Shimmick Corp (SHIM) Form 10-Q — Aug 10, 2026

$SHIMForm 10-QFiled Aug 10, 2026, 4:23 PM ET0001193125-26-342455Original filing

Shimmick's fiscal Q2 2026 revenue fell 17% year over year to $106.6 million, with six-month revenue down 22% to $194.6 million, but profitability improved markedly: gross margin nearly doubled to 12% from 6%, net loss narrowed to $4.8 million ($0.12 per share) from $8.5 million, and Adjusted EBITDA swung positive to $4.4 million. Backlog stood at $991 million with $895 million of remaining performance obligations. The revenue decline reflects wind-down of Non-Core Projects and the U.S. Army Corps of Engineers' May 2026 termination notice on the Chickamauga Lock Replacement Project, which Shimmick is appealing.

Key figures

Eps: -$0.12 Q2; -$0.25 six months (basic and diluted)
Revenue: $106.6M Q2 FY2026 (vs $128.4M prior year); $194.6M six months (vs $250.5M)
Net Income: -$9.2M six months attributable to Shimmick (vs -$18.3M prior year)
Total Debt: $72.4M net of issuance costs
Revenue Yoy: -17% Q2; -22% six months
Cash Position: $16.9M unrestricted cash; $33M total liquidity
Shares Outstanding: 41335823
Backlog: $991M as of July 3, 2026
Gross Margin Q2: $12.5M (12% of revenue) vs $8.1M (6%) prior year
Adjusted Ebitda Q2: $4.4M vs -$0.2M prior year
Accrued Pik Interest: $6M
Offering Net Proceeds: ~$14.0M from 4,289,500 shares at $3.50 (closed May 26, 2026)
Stockholders Deficit: $50.3M
Standby Letters Of Credit: $10M (none at fiscal year-end)
Adjusted Ebitda Six Months: $7.0M vs -$3.2M prior year
Credit Agreement Capacity: $60M (amended, ~$4M available); ACF facility $15M commitment (~$12M available)
Operating Cash Burn Six Months: $24.6M used in operations
Remaining Performance Obligations: $895M with 2.2-year weighted average life

Price after filing

1 day: 0.0%7 days: -16.5%30 days: -15.6%

Close on the filing date to close N calendar days later (from $4.42). Historical, not a forecast.

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