Core Insights - Shimmick Corp. reported a net loss of $2 million for Q3 2024, with revenue of $166 million, a decrease from $175 million in Q3 2023 [2][6][17] - The company achieved a gross margin of 12% for the quarter, down from 17% in the same period last year [6][17] - A significant settlement of $97 million related to the Golden Gate Bridge project is expected to be collected before the end of 2024, marking the resolution of major legal claims from legacy projects [2][3][5] Financial Performance - Revenue for Shimmick Projects was $101 million in Q3 2024, down from $110 million in Q3 2023, primarily due to reduced activity on existing jobs [8][9] - Adjusted EBITDA for the quarter was $30 million, compared to $42 million in Q3 2023 [18] - The backlog as of September 27, 2024, stood at over $834 million, with more than 85% attributed to Shimmick Projects [2] Transformation Initiatives - The company is advancing its Transformation Plan, which includes the hiring of Ural Yal as the new CEO, effective December 2, 2024 [4][5] - A sale-leaseback transaction of the equipment yard in Tracy, California, resulted in a $17 million gain in Q3 2024 [4] - A strategic decision was made to enhance the current ERP system, leading to a one-time charge of $16 million in Q3 2024 [4][15] Project Updates - The Golden Gate Bridge project settlement includes a contract change order for a reduced scope of work valued at $6 million [3] - Shimmick expects to reach substantial completion of its onsite portions of the GGB project by Q3 2025 [3] Market Outlook - The company anticipates that the recently passed $10 billion water-focused California Proposition 4 will provide additional market support [6] - For the full fiscal year 2024, Shimmick expects Shimmick Projects revenue to remain flat, with gross margins between 4% to 7% [19]

IRVINE, Calif., Nov. 04, 2024 (GLOBE NEWSWIRE) -- Shimmick Corp. (NASDAQ: SHIM) (“Shimmick” or the “Company”), a leading water infrastructure company, today announced a settlement in its Golden Gate Bridge Project (the “GGB Project” or “project”). The litigation associated with this project was notably the Company’s last major outstanding legal claim that related to its legacy projects. Under the terms of the settlement and through its joint venture with Danny’s Construction Co. LLC, Shimmick/Danny’s Joint ...

Core Insights - Shimmick Corp. reported a net loss of $51 million for Q2 2024, significantly higher than the $10 million loss in Q2 2023, primarily due to a settlement related to Legacy Loss Projects [2][17][18] - Revenue for Q2 2024 was $91 million, down from $155 million in Q2 2023, with a notable reduction in Legacy Projects revenue [2][8][19] - The company has a backlog exceeding $923 million, with over 80% attributed to Shimmick Projects, indicating a strong pipeline for future revenue [2][19] Financial Performance - Revenue breakdown: Shimmick Projects revenue was $84 million, down from $103 million in the same quarter last year, while Legacy Projects revenue was $(2) million, a decline of $44 million [9][10][13] - Adjusted EBITDA for Q2 2024 was $(40) million, compared to $(2) million in Q2 2023, reflecting increased costs and project challenges [19][37] - Diluted loss per share was $(1.83) for Q2 2024, compared to $(0.47) in Q2 2023 [18] Settlement and Asset Management - A settlement agreement for a federal lock and dam project will provide $33 million in additional liquidity, avoiding prolonged litigation costs [2][3] - The sale of the Tracy Equipment Yard generated net proceeds of $17 million, which were used to reduce debt [6][19] Transformation Plan - The company is focusing on enhancing its presence in the California water and critical infrastructure market, with initiatives to increase regional estimators and right-size its cost structure [7][8] - The transformation plan aims to shift towards a more capital-light business model, capturing growth opportunities in the water infrastructure sector [7][8] Market Position - Shimmick is recognized as a leading provider of water infrastructure solutions, ranked among the top builders in various categories by Engineering News Record [21]

Core Viewpoint - Shimmick Corporation has updated the date for its earnings call to August 16, 2024, at 8:30 am ET, while the release of its second quarter 2024 results remains scheduled for August 15, 2024, after market close [1]. Group 1: Earnings Call Details - The earnings call can be accessed live via phone at (877)-869-3847 for domestic calls and (201)-689-8261 for international calls [2]. - A telephonic replay will be available approximately three hours after the call, accessible at (877)-660-6853 for domestic and (201)-612-7415 for international callers, with a passcode of 13748447 [2]. - The replay will be available until 11:59 p.m. ET on September 6, 2024 [2]. Group 2: Webcast Information - Interested parties can also listen to a simultaneous webcast of the conference call by visiting the Investor Relations section of Shimmick's website [3]. - The online replay will be available for a limited time starting immediately after the call [3]. Group 3: Company Overview - Shimmick Corporation (NASDAQ: SHIM) is a prominent provider of water infrastructure solutions across the United States [4]. - The company has extensive experience in complex water projects, including the largest wastewater recycling and purification system in California and the Hoover Dam [4]. - Shimmick is led by industry veterans, many with over 20 years of experience, and focuses on delivering comprehensive solutions, including long-term operations and maintenance [4].

IRVINE, Calif., Aug. 09, 2024 (GLOBE NEWSWIRE) -- Shimmick Corporation ("Shimmick") (Nasdaq: SHIM), a leading water infrastructure company, today announced that the company will release its second quarter 2024 results after the market close on Thursday, August 15, 2024, to be followed by a conference call at 5:00 p.m. (Eastern Time) on the same day. The conference call can be accessed live over the phone by dialing (877)-869-3847 (domestic) or (201)-689- 8261 (international). A telephonic replay will be ava ...

Core Insights - Shimmick Corporation has been recognized as an Engineering-News Record Top 400 Contractor, ranking No. 193 with annual revenue of $656 million [1] - The company also ranked No. 43 among the Top 50 Heavy Domestic Contractors with $611 million in domestic heavy revenue [1] - Shimmick has consistently maintained its position among the top 200 contractors and top 50 domestic heavy contractors in North America since becoming independent in 2021 [1] Company Performance - The company's focus on water infrastructure projects is reflected in its ongoing projects, including a $248.5 million Regional Water Reclamation Facility Expansion in Lake Elsinore, CA [2] - Shimmick is also working on a $68.1 million contract for the Laguna Treatment Plant Disinfection Improvements Project in Santa Rosa, CA [2] - Additionally, the company is part of a joint venture for a $114.4 million contract with the U.S. Army Corps of Engineers for flood risk management and structural improvements [2] Leadership Perspective - The CEO of Shimmick expressed pride in the company's recognition by Engineering-News Record, emphasizing the commitment to maintaining a strong engineering presence in the U.S. [3] - The company aims to deliver results in 2024 and beyond to sustain its status as a top contractor [3] Company Background - Shimmick is a leading provider of water infrastructure solutions in the U.S., with a history of working on complex water projects [3] - The company has experience with significant projects, including the world's largest wastewater recycling and purification system in California and the Hoover Dam [3]

IRVINE, Calif., June 21, 2024 (GLOBE NEWSWIRE) -- Shimmick Corporation ("Shimmick" or the "Company") (NASDAQ:SHIM), a leading water infrastructure company, today announced organizational changes in its finance leadership to further deliver on its transformation into a more selective and focused water infrastructure company. "Devin has played a critical role over the last few years, helping to establish Shimmick as an independent company, build our financial team and lead our 2023 IPO," said Steve Richards, ...

Amanda Mobley, a long time Shimmick finance professional, will become interim Chief Financial Officer, replacing Devin Nordhagen, who is stepping down from his position as CFO to pursue other business interests. Mr. Nordhagen will remain with the Company for a period of time to assist with an orderly transition. Steve continued, "I am also excited to have Amanda taking on her new responsibilities. Amanda has a long history of working with the Shimmick managers in the field to improve results where she has e ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q Shimmick Corporation (Exact Name of Registrant as Specified in its Charter) Delaware 84-3749368 ( State or other jurisdiction of incorporation or organization) 530 Technology Drive Suite 300 Irvine, CA 92618 (I.R.S. Employer Identification No.) (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 29, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTI ...

Strengthens financial position, setting up the Company for future growth and success Board expands to include new Independent Director and new Committee focused on the long-term value creation IRVINE, Calif., May 20, 2024 (GLOBE NEWSWIRE) -- Shimmick Corporation ("Shimmick" or the "Company") (Nasdaq: SHIM), a leading water infrastructure company, today announced that it has taken several key actions to enhance liquidity and deliver on its transformation into a water infrastructure company. "Today's announce ...