Shimmick Q1 net loss $33M on $120M revenue; credit default, going concern risk

Shimmick Corp

2024-Q1 EPS reported -$1.30 revenue$120,043,000

Revenue $120M (down 27% YoY); net loss $33M vs $9M loss in Q1 2023.
Adjusted EBITDA loss $24M (vs loss $1M); diluted EPS loss $1.30.
Legacy Projects revenue fell to $23M (from $56M) with negative gross margin of $11M.
Non-compliance with MidCap leverage covenant; $32M outstanding; negotiating waiver.
Non-core asset sales for ~$39M expected to close Q2; backlog $1.0B.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

Shimmick Corp reported first quarter ended March 29, 2024 results: revenue $120 million, net income net loss of $33 million, EPS $(1.30) per diluted share.

Period: first quarter ended March 29, 2024
Revenue: $120 million
Net income: net loss of $33 million
EPS: $(1.30) per diluted share
Result: reported results

Exact text from the filing

water infrastructure company, today announced financial results for the first quarter ended March 29, 2024. First Quarter 2024 and Recent Highlights • Reported revenue of $120 million, which includes $90 million of Shimmick Projects revenue • Reported a net loss of $33 million with an Adjusted EBITDA loss of $24 million • Continue to work down legacy backlog

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Source: SEC EDGAR

accession 0000950170-24-058688

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