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Shimmick Corporation Announces Second Quarter 2024 Results - Provides Update on Transformation Plan
Shimmick Corp. (NASDAQ: SHIM) announced Q2 2024 results and provided an update on its transformation plan. Key highlights include:
- Revenue of $91 million, including $84 million from Shimmick Projects and a $23 million reduction in Legacy Projects revenue due to a settlement
- Net loss of $51 million and Adjusted EBITDA loss of $40 million
- Backlog of over $923 million, with 80% being Shimmick Projects
- Settlement agreement on a Legacy Loss Project, resulting in $33 million additional liquidity
- Sale of Tracy Equipment Yard for $20.5 million, with net proceeds used to repay debt
The company is focusing on the California water and critical infrastructure market, implementing initiatives to improve bidding, right-size costs, and redefine its operating model. Shimmick Projects revenue is expected to remain flat for FY2024, with gross margin between 4-9%.
- Revenue of $91 million, including $84 million from Shimmick Projects and a $23 million reduction in Legacy Projects revenue due to a settlement
- Net loss of $51 million and Adjusted EBITDA loss of $40 million
- Backlog of over $923 million, with 80% being Shimmick Projects
- Settlement agreement on a Legacy Loss Project, resulting in $33 million additional liquidity
- Sale of Tracy Equipment Yard for $20.5 million, with net proceeds used to repay debt
The company is focusing on the California water and critical infrastructure market, implementing initiatives to improve bidding, right-size costs, and redefine its operating model. Shimmick Projects revenue is expected to remain flat for FY2024, with gross margin between 4-9%.
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