AI Earnings Predictions for Shimmick Corporation (SHIM)

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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8-K

false000188794400018879442026-03-122026-03-12

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): March 12, 2026

Shimmick Corporation (Exact name of Registrant as Specified in Its Charter)

Delaware

001-41867

84-3749368

(State or Other Jurisdiction of Incorporation)

(Commission File Number)

(IRS Employer Identification No.)

530 Technology Drive Suite 300 Irvine, CA

92618

(Address of Principal Executive Offices)

(Zip Code)

Registrant’s Telephone Number, Including Area Code: (833) 723-2021 Not Applicable (Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, par value $0.01 per share

SHIM

NASDAQ

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter). Emerging growth company ☒ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition. On March 12, 2026, Shimmick Corporation (the "Company") issued a press release announcing financial results for the fourth quarter and full fiscal year ended January 2, 2026. A copy of this press release ("Earnings Release") is furnished with this Current Report on Form 8-K as Exhibit 99.1. The information in this Item 2.02 and Exhibit 99.1 attached hereto is being furnished pursuant to Item 2.02 and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any registration statement or other filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing. The Company includes backlog and new awards data in the Earnings Release. Backlog is a measure of the total dollar value of work to be performed on contracts awarded and in progress. While backlog reflects work that is considered firm, cancellations, deferrals or scope adjustments may occur. Backlog is adjusted to reflect any known project cancellations, revisions to project scope and cost, and project deferrals. New awards measure the total dollar value of work to be performed on contracts executed in the period. Contracts that are in the process of negotiation or execution with the customer are not included and are recorded in the quarter they are executed.

Item 9.01 Financial Statements and Exhibits.

Exhibit Number

Description

99.1

Press Release

104

Cover Page Interactive Data File, embedded within the Inline XBRL document, and included as Exhibit 101

1

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Shimmick Corporation

Date: March 12, 2026

By:

/s/ Todd W. Yoder

Todd W. Yoder

Executive Vice President, Chief Financial Officer and Treasurer

2