Shimmick Records $88M Q1 Revenue Miss, $3M Adjusted EBITDA and $944M Backlog
Shimmick posted Q1 revenue of $88.0 million, missing estimates of $116.8 million, and reported EPS loss of $0.13 with adjusted loss narrowing to $0.07 from $0.22 year-over-year. Adjusted EBITDA reached $3 million, core-project gross margin jumped 89% to 11%, backlog expanded to $944 million; current ratio stood at 0.90.
1. Q1 Financial Performance
Shimmick reported Q1 revenue of $88.03 million, falling short of $116.80 million estimates, and logged a GAAP loss of $0.13 per share versus a $0.06 loss forecast. Adjusted EPS loss narrowed to $0.07 from $0.22 year-ago, exceeding the prior consensus of a $0.08 loss.
2. Operational Improvements
Adjusted EBITDA reached $3 million for the third consecutive quarter of positive results, driven by the company’s strategic shift to core infrastructure projects. Core-project gross margin climbed to 11%, an 89% increase compared to the year-earlier quarter.
3. Backlog Expansion
Project backlog expanded to approximately $944 million, the highest level since Q1 2024, supported by $289 million in new contracts secured during the quarter. Management views the growing backlog as a catalyst for future revenue stability across water treatment and transportation segments.
4. Liquidity Position
The current ratio stood at 0.90, indicating that current assets cover just 90% of near-term obligations and suggesting a tight liquidity position. This underscores the importance of efficient working capital management as older projects wind down.