Shimmick Earnings Call Transcripts
Fiscal Year 2026
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Q1 2026 saw improved gross margins, a record book-to-bill ratio, and a $944 million backlog, despite lower revenue from winding down legacy projects. Full-year guidance is reaffirmed, with strong growth expected as new projects ramp up and non-core work declines.
Fiscal Year 2025
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2025 saw strong revenue growth, margin expansion, and operational improvements, with a robust backlog and pipeline positioning the business for 12%-22% revenue growth and significant EBITDA gains in 2026. Non-core projects are nearly wound down, and new strategic wins drive future performance.
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Q3 2025 saw $142M in revenue, strong core project growth, and a 15% sequential backlog increase to $754M. Guidance for 2025 is reaffirmed, with higher-end revenue and lower-end Adjusted EBITDA expected, as the business shifts toward higher-margin, risk-balanced work.
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Second quarter revenue rose 42% year-over-year to $128 million, with core project margins and backlog improving as non-core legacy work winds down. Guidance for 2025 core revenue and margins was raised, while adjusted EBITDA guidance was lowered due to mix. Liquidity and backlog remain strong.
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Q1 2025 saw revenue rise to $122M and net loss narrow to $10M, with improved margins and a strong $740M backlog. Operational improvements and strategic investments are driving higher bid activity, and full-year guidance is reaffirmed despite tariff and funding uncertainties.
Fiscal Year 2024
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Q4 revenue declined year-over-year, with continued losses from legacy projects, but a strong backlog and liquidity position support a positive 2025 outlook. Management expects margin and EBITDA improvement as legacy projects wind down and new, higher-margin work ramps up.
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Settled major Golden Gate Bridge claim, securing $97M and improving liquidity. Q3 revenue was $166M with a $2M net loss, impacted by a $16M ERP impairment. Backlog is strong at $834M, with margin improvement expected as legacy projects wind down.
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Second quarter revenue fell to $91 million and net loss widened to $51 million, mainly due to a legacy project settlement. Liquidity improved with a $33 million claim settlement and a $17 million sale-leaseback, while the backlog remains strong at $923 million.