Shimmick Posts Q2 Revenue of $107M, Record Backlog, and Lifts Full-Year Revenue Outlook

summarizeSummary

Shimmick posted Q2 revenue of $107M with a net loss of $5M, but a record backlog of $991M and raised full-year revenue guidance highlight improving fundamentals in its core water and energy infrastructure markets.

check_boxKey Events · Earnings and Guidance · SHIM

• Q2 Revenue Miss, Margin Improvement

  Revenue of $107M missed last year's $128M, but gross margin rose to 12% from 6%, and Adjusted EBITDA hit $4M vs. a loss last year.

• Record Backlog of $991M

  Backlog reached $991M, the highest since Q1 2024, with a 1.4x book-to-burn ratio and $138M in new awards, over 97% from higher-margin Shimmick Projects.

• Raised Full-Year Revenue Guidance

  Management now expects $525–$575M in revenue (12% growth at midpoint), up from prior implied ~$500M, while reaffirming Adjusted EBITDA of $15–$30M.

• Liquidity Remains Tight

  Cash and equivalents of $16.9M and total liquidity of $33M as of July 3, 2026, down slightly from $34M last quarter, but supported by a recent $14M equity raise.

auto_awesomeAnalysis · SHIM · Real Estate & Construction

Shimmick delivered a mixed quarter — revenue fell short of last year's $128M but gross margin nearly doubled to 12%, and Adjusted EBITDA turned positive at $4M. The real story is the record $991M backlog and a 1.4x book-to-burn ratio, signaling strong demand in water and energy infrastructure. Management raised full-year revenue guidance to $525–$575M (12% growth at midpoint) while reaffirming Adjusted EBITDA of $15–$30M, suggesting confidence in profitability despite winding down legacy projects. Liquidity remains tight at $33M, but the recent $14M equity raise and improving operations provide some cushion.