Core Insights - Shimmick Corp. reported a significant increase in revenue for Q2 2025, reaching $128 million, a 42% increase year-over-year, with $113 million attributed to Shimmick Projects [4][5][9] - The company is experiencing a positive trend in bidding activity, with a 12-month bidding outlook exceeding $4.5 billion, indicating strong future growth potential [3][4] - The gross margin improved to $8 million in Q2 2025, compared to a gross margin loss of $31 million in the same quarter of 2024, reflecting a 126% year-over-year improvement [5][6][10] Financial Performance - The net loss attributable to Shimmick Corporation decreased to $8 million for Q2 2025, down from a loss of $51 million in Q2 2024, marking a $43 million improvement [21][22] - Adjusted net loss for Q2 2025 was $5 million, significantly better than the adjusted net loss of $45 million in Q2 2024 [22][24] - Adjusted EBITDA for Q2 2025 was nearly flat at $(234) thousand, compared to $(40) million in Q2 2024, indicating operational improvements [23][24] Project Segmentation - Revenue from Shimmick Projects was $113 million for Q2 2025, up from $84 million in Q2 2024, driven by new infrastructure projects and a California Palisades fire clean-up project [9][10] - Non-Core Projects generated $16 million in revenue for Q2 2025, up from $7 million in Q2 2024, primarily due to the settlement of a claim on a large Non-Core Loss Project [12][13] - The gross margin for Shimmick Projects was $15 million in Q2 2025, compared to $5 million in Q2 2024, while Non-Core Projects had a gross margin loss of $7 million [10][13] Operational Efficiency - Selling, general, and administrative expenses decreased by 20% to $15 million in Q2 2025, attributed to the ongoing implementation of the Transformation Plan [5][15] - The company reported liquidity of $73 million as of July 4, 2025, an increase of $2 million from the first quarter of 2025 [5] - Backlog as of July 4, 2025, was approximately $652 million, with over 88% attributed to Shimmick Projects, indicating a strong pipeline of future work [5][24] Future Outlook - The company has increased its full-year revenue guidance due to stronger performance in both Shimmick and Non-Core Projects [24][28] - Shimmick Projects revenue is now expected to be in the range of $405 million to $415 million, while Non-Core Projects revenue is projected between $80 million and $90 million [28] - Adjusted EBITDA for the full year is anticipated to be between $5 million and $15 million, reflecting a more favorable operational outlook [24][28]
Shimmick Corporation Announces Second Quarter 2025 Results