SHIM · Shimmick Corporation Common Stock

Shimmick Corporation reported first quarter 2026 results that showed continued operational improvement. Revenue declined to $88 million from $122 million in the prior year, primarily due to a $29 million decrease in Non-Core Projects revenue, including the termination of the Chickamauga Lock Replacement Project. However, Shimmick Projects revenue remained relatively stable at $88 million, and gross margin improved significantly to $11 million (12.5%) from $5 million (4.1%), driven by higher-margin new projects ramping up. Net loss narrowed to $4 million from $10 million, and Adjusted EBITDA turned positive at $3 million, marking the third consecutive quarter of positive Adjusted EBITDA. Management highlighted a book-to-burn ratio of 2.6x and backlog of $944 million, the highest since Q1 2024, with 97% from Shimmick Projects. The company reaffirmed full-year 2026 guidance of consolidated revenue between $550 million and $600 million and Adjusted EBITDA between $15 million and $30 million, representing significant year-over-year growth. The appointment of Sarah Tacker as Chief Operating Officer reinforces focus on disciplined execution. The results indicate a successful shift toward higher-quality backlog and improved profitability, though Non-Core Projects continue to wind down with potential residual costs.