Core Insights - Shimmick Corp. reported strong momentum in its transformation strategy, achieving over $1 billion in monthly bidding volume for the first time and improving its book-to-burn ratio to 1.7x, leading to backlog growth for the first time in over eight quarters [3][4][25] Financial Performance - Revenue for Q3 2025 was $142 million, a 5% increase year over year, with Shimmick Projects revenue up 6% to $107 million [5][6] - Gross margin for Q3 2025 was $11 million, with a significant increase of 67% in gross margin from Shimmick Projects compared to the previous year [6][9] - The company reported a net loss of $4 million for Q3 2025, compared to a net loss of $2 million in Q3 2024, largely due to a decrease in gains from asset sales [21][22] - Adjusted EBITDA was $4 million, marking the first positive adjusted EBITDA in four quarters, although down from $30 million in Q3 2024 [24][25] Backlog and Market Position - The backlog as of October 3, 2025, was approximately $754 million, reflecting a 15% increase quarter over quarter, with Shimmick Projects representing over 86% of total backlog [6][25] - The company added $190 million in new work during Q3 2025, with expectations for strong growth in electrical backlog in the upcoming quarters [4][6] Strategic Focus - Shimmick is focusing on critical infrastructure projects in California and Texas, aligning its capabilities with the growing demand for water and electrical infrastructure [4][25] - The company is optimistic about its growth trajectory for 2026, supported by strong bidding activity and positive market conditions [4][25] Guidance - The company reaffirmed its full-year 2025 guidance, anticipating revenue at the higher end of the provided range and adjusted EBITDA at the lower end [25][29]
Shimmick Corporation Announces Third Quarter 2025 Results