Shimmick Projects Revenue Up 12% to $395M, 2026 Revenue Guidance $550M–$600M
Shimmick Corp’s 2025 revenue rose 3% to $493 million, with Shimmick Projects up 12% to $395 million and noncore revenue falling to $96 million. Gross margin swung to 7% ($90M gain vs –$56M), adjusted EBITDA turned positive at $5M, backlog reached $793M, and 2026 revenue guidance is $550M–$600M.
1. 2025 Financial Performance
Shimmick Corp delivered consolidated revenue of $493 million in 2025, up 3% from 2024. The company’s Shimmick Projects segment grew 12% to $395 million, while noncore project revenue declined to $96 million. Gross margin improved to 7% from a negative 3% last year, driving adjusted EBITDA to $5 million compared to a $61 million loss.
2. Backlog and Liquidity
At year-end 2025, Shimmick held a backlog of $793 million, bolstered by $139 million in new awards during Q4 and a book-to-burn ratio of 1.4x. Liquidity stood at $44 million, comprised of $20 million in cash and $24 million in available credit, providing resources for ongoing and future project investments.
3. 2026 Guidance and Outlook
The company projects 2026 revenue between $550 million and $600 million, representing 12%–22% growth. Adjusted EBITDA is forecast to rise to $15 million–$30 million, reflecting operational improvements and controlled SG&A expenses, though project mix and regional weather delays remain potential impact factors.