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Shimmick Corporation (SHIM) investor relations material
Shimmick Corporation Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Revenue for Q2 2025 rose 42% year-over-year to $128M, with $113M from core projects and gross margin improving to $8M from a $31M loss, driven by operational improvements and new project wins.
Net loss narrowed to $8.4M from $51.4M year-over-year, reflecting higher margins and lower SG&A expenses; adjusted EBITDA was nearly breakeven at -$234K.
SG&A expenses fell 20% year-over-year due to transformation initiatives, supporting margin improvement.
Backlog reached $652M, with 88% from core projects and $70M in new awards added in July; 85% of backlog expected to convert within 24 months.
Launched Axia Electric subsidiary to expand into higher-margin electrical, industrial, and data center markets.
Financial highlights
Q2 2025 revenue was $128M, up from $91M in Q2 2024; six-month revenue reached $251M, up 19% year-over-year.
Gross margin improved to $8.1M (6%) from -$31.1M (-34%) year-over-year; core project gross margin rose to $15M.
Net loss for the quarter was $8.4M, a substantial improvement from $51.4M loss year-over-year; adjusted net loss was $4.8M.
Adjusted EBITDA nearly breakeven at -$234K, versus -$40M last year.
Liquidity at $73M as of July 4, 2025, with $21M in cash and $52M in credit availability.
Outlook and guidance
Full-year 2025 core project revenue guidance raised to $405M–$415M, with gross margin expected between 9–12%.
Non-core project revenue guidance increased to $80M–$90M, with gross margin between -15% and -5%.
Consolidated adjusted EBITDA guidance lowered to $5M–$15M due to negative mix impact from non-core projects.
Margin improvement expected as non-core projects wind down and new higher-margin work ramps up.
Backlog of $652M provides strong revenue visibility, with 85% expected to convert within 24 months.
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