Shimmick Corporation Announces First Quarter 2026 Results

About this update from Shimmick Corporation

[{"type":"text","content":"IRVINE, Calif., May 14, 2026 (GLOBE NEWSWIRE) -- Shimmick Corp. (NASDAQ: SHIM), a leading infrastructure solutions provider in water, electrical and other critical infrastructure construction services, today announced financial results for the first quarter ended April 3, 2026.","length":278,"tagName":"p"},{"type":"text","content":"Highlights","length":10,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"Reported Q1 2026 revenue of $88 million, all of which was driven by Shimmick Projects","length":85,"tagName":"p"}]},{"val":[{"type":"text","content":"Reported Q1 2026 gross margin of $11 million, $10 million of which was driven by Shimmick Projects","length":98,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"Shimmick Projects Q1 2026 gross margin up 89% quarter over quarter","length":66,"tagName":"p"}]}],"tagName":"ul","bulletedList":true,"length":66,"olType":false}]},{"val":[{"type":"text","content":"Recognized a Q1 2026 net loss of $4 million, largely attributable to Non-Core Projects","length":86,"tagName":"p"}]},{"val":[{"type":"text","content":"Reported Q1 2026 Adjusted EBITDA of $3 million, our third consecutive quarter with positive Adjusted EBITDA","length":107,"tagName":"p"}]},{"val":[{"type":"text","content":"Reported liquidity of $34 million as of April 3, 2026","length":53,"tagName":"p"}]},{"val":[{"type":"text","content":"Backlog is approximately $944 million as of April 3, 2026, our highest backlog reported since Q1 2024","length":101,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"Q1 2026 Book-to-burn ratio of 2.6x, our highest book-to-burn ratio as a public company","length":86,"tagName":"p"}]},{"val":[{"type":"text","content":"$289 million in new work was booked in Q1 2026, with Shimmick Projects representing over 97% of total backlog","length":109,"tagName":"p"}]}],"tagName":"ul","bulletedList":true,"length":195,"olType":false}]},{"val":[{"type":"text","content":"$174 million in additional new awards were pending as of May 2026 in water and electrical target markets primarily located in California and Texas, expected to contribute to 2026 backlog","length":186,"tagName":"p"}]}],"tagName":"ul","bulletedList":true,"length":977,"olType":false},{"type":"text","content":"“First quarter results were impacted by adverse weather conditions and slo...

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