Shimmick Corporation reported a net loss of $4.4 million for the three months ended October 3, 2025, compared to a loss of $1.6 million in the same period last year. Revenue for the quarter decreased by 15% to $141.9 million from $166.0 million, primarily due to a decline in activity on existing projects and the winding down of certain projects. The company's gross margin also fell to $10.8 million, down from $12.2 million a year earlier, reflecting a gross margin percentage of 8% for the current quarter compared to 7% in the prior year.
For the nine months ended October 3, 2025, Shimmick's revenue increased by 4% to $392.4 million, up from $376.7 million in the same period of 2024. The company reported a significant improvement in gross margin, which rose to $23.6 million from a loss of $34.8 million in the previous year. This improvement was attributed to higher revenue from new projects and a reduction in costs associated with Non-Core Projects. The net loss for the nine-month period was $22.5 million, a substantial decrease from the $86.3 million loss reported in the prior year.
Operationally, Shimmick's backlog as of October 3, 2025, stood at approximately $754 million, with 66% of this backlog attributed to state and local agencies. The company has focused on critical infrastructure projects, particularly in water treatment and climate resilience, which align with its strategic objectives. The company also reported a significant increase in revenue from Shimmick Projects, which rose to $312.6 million for the nine months ended October 3, 2025, compared to $275.5 million in the prior year.
In terms of financial position, Shimmick's total assets decreased to $218.5 million from $233.9 million as of January 3, 2025. The company’s total liabilities increased slightly to $271.1 million, resulting in a stockholders' deficit of $52.7 million. The increase in liabilities was primarily due to a rise in long-term debt, which reached $54.1 million, up from $9.5 million at the beginning of the year. The company has also engaged in various financing activities, including a credit agreement that provides a borrowing capacity of up to $60 million.
Looking ahead, Shimmick Corporation remains focused on expanding its footprint in the infrastructure sector, particularly in water and energy projects. The company anticipates that its strategic initiatives, including the recent IPO and ongoing project developments, will position it for future growth. However, management acknowledges that market conditions, project cancellations, and the ability to secure new contracts will significantly influence its financial performance in the coming quarters.
About Shimmick Corp
Shimmick is a construction company specializing in critical infrastructure projects, including water treatment, dams, flood control, transportation, and energy transition. It provides turnkey solutions, self-performs many projects, and focuses on innovative, sustainable, and collaborative delivery methods. Serving primarily public sector clients across the U.S., it leverages technical expertise, local market knowledge, and a strong safety culture to address complex infrastructure needs.
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