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]
Shimmick (SHIM) - 2024 Q4 - Annual Results