Shimmick shares surge 24.29% after hours as improved gross margin and $793M backlog boost optimism.

Shimmick surged 24.29% in after-hours trading following the release of its fiscal year 10-K filing, which highlighted a 3% revenue increase to $492.8 million and significant improvements in gross margin and operating losses. Despite a net loss of $25.4 million, the report emphasized progress in higher-margin projects, a $793 million backlog, and strategic expansion into water infrastructure, climate resilience, and energy transition. Management underscored operational efficiency gains and the launch of Axia Electric to broaden capabilities. These developments, coupled with the company’s post-IPO visibility and focus on growth-aligned sectors, likely drove investor optimism about future profitability and market positioning.