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Shimmick Corporation Announces Second Quarter 2026 Results

  • Shimmick Corp. reported Q2 2026 revenue of $107 million, with $96 million driven by Shimmick Projects.
  • Q2 2026 gross margin reached $12 million, representing a 53% quarter-over-quarter increase.
  • The company recognized a net loss of $5 million for Q2 2026, which is $4 million favorable compared to the prior year quarter.
  • Q2 2026 Adjusted EBITDA was $4 million, marking the fourth consecutive quarter of positive Adjusted EBITDA.
  • Liquidity stood at $33 million as of July 3, 2026, down slightly from $34 million in April 2026.
  • Backlog reached approximately $991 million as of July 3, 2026, the highest level since Q1 2024.
  • The Q2 2026 book-to-burn ratio was 1.4x, the fourth consecutive quarter exceeding 1.0x.
  • $138 million in new work was booked in Q2 2026, with Shimmick Projects now comprising over 97% of total backlog.
  • An additional $221 million in new awards is pending in water & electrical markets primarily located in California & Texas.
  • Revenue from Shimmick Projects decreased to $96 million in Q2 2026 from $113 million in Q2 2025 due to the completion of a lower margin project & lower activity on existing projects.
  • Non-Core Projects revenue decreased to $11 million in Q2 2026 from $16 million in Q2 2025 as the company winds down these projects.
  • Full-year 2026 consolidated revenue guidance was updated to a range of $525 million to $575 million.
  • Full-year 2026 Adjusted EBITDA guidance was reaffirmed at $15 million to $30 million.
  • Diluted loss per common share for Q2 2026 was $0.12, compared to $0.25 in the same period of 2025.
  • Selling, general & administrative expenses increased by $1 million in Q2 2026 primarily due to higher legal costs.
  • Interest expense increased by $1 million in Q2 2026 due to higher average long-term debt balances.
  • No income tax expense was recorded for Q2 2026 due to expected & realized tax losses for the fiscal years.
  • Shimmick Corp. will host a conference call on August 10, 2026, at 4:30 p.m. Eastern Time.