secwatch.observer — SEC 8-K summary
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Issuer:     Shimmick Corp (SHIM)
CIK:        0001887944
Form:       8-K
Filed at:   2024-08-15T23:59:59+00:00
Accession:  0000950170-24-097570
Event type: earnings
Sentiment:  negative
Materiality: 0.75
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1887944/000095017024097570/0000950170-24-097570-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1887944/000095017024097570/shim-20240815.htm
  HTML page:      https://secwatch.observer/filing/0000950170-24-097570

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