Shimmick (SHIM) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenue was $88 million, with all revenue from core projects, reflecting a strategic focus on infrastructure markets and a significant year-over-year improvement in gross margin and adjusted EBITDA.

• Achieved a record book-to-bill/book-to-burn ratio of 2.6x and ended the quarter with a $944 million backlog, the highest since Q1 2024.

• Continued strategic shift by winding down non-core projects, now less than 5% of backlog, improving margin quality and execution consistency.

• Secured major new projects in California and Texas, including water, flood protection, and wastewater expansion, supporting strong demand in core markets.

• Appointed new COO, Sarah Tacker, to strengthen operational leadership and project execution.

Financial highlights

• Q1 2026 consolidated revenue was $88 million, down from $122 million in Q1 2025 due to winding down legacy and non-core projects.

• Gross margin improved to $11 million (12% of revenue), up from $5 million (4-5%) in Q1 2025, driven by new and existing project performance.

• Net loss narrowed to $4 million, a significant improvement from $9.8 million in Q1 2025.

• Adjusted EBITDA was $2.6–$3 million, up from negative $3 million year-over-year.

• Liquidity at quarter end was $34 million, including $15 million in cash and $19 million in credit availability.

Outlook and guidance

• Reaffirmed full-year 2026 guidance despite Chickamauga Lock project termination, with projected consolidated revenue of $550–$600 million and adjusted EBITDA of $15–$30 million.

• Anticipates sequential revenue and margin improvement as new projects ramp up through the year.

• Core project margins expected to remain stable as non-core projects wind down.