secwatch.observer — SEC 8-K summary
======================================

Issuer:     Shimmick Corp (SHIM)
CIK:        0001887944
Form:       8-K
Filed at:   2024-11-12T23:59:59+00:00
Accession:  0000950170-24-124590
Event type: earnings
Sentiment:  neutral
Materiality: 0.80
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Shimmick Q3 revenue $166M, net loss $2M; GGB settlement $97M; Ural Yal named CEO
--------------------------------------------------------------------------------

- Revenue $166M, down from $175M YoY; Shimmick Project revenue $101M with 6% gross margin.
- Net loss $2M ($0.05 diluted loss) vs net income $35M in prior year; adjusted net income $24M ($0.72 adjusted EPS).
- Golden Gate Bridge project settlement will bring $97M cash before end of 2024; substantial completion expected Q3 2025.
- Ural Yal hired as CEO, starting Dec 2, 2024; Steve Richards retiring after 43-year career.
- FY 2024 guidance: Shimmick Projects gross margin 4-7% (flat revenue); Legacy Projects revenue $90-95M with negative (40-50)% gross margin.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1887944/000095017024124590/0000950170-24-124590-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1887944/000095017024124590/shim-20241112.htm
  HTML page:      https://secwatch.observer/filing/0000950170-24-124590

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