Shimmick Corporation is asking stockholders to vote at its virtual 2026 annual meeting on June 2, 2026, at 11:00 a.m. Eastern time. The agenda includes electing five directors to one-year terms and ratifying Deloitte & Touche LLP as independent auditor for the fiscal year ending January 1, 2027.
The company describes 2025 as a transition year, emphasizing a strategy to focus on core, higher‑margin infrastructure projects, exit legacy non‑core work, and tighten execution and cost control. Management reports improved margins in core projects, planned declines in non‑core revenue, and solid liquidity. Governance changes include reducing the board to five members after a long‑tenured director’s retirement, maintaining a separate Executive Chairman and CEO, and using a special committee linked to 2024 financing transactions. Safety remains a priority, with a 2025 total recordable incident rate of 1.39 and a 33.3% reduction in lost‑time incidents.
Compensation highlights include a $800,000 base salary and $720,000 annual cash bonus for the CEO in 2025, and a $450,000 target base salary for the CFO with cash and equity sign‑on awards. A controlling holder, GOHO, LLC, beneficially owns 57.8% of shares, while AECOM holds 18.5%, giving significant influence over voting outcomes.
Shimmick Corp Chief Financial Officer Todd Wilbur Yoder reported the vesting of previously granted Restricted Stock Units that converted into common stock on a one-for-one basis. On April 14, 2026, 72,464 RSUs and 59,783 RSUs settled into an equal number of common shares.
To cover tax obligations from these vestings, the company withheld 22,335 and 16,393 common shares at $3.91 per share, described as payment of tax liability by delivering securities. Following these transactions, Yoder holds 95,519 shares of common stock directly. Footnotes also note a grant of 181,159 RSUs that vest in three equal annual installments beginning April 14, 2026, subject to continued employment.
Shimmick Corporation reported that longtime director Steven Richards will retire from its board at the end of his term at the company’s 2026 annual meeting of stockholders. Richards has served the company for 45 years, including as Chief Executive Officer from March 2020 through December 2024 and guiding Shimmick through its November 2023 initial public offering.
Following his retirement, Shimmick expects to reduce the size of its board of directors to five members.
Shimmick Corp director and ten percent owner Mitchell B. Goldsteen reported an indirect open-market sale of 125,000 shares of common stock at a weighted average price of $2.86 per share. The shares were sold through GOHO, LLC, where he is the sole managing member, and the transaction was executed under a Rule 10b5-1 sales plan adopted on December 5, 2025. Following the sale, GOHO, LLC continued to hold 20,974,873 shares indirectly attributed to Goldsteen, indicating that a large position remains.
Shimmick Corporation files its Annual Report describing a water-focused and critical infrastructure construction business with strong roots in California and a growing national footprint. The company delivers dams, reservoirs, water and wastewater treatment, climate resilience, transportation and energy transition projects, often self-performing key scopes.
As of January 2, 2026, Shimmick reports project backlog of approximately $793 million, mostly in California with work in six other states, and non‑affiliate equity market value of about $13.1 million. It had 36,091,730 common shares outstanding and 971 employees, including 590 craft workers.
Management highlights a shift from legacy large, higher‑risk jobs toward smaller and mid‑sized, higher‑margin projects, launch of electrical subsidiary Axia Electric LLC, investments in digital project controls, and expanded collaborative contracting. Safety remains a focus, with 2025 total recordable incident rate of 1.39 and a 33.3% reduction in lost‑time incidents versus 2024. Extensive risk factors cover fixed‑price contract exposure, bonding, reliance on public funding, California concentration, labor availability, regulation, climate and economic conditions.
Shimmick Corporation reported sharply improved fourth-quarter and full-year 2025 results, though it remains unprofitable. Q4 2025 revenue was $100 million versus $104 million a year earlier, but gross margin swung to a $10 million profit from a $21 million loss and net loss narrowed to $2.9 million from $38.5 million.
For 2025, revenue rose to $493 million from $480 million and gross margin improved to $34 million from a $56 million loss, while net loss narrowed to $25.6 million from $124.7 million. Adjusted EBITDA turned positive at $4.8 million for the year, compared with a $61.4 million loss in 2024.
Backlog was about $793 million as of January 2, 2026, with a Q4 book‑to‑burn ratio of 1.4x and $139 million in new awards. Management expects 2026 consolidated revenue of $550–$600 million and Adjusted EBITDA of $15–$30 million, implying strong growth if achieved.
Shimmick Corporation reported lower activity and a modest quarterly loss. For the three months ended October 3, 2025, revenue was $141.9 million and net loss was $4.4 million. Gross margin was $10.8 million against selling, general and administrative expenses of $14.3 million.
Year to date, revenue reached $392.4 million and net loss narrowed to $22.5 million from $86.3 million a year earlier. Operating cash flow for the nine months used $65.7 million, reflecting working capital swings typical of long-duration projects. Cash and cash equivalents were $17.6 million as of October 3, 2025.
Debt increased as the company added facilities to support operations and bonding needs: total debt, net, was $57.5 million (including $33.6 million under the Credit Agreement, $14.3 million under the ACF Credit Agreement and $13.0 million under the Ansley Loan Agreement). The company reported remaining performance obligations of $716 million with a weighted average life of 2.5 years, and a disclosed backlog of approximately $754 million as of October 3, 2025.
Shimmick Corporation furnished a press release announcing financial results for the third quarter ended October 3, 2025. The release is included as Exhibit 99.1 and was provided under a current report on Form 8‑K.
The company states the press release includes backlog and new awards data. Backlog represents the total dollar value of contracted work remaining and is adjusted for cancellations, deferrals, scope changes, and cost revisions. New awards reflect the dollar value of contracts executed during the period.