Shimmick (SHIM) Q2 2026 earnings summary

Executive summary

• Q2 2026 revenue was $107 million, with gross margin expanding to 12% and Adjusted EBITDA reaching $4.4 million, marking the fourth consecutive quarter of positive Adjusted EBITDA and backlog growth.

• Net loss narrowed to $5 million, an improvement from $8 million loss in Q2 2025, driven by higher gross margin and joint venture earnings despite increased SG&A and interest expense.

• Backlog reached $991 million as of July 3, 2026, with $138 million in new work booked and $221 million in additional awards pending, and 80% expected to be recognized within 24 months.

• Major new project wins include the $124 million Coyote Creek Flood Protection Project in California, $85 million in Walnut Creek Wastewater Plant contracts, and a data center in West Virginia.

• Operational improvements, focus on core markets, and exit from non-core projects are driving margin consistency and future growth.

Financial highlights

• Q2 2026 consolidated revenue was $107 million, down from $128 million in Q2 2025 but up 9% sequentially from Q1 2026.

• Gross margin improved to $12.5 million (12% of revenue), up from $8.1 million (6%) in Q2 2025, driven by higher-margin new projects and reduced non-core losses.

• Adjusted EBITDA for Q2 2026 was $4.4 million, up from $(0.2) million in Q2 2025.

• Liquidity at quarter end was $33 million, including $17 million in cash and $16 million in credit availability.

• SG&A expense was $16 million, up $1 million year-over-year due to one-time legal and equity issuance costs.

Outlook and guidance

• Full-year 2026 revenue guidance updated to $525 million–$575 million, representing 12% year-over-year growth at the midpoint.

• Full-year 2026 Adjusted EBITDA guidance reaffirmed at $15 million–$30 million, implying 350% growth at the midpoint.

• Expect sequential improvement in results as higher-margin projects ramp up and non-core work diminishes.

• Liquidity of $33 million as of July 3, 2026, considered sufficient for at least the next twelve months.

• Anticipates continued revenue growth into 2027, driven by ramp-up of new project wins in California, Texas, and Washington.