secwatch.observer — SEC 8-K summary
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Issuer:     Shimmick Corp (SHIM)
CIK:        0001887944
Form:       8-K
Filed at:   2024-05-13T23:59:59+00:00
Accession:  0000950170-24-058688
Event type: earnings
Sentiment:  negative
Materiality: 0.85
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1887944/000095017024058688/0000950170-24-058688-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1887944/000095017024058688/shim-20240513.htm
  HTML page:      https://secwatch.observer/filing/0000950170-24-058688

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer