Shimmick Q1 net loss improves to $10M from $33M; revenue $122M; reaffirms FY 2025 guidance

Shimmick Corp

2025-Q1 EPS reported -$0.28 revenue$122,110,000

Revenue of $122M (+2% YoY); Shimmick Projects revenue $93M, Legacy/Foundations $29M.
Gross margin improved to $5M (-$16M Q1 2024) driven by $6M Shimmick Projects improvement and no repeat of $14M legacy cost overruns.
Net loss $10M vs $33M YoY; Adjusted EBITDA -$3M vs -$24M; adjusted EPS -$0.22 vs -$1.15.
Backlog ~$740M with over 87% Shimmick Projects; new awards and extensions pending.
FY 2025 guidance: Shimmick Projects revenue +10-15%, overall gross margin 9-12%, Adj. EBITDA $15-25M.

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