Shimmick Corporation reported a net loss of $4.8 million for the three months ended July 3, 2026, a 42% improvement compared to a net loss of $8.4 million in the same period last year. Revenue for the quarter was $106.6 million, down 17% from $128.4 million in the prior year, primarily due to decreased activity on existing projects and the winding down of lower-margin operations. The company's gross margin increased to $12.5 million, reflecting a 53% rise from $8.1 million in the previous year, attributed to improved project execution and higher margins from new projects.
For the six months ended July 3, 2026, Shimmick's revenue totaled $194.6 million, a decrease of 22% from $250.5 million in the same period last year. The gross margin for this period, however, saw a significant increase of 82%, rising to $23.4 million from $12.8 million. The company attributed this improvement to a shift towards higher-margin projects and effective cost management strategies. Selling, general, and administrative expenses rose slightly to $30.4 million, reflecting ongoing investments in legal and operational support.
In terms of strategic developments, Shimmick completed an underwritten public offering in May 2026, raising approximately $14 million in net proceeds from the sale of 4.3 million shares. This capital infusion is expected to support the company's ongoing projects and operational needs. Additionally, Shimmick has focused on expanding its project portfolio in critical infrastructure areas, including water treatment and climate resilience, with a backlog of approximately $991 million as of July 3, 2026.
Operationally, Shimmick has seen a notable increase in its equity in earnings from unconsolidated joint ventures, which rose to $1.1 million for the quarter, compared to a loss of $0.2 million in the prior year. The company continues to manage its contract assets and liabilities effectively, with total current assets increasing to $185.2 million from $175.4 million at the beginning of the year. The company reported a total debt of $72.4 million, reflecting a strategic approach to financing its operations while maintaining liquidity.
Looking ahead, Shimmick Corporation remains optimistic about its growth trajectory, driven by its focus on high-demand infrastructure projects and strategic capital management. The company anticipates that its ongoing efforts to enhance operational efficiency and expand its market presence will position it favorably for future opportunities, despite the challenges posed by market conditions and project execution risks.
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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