Shimmick Corporation Announces First Quarter 2025 Results

About this update from Shimmick Corporation

[{"type":"text","content":"IRVINE, Calif., May 14, 2025 (GLOBE NEWSWIRE) -- Shimmick Corp. (NASDAQ: SHIM), a leading infrastructure solutions provider in water, climate resilience, energy transition and sustainable transportation, today announced financial results for the first quarter ended April 4, 2025.","length":280,"tagName":"p"},{"type":"text","content":"Highlights","length":10,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"Reported revenue of $122 million, which includes $93 million of Shimmick Projects revenue","length":89,"tagName":"p"}]},{"val":[{"type":"text","content":"Reported gross margin of $5 million, as compared to gross margin of $(16) million during the first quarter of 2024","length":114,"tagName":"p"}]},{"val":[{"type":"text","content":"Reported selling, general and administrative expenses of $14 million, down 11% from the first quarter of 2024 as a result of the continued implementation of the transformation plan","length":180,"tagName":"p"}]},{"val":[{"type":"text","content":"Recognized a net loss of $10 million and Adjusted EBITDA of $(3) million, largely attributable to Legacy Projects","length":113,"tagName":"p"}]},{"val":[{"type":"text","content":"Reported liquidity of $71 million as of April 4, 2025","length":53,"tagName":"p"}]},{"val":[{"type":"text","content":"Backlog is approximately $740 million as of April 4, 2025, with over 87% being Shimmick Projects, with multiple new awards and contract extensions pending","length":154,"tagName":"p"}]},{"val":[{"type":"text","content":"Reaffirming guidance based on expected strong bidding activity for the rest of 2025 with nearly $2 billion in projects anticipated to come to market within our core capabilities and strategic focus markets","length":205,"tagName":"p"}]}],"tagName":"ul","bulletedList":true,"length":908,"olType":false},{"type":"text","content":"“Our business model continues to prove resilient amid broader macroeconomic factors such as tariffs and supply chain pressures, reflecting both the strength of our disciplined approach and execution of our long-term strategy. We have a robust backlog, supported by a strong 12-month bidding outlook that reflects the quality of our pipeline and the competitiveness of our offerings. Notably, we are seeing heightened demand and opportunities in electrical, water and environmental infrastructure sectors – areas ...

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