2025 para el periodo que terminó el 3 de octubre de 2025, con 142 millones de dólares de ingresos totales y 107 millones de dólares procedentes de Shimmick Projects.
Métricas operativas clave: Ingresos de Shimmick Projects +6% interanual, margen bruto de Shimmick Projects 10 millones de dólares (un aumento del 67% interanual), margen bruto consolidado 11 millones de dólares, EBITDA ajustado 4 millones de dólares (primer valor positivo en cuatro trimestres), y pérdida neta reportada de 4 millones de dólares. El backlog era aproximadamente 754 millones de dólares (un 15% QoQ) con una relación book-to-burn de 1,7x; la compañía agregó 190 millones de dólares de trabajo nuevo en el 3T 2025. La liquidez era de 48 millones de dólares. La dirección reafirmó la orientación para todo 2025 y espera ingresos de Shimmick Projects de 405–415 millones de dólares y EBITDA ajustado consolidado de 5–15 millones de dólares.
Shimmick Corporation (NASDAQ: SHIM)은 2025년 10월 3일 종료된 기간에 대한 2025년 3분기 실적을 보고했으며, 총매출 1억 4200만 달러 및 Shimmick Projects에서 1억 7000만 달러를 기록했습니다.
핵심 운영 지표: Shimmick Projects 매출 YoY +6%, Shimmick Projects 총이익률 1천만 달러 (YoY 67% 증가), 연결 총이익률 1100만 달러, 조정 EBITDA 400만 달러 (4분기 중 처음으로 흑자), 보고된 순손실 400만 달러. 백로그는 약 7억 5400만 달러 (QoQ 15% 증가), 북투번(B/B) 비율은 1.7x; 2025년 Q3에 새로운 작업 1억 9000만 달러를 추가. 유동성은 4800만 달러였다. 경영진은 2025년 전체 가이던스를 재확인했고 Shimmick Projects 매출은 4.05억–4.15억 달러, 연결 조정 EBITDA는 500만–1500만 달러를 기대합니다.
Shimmick Corporation (NASDAQ: SHIM) a dévoilé les résultats du troisième trimestre 2025 pour la période terminée le 3 octobre 2025, avec 142 millions de dollars de chiffre d'affaires total et 107 millions de dollars provenant de Shimmick Projects.
Indicateurs opérationnels clés : revenus de Shimmick Projects en hausse de 6% sur un an, marge brute de Shimmick Projects 10 millions de dollars (en hausse de 67% sur un an), marge brute consolidée 11 millions de dollars, EBITDA ajusté 4 millions de dollars (premier positif en quatre trimestres), et une perte nette déclarée de 4 millions de dollars. Le carnet de commandes était d'environ 754 millions de dollars (en hausse de 15% QoQ) avec un ratio book-to-burn de 1,7x; la société a ajouté 190 millions de dollars de nouveaux travaux au T3 2025. La liquidité s'élevait à 48 millions de dollars. La direction a réaffirmé les prévisions pour l'ensemble de 2025 et prévoit un chiffre d'affaires de Shimmick Projects de 405–415 millions de dollars et un EBITDA ajusté consolidé de 5–15 millions de dollars.
Shimmick Corporation (NASDAQ: SHIM) hat die Ergebnisse des dritten Quartals 2025 für den Zeitraum zum 3. Oktober 2025 bekannt gegeben, mit 142 Millionen US-Dollar Umsatz insgesamt und 107 Millionen US-Dollar aus Shimmick Projects.
Wichtige operative Kennzahlen: Shimmick Projects Umsatz +6% YoY, Bruttomarge von Shimmick Projects 10 Mio. USD (plus 67% YoY), konsolidierte Bruttomarge 11 Mio. USD, bereinigtes EBITDA 4 Mio. USD (erstes positives in vier Quartalen), und ausgewiesener Nettobetriebsverlust 4 Mio. USD. Der Auftragsbestand lag bei ca. 754 Mio. USD (+15% QoQ) mit einer Book-to-Burn-Quote von 1,7x; das Unternehmen fügte im Q3 2025 190 Mio. USD an neuen Arbeiten hinzu. Die Liquidität betrug 48 Mio. USD. Das Management bestätigte die Guidance für das Gesamtjahr 2025 und rechnet mit Shimmick Projects Umsatz von 405–415 Mio. USD und konsolidiertem bereinigtem EBITDA von 5–15 Mio. USD.
Shimmick Corporation (NASDAQ: SHIM) أَفادت عن نتائج الربع الثالث من عام 2025 لفترة انتهت في 3 أكتوبر 2025، بإجمالي إيرادات قدرها 142 مليون دولار و 107 ملايين دولار من Shimmick Projects.
المقاييس التشغيلية الرئيسية: إيرادات Shimmick Projects أعلى بنسبة 6% سنويًا، وهوامش Shimmick Projects الإجمالية 10 ملايين دولار (ارتفاع 67% سنويًا)، وهوامش مجمعة إجمالية 11 مليون دولار، EBITDA معدّل 4 ملايين دولار (أول قيمة موجبة في أربعة أرباع)، وخسارة صافية مُبلّغ عنها 4 ملايين دولار. كانت قيمة التعهّدات (Backlog) حوالي 754 مليون دولار (ارتفاع 15% على أساس ربع رابع)، ونسبة book-to-burn 1.7x; أضافت الشركة 190 مليون دولار من أعمال جديدة في الربع الثالث من 2025. السيولة كانت 48 مليون دولار. أكدت الإدارة توجيهات السنة المالية 2025 بالكامل وتوقعات Shimmick Projects بإيرادات قدرها 405–415 مليون دولار وEBITDA معدّل موحَّد قدره 5–15 مليون دولار.
- Shimmick Projects revenue of $107M
- Shimmick Projects gross margin up 67% YoY
- Backlog of $754M, up 15% QoQ with book-to-burn 1.7x
- Added $190M in new work in Q3 2025
- Adjusted EBITDA of $4M (first positive in four quarters)
- Reported net loss of $4M for Q3 2025
- Consolidated revenue down vs prior quarter: Q3 2025 $142M vs Q3 2024 $166M
- Non-Core Projects revenue decline to $35M due to wind-down and one-time prior settlement
Insights
Shimmick shows operational improvement with backlog growth and a return to positive Adjusted EBITDA, but net loss and one-time comparatives keep the picture mixed.
Shimmick grew consolidated revenue to
The company recorded a net loss of
Key dependencies and risks include continued conversion of preferred-bid opportunities into awards and execution on higher-margin Shimmick Projects while winding down Non-Core Projects without incurring additional losses. Management reaffirmed full year 2025 guidance and now expects Shimmick Projects revenue of
Watch the conversion of the
IRVINE, Calif., Nov. 13, 2025 (GLOBE NEWSWIRE) -- Shimmick Corp. (NASDAQ: SHIM), a leading infrastructure solutions provider in water, electrical and other critical infrastructure construction services, today announced financial results for the third quarter ended October 3, 2025.
Third Quarter 2025 and Recent Highlights
- Reported revenue of
$142 million , with$107 million coming from Shimmick Projects- Shimmick Projects revenue up
6% year over year - Total revenue up
5% year over year when excluding the one-time favorable Non-Core Project claim settlement revenue of$31 million recorded during Q3 2024
- Shimmick Projects revenue up
- Reported gross margin of
$11 million , with$10 million coming from Shimmick Projects- Gross margin on Shimmick Projects up
67% year over year - Gross margin up
$10 million year over year when excluding the one-time favorable Non-Core Project claim settlement gross margin of$11 million recorded during Q3 2024
- Gross margin on Shimmick Projects up
- Backlog is approximately
$754 million as of October 3, 2025,- Backlog is up
15% quarter over quarter with a book-to-burn ratio of 1.7x, our first quarter with a book-to-burn ratio of over 1.0x since 2023 - Added
$190M in new work in Q3 2025, with Shimmick Projects representing over86% of total Backlog
- Backlog is up
- Reported liquidity of
$48 million as of October 3, 2025 - Continued project wins in target markets are expected to contribute to fourth quarter 2025 backlog:
$60 million in New Awards added to Backlog in October 2025$169 million of projects selected as preferred bidder with awards pending
- Recognized a net loss of
$4 million , largely attributable to Non-Core Projects - Reported Adjusted EBITDA of
$4 million - First positive Adjusted EBITDA in four quarters
- First positive Adjusted EBITDA in four quarters
"Our transformation is clearly gaining momentum, supported by strong execution and solid operating performance,” said Ural Yal, Chief Executive Officer of Shimmick. “We surpassed
“We are seeing particularly strong traction in California and Texas markets, where our capabilities align well with growing water and electrical infrastructure demand,” Yal continued. “In addition, bid volumes in our electrical business, Axia, continue to increase, especially across water, manufacturing and data center markets, positioning us well for future success. With new bids and pending awards, we expect to see strong growth in our electrical backlog in the next two quarters. The progress we are seeing across our business reflects the strength of our strategy we implemented at the beginning of 2025, disciplined execution, and momentum building for sustained growth. With strong overall bidding activity, consistent execution and positive market conditions, we continue to be optimistic about 2026.”
Financial Results
A summary of our results is included in the table below:
| Three Months Ended | Nine Months Ended | |||||||||||||||
| (In millions, except per share data) | October 3, 2025 | September 27, 2024 | October 3, 2025 | September 27, 2024 | ||||||||||||
| Revenue | $ | 142 | $ | 166 | $ | 392 | $ | 377 | ||||||||
| Gross margin | 11 | 12 | 24 | (35 | ) | |||||||||||
| Net loss attributable to Shimmick Corporation | (4 | ) | (2 | ) | (23 | ) | (86 | ) | ||||||||
| Adjusted net income (loss) | — | 24 | (12 | ) | (50 | ) | ||||||||||
| Adjusted EBITDA | 4 | 30 | 1 | (34 | ) | |||||||||||
| Diluted loss per common share attributable to Shimmick Corporation | $ | (0.12 | ) | $ | (0.05 | ) | $ | (0.65 | ) | $ | (2.96 | ) | ||||
| Adjusted diluted (loss) income per common share attributable to Shimmick Corporation | $ | (0.01 | ) | $ | 0.72 | $ | (0.36 | ) | $ | (1.72 | ) | |||||
The following table presents revenue and gross margin data for the three and nine months ended October 3, 2025 compared to the three and nine months ended September 27, 2024:
| Three Months Ended | Nine Months Ended | |||||||||||||||
| (In millions, except percentage data) | October 3, 2025 | September 27, 2024 | October 3, 2025 | September 27, 2024 | ||||||||||||
| Shimmick Projects(1) | ||||||||||||||||
| Revenue | $ | 107 | $ | 101 | $ | 313 | $ | 275 | ||||||||
| Gross Margin | $ | 10 | $ | 6 | $ | 30 | $ | 10 | ||||||||
| Gross Margin (%) | 9 | % | 6 | % | 10 | % | 4 | % | ||||||||
| Non-Core Projects(2) | ||||||||||||||||
| Revenue | $ | 35 | $ | 65 | $ | 80 | $ | 101 | ||||||||
| Gross Margin | $ | 1 | $ | 6 | $ | (7 | ) | $ | (45 | ) | ||||||
| Gross Margin (%) | 2 | % | 9 | % | (8 | )% | (45 | )% | ||||||||
| Consolidated Total | ||||||||||||||||
| Revenue | $ | 142 | $ | 166 | $ | 392 | $ | 377 | ||||||||
| Gross Margin | $ | 11 | $ | 12 | $ | 24 | $ | (35 | ) | |||||||
| Gross Margin (%) | 8 | % | 7 | % | 6 | % | (9 | )% | ||||||||
(1) Shimmick Projects are those projects started after prior ownership that have focused on water, climate resilience, energy transition, and sustainable transportation.
(2) Projects that started under prior ownership or focus on foundation drilling are referred to as "Non-Core Projects" (formerly referred to as "Legacy and Foundations Projects"). The Company entered into an agreement to sell the assets of foundation drilling Non-Core Projects in the second quarter of 2024 and continued to wind down remaining work during the remainder of the 2024 fiscal year and nine months ended October 3, 2025. As a result, revenue from foundation drilling Non-Core Projects will continue to decline during the remainder of the 2025 fiscal year.
Shimmick Projects
Projects started after the AECOM Sale Transaction ("Shimmick Projects") have focused on critical infrastructure aligned with our strategy, including water, climate resilience, energy transition and sustainable transportation. Revenue recognized on Shimmick Projects was
Gross margin recognized on Shimmick Projects was
Non-Core Projects
As part of the AECOM Sale Transaction, we acquired projects and backlog that were started under prior ownership (formerly referred to as "Legacy and Foundations Projects"). Separately, the Company entered into an agreement to sell the assets of our foundation drilling Non-Core Projects in the second quarter of 2024 and continued to wind down the remaining work which is largely completed.
Non-Core Projects revenue was
Gross margin recognized on Non-Core Projects was
A subset of Non-Core Projects ("Non-Core Loss Projects") have experienced significant cost overruns due to the COVID pandemic, design issues, legal costs and other factors. In the Non-Core Loss Projects, we have recognized the estimated costs to complete and the loss expected from these projects. If the estimates of costs to complete fixed-price contracts indicate a further loss, the entire amount of the additional loss expected over the life of the project is recognized as a period cost in the cost of revenue. As these Non-Core Loss Projects continue to wind down to completion, no further gross margin will be recognized and in some cases, there may be additional costs associated with these projects that could lower gross margin. Revenue recognized on these Non-Core Loss Projects was
Selling, general and administrative expenses
Selling, general and administrative expenses increased by
Equity in earnings of unconsolidated joint ventures
Equity in earnings of unconsolidated joint ventures decreased by
Gain on sale of assets, net
Gain on sale of assets, net decreased by
Interest expense
Interest expense decreased by
Other (income) expense, net
Other (income) expense, net increased by
Income tax expense
Due to an expected tax loss for the fiscal year ending 2025 and a realized tax loss for the fiscal year ended 2024, no income tax expense was recorded for either the three months ended October 3, 2025 or the three months ended September 27, 2024.
Net loss
Net loss increased by
Diluted loss per common share attributable to Shimmick Corporation was
Adjusted net income was less than
Adjusted diluted (loss) income per common share attributable to Shimmick Corporation was
Adjusted EBITDA was
“Shimmick’s third quarter performance reflects our continued progress in executing our transition strategy and winning the right way. Notably, this marks the first quarter since early 2023 where our book-to-burn ratio exceeded 1.0x, fueled by
Outlook and Guidance
We are reaffirming our full year 2025 fiscal year guidance and expect:
- Shimmick Projects revenue in the range of
$405 million and$415 million , with overall gross margin between9% and12% - Non-Core Projects revenue in the range of
$80 million and$90 million , with overall gross margin between (15% ) and (5% ) - Consolidated Adjusted EBITDA between
$5 million and$15 million
Conference Call and Webcast Information
Shimmick will host a video webcast conference call on Thursday, November 13, 2025 at 5:00 p.m. Eastern Time. Interested parties are invited to listen to or watch the conference call which can be accessed live-streamed via the Company’s Investor Relations website (https://investors.shimmick.com/). A copy of the earnings call presentation will also be posted to the Company's website. A replay of the video webcast will be available through the same link following the conference call for a limited time beginning immediately following the call.
About Shimmick Corporation
Shimmick Corporation ("Shimmick", the "Company") (NASDAQ: SHIM) is an industry leader in delivering turnkey infrastructure solutions that strengthen critical markets across water, energy, climate resiliency, and sustainable transportation. We integrate technical excellence with collaborative project delivery methods to provide innovative, technology-driven infrastructure solutions that accelerate economic growth and empower communities nationwide. With a track record that spans over a century, Shimmick, headquartered in California, unites deep engineering heritage with entrepreneurial spirit to tackle today's most complex infrastructure challenges. For more information, visit www.shimmick.com.
Forward-Looking Statements
This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). These forward-looking statements are often characterized by the use of words such as “may,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “targets,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential” or “continue” or the negative of these terms or other similar words. Forward-looking statements are only predictions based on our current expectations and our projections about future events, and we undertake no obligation to update any forward-looking statement to reflect events or circumstances, including, but not limited to, unanticipated events, after the date on which such statement is made, unless otherwise required by law. Forward-looking statements contained in this release include, but are not limited to, statements about: expected future financial performance (including the assumptions related thereto), including our revenue, net loss, backlog and Adjusted EBITDA; our growth prospects, including with respect to certain geographies and our electrical business; our expectations regarding profitability; our strategic transformation towards becoming more capital-efficient business; our market relationships and reputation; our core capabilities and skillset; the risk profile of our project portfolio; and our capital plans and expectations related thereto. These statements involve risks and uncertainties, and actual results may differ materially from any future results expressed or implied by the forward-looking statements. Forward-looking statements are only predictions based on our current expectations and our projections about future events, and we undertake no obligation to update any forward-looking statement to reflect events or circumstances, including, but not limited to, unanticipated events, after the date on which such statement is made, unless otherwise required by law.
We wish to caution readers that, although we believe any forward-looking statements are based on reasonable assumptions, certain important factors may have affected and could in the future affect our actual financial results and could cause our actual financial results for subsequent periods to differ materially from those expressed in any forward-looking statement made by or on our behalf, including, but not limited to, the following: our ability to accurately estimate risks, requirements or costs when we bid on or negotiate a contract; the impact of our fixed-price contracts; qualifying as an eligible bidder for contracts; the availability of qualified personnel, joint venture partners and subcontractors; inability to attract and retain qualified managers and skilled employees and the impact of loss of key management; higher costs to lease, acquire and maintain equipment necessary for our operations or a decline in the market value of owned equipment; subcontractors failing to satisfy their obligations to us or other parties or any inability to maintain subcontractor relationships; marketplace competition; our inability to obtain bonding; our limited operating history as an independent company following our separation from our prior owner, AECOM; our relationship and transactions with AECOM; AECOM defaulting on its contractual obligations to us or under agreements in which we are beneficiary; our limited number of customers; dependence on subcontractors and suppliers of materials; any inability to secure sufficient aggregates; an inability to complete a merger or acquisition or to integrate an acquired company’s business; our ability to expand our capacity related to specialized, high-performance electrical and power distribution solutions; adjustments in our contract backlog; accounting for our revenue and costs involves significant estimates, as does our use of the input method of revenue recognition based on costs incurred relative to total expected costs; material impairments; any failure to comply with covenants under any current indebtedness, and future indebtedness we may incur; the adequacy of sources of liquidity; the outcome of any legal or regulatory proceedings to which we are, or may become, a party; cybersecurity attacks against, disruptions, failures or security breaches of, our information technology systems; seasonality of our business; pandemics and public health emergencies; commodity products price fluctuations and inflation and/or elevated interest rates; liabilities under environmental laws, compliance with immigration laws, and other regulatory matters, including changes in regulations and laws; climate change; deterioration of the U.S. economy; changes in state and federal laws, regulations or policies under the current Presidential administration, including changes in trade policies and regulations, including increases or changes in duties, current and potentially new tariffs or quotas and other similar measures, as well as the potential impact of retaliatory tariffs and other actions, changes to tax legislation, including the passage of the One Big Beautiful Bill Act, and potential changes to the amounts provided for under the Infrastructure Investment and Jobs Act, as well as other legislation and executive orders related to governmental spending, and geopolitical risks, including those related to the war between Russia and Ukraine and the conflict in the Gaza strip and Red Sea Region; and other risks detailed in our filings with the Securities and Exchange Commission, including the “Risk Factors” section in our Annual Report on Form 10-K for the fiscal year ended January 3, 2025 and those described from time to time in our future reports with the SEC.
Non-GAAP Definitions This press release includes unaudited non-GAAP financial measures, adjusted EBITDA and adjusted net (loss) income and adjusted diluted loss per common share. For definitions of these non-GAAP financial measures and reconciliations to the most comparable GAAP measures, see "Explanatory Notes" and tables that follow in this press release. The presentation of non-GAAP financial measures is not intended to be a substitute for, and should not be considered in isolation from, the financial measures reported in accordance with GAAP.
Please refer to the Reconciliation between Net loss attributable to Shimmick Corporation and Adjusted net loss and Adjusted diluted loss per common share included within Table A and the Reconciliation between Net Loss attributable to Shimmick Corporation and Adjusted EBITDA included within Table B below.
We do not provide a reconciliation for forward-looking non-GAAP guidance because we are unable to predict certain items contained in the U.S. GAAP measures without unreasonable efforts. These items may include legal fees and other costs for a Non-Core Loss Project, acquisition-related costs, litigation charges or settlements, and certain other unusual adjustments.
Investor Relations Contact
1-949-704-2350
IR@shimmick.com
| Shimmick Corporation Condensed Consolidated Balance Sheets (In thousands, except share data) (unaudited) | ||||||||
| October 3, | January 3, | |||||||
| 2025 | 2025 | |||||||
| ASSETS | ||||||||
| CURRENT ASSETS | ||||||||
| Cash and cash equivalents | $ | 17,597 | $ | 33,730 | ||||
| Restricted cash | 1,328 | 2,065 | ||||||
| Accounts receivable, net | 41,785 | 42,988 | ||||||
| Contract assets, current | 87,585 | 46,603 | ||||||
| Prepaids and other current assets | 14,026 | 15,614 | ||||||
| TOTAL CURRENT ASSETS | 162,321 | 141,000 | ||||||
| Property, plant and equipment, net | 12,498 | 19,132 | ||||||
| Intangible assets, net | 4,735 | 6,667 | ||||||
| Contract assets, non-current | 6,965 | 23,517 | ||||||
| Lease right-of-use assets | 18,253 | 24,232 | ||||||
| Investment in unconsolidated joint ventures | 13,320 | 19,016 | ||||||
| Other assets | 397 | 300 | ||||||
| TOTAL ASSETS | $ | 218,489 | $ | 233,864 | ||||
| LIABILITIES AND STOCKHOLDERS' DEFICIT | ||||||||
| CURRENT LIABILITIES | ||||||||
| Accounts payable | $ | 72,331 | $ | 46,475 | ||||
| Contract liabilities, current | 47,358 | 102,524 | ||||||
| Accrued salaries, wages and benefits | 26,970 | 28,950 | ||||||
| Accrued expenses | 35,534 | 38,556 | ||||||
| Short-term debt, net | 3,446 | — | ||||||
| Other current liabilities | 9,022 | 13,759 | ||||||
| TOTAL CURRENT LIABILITIES | 194,661 | 230,264 | ||||||
| Long-term debt, net | 54,050 | 9,478 | ||||||
| Lease liabilities, non-current | 12,880 | 15,987 | ||||||
| Contract liabilities, non-current | 257 | 113 | ||||||
| Contingent consideration | 5,083 | 4,686 | ||||||
| Other liabilities | 4,214 | 8,010 | ||||||
| TOTAL LIABILITIES | 271,145 | 268,538 | ||||||
| Commitments and Contingencies | ||||||||
| STOCKHOLDERS' DEFICIT | ||||||||
| Common stock, | 358 | 343 | ||||||
| Additional paid-in-capital | 47,888 | 43,353 | ||||||
| Retained deficit | (100,902 | ) | (78,211 | ) | ||||
| Non-controlling interests | — | (159 | ) | |||||
| TOTAL STOCKHOLDERS' DEFICIT | (52,656 | ) | (34,674 | ) | ||||
| TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT | $ | 218,489 | $ | 233,864 | ||||
| Shimmick Corporation Condensed Consolidated Statements of Operations (In thousands, except per share data) (unaudited) | ||||||||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||||||
| October 3, | September 27, | October 3, | September 27, | |||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Revenue | $ | 141,920 | $ | 166,035 | $ | 392,432 | $ | 376,684 | ||||||||
| Cost of revenue | 131,131 | 153,846 | 368,818 | 411,485 | ||||||||||||
| Gross margin | 10,789 | 12,189 | 23,614 | (34,801 | ) | |||||||||||
| Selling, general and administrative expenses | 14,292 | 12,985 | 43,701 | 47,878 | ||||||||||||
| ERP pre-implementation asset impairment and associated costs | — | 15,708 | — | 15,708 | ||||||||||||
| Total operating expenses | 14,292 | 28,693 | 43,701 | 63,586 | ||||||||||||
| Equity in earnings (loss) of unconsolidated joint ventures | 312 | 812 | 851 | (779 | ) | |||||||||||
| Gain on sale of assets, net | 10 | 16,896 | 80 | 20,585 | ||||||||||||
| (Loss) income from operations | (3,181 | ) | 1,204 | (19,156 | ) | (78,581 | ) | |||||||||
| Interest expense | 1,434 | 1,977 | 3,747 | 4,370 | ||||||||||||
| Other (income) expense, net | (219 | ) | 791 | (371 | ) | 3,335 | ||||||||||
| Net loss before income tax | (4,396 | ) | (1,564 | ) | (22,532 | ) | (86,286 | ) | ||||||||
| Income tax expense | — | — | — | — | ||||||||||||
| Net loss | (4,396 | ) | (1,564 | ) | (22,532 | ) | (86,286 | ) | ||||||||
| Net income attributable to non-controlling interests | — | — | 159 | — | ||||||||||||
| Net loss attributable to Shimmick Corporation | $ | (4,396 | ) | $ | (1,564 | ) | $ | (22,691 | ) | $ | (86,286 | ) | ||||
| Net loss attributable to Shimmick Corporation per common share | ||||||||||||||||
| Basic | $ | (0.12 | ) | $ | (0.05 | ) | $ | (0.65 | ) | $ | (2.96 | ) | ||||
| Diluted | $ | (0.12 | ) | $ | (0.05 | ) | $ | (0.65 | ) | $ | (2.96 | ) | ||||
| Shimmick Corporation Condensed Consolidated Statements of Cash Flows (In thousands) (unaudited) | ||||||||
| Nine Months Ended | ||||||||
| October 3, | September 27, | |||||||
| 2025 | 2024 | |||||||
| Cash Flows From Operating Activities | ||||||||
| Net loss | $ | (22,532 | ) | $ | (86,286 | ) | ||
| Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
| Stock-based compensation | 4,520 | 3,304 | ||||||
| Depreciation and amortization | 9,840 | 11,646 | ||||||
| Equity in (earnings) loss of unconsolidated joint ventures | (851 | ) | 779 | |||||
| Return on investment in unconsolidated joint ventures | 3,802 | 610 | ||||||
| ERP pre-implementation asset impairment | — | 10,428 | ||||||
| Gain on sale of assets, net | (80 | ) | (20,585 | ) | ||||
| Other | 1,542 | 1,892 | ||||||
| Changes in operating assets and liabilities: | ||||||||
| Accounts receivable, net | 1,203 | 663 | ||||||
| Contract assets | (24,430 | ) | (2,418 | ) | ||||
| Accounts payable | 25,856 | (12,149 | ) | |||||
| Contract liabilities | (55,166 | ) | (18,157 | ) | ||||
| Accrued salaries, wages and benefits | (1,979 | ) | 2,489 | |||||
| Accrued expenses | (3,022 | ) | 34,165 | |||||
| Other assets and liabilities | (4,435 | ) | 7,436 | |||||
| Net cash used in operating activities | (65,732 | ) | (66,183 | ) | ||||
| Cash Flows From Investing Activities | ||||||||
| Purchases of property, plant and equipment | (5,862 | ) | (9,963 | ) | ||||
| Proceeds from sale of assets | 4,868 | 31,608 | ||||||
| Unconsolidated joint venture equity contributions | — | (3,460 | ) | |||||
| Return of investment in unconsolidated joint ventures | 2,935 | 204 | ||||||
| Net cash provided by investing activities | 1,941 | 18,389 | ||||||
| Cash Flows From Financing Activities | ||||||||
| Borrowings on credit and loan agreements | 90,581 | 42,000 | ||||||
| Repayments on credit and loan agreements | (42,079 | ) | — | |||||
| Net repayments of Revolving Credit Facility | — | (29,619 | ) | |||||
| Other | (1,581 | ) | (1,924 | ) | ||||
| Net cash provided by financing activities | 46,921 | 10,457 | ||||||
| Net decrease in cash, cash equivalents and restricted cash | (16,870 | ) | (37,337 | ) | ||||
| Cash, cash equivalents and restricted cash, beginning of period | 35,795 | 63,910 | ||||||
| Cash, cash equivalents and restricted cash, end of period | $ | 18,925 | $ | 26,573 | ||||
| Reconciliation of cash, cash equivalents and restricted cash to the Condensed Consolidated Balance Sheets | ||||||||
| Cash and cash equivalents | $ | 17,597 | $ | 25,962 | ||||
| Restricted cash | 1,328 | 611 | ||||||
| Total cash, cash equivalents and restricted cash | $ | 18,925 | $ | 26,573 | ||||
EXPLANATORY NOTES
Non-GAAP Financial Measures
Adjusted Net (Loss) Income and Adjusted Diluted (Loss) Income Per Common Share
Adjusted net (loss) income represents Net loss attributable to Shimmick Corporation adjusted to eliminate stock-based compensation, ERP pre-implementation asset impairment and associated costs, legal fees and other costs for Non-Core Projects and other costs. We have also made an adjustment for transformation costs we have incurred including advisory costs in connection with settling outstanding claims, exiting the Non-Core Projects and transforming the Company to shift our strategy to meet the nation’s growing need for water and other critical infrastructure and grow our business.
We have included Adjusted net (loss) income in this press release because it is a key measure used by our management and board of directors to understand and evaluate our core operating performance and trends, to prepare and approve our annual budget and to develop short and long-term operational plans. In particular, we believe that the exclusion of the income and expenses eliminated in calculating Adjusted net (loss) income can provide a useful measure for period-to-period comparisons of our core business. Accordingly, we believe that Adjusted net (loss) income provides useful information to investors and others in understanding and evaluating our results of operations.
Our use of Adjusted net (loss) income as an analytical tool has limitations, and you should not consider it in isolation or as a substitute for analysis of our financial results as reported under GAAP. Some of these limitations are:
- Adjusted net (loss) income does not reflect changes in, or cash requirements for, our working capital needs,
- Adjusted net (loss) income does not reflect the potentially dilutive impact of stock-based compensation, and
- other companies, including companies in our industry, might calculate Adjusted net (loss) income or similarly titled measures differently, which reduces their usefulness as comparative measures.
Because of these and other limitations, you should consider Adjusted net (loss) income alongside Net loss attributable to Shimmick Corporation, which is the most directly comparable GAAP measure.
Table A
| Reconciliation between Net loss attributable to Shimmick Corporation and Adjusted net loss (unaudited) | ||||||||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||||||
| October 3, | September 27, | October 3, | September 27, | |||||||||||||
| (In thousands, except per share data) | 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Net loss attributable to Shimmick Corporation | $ | (4,396 | ) | $ | (1,564 | ) | $ | (22,691 | ) | $ | (86,286 | ) | ||||
| Transformation costs (1) | 142 | 1,924 | 1,582 | 4,532 | ||||||||||||
| Stock-based compensation | 1,202 | 1,337 | 4,520 | 3,304 | ||||||||||||
| ERP pre-implementation asset impairment and associated costs (2) | — | 15,708 | — | 15,708 | ||||||||||||
| Legal fees and other costs for Non-Core Projects (3) | 2,652 | 6,436 | 3,746 | 11,796 | ||||||||||||
| Other (4) | 164 | 414 | 397 | 860 | ||||||||||||
| Adjusted net (loss) income | $ | (236 | ) | $ | 24,255 | $ | (12,446 | ) | $ | (50,086 | ) | |||||
| Adjusted net (loss) income attributable to Shimmick Corporation per common share | ||||||||||||||||
| Basic | $ | (0.01 | ) | $ | 0.72 | $ | (0.36 | ) | $ | (1.72 | ) | |||||
| Diluted | $ | (0.01 | ) | $ | 0.72 | $ | (0.36 | ) | $ | (1.72 | ) | |||||
(1) Consists of transformation-related costs we have incurred including advisory costs in connection with settling outstanding claims in connection with exiting certain Non-Core Projects as part of the Company’s growth strategy to address and capitalize on the nation’s growing need for water and other critical infrastructure. (2) Reflects a strategic decision to enhance the Company’s current ERP system rather than implementing a new platform which, due to prior capitalized costs and remaining contractual obligations, resulted in a one-time charge of (3) Consists of legal fees and other costs incurred in connection with claims relating to Non-Core Projects. (4) Consists of transaction-related costs and changes in fair value of contingent consideration remaining after the impact of transactions with our prior owner. | ||||||||||||||||
Adjusted EBITDA
Adjusted EBITDA represents our Net loss attributable to Shimmick Corporation before interest expense, income tax benefit and depreciation and amortization, adjusted to eliminate stock-based compensation, ERP pre-implementation asset impairment and associated costs, legal fees and other costs for Non-Core Projects and other costs. We have also made an adjustment for transformation costs we have incurred including advisory costs in connection with settling outstanding claims, exiting the Non-Core Projects and transforming the Company to shift our strategy to meet the nation’s growing need for water and other critical infrastructure and grow our business.
We have included Adjusted EBITDA in this press release because it is a key measure used by our management and board of directors to understand and evaluate our core operating performance and trends, to prepare and approve our annual budget and to develop short and long-term operational plans. In particular, we believe that the exclusion of the income and expenses eliminated in calculating Adjusted EBITDA can provide a useful measure for period-to-period comparisons of our core business. Accordingly, we believe that Adjusted EBITDA provides useful information to investors and others in understanding and evaluating our results of operations.
Our use of Adjusted EBITDA as an analytical tool has limitations, and you should not consider it in isolation or as a substitute for analysis of our financial results as reported under GAAP. Some of these limitations are:
- although depreciation and amortization are non-cash charges, the assets being depreciated and amortized might have to be replaced in the future, and Adjusted EBITDA does not reflect cash capital expenditure requirements for such replacements or for new capital expenditure requirements,
- Adjusted EBITDA does not reflect changes in, or cash requirements for, our working capital needs,
- Adjusted EBITDA does not reflect the potentially dilutive impact of stock-based compensation,
- Adjusted EBITDA does not reflect interest or tax payments that would reduce the cash available to us, and
- other companies, including companies in our industry, might calculate Adjusted EBITDA or similarly titled measures differently, which reduces their usefulness as comparative measures.
Because of these and other limitations, you should consider Adjusted EBITDA alongside Net loss attributable to Shimmick Corporation, which is the most directly comparable GAAP measure.
Table B
| Reconciliation between Net loss attributable to Shimmick Corporation and Adjusted EBITDA (unaudited) | ||||||||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||||||
| October 3, | September 27, | October 3, | September 27, | |||||||||||||
| (In thousands) | 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Net loss attributable to Shimmick Corporation | $ | (4,396 | ) | $ | (1,564 | ) | $ | (22,691 | ) | $ | (86,286 | ) | ||||
| Interest expense | 1,434 | 1,977 | 3,747 | 4,370 | ||||||||||||
| Income tax expense | — | — | — | — | ||||||||||||
| Depreciation and amortization | 3,131 | 3,447 | 9,840 | 11,646 | ||||||||||||
| Transformation costs (1) | 142 | 1,924 | 1,582 | 4,532 | ||||||||||||
| Stock-based compensation | 1,202 | 1,337 | 4,520 | 3,304 | ||||||||||||
| ERP pre-implementation asset impairment and associated costs (2) | — | 15,708 | — | 15,708 | ||||||||||||
| Legal fees and other costs for Non-Core Projects (3) | 2,652 | 6,436 | 3,746 | 11,796 | ||||||||||||
| Other (4) | 164 | 414 | 397 | 860 | ||||||||||||
| Adjusted EBITDA | $ | 4,329 | $ | 29,679 | $ | 1,141 | $ | (34,070 | ) | |||||||
(1) Consists of transformation-related costs we have incurred including advisory costs in connection with settling outstanding claims in connection with exiting certain Non-Core Projects as part of the Company’s growth strategy to address and capitalize on the nation’s growing need for water and other critical infrastructure. (2) Reflects a strategic decision to enhance the Company’s current ERP system rather than implementing a new platform which, due to prior capitalized costs and remaining contractual obligations, resulted in a one-time charge of (3) Consists of legal fees and other costs incurred in connection with claims relating to Non-Core Projects. (4) Consists of transaction-related costs and changes in fair value of contingent consideration remaining after the impact of transactions with our prior owner. | ||||||||||||||||
FAQ
What did Shimmick (SHIM) report for Q3 2025 revenue and net loss?
How did Shimmick Projects perform in Q3 2025 for SHIM?
What is Shimmick's backlog and book-to-burn ratio as of October 3, 2025?
What guidance did Shimmick reaffirm for full-year 2025 (SHIM)?
How much new work did Shimmick add in Q3 2025 and what is liquidity?
