Shimmick Corporation Announces Second Quarter 2025 Results

About this update from Shimmick Corporation

[{"type":"text","content":"IRVINE, Ca., Aug. 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 second quarter ended July 4, 2025.","length":278,"tagName":"p"},{"type":"text","content":"Second Quarter 2025 and Recent Highlights","length":41,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"Reported revenue of $128 million, up 42% year over year, with $113 million coming from Shimmick Projects","length":104,"tagName":"p"}]},{"val":[{"type":"text","content":"Reported gross margin of $8 million, as compared to gross margin of $(31) million during the second quarter of 2024, favorable 126% year over year","length":146,"tagName":"p"}]},{"val":[{"type":"text","content":"Strong performance on Shimmick Projects contributed gross margin of $15 million, with Non-Core gross margin of $(7) million","length":123,"tagName":"p"}]},{"val":[{"type":"text","content":"Reported selling, general and administrative expenses of $15 million, down 20% from the second quarter of 2024 as a result of the continued implementation of the Transformation Plan","length":181,"tagName":"p"}]},{"val":[{"type":"text","content":"Recognized a net loss of $8 million and Adjusted EBITDA nearly flat at $(234) thousand, largely attributable to Non-Core Projects","length":129,"tagName":"p"}]},{"val":[{"type":"text","content":"Reported liquidity of $73 million as of July 4, 2025, an increase of $2 million from first quarter of 2025","length":106,"tagName":"p"}]},{"val":[{"type":"text","content":"Company launch of Axia Electric, a dedicated electrical subsidiary specializing in complex electrical and power distribution solutions; targeting growth segments including industrial, data center and advanced manufacturing in addition to core water/wastewater markets","length":267,"tagName":"p"}]},{"val":[{"type":"text","content":"Backlog is approximately $652 million as of July 4, 2025, with over 88% Shimmick Projects, multiple new awards and contract extensions pending","length":142,"tagName":"p"}]},{"val":[{"type":"text","content":"Project wins in target markets will contribute to third quarter 2025 backlog:","length":77,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"$70 million in New...

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