Shimmick Q2 net loss $51M on $91M revenue; legacy project settlement drags results

Shimmick Corp

2024-Q2 EPS reported -$3.16 revenue$210,648,000

Revenue $91M (down 41% YoY); net loss $51M vs $10M loss; adjusted EBITDA loss $40M.
Settled US Army Corps of Engineers claim for $33M, causing $30M net loss on legacy project.
Sale-leaseback of Tracy equipment yard for $20.5M; net $17M used to reduce MidCap revolver.
FY2024 guidance: Shimmick Projects revenue flat, gross margin 4-9%; Legacy Projects revenue $55-65M at negative 80-90% margin.
Backlog $923M (80%+ Shimmick Projects); transformation focuses on California water infrastructure.

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