---
schema_version: "secwatch.filing_event.v1"
accession: "0000950170-24-058688"
form_type: "8-K"
ticker: "SHIM"
cik: "0001887944"
company_name: "Shimmick Corp"
filed_at: "2024-05-13T23:59:59+00:00"
generated_at: "2026-06-02T02:49:00.905038+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0000950170-24-058688
- form_type: 8-K
- ticker: SHIM
- cik: 0001887944
- company_name: Shimmick Corp
- filed_at: 2024-05-13T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1887944/000095017024058688/0000950170-24-058688-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1887944/000095017024058688/shim-20240513.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000950170-24-058688
- JSON: https://secwatch.observer/filing/0000950170-24-058688.json
- Plain text: https://secwatch.observer/filing/0000950170-24-058688.txt

## Key facts
- Earnings Releases
  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
  source text: 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
  evidence_url: https://www.sec.gov/Archives/edgar/data/1887944/000095017024058688/0000950170-24-058688-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.