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GlobeNewswire·

Shimmick Corporation Announces First Quarter 2026 Results

  • Shimmick Corp. reported Q1 2026 revenue of $88 million, driven entirely by Shimmick Projects.
  • The company recognized a Q1 2026 gross margin of $11 million, with $10 million attributable to Shimmick Projects.
  • Shimmick Projects gross margin increased 89% quarter over quarter, reaching 11%.
  • The company reported a Q1 2026 net loss of $4 million, largely due to Non-Core Projects.
  • Q1 2026 Adjusted EBITDA was $3 million, marking the third consecutive quarter of positive Adjusted EBITDA.
  • Liquidity stood at $34 million as of April 3, 2026.
  • Backlog reached approximately $944 million as of April 3, 2026, the highest level since Q1 2024.
  • The Q1 2026 book-to-burn ratio was 2.6x, the highest for the public company.
  • $289 million in new work was booked in Q1 2026, with Shimmick Projects representing over 97% of total backlog.
  • $174 million in additional awards were pending as of May 2026, primarily in water & electrical markets in California & Texas.
  • Revenue decreased from $122 million in Q1 2025 to $88 million in Q1 2026 due to lower activity on existing projects & the absence of a completed fire clean-up project.
  • Non-Core Projects revenue dropped to $0.2 million from $29 million in the prior year period, driven by a USACE termination notice for the Chickamauga Lock Replacement Project & project wind-downs.
  • Adjusted net loss narrowed to $2 million from $7 million in the prior year period.
  • Diluted loss per share was $0.13 for Q1 2026, compared to $0.28 in Q1 2025.
  • Full-year 2026 consolidated revenue guidance remains $550 million to $600 million.
  • Full-year 2026 Adjusted EBITDA guidance remains $15 million to $30 million.
  • A conference call & webcast were scheduled for May 14, 2026, at 4:30 p.m. Eastern Time.