Shimmick Corp

Listed Company

SHIMCIK 0001887944NasdaqEmerging GrowthHeavy Construction Other Than Bldg Const - ContractorsDelawareFY ends Dec 31

Period

FY 2025

Revenue

$492.84M

Net Income

$-25.58M

Total Assets

$218.76M

Equity

$-56.64M

Shares Out

36.09M

Op. Cash Flow

$-65.11M

Business

Shimmick Corp delivers turnkey engineering and construction solutions focused on strengthening water and other critical infrastructure markets, including energy, climate resilience and sustainable transportation. The company provides construction, rehabilitation, upgrade, operation and maintenance services for water and wastewater treatment, desalination, dams, reservoirs, flood control, mass transit, bridges, and electrical and energy transition infrastructure. Its business is organized around water treatment and resources and other critical infrastructure sectors (climate resilience, transportation and mobility, energy transition), and it self-performs work and enters joint ventures. Shimmick serves predominantly public-sector customers and select private clients, primarily in California with projects across multiple U.S. states, acting as both prime contractor and subcontractor.

Summary from filing dated 2025-03-20

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31
Revenue	493	480	633	664
Cost of revenue	459	536	610	641
Gross margin	34	−56	22	24
Selling, general and administrative expenses	55	64	64	60
ERP pre-implementation asset impairment and associated costs	0	16	—	—
Total operating expenses	55	80	64	63
Equity in earnings (loss) of unconsolidated joint ventures	2	−5	10	52
Gain on sale of assets	75,000	21	32	0
Loss from operations	−19	−119	435,000	13
Interest expense	7	5	2	—
Other (income) expense, net	−636,000	959,000	437,000	9
Net loss before income tax	−25	−126	−2	4
Income tax benefit	0	963,000	0	1
Net income (loss)	−25	−125	−2	3
Net income attributable to non-controlling interests	159,000	0	260,000	−853,000
Net loss attributable to Shimmick Corporation	−26	−125	−3	4
Basic	−0.74	−4.1	−0.11	0.17
Diluted	−0.74	−4.1	−0.11	0.17

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	20	34	63	78	—
Restricted cash	2	2	971,000	4	—
Accounts receivable, net	30	43	54	56	—
Contract assets, current	110	47	126	81	—
Prepaids and other current assets	13	16	13	14	—
TOTAL CURRENT ASSETS	175	141	257	233	—
Property, plant and equipment, net	11	19	46	55	—
Intangible assets, net	4	7	9	12	—
Contract assets, non-current	0	24	48	84	—
Lease right-of-use assets	16	24	24	23	—
Investment in unconsolidated joint ventures	12	19	21	17	—
Other assets	388,000	300,000	3	3	—
TOTAL ASSETS	219	234	427	447	—
Accounts payable	70	46	82	68	—
Contract liabilities, current	54	103	116	164	—
Accrued expenses	34	39	34	61	—
Current portion of long-term debt, net	4	0	—	—	—
Other current liabilities	34	43	13	13	—
TOTAL CURRENT LIABILITIES	196	230	271	341	—
Long-term debt, less current portion, net	60	9	30	0	—
Lease liabilities, non-current	12	16	15	14	—
Contract liabilities, non-current	453,000	113,000	3	2	—
Contingent consideration	5	5	15	16	—
Other liabilities	1	8	4	3	—
TOTAL LIABILITIES	275	269	356	395	—
Commitments and Contingencies (Note 12)	—	—	—	—	—
Common stock, $0.01 par value, 100,000,000 shares authorized as of January 2, 2026 and January 3, 2025; 36,035,559 and 34,271,214 shares issued and outstanding as of January 2, 2026 and January 3, 2025, respectively	360,000	343,000	255,000	219,000	—
Additional paid-in-capital	47	43	24	3	—
Retained deficit	−104	−78	47	49	—
Non-controlling interests	0	−159,000	−747,000	−1	—
TOTAL STOCKHOLDERS' DEFICIT	−57	−35	70	52	47
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT	219	234	427	447	—

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31
Stock-based compensation	5	6	2	2
Depreciation and amortization	13	15	17	16
Return on investments in unconsolidated joint ventures	6	694,000	15	60
ERP pre-implementation asset impairment	0	10	—	—
Gain on sale of assets	−75,000	−21	−32	0
Other, net	4	4	−47,000	9
Accounts receivable, net	13	11	2	42
Contract assets	−40	104	−9	−47
Accounts payable	23	−35	14	10
Contract liabilities	−49	−13	−48	−94
Accrued expenses	−4	10	−27	31
Other assets and liabilities	−9	6	−645,000	5
Net cash used in operating activities	−65	−21	−88	−3
Purchases of property, plant and equipment	−6	−10	−7	−10
Proceeds from sale of assets	5	32	36	2
Unconsolidated joint venture equity contributions	−189,000	−6	−23	−20
Return of investments in unconsolidated joint ventures	3	204,000	16	627,000
Net cash provided by investing activities	1	15	22	4
Borrowings on credit and loan agreements	129	9	—	—
Repayments on credit and loan agreements	−75	0	—	—
Net repayments of Revolving Credit Facility	0	−30	—	—
Other, net	−4	−1	−1	0
Net cash provided by (used in) financing activities	50	−22	48	−931,000
Net (decrease) increase in cash, cash equivalents and restricted cash	−14	−28	−18	182,000

Filings

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