Shimmick Corporation reported a revenue increase of 3% for the fiscal year ending January 2, 2026, totaling $492.8 million compared to $480.2 million in the previous year. The company achieved a gross margin of $33.6 million, a significant recovery from a gross loss of $55.6 million in the prior fiscal year. This turnaround was attributed to improved performance in its core projects, particularly in water treatment and climate resilience, which saw a 12% revenue increase to $397.2 million. However, revenue from non-core projects declined by 23% to $95.6 million, reflecting the winding down of legacy projects from its previous ownership under AECOM.
The company’s operational efficiency improved, as evidenced by a 15% reduction in selling, general, and administrative expenses, which fell to $54.6 million from $64 million. Shimmick's net loss decreased significantly to $25.4 million from $124.7 million, marking an 80% improvement year-over-year. The company also reported a backlog of approximately $793 million, primarily in California, with ongoing projects in six other states, indicating a solid pipeline for future revenue.
Strategically, Shimmick launched Axia Electric LLC in June 2025, a subsidiary aimed at expanding its capabilities in electrical and power distribution solutions, which aligns with the growing demand for specialized infrastructure services. The company is focusing on smaller to mid-sized projects with lower risk and higher margins, moving away from larger, riskier contracts that characterized its previous operations. This strategic shift is expected to enhance profitability and reduce operational risks.
As of January 2, 2026, Shimmick employed 971 individuals, a slight increase from the previous year, and maintained a strong presence in California, where over half of its revenue is generated. The company continues to face challenges related to labor shortages and rising material costs, which could impact future profitability. Looking ahead, Shimmick aims to leverage its improved operational metrics and strategic initiatives to capitalize on the growing infrastructure market, which is projected to reach approximately $1.5 trillion by 2026, driven by federal and state funding for modernization and resilience upgrades.
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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