secwatch.observer — SEC 8-K summary
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Issuer:     Shimmick Corp (SHIM)
CIK:        0001887944
Form:       8-K
Filed at:   2024-03-28T23:59:59+00:00
Accession:  0000950170-24-037605
Event type: earnings
Sentiment:  neutral
Materiality: 0.65
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Shimmick reports FY2023 revenue $633M, adjusted EPS $0.48; provides FY2024 guidance
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- FY2023 revenue $633M; Shimmick Projects revenue $434M, up 24% YoY; Legacy Projects revenue $199M, down 36%.
- GAAP diluted EPS -$0.11; adjusted diluted EPS $0.48; adjusted EBITDA $30M vs $47M prior year.
- Backlog $1.1B; Shimmick Projects backlog grew 18% YoY; secured $200M+ water reclamation project.
- FY2024 guidance: Shimmick Projects revenue growth 7-13% with 7-13% gross margin; Legacy revenue decline 45-55% with -5 to -10% gross margin.
- Completed IPO in November 2023; net loss to Shimmick of $3M vs net income $4M in FY2022.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1887944/000095017024037605/0000950170-24-037605-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1887944/000095017024037605/shim-20240328.htm
  HTML page:      https://secwatch.observer/filing/0000950170-24-037605

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