Shimmick Corporation Common Stock 2026 Q2 Earnings Call
Review the key takeaways and the transcript of this earnings call.
- Shimmick Corporation reported consolidated revenue of $107 million for the second quarter of 2026, with a gross margin expansion to 12% and adjusted EBITDA growth to $4 million.
- The company added $138 million in new work booked in Q2, bringing total backlog to $991 million, the highest in two years, and secured an additional $221 million in awards subsequent to quarter end.
- Shimmick's book to burn ratio was 1.4 for Q2, marking the fourth consecutive quarter with a positive ratio.
- Project revenue decreased to $96 million in Q2 2026 from $113 million in Q2 2025 due to projects winding down, partially offset by ramping new projects.
- Non-core project revenue declined to $11 million from $16 million, with non-core backlog now less than 3% of total backlog.
- Consolidated gross margin increased by $4 million year over year to $12 million, with total gross margin as a percentage of revenue improving to 12% from 6%.
- General and administrative expenses rose by $1 million to $16 million due to one-time legal and equity issuance costs.
- Net loss improved to $5 million from $9 million in the prior year quarter, and adjusted EBITDA turned positive at $4 million compared to a loss of $234,000.
- Liquidity at quarter end was $33 million, including $17 million in cash and $16 million available under credit agreements.
- Recent project wins include the $80 million LA Metro Bus Rapid Transit project, $124 million Coyote Creek Flood Protection Project, $42 million Walnut Creek wastewater treatment plant expansion, and a $20 million electrification project at UC Berkeley.
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Transcript
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Good day, and welcome to Shimmick Corporation's second quarter 2026 earnings conference call. At this time, all participants are in a listen-only mode. Question and answer session will follow the formal presentation. As a reminder, this conference is being recorded. At this time, I'd like to turn the call over to Anthony Rasmus.
Please go ahead. Good afternoon, and thank you for joining us on today's conference call to discuss Shimmick's second quarter 2026 results.
Slides for today's presentation are available on the investor relations section of our website, www.shimmick.com. During this conference call, management will make forward-looking statements based on current expectations and assumptions, which are subject to risks and uncertainties. Actual results could differ materially from our forward-looking statements if any of our key assumptions are incorrect. We identify the principal risks and uncertainties that may affect our performance in our reports and filings with the Securities and Exchange Commission, which can also be found on the investor relations website. We do not undertake a duty to update any forward-looking statements. Today's presentation also includes references to non-GAAP financial measures.
You should refer to the information contained in the company's second quarter press release for definitional information and reconciliation of historical non-GAAP measures to the comparable GAAP financial measures. With that, it is my pleasure to turn the call over to Ural Yal, Shimmick's CEO.
Good afternoon, and thank you all for joining us on today's call. I'm joined by Todd Yoder, Shimmick's CFO. I'd like to start with recognizing our team's unwavering efforts and commitment towards delivering the work we undertake safely and to the satisfaction of our clients as we build our nation's infrastructure. With that, I'm going to start by discussing our financial results for the second quarter of 2026. During the second quarter, we continued to execute on our strategy by making further progress winding down non-core projects while driving operational improvements across the business that enhance efficiency, improve execution, and support consistent margins. We delivered consolidated revenue of $107 million, expanded gross margin to 12%, and grew adjusted EBITDA to $4 million.
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