Slide 1: Earnings Presentation First Quarter 2025
Earnings Presentation First Quarter 2025 May 2025 Delivering Sustainable Infrastructure Solutions
Slide 2: Disclaimer
Disclaimer This presentation is being delivered on behalf of Shimmick Corporation (the “Company”). The sole purpose of this presentation is to provide information in connection with a review of the Company’s operations and/or financial status. This presentation does not purport to be all-inclusive o
Slide 3: First Quarter 2025 and Recent Highlights
First Quarter 2025 and Recent Highlights Reported revenue of $122 million, which includes $93 million of Shimmick Projects(1) revenue Reported gross margin of $5 million, as compared to gross margin of $(16) million during the first quarter of 2024 Reported selling, general and administrative expens
Slide 4: Shimmick Backlog
Shimmick Backlog Our backlog is USA-based and predominantly fixed-price. Recent Momentum We have several projects that are in the negotiation or execution phase that are expected to add to backlog in Q2 of this year Expected Backlog Drivers in 2025 Our expansive market view – scopes and geographies
Slide 5: Electrical Business
Electrical Business Our growing, long-term commitment to electrical infrastructure. Waterhigh-performance Delivering Resources electrical contracting services for complex infrastructure projects across the Climate Resilience United States. Combines deep technical expertise with a unique commissionin
Slide 6: Addressable Market over $100B
Addressable Market over $100B Renewed Focus on Four Major End Markets 1 Water Resources 2 Climate Resilience 3 Energy Transition & Technology 4 Sustainable Transportation Expanded Client Base Public and Private Municipal Governments Vertical General Contractors Regional Agencies Hyper Scale Technolo
Slide 7: Looking to the Future: Our Growth Strategy
Looking to the Future: Our Growth Strategy 1 Pipeline and bidding expansion Sustainable, Risk Balanced Collaborative delivery transition Backlog and Book of Work Electrical and high-tech construction market expansion 2 Operational Excellence Cost and schedule controls/technology use standardization
Slide 8: First Quarter Revenue and Gross Margin Results
First Quarter Revenue and Gross Margin Results ($ in millions) Observations Shimmick Projects revenue and margin increases were driven by Los Angeles fire clean-up and new infrastructure and water projects ramping up Legacy and Foundation Projects revenue decline was primarily driven by jobs winding
Slide 9: 2025 Guidance
2025 Guidance Shimmick Projects Gross Margin For the full fiscal year ending Shimmick Projects Revenue $392M - $410M 9% - 12% January 2, 2026, we expect: $356M Shimmick Projects revenue to increase 10%- 3% 15% and to achieve overall gross margin between 9% and 12% as we replace revenues 2024 2025 20
Slide 10: Closing
Closing 2025 strategic initiatives underway with optimism based on: strong liquidity, a more risk balanced backlog, favorable market conditions, and a new strategy for growth. In 2025, we continue to expect to: increase and further de-risk our backlog, continue implementation of our sust
Slide 11: Appendix
Appendix
Slide 12: GAAP to Non-GAAP Reconciliations
GAAP to Non-GAAP Reconciliations (in thousands) Three Months Ended April 4, 2025 March 29, 2024 Net loss attributable to Shimmick Corporation $(9,770) $(33,333) Transformation costs(1) 715 - Stock-based compensation 1,790 998 Legal fees and other costs for Legacy Projects(2) (340) 2,731 Other(3) 191
Slide 13: Non-GAAP Financial Measures Explanatory Notes
Non-GAAP Financial Measures Explanatory Notes Adjusted Net Loss Adjusted EBITDA Adjusted net loss represents Net loss attributable to Shimmick Corporation adjusted to eliminate stock-based Adjusted EBITDA represents our Net loss attributable to Shimmick Corporation before interest expense, income ta
Slide 14: Consolidated Balance Sheet
Consolidated Balance Sheet April 4, January 3, (in thousands) 2025 2025 Assets Cash and Cash Equivalents $33,730 $33,730 Total Current Assets 135,762 141,000 Total Assets 227,677 233,864 Liabilities Total Current Liabilities 210,422 230,264 Total Liabilities 270,318 268,538 Equity Total Stockholders
Slide 15: Shimmick Experience in Target Market Segments
SHIMMICK Experience in Target Market Segments Water Resources Climate Resilience Treatment, storage, and conveyance Flood defense and sea-level rise infrastructure North City Pure Water Facility Chickamauga Lock Replacement Foster City Levee Improvement Rapid Disaster Infrastructure Repair San Diego
Slide 16: Investor Contact
Investor Contact IR@shimmick.com 1-949-704-2350 investors.shimmick.com Delivering Sustainable Infrastructure Solutions