Quarterly ResultMay 14, 2026, 04:18 PM
Shimmick Q1 Revenue $88M, Net Loss $4M, Adj. EBITDA $3M; Backlog $944M
AI Summary
Shimmick Corporation announced Q1 2026 financial results, reporting revenue of $88 million and a net loss of $4 million, primarily due to Non-Core Projects. The company achieved its third consecutive quarter of positive Adjusted EBITDA at $3 million. Operational improvements led to a record book-to-burn ratio of 2.6x and the highest backlog since Q1 2024, reaching $944 million. Shimmick reaffirmed its full-year 2026 guidance, projecting consolidated revenue between $550 million and $600 million and Adjusted EBITDA of $15 million to $30 million, indicating significant expected growth.
Key Highlights
- Q1 2026 Revenue was $88 million, all from Shimmick Projects.
- Q1 2026 Net Loss was $4 million, largely due to Non-Core Projects.
- Q1 2026 Adjusted EBITDA was $3 million, the third consecutive positive quarter.
- Backlog reached $944 million as of April 3, 2026, highest since Q1 2024.
- Q1 2026 Book-to-burn ratio was 2.6x, the highest as a public company.
- $289 million in new work was booked in Q1 2026, 97% from Shimmick Projects.
- Reaffirmed FY2026 Revenue guidance of $550M-$600M, 17% growth at midpoint.
- Reaffirmed FY2026 Adjusted EBITDA guidance of $15M-$30M, 350% growth at midpoint.