Shimmick Q4 Revenue Hits $100M, Gross Margin Surges 462% Year-Over-Year
Shimmick reported Q4 2025 revenue of $100 million, including $84 million from core infrastructure projects, driving gross margin up 462% to $10 million and adjusted EBITDA of $4 million despite a $3 million net loss. For FY2025, revenue grew 12% to $493 million, gross margin rose 232% to $34 million, backlog reached $793 million and liquidity stood at $44 million.
1. Q4 Financial Performance
Shimmick delivered Q4 2025 revenue of $100 million, with Shimmick Projects contributing $84 million. Gross margin from these core projects jumped to $10 million, up 462% year-over-year. The company achieved adjusted EBITDA of $4 million for the second consecutive positive quarter but recorded a $3 million net loss largely driven by Non-Core Projects.
2. Full Year 2025 Results
For the fiscal year ended January 2, 2026, Shimmick’s revenue rose 12% to $493 million, with Shimmick Projects accounting for $397 million. Annual gross margin improved 232% to $34 million, while adjusted EBITDA turned positive at $5 million despite a net loss of $26 million.
3. Backlog and Liquidity Position
As of January 2, 2026, Shimmick’s backlog stood at approximately $793 million, reflecting a 1.4x book-to-burn ratio and a 5% sequential increase. Q4 bookings totaled $139 million, 89% from core infrastructure work, with $128 million in awards added by February and $234 million pending in targeted markets. Cash and liquidity totaled $44 million.
4. Strategic Outlook and Growth Drivers
Management is focusing on water and electrical projects in California, Texas and Washington, shifting to collaborative delivery models to enhance margins. The company expects strong 2026 backlog and revenue growth in its electrical business as robust bidding activity supports its strategic target markets.