Core Points - Shimmick Corporation has appointed Todd Yoder as Executive Vice President and Chief Financial Officer, effective April 14, 2025, while Amanda Mobley has been appointed Chief Accounting Officer [1][2][3] Group 1: Leadership Changes - Todd Yoder brings extensive financial leadership experience from the construction industry and has held senior finance roles at publicly traded companies, making him a valuable addition to Shimmick's executive team [2] - Amanda Mobley, who served as interim CFO since June 2024, has been recognized for her contributions during a transformative period for the company and will continue to support the finance department in her new role [3] Group 2: Company Overview - Shimmick Corporation is a leading provider of infrastructure solutions, focusing on complex projects in water, climate resilience, energy transition, and sustainable transportation [4] - The company integrates technical excellence with collaborative project delivery methods to offer innovative, technology-driven infrastructure solutions that promote economic growth and empower communities [4]

Financial Risks and Conditions - The company may be required to make additional payments to AECOM under certain contractual arrangements, which could adversely impact its business [109]. - AECOM serves as the credit support provider for surety bonds related to the company's Legacy Projects; any financial distress at AECOM could materially affect the company's operations [110]. - The company is dependent on a limited number of customers, and the loss of business from any significant customer could materially affect its financial condition [118]. - The company may need to raise additional capital for working capital, capital expenditures, and acquisitions, which could impair operational capabilities if not obtained on favorable terms [137]. - The company’s financial results could be impacted by uncertainty in U.S. trade policy, including changes in tariffs and trade agreements [154]. - The company may face challenges in meeting financial covenants due to events beyond its control, which could lead to an event of default under debt agreements [136]. - Changes in tax laws could increase the company's tax burden and adversely affect its financial condition [164]. - The company has incurred increased costs associated with being a public entity, including compliance with Sarbanes-Oxley Act requirements, which diverts management's focus from revenue-generating activities [173]. - The company may face legal proceedings and liability claims that could reduce profits and impact cash flow [165]. Operational Risks - The timing of project awards is unpredictable and can significantly impact the company's revenue and earnings, as a substantial portion of revenue is generated from large-scale project awards [112]. - The company may incur costs related to maintaining equipment and work crews in anticipation of future contracts, which could adversely affect anticipated profits if contracts are delayed [113]. - Delays in revenue, earnings, and cash flows can occur due to various factors, including adverse weather conditions and labor shortages, impacting current and future results [114]. - Strikes or work stoppages, despite existing agreements prohibiting them, could negatively impact operations and customer relationships [119]. - The company relies on third-party subcontractors and suppliers for materials, and any inability to secure these could impair contract completion and profitability [121]. - The company is exposed to operational risks related to occupational health and safety, which could result in significant liabilities and impact profitability [163]. Economic and Market Conditions - Continuing inflation and elevated interest rates could negatively impact the company's financial condition and results of operations if costs cannot be offset through price increases [153]. - Deterioration of the U.S. economy could negatively affect government funding for infrastructure projects, impacting the company's financial condition and operations [171]. - The company is exposed to significant commodity price fluctuations, including cement, steel, and diesel fuel, which could adversely affect financial condition and results of operations [151]. Environmental and Regulatory Risks - The company is subject to stringent environmental laws and regulations, which could significantly increase climate-related costs and disclosure obligations if new emissions regulations are implemented [156]. - The company may incur substantial liabilities for remediating contaminated properties, which could expose it to material losses and increased operational costs [157]. - Non-compliance with environmental laws could result in severe penalties, including administrative, civil, or criminal sanctions, and may disrupt operations [158]. - The company faces risks related to climate change, including increased costs for energy, production, and compliance with new regulations, which could adversely impact operations [167]. Corporate Governance and Internal Controls - The controlling stockholder owns over 60% of the outstanding shares, allowing substantial influence over corporate matters [175]. - The company does not anticipate paying any cash dividends in the foreseeable future, focusing on retaining funds for business development [177]. - The company is classified as a "controlled company" under Nasdaq and SEC rules, which may limit certain corporate governance protections for stockholders [176]. - As of January 3, 2025, the company has identified material weaknesses in its internal control over financial reporting [187]. - The company has hired additional accounting and finance staff to address identified material weaknesses and improve financial reporting processes [188]. - The company may incur additional expenses if it becomes subject to Section 404(b) of the Sarbanes-Oxley Act, which requires an independent audit of internal controls [185]. - The company has not yet complied with certain provisions of the Sarbanes-Oxley Act, which could affect investor confidence in financial statements [184]. - The company may take advantage of exemptions from certain disclosure requirements, potentially making its financial statements less comparable to those of other public companies [194]. - The company is classified as a "smaller reporting company" under the Exchange Act, thus market risk disclosures are not applicable [325]. Technology and Cybersecurity Risks - Cybersecurity risks are heightened due to the rapid evolution of technology, which may lead to significant costs for maintaining security systems [143]. - The company relies on IT systems for operations, and any disruption or failure could materially affect business performance and financial condition [141].

Shimmick Corporation (SHIM) has been beaten down lately with too much selling pressure. While the stock has lost 22.7% over the past four weeks, there is light at the end of the tunnel as it is now in oversold territory and Wall Street analysts expect the company to report better earnings than they predicted earlier.Guide to Identifying Oversold StocksWe use Relative Strength Index (RSI), one of the most commonly used technical indicators, for spotting whether a stock is oversold. This is a momentum oscilla ...

Shimmick Corporation (SHIM) Q4 2024 Earnings Call March 14, 2025 01:36 AM ET Company Participants Anthony Rasmus - Investor RelationsUral Yal - CEO & DirectorAmanda Mobley - Executive VP, Director of Accounting & Interim CFO Conference Call Participants Gerard Sweeney - Managing Director & Senior Research AnalystAaron Spychalla - Research Analyst Operator Good afternoon, and welcome to Chemek Corporation's Fourth Quarter and Full Year twenty twenty four Earnings Conference Call. At this time, all participan ...

Shimmick Corporation (SHIM) came out with a quarterly loss of $0.91 per share versus the Zacks Consensus Estimate of a loss of $0.29. This compares to loss of $0.59 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -213.79%. A quarter ago, it was expected that this company would post a loss of $0.38 per share when it actually produced earnings of $0.72, delivering a surprise of 289.47%.Over the last four quarters, the company ha ...

Financial Performance - Reported revenue of $104 million for Q4 2024, down from $138 million in Q4 2023, and total revenue of $480 million for FY2024, compared to $633 million in FY2023[5] - Net loss increased to $38 million for Q4 2024, compared to a net loss of $17 million in Q4 2023, with adjusted net loss of $31 million for Q4 2024 versus $14 million in Q4 2023[21][22] - Adjusted EBITDA for Q4 2024 was $(27) million, compared to $(9) million in Q4 2023[23] - Revenue for the three months ended January 3, 2025, was $103,552,000, a decrease of 25.1% compared to $138,062,000 for the same period in 2023[37] - Net loss attributable to Shimmick Corporation for the fiscal year ended January 3, 2025, was $124,748,000, compared to a net loss of $2,286,000 for the previous year[37] - Adjusted net loss for the three months ended January 3, 2025, was $(30,899) thousand, compared to $(13,954) thousand for the same period in 2023, reflecting a significant increase in losses[45] - For the fiscal year ended January 3, 2025, the net loss attributable to Shimmick Corporation was $(124,748) thousand, compared to $(2,546) thousand in 2023, indicating a substantial decline in performance[45] - Adjusted EBITDA for the three months ended January 3, 2025, was $(27,320) thousand, compared to $(8,755) thousand for the same period in 2023, highlighting worsening operational performance[53] Revenue Breakdown - Shimmick Projects revenue was $80 million for Q4 2024, a decrease of $5 million from $85 million in Q4 2023, primarily due to lower activity on existing jobs[8] - Legacy Projects revenue declined to $18 million for Q4 2024, down from $46 million in Q4 2023, driven by ongoing project wind-downs[10] - For FY2025, Shimmick expects Shimmick Projects revenue to increase by 10% to 15%, with overall gross margin between 9% and 12%[26] - Legacy Projects and Foundations Projects revenue is projected to be between $50 million and $60 million, with gross margin between (5)% and (15)%[26] Assets and Liabilities - Total current assets decreased to $141,000,000 as of January 3, 2025, from $257,458,000 as of December 29, 2023, representing a decline of 45.3%[35] - Total liabilities increased to $268,538,000 as of January 3, 2025, compared to $356,162,000 as of December 29, 2023[35] - Cash and cash equivalents decreased to $33,730,000 as of January 3, 2025, from $62,939,000 as of December 29, 2023[35] - The company experienced a significant increase in contract liabilities, with current contract liabilities at $102,524,000 as of January 3, 2025, compared to $115,785,000 as of December 29, 2023[35] Costs and Expenses - The company incurred $15,708,000 in ERP pre-implementation asset impairment and associated costs during the fiscal year ended January 3, 2025[37] - Stock-based compensation for the fiscal year ended January 3, 2025, amounted to $6,130 thousand, up from $2,062 thousand in 2023, indicating increased compensation expenses[45] - Legal fees and other costs for Legacy Projects totaled $14,030 thousand for the fiscal year ended January 3, 2025, compared to $8,740 thousand in 2023, reflecting ongoing legal challenges[45] - The company reported an interest expense of $5,426 thousand for the fiscal year ended January 3, 2025, compared to $2,284 thousand in 2023, indicating rising borrowing costs[53] Strategic Outlook - Recognized liquidity of $100 million as of January 3, 2025, reflecting the positive outcomes of the Transformation Plan implemented in 2024[5] - The company anticipates ongoing challenges related to market competition and operational costs, which may impact future financial performance[28] - The company aims to transform its strategy to meet the growing need for water and critical infrastructure, which is a key focus for future growth[48] - The company incurred transformation costs of $2,535 thousand in the three months ended January 3, 2025, as part of its strategy to address critical infrastructure needs[45] - Adjusted EBITDA and adjusted net loss figures were not provided in the forward-looking guidance due to the inability to predict certain items without unreasonable efforts[32] Backlog and Future Projections - Backlog exceeded $822 million as of January 3, 2025, with over 87% attributed to Shimmick Projects[5] - The company plans to enhance its current ERP system, resulting in a charge of approximately $16 million in the third quarter of fiscal 2024[46]

IRVINE, Calif., March 11, 2025 (GLOBE NEWSWIRE) -- Shimmick Corporation (“Shimmick”) (Nasdaq: SHIM), a leading infrastructure solutions provider specializing in complex water, climate resilience, energy transition, and sustainable transportation projects, today announced that the company will release its fourth quarter and full year 2024 results after market close on Thursday, March 13, 2025, to be followed by a conference call at 5:00 p.m. (Eastern Time) on the same day. The conference call can be accessed ...

IRVINE, Calif., Dec. 05, 2024 (GLOBE NEWSWIRE) -- Shimmick Construction Company, Inc. (“Shimmick”), a leader in critical infrastructure, water, and transit solutions, announced today that it has been awarded a key role in the North Hollywood to Pasadena Bus Rapid Transit (BRT) Project by Los Angeles Metropolitan Transportation Authority (LA Metro). Shimmick, with our partner Myers and Sons, as part of the Myers-Shimmick Joint Venture (MSJV), will serve as the Construction Manager/General Contractor (CM/GC) ...

IRVINE, Calif., Dec. 02, 2024 (GLOBE NEWSWIRE) -- Shimmick Construction Company, Inc. (“Shimmick”) (Nasdaq:SHIM), a leading water and critical infrastructure builder, today announce that it has been awarded a $45.4 million contract to complete extensive seismic retrofitting and improvements to the Murray Street Bridge at the Santa Cruz Small Craft Harbor. The project will improve the bridge's seismic resilience while enhancing accessibility for cyclists and pedestrians. "This project exemplifies Shimmick's ...

Shimmick Corporation (SHIM) came out with quarterly earnings of $0.72 per share, beating the Zacks Consensus Estimate of a loss of $0.38 per share. This compares to earnings of $1.67 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 289.47%. A quarter ago, it was expected that this company would post a loss of $0.30 per share when it actually produced a loss of $1.60, delivering a surprise of -433.33%.Over the last four quarters ...