Shimmick reaches $97M settlement on Golden Gate Bridge; Q3 prelim results near breakeven

Shimmick Corp

Settlement of Golden Gate Bridge litigation: Shimmick to receive $97M before end of 2024, plus scope reduction of ~$6M.
Transformation plan: sale-leaseback of Tracy equipment yard yields ~$17M gain; $16M non-cash charge for ERP system upgrade.
Preliminary Q3 FY2024 (ended Sept 27, 2024): net income/loss expected between breakeven and a small loss due to continued losses in legacy and foundation projects.
Substantial completion of onsite GGB work expected Q3 2025; remaining work for offsite fabrication.
Settlement proceeds after subcontractor pass-through to be used for ongoing operations including GGB completion.

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