Q3 2025 Performance Highlights - Shimmick Projects revenue increased by 6% year-over-year[8] - Gross margin on Shimmick Projects increased by 67% year-over-year[8] - Backlog increased by 15% quarter-over-quarter, with a book-to-burn ratio of 1.7x, exceeding 1.0 for the first time since 2023[8] - The company achieved its first positive Adjusted EBITDA in four quarters, reporting $4 million[8] - New awards of $60 million were added to the backlog in October 2025, and $169 million in projects were selected as preferred bidder with awards pending[8] Revenue and Gross Margin Details - Reported revenue was $142 million, with $107 million from Shimmick Projects[8] - Excluding a one-time favorable GGB Project claim settlement revenue of $31 million in Q3 2024, revenue increased by $7 million, or 5% year-over-year[8] - Reported gross margin was $11 million, compared to $12 million in Q3 2024[8] - Excluding a one-time favorable GGB Project claim settlement gross margin of $11 million in Q3 2024, gross margin increased by $10 million year-over-year[8] - Shimmick Projects contributed a gross margin of $10 million, up 67% year-over-year, while Non-Core Projects contributed $1 million[8] Backlog and Future Outlook - Backlog is approximately $754 million as of October 3, 2025, with $191 million in new work added in Q3 2025, and Shimmick Projects accounting for over 86% of the total backlog[8] - The company's pipeline supports monthly bidding activity of $600 million to $1 billion[10] - For the fiscal year ending January 2, 2026, the company reaffirms its guidance, expecting Shimmick Projects revenue in the range of $405 million to $415 million, with gross margin between 9% and 12%[24] - Non-Core Projects revenue is expected to be in the range of $80 million to $90 million, with gross margin between -15% and -5%[24] - Consolidated Adjusted EBITDA is expected to be between $5 million and $15 million[24]