Shimmick : SHIM Q1 2026 Earnings Deck
SHIM
Published on 05/14/2026 at 04:35 pm EDT
05. 14. 2026
Ǫ1 2026
EARNINGS PRESENTATION
Supporting Southern California's growing water infrastructure needs, Shimmick is delivering the :220M Regional Water Reclamation Facility Expansion for the Elsinore Valley Municipal Water District. The project will increase treatment capacity by 4 MGD, enhance advanced nutrient removal processes, and strengthen system reliability during peak wet weather events. The expansion reflects Shimmick's continued focus on delivering complex, high-performance water infrastructure that supports long-term regional growth and environmental resilience.
Shimmick Overview
Shimmick is a leading contractor delivering complex infrastructure solutions across water, climate resilience, energy, and transportation
NASDAǪ: SHIM | ~1,000 Employees | 8 States
Industry-leading self-perform capabilities across complex civil and electrical infrastructure
Markets we serve:
Water Infrastructure
Climate Resilience C Water Resources
Transportation Infrastructure
Energy Transition C Electrification
Ǫ1 2026 Highlights
Revenue of $88M, with $96M(1) work put in place
Total gross margin of 12%, a 132% improvement vs PY
$2.6M Adjusted EBITDA, a $5.6M or 189% improvement vs PY
3rd consecutive quarter of positive Adjusted EBITDA
3rd consecutive quarter of backlog growth, with a book-to-burn of 2.6x for Ǫ1 2026, the highest recorded as a public company
$289M of New Awards booked in Ǫ1 2026
$618M of New Awards booked in the past 3 quarters versus $300M in the prior 8 quarters
(1) Includes GAAP Revenue as well as the Company's proportionate share of work put-in-place from equity method joint ventures
Supporting California's infrastructure modernization, Shimmick was selected to deliver the :35M Santa Monica Pier Bridge Replacement project. The new structure will improve seismic resilience and multimodal access while helping prepare one of Southern California's most recognized destinations for the 2028 Olympic Games.
Our Market
With a stronger sales and estimating team that we built throughout 2025, we expect to continue to grow by winning the projects that are right for us, and achieve sustainable growth
Our backlog and pipeline is resilient with diversified geographies, project types, and clients, giving us the ability to respond to changes in the market and maintain our revenue projections
Strong demand for our services continue in water/wastewater treatment, flood protection, water resources, and industrial electrical construction
Supporting Shimmick's strategy to expand its capabilities and presence in the Texas water market, the company was selected to deliver $44M of work on the Walnut Creek WWTP Expansion GMP 5 project in Austin, Texas. The project includes critical underground piping, water-bearing concrete structures, process equipment, and above-ground process piping that will expand treatment capacity and strengthen long-term system reliability for one of the region's fastest-growing communities.
Backlog
3 quarters versus $300M in the prior 8 quarters
3rd consecutive quarter of backlog growth, with a book-to-burn of 2.6x for Ǫ1 2026, the highest recorded as a public company
Strong pipeline with sales and estimating resources allows us to bid $600M to $1B in projects monthly
Our Strategy at Work
Shimmick, was selected to provide preconstruction services under a collaborative Construction Manager / General Contractor contract for LA Metro's North Hollywood to Pasadena Bus Rapid Transit (BRT) Project which is now approaching the construction phase. The 19-mile transit corridor will connect six communities through 22 new stations designed to improve mobility, reduce congestion, and support zero-emission transit solutions in preparation for 2028 LA Olympics.
Improved execution through operational enhancements to increase net income as revenue grows
Experienced Leadership in place
Project controls and new technology utilization
Procurement centralized
Talent retention and acquisition advancements
New progressive design-build award
Ongoing CMGC project advancing to construction
Pursuing several cost-plus and negotiated Job Order Contracting and Master Service Agreement projects
Multiple negotiated subcontracting opportunities in the pipeline
Ǫ1 2026 Revenue C Gross Margin
Shimmick Projects Revenue(1)
$GGM
$G6M
$G3M
$88M
Ǫ1 2025
Ǫ1 2026
Shimmick Projects Gross Margin
$10M
$5M
Ǫ1 2025
Ǫ1 2026
Shimmick Projects gross margin improvement for Ǫ1'26 of 89% was driven by new projects ramping up
Non-Core Projects revenue decrease reflects Chickamauga project termination and continued wind-down of Non-Core projects
Non-Core Projects Revenue(1)
$31M
$2GM
$1.5M
Ǫ1 2025
Ǫ1 2026
Non-Core Projects Gross Margin
$1M
Ǫ1 2025
Ǫ1 2026
$(1M)
Non-Core Loss Projects continue to progress with
>95% complete ending Ǫ1 2026
Includes GAAP Revenue as well as the Company's proportionate share of work put-in-place from equity method joint ventures for the Ǫ1 2026 and Ǫ1 2025 periods ended as follows:
GAAP Revenue:
Ǫ1 2026: $88M and $0.2M for Shimmick C Non-Core Projects, respectively
Ǫ1 2025: $93M and $29M for Shimmick C Non-Core Projects, respectively
JV Revenue - Work Put-In-Place:
Ǫ1 2026: $8M and $1.3M for Shimmick C Non-Core Projects, respectively
Ǫ1 2025: $6M and $2M for Shimmick C Non-Core Projects, respectively
The Company Reaffirms 2026 FY Guidance
Shimmick Consolidated Revenue
$600M
$4G3M
$550M
2025 FY
2026 FY
Shimmick Consolidated Revenue(1)
between $550M and $600M, a 17% increase year-over-year at the midpoint
Shimmick Consolidated Adjusted EBITDA
$30M
$15M
$5M
2025 FY
2026 FY
Shimmick Consolidated Adjusted EBITDA between $15M and $30M, a 350% increase year-over-year at the midpoint
(1) Includes revenue as well as the Company's proportionate share of work put-in-place from equity method joint ventures.
In consideration of several factors, the Company has established full-year guidance for the fiscal year ending January 1, 2027. The Company considered its recent business trends and financial results, current growth plans, strategic initiatives, national economic outlook and the potential impact on results in establishing its guidance.
We do not provide a reconciliation for forward-looking non-GAAP guidance because we are unable to predict certain items contained in the U.S. GAAP measures without unreasonable efforts. These items may include legal fees and other costs for a Non-Core Loss Project, acquisition-related costs, litigation charges or settlements, and certain other unusual adjustments.
Outlook
Strategic backlog investments are delivering results, with continued growth expected through 2026. Increased revenue will be largely driven by expansion of our electrical business and our growth in our key markets: California, Texas and the Pacific Northwest
Core project margins are stable and consistent, as the remaining Non-Core projects wind down and new work ramps up, we expect continued favorable mix impact to total gross margin on a year-over-year basis
Operational enhancements are taking hold, enabling us to optimize SGCA costs while supporting top-line growth and driving more predictable, consistent results across the business
Strengthening flood resilience and protecting critical community infrastructure, Shimmick is delivering a major flood control improvement project in California, along the Napa River. The :31.8M project includes approximately 1.3 miles of new floodwalls, scour protection, utility coordination, and public access improvements designed to enhance long-term flood protection while improving connectivity and accessibility throughout the surrounding area.
Appendix
GAAP to Non-GAAP Reconciliations
* Please refer to the following page for explanatory notes regarding non-GAAP financial measures.
Consists of transformation-related costs we have incurred including advisory costs in connection with settling outstanding claims in connection with exiting certain Non-Core Projects as part of the Company's growth strategy to address and capitalize on the nation's growing need for water and other critical infrastructure.
Consists of legal fees and other costs incurred in connection with claims relating to Non-Core Projects.
Consists of transaction-related costs and changes in fair value of contingent consideration remaining after the impact of transactions with our prior owner.
Non-GAAP Financial Measures Explanatory Notes
Adjusted Net Loss
Adjusted net loss represents Net loss attributable to Shimmick Corporation adjusted to eliminate stock-based compensation, legal fees and other costs for Non-Core Projects and transaction-related costs and changes in fair value of contingent consideration remaining after the impact of transactions with our prior
owner. We have also made an adjustment for transformation costs we have incurred including advisory costs in connection with settling outstanding claims, exiting the Non-Core Projects and transforming the Company to shift our strategy to meet the nation's growing need for water and other critical infrastructure and grow our business.
We have included Adjusted net loss in this press release because it is a key measure used by our management and board of directors to understand and evaluate our core operating performance and trends, to prepare and approve our annual budget and to develop short and long-term operational plans. In particular, we believe that the exclusion of the income and expenses eliminated in calculating Adjusted net loss can provide a useful measure for period-to-period comparisons of our core business. Accordingly, we believe that Adjusted net loss provides useful information to investors and others in understanding and evaluating our results of operations.
Our use of Adjusted net loss as an analytical tool has limitations, and you should not consider it in isolation or as a substitute for analysis of our financial results as reported under GAAP. Some of these limitations are:
Adjusted net loss does not reflect changes in, or cash requirements for, our working capital needs,
Adjusted net loss does not reflect the potentially dilutive impact of stock-based compensation, and
other companies, including companies in our industry, might calculate Adjusted net loss or similarly titled measures differently, which reduces their usefulness as comparative measures.
Because of these and other limitations, you should consider Adjusted net loss alongside Net loss attributable to Shimmick Corporation, which is the most directly comparable GAAP measure.
Adjusted EBITDA
Adjusted EBITDA represents our Net loss attributable to Shimmick Corporation before interest expense, income tax expense and depreciation and amortization, adjusted to eliminate stock-based compensation, legal fees and other costs for Non-Core Projects and transaction-related costs and changes in fair value of contingent consideration remaining after the impact of transactions with our prior owner. We have also made an adjustment for transformation costs we have incurred including advisory costs in connection with settling outstanding claims, exiting the Non-Core Projects and transforming the Company to shift our strategy to meet the nation's growing need for water and other critical infrastructure and grow our business.
We have included Adjusted EBITDA because it is a key measure used by our management and Board to understand and evaluate our core operating performance and trends, to prepare and approve our annual budget and to develop short and long-term operational plans. In particular, we believe that the exclusion of the income and expenses eliminated in calculating Adjusted EBITDA can provide a useful measure for period-to-period comparisons of our core business.
Accordingly, we believe that Adjusted EBITDA provides useful information to investors and others in understanding and evaluating our results of operations.
Our use of Adjusted EBITDA as an analytical tool has limitations, and you should not consider it in isolation or as a substitute for analysis of our financial results as reported under GAAP. Some of these limitations are:
Although depreciation and amortization are non-cash charges, the assets being depreciated and amortized might have to be replaced in the future, and Adjusted EBITDA does not reflect cash capital expenditure requirements for such replacements or for new capital expenditure requirements,
Adjusted EBITDA does not reflect changes in, or cash requirements for, our working capital needs,
Adjusted EBITDA does not reflect the potentially dilutive impact of stock-based compensation,
Adjusted EBITDA does not reflect interest or tax payments that would reduce the cash available to us, and
other companies, including companies in our industry, might calculate Adjusted EBITDA or similarly titled measures differently, which reduces their usefulness as comparative measures.
Because of these and other limitations, you should consider Adjusted EBITDA alongside Net loss attributable to Shimmick Corporation, which is the most directly comparable GAAP measure.
Guidance provided is only an estimate of what we believe is reasonable as of the date of this presentation. We are not readily able to provide a reconciliation of non-GAAP measures to the most comparable GAAP metrics without unreasonable effort. Actual results will vary from the guidance, and the variations may be material. We undertake no intent or obligation to publicly update or revise any of these projections, whether as a result of new information, future events or otherwise, except as required by law.
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Investor Contact [email protected] (949) 704-2350
investors.shimmick.com
Disclaimer
Shimmick Corporation published this content on May 14, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 14, 2026 at 20:33 UTC.