SHIM

EX-99.1

2 shim-ex99_1.htm

EX-99.1

EX-99.1

Exhibit 99.1

Shimmick Corporation Announces Third Quarter 2026 Results

Irvine, CA, November 12, 2026 – Shimmick Corp. (NASDAQ: SHIM), a leading infrastructure solutions provider in water, electrical and other critical infrastructure construction services, today announced financial results for the third quarter ended October 2, 2026.

Highlights

• Reported Q3 2026 revenue of $136 million, all of which was driven by Shimmick Projects

o Total Q3 2026 Shimmick Projects revenue up 28% quarter-over-quarter

• Reported Q3 2026 gross margin of $17 million, driven by $18 million of gross margin from Shimmick Projects

o Total Q3 2026 Shimmick Project gross margin up 487 bps quarter-over-quarter

• Recognized a Q3 2026 net income of $1 million, our first quarter with positive net income since Q3 2023

• Reported Q3 2026 Adjusted EBITDA of $9 million, up 106% quarter-over-quarter, our fifth consecutive quarter with positive Adjusted EBITDA and trailing-twelve-month of $20 million

• Reported liquidity of $53 million as of October 2, 2026, an increase of $20 million from Q2 2026

• Backlog is approximately $907 million ending Q3 2026

o 2026 fiscal year book-to-burn ratio of 1.3x, with Shimmick Projects now representing approximately 98% of total backlog

• $401 million of additional new awards pending in electrical and water target markets

“Third quarter results show our strategy working. We returned to positive net income for the first time since the third quarter of 2023, and Shimmick Projects revenue grew 28% year over year as newer, higher-margin work replaced legacy projects,” said Ural Yal, Chief Executive Officer. “We are winning the projects we want, in the markets we want, at the risk profile we want. With strong demand in water and electrical infrastructure and a backlog that is increasingly diversified across markets, funding sources and customers, we expect to continue growing revenue and earnings from here.”

Financial Results

A summary of our results is included in the table below:

1

Three Months Ended

Nine Months Ended

(In millions, except per share data)

October 2, 2026

October 3, 2025

October 2, 2026

October 3, 2025

Revenue

$

136

$

142

$

330

$

392

Gross margin

17

11

40

24

Net income (loss) attributable to Shimmick Corporation

1

(4

)

(9

)

(23

)

Adjusted net income (loss)

4

(0

)

1

(12

)

Adjusted EBITDA

9

4

16

1

Diluted income (loss) per common share attributable to Shimmick Corporation

$

0.02

$

(0.12

)

$

(0.22

)

$

(0.65

)

Adjusted diluted income (loss) per common share attributable to Shimmick Corporation

$

0.08

$

(0.01

)

$

0.02

$

(0.36

)

The following table sets forth selected revenue and gross margin data for the three months ended October 2, 2026 compared to the three months ended October 3, 2025:

Three Months Ended

Nine Months Ended

(In millions, except percentage data)

October 2, 2026

October 3, 2025

October 2, 2026

October 3, 2025

Shimmick Projects(1)

Revenue

$

136

$

107

$

320

$

313

Gross Margin

$

18

$

10

$

38

$

30

Gross Margin (%)

13

%

9

%

12

%

10

%

Non-Core Projects(2)

Revenue

$

(0

)

$

35

$

11

$

80

Gross Margin

$

(1

)

$

1

$

2

$

(7

)

Gross Margin (%)

183

%

2

%

18

%

(8

)%

Consolidated Total

Revenue

$

136

$

142

$

330

$

392

Gross Margin

$

17

$

11

$

40

$

24

Gross Margin (%)

12

%

8

%

12

%

6

%

(1) Shimmick Projects are those projects started after prior ownership that have focused on water, climate resilience, energy transition, and sustainable transportation.

(2) Projects that started under prior ownership or focus on foundation drilling are referred to as "Non-Core Projects" (formerly referred to as "Legacy and Foundations Projects").

Shimmick Projects

Projects started after the AECOM Sale Transaction ("Shimmick Projects") have focused on critical infrastructure aligned with our strategy, including water, climate resilience, energy transition and sustainable transportation. Revenue recognized on Shimmick Projects was $136 million and $107 million for the three months ended October 2, 2026 and October 3, 2025, respectively. The $29 million increase in revenue was primarily the result of $69 million of increases in revenue from recently awarded projects ramping up. These increases were partially offset by a $14 million decrease in revenue as the result of the completion of a lower margin operation and maintenance project during the third quarter of fiscal year 2025 and $26 million of decreases in revenue from lower activity on projects winding down and completing.

Gross margin recognized on Shimmick Projects was $18 million and $10 million for the three months ended October 2, 2026 and October 3, 2025, respectively. The $8 million increase in gross margin was primarily the result of recently awarded projects ramping up.

2

Non-Core Projects

As part of the AECOM Sale Transaction, we acquire

EX-99.1

2 shim-ex99_1.htm

EX-99.1

EX-99.1

Exhibit 99.1

Shimmick Corporation Announces Second Quarter 2026 Results

Irvine, CA, August 10, 2026 – Shimmick Corp. (NASDAQ: SHIM), a leading infrastructure solutions provider in water, electrical and other critical infrastructure construction services, today announced financial results for the second quarter ended July 3, 2026.

Highlights

• Reported Q2 2026 revenue of $107 million, $96 million of which was driven by Shimmick Projects

• Reported Q2 2026 gross margin of $12 million, $11 million of which was driven by Shimmick Projects

o Total Q2 2026 gross margin up 53% quarter-over-quarter

• Recognized a Q2 2026 net loss of $5 million, which is favorable quarter-over-quarter by $4 million.

• Reported Q2 2026 Adjusted EBITDA of $4 million, our fourth consecutive quarter with positive Adjusted EBITDA

• Reported liquidity of $33 million as of July 3, 2026 versus reported liquidity of $34 million as of April 3, 2026

• Backlog is approximately $991 million as of July 3, 2026, our highest backlog reported since Q1 2024

o Q2 2026 Book-to-burn ratio of 1.4x, our fourth consecutive quarter with a book-to-burn ratio > 1.0

o $138 million in new work was booked in Q2 2026, with Shimmick Projects now representing over 97% of total backlog

• $221 million in additional new awards pending in water and electrical target markets primarily located in California and Texas

"We continue to execute a disciplined strategy — winning the right projects, in the right markets, at the right risk profile — while building the foundation for substantial growth ahead,” said Ural Yal, Chief Executive Officer of Shimmick. “Operational performance across the business remains consistent and strong, reinforcing our confidence as we look out over the next 12 to 18 months. With record backlog and favorable market conditions, we're well positioned to drive strong revenue growth and continued momentum.”

Financial Results

A summary of our results is included in the table below:

1

Three Months Ended

Six Months Ended

(In millions, except per share data)

July 3, 2026

July 4, 2025

July 3, 2026

July 4, 2025

Revenue

$

107

$

128

$

195

$

251

Gross margin

12

8

23

13

Net loss attributable to Shimmick Corporation

(5

)

(9

)

(9

)

(18

)

Adjusted net loss

(1

)

(5

)

(3

)

(12

)

Adjusted EBITDA

4

(0

)

7

(3

)

Diluted loss per common share attributable to Shimmick Corporation

$

(0.12

)

$

(0.25

)

$

(0.25

)

$

(0.53

)

Adjusted diluted loss per common share attributable to Shimmick Corporation

$

(0.01

)

$

(0.14

)

$

(0.08

)

$

(0.35

)

The following table sets forth selected revenue and gross margin data for the three months ended July 3, 2026 compared to the three months ended July 4, 2025:

Three Months Ended

Six Months Ended

(In millions, except percentage data)

July 3, 2026

July 4, 2025

July 3, 2026

July 4, 2025

Shimmick Projects(1)

Revenue

$

96

$

113

$

184

$

206

Gross Margin

$

11

$

15

$

21

$

20

Gross Margin (%)

11

%

13

%

11

%

10

%

Non-Core Projects(2)

Revenue

$

11

$

16

$

11

$

45

Gross Margin

$

2

$

(7

)

$

3

$

(7

)

Gross Margin (%)

16

%

(43

)%

24

%

(16

)%

Consolidated Total

Revenue

$

107

$

128

$

195

$

251

Gross Margin

$

12

$

8

$

23

$

13

Gross Margin (%)

12

%

6

%

12

%

5

%

(1) Shimmick Projects are those projects started after prior ownership that have focused on water, climate resilience, energy transition, and sustainable transportation.

(2) Projects that started under prior ownership or focus on foundation drilling are referred to as "Non-Core Projects" (formerly referred to as "Legacy and Foundations Projects").

Shimmick Projects

Projects started after the AECOM Sale Transaction ("Shimmick Projects") have focused on critical infrastructure aligned with our strategy, including water, climate resilience, energy transition and sustainable transportation. Revenue recognized on Shimmick Projects was $96 million and $113 million for the three months ended July 3, 2026 and July 4, 2025, respectively. The $17 million decrease in revenue was primarily the result of a $22 million decrease in revenue as the result of the completion of a lower margin operation and maintenance project during the third quarter of fiscal year 2025 and $32 million of decreases in revenue from lower activity on existing projects and projects winding down. These decreases were partially offset by $37 million of increases in revenue from new higher margin projects ramping up.

Gross margin recognized on Shimmick Projects was $11 million and $15 million for the three months ended July 3, 2026 and July 4, 2025, respectively. The $4 million decrease in gross margin was primarily the result of $12 million of decreases in gross margin from lower activity on existing projects and

2

projects winding down, partially offset by $8 million of increases in gross margin from new higher marg

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