Shimmick Exceeds Q2 Revenue Estimates, Updates FY25 Outlook with $128M Revenue and $73M Liquidity.

Shimmick Construction reported Q2 revenue of $128M, a 40.7% YoY increase, beating estimates by $14.8M. Non-GAAP EPS of -$0.14 was in-line with expectations. Adjusted EBITDA was nearly flat at $(234) thousand. The company updated its FY25 outlook, with reported liquidity of $73 million as of July 4, 2025, an increase of $2 million from the first quarter.

Shimmick Corporation (NASDAQ: SHIM) reported its Q2 2025 financial results, showing significant improvement in performance. Revenue increased 42% year-over-year (YoY) to $128 million, with $113 million from Shimmick Projects. The company's gross margin improved to $8 million, compared to $(31) million in Q2 2024. Key highlights include reduced SG&A expenses by 20%, launch of Axia Electric subsidiary, and a strong backlog of $652 million. The company secured $70 million in new awards in July 2025 and is the preferred bidder on $164 million in transit and pump station projects. Despite a net loss of $8 million, Shimmick updated its FY2025 guidance, projecting Shimmick Projects revenue of $405-415 million and Adjusted EBITDA between $5-15 million [1].

The company's revenue growth was driven by a 29% increase in Shimmick Projects revenue to $113 million, primarily due to the California Palisades fire clean-up project and new water and infrastructure projects. Gross margin for Shimmick Projects improved to $15 million, up from $5 million in Q2 2024. Non-Core Projects revenue increased to $16 million, primarily due to the settlement of a claim on a large Non-Core Loss Project. Despite the revenue increase, the company reported a net loss of $8 million, a decrease of $43 million from the same period last year. Adjusted EBITDA was $(234) thousand, nearly flat compared to $(40) million in Q2 2024.

Shimmick's CEO, Ural Yal, commented, "We are continuing to implement our strategic plan and starting to see its positive results as we move through 2025. We have seen increased bidding activity every month this year and our 12-month bidding outlook stands at over $4.5 billion." The company's CFO, Todd Yoder, added, "Due to stronger first-half revenue performance in both Shimmick and Non-Core Projects, we are increasing our full-year revenue guidance. Non-Core Projects revenue increase is driven by putting more non-core work in place due to increased efforts towards completing these projects."

Shimmick will host a video webcast conference call on Thursday, August 14, 2025, at 5:00 p.m. Eastern Time [1].

References:
[1] https://www.stocktitan.net/news/SHIM/shimmick-corporation-announces-second-quarter-2025-mvm8tj6u40cw.html