Shimmick (SHIM) Q4 2025 Earnings Call Transcript

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DATE

Thursday, March 12, 2026 at 4:30 p.m. ET

CALL PARTICIPANTS

• Chief Executive Officer — Ural Yal
• Chief Financial Officer — Todd Yoder

TAKEAWAYS

• Consolidated Revenue -- $493 million for the year, reflecting a 3% increase.
• Gross Margin -- 7% overall for the year; total gross margin was $34 million, a $90 million year-over-year improvement from negative $56 million.
• Shimmick Projects Revenue -- $395 million for the year, up 12%; these projects made up 75% of total revenue.
• Shimmick Projects Gross Margin -- 10% for the year, up 400 basis points; $40 million gross margin, a $28 million increase from $12 million in the prior year.
• Noncore Projects Revenue -- $96 million for the year, down from $125 million, with 90% of these projects complete by year-end.
• Noncore Projects Gross Margin -- Negative $7 million, a $61 million improvement from negative $68 million the previous year; expect these projects to contribute 0% margin in 2026.
• Adjusted EBITDA -- $5 million for the year, a $66 million positive swing from negative $61 million a year ago; quarterly adjusted EBITDA was $4 million.
• Net Loss -- $15 million adjusted net loss for the year, an improvement from $81 million the previous year; Q4 net loss was $3 million, $37 million better than Q4 2024.
• Liquidity -- $44 million at year-end, with $20 million in cash and $24 million in available credit.
• G&A Expense -- $11 million in Q4, down 32% from the prior year quarter; full-year expense transformation enabled margin improvement.
• Backlog -- $793 million at year-end; Shimmick projects make up nearly 90% of backlog; $139 million in new awards added in Q4 and $128 million in new awards added by late February 2026 (component figures do not sum to total due to timing of backlog transition).
• Book-to-Burn Ratio -- Quarterly ratio was 1.4x, signaling strong pipeline health and growth above execution pace.
• Pending Awards -- $234 million of additional awards post year-end, mainly in core water and electrical sectors in California and Texas, with contracts pending execution.
• 2026 Guidance -- Projected consolidated revenue growth of 12%-22% (midpoint $575 million); adjusted EBITDA outlook of $15 million-$30 million, or 200%-500% growth.
• Progressive Design-Build Milestone -- First progressive design-build award for a $55 million wastewater project in Southern California expected to be announced, with construction negotiation scheduled for late 2026.
• CM/GC Project Pipeline -- An estimated $200 million collaborative project supporting Los Angeles transit for the 2028 Olympics expected to enter construction in the second quarter.
• Operational Improvements -- Progress made on project controls, procurement, and data analytics, enabling execution of a larger contract base without significant SG&A growth.
• Talent Retention -- Attrition rates improved, with management attributing this to a performance-driven work culture.

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RISKS

• Management cited “slower burn due to unusual heavy rainfall in California and cold weather in Texas, which limited field activity,” contributing to a slower start for certain projects in 2026.
• Contract ramp-ups for new awards “have taken a bit longer to ramp up than normal,” but “are back on track” per management guidance.
• Noncore projects will continue to contribute 0% margin and any residual could “continue to kind of impact overall aggregate margin” until completed.
• Potential end-of-project risks for remaining noncore jobs include “cost overruns,” with management acknowledging ongoing oversight is required to mitigate closeout risk.

SUMMARY

Shimmick Corporation (NASDAQ:SHIM) entered 2026 with a substantial $793 million backlog, driven by a sharp pivot toward higher-margin strategic projects in its core water and electrical infrastructure sectors. Management expects newly awarded and pending contracts, including a flagship progressive design-build project and a major CM/GC transit contract, to further bolster near-term backlog momentum and margin expansion. Leadership articulated that operational and procurement improvements, paired with controlled SG&A expense, underpin the company’s ability to execute on planned revenue growth of 12%-22% and a substantial 200%-500% adjusted EBITDA increase for the year. The expected near completion of legacy noncore projects will minimize future margin drag and solidify the transition to a streamlined, risk-managed business mix.

• Management described the project pipeline in California, Texas, and the Pacific Northwest as robust, enabling “we're able to selectively bid projects that advance our strategy” for higher-margin opportunities and greater customer diversification.
• Electrical infrastructure bidding, including medium-voltage projects in Texas and California, accounted for an increasing share of submitted bids, positioning the segment for future revenue contribution.
• Quarterly book-to-burn ratio of 1.4x demonstrates backlog replenishment outpacing execution, supporting continued top-line growth.
• SG&A was managed “around the levels that it is today” and expected to remain stable even as revenue scales, with management indicating that capacity exists up to approximately $750 million in annual revenue before further expense investment may be needed.

INDUSTRY GLOSSARY

• Book-to-Burn Ratio: The ratio of new project awards (“bookings”) to revenue recognized (“burn”) in a given period; a value above 1 signals backlog growth.
• CM/GC (Construction Manager/General Contractor): A collaborative contracting method where the contractor provides input during design and then shifts to construction, often reducing project risks and improving pricing transparency.
• Progressive Design-Build: An integrated project delivery method where the contractor and owner jointly develop the design, with construction services sequenced after establishing project scope and pricing collaboratively.
• Noncore Projects: Legacy contracts identified as outside Shimmick’s long-term strategic focus; typically lower margin and being wound down or completed as the business shifts to core activities.

Full Conference Call Transcript

Ural Yal: Good afternoon, and thank you all for joining us on today's call. I'm joined by Todd Yoder, Shimmick CFO. Before I get started, I would like to recognize the women and men who work at Shimmick, safely and effectively delivering the projects we take on as good stewards of the communities where we work. Our work is supporting our nation's infrastructure, and we are all very proud of it. With that, I'm going to start by discussing our financial results for 2025. We finished 2025 strong and in line with our expectations in what was largely a transformational year for Shimmick. We made meaningful progress on the strategic priorities we introduced at the beginning of the year.

As a reminder, our strategy remains centered on 3 pillars: one, growing the top line by bidding, winning and strategic risk balance work aligned with our expertise; two, completing and winding down legacy low-margin noncore projects, and three, driving operational improvements to deliver consistent margins and improved G&A leverage. We made substantial progress across all 3 pillars throughout the year and still believe we are in the early stages of the new Shimmick we're building. These priorities have strengthened our business fundamentally, evident by our 2025 results. As we turn to our 2025 results, for the full year, we delivered a consolidated revenue of $493 million 7% gross margin and adjusted EBITDA of $5 million.

Full year 2025 Shimmick projects revenue was $395 million, a 12% increase year-over-year. These projects now represented 75% of our total revenue in 2025, highlighting the concentration of activity on more strategic work. In turn, we expanded our gross margin on Shimmick projects to 10% and a 400 basis point improvement over last year. For our noncore projects, 2025 revenue was $96 million compared to $125 million in 2024, reflecting our focus on effectively advancing the wind down of these projects. We also maintained a strong liquidity position, finishing the year with a total liquidity of $44 million.

As you can see from our fiscal year results, we've made substantial progress executing our plan, specifically narrowing our focus to projects that leverage our core strengths. Now I'd like to spend some time speaking about that progress, providing an update on our wins, what are we seeing in the market and the operational improvements we are making. As we look at the market today, our momentum continues to build. Our core markets are continuing to see consistent investment and we're able to selectively bid projects that advance our strategy. This means we are increasingly able to improve our resilience by diversifying our customer base, focusing on growth markets geographically and lowering the risk profile of our book of work.

Our backlog has grown meaningfully and remains well above a 1:1 book-to-burn ratio, which is an important indicator of the underlying strength in our -- in demand and our ability to win. We expect our book-to-burn ratio in the first quarter of 2026 to remain well above 1 as well, reinforcing the trajectory we've been on. Looking ahead to 2026, our pipeline volumes continue to be a real strength, allowing us to grow our revenues and margins while being strategic about what we pursue. Our wins in this quarter, some of which you are seeing on the screen continue to be aligned with our strategy and reflect the strength of the market.

Our bidding activity has translated directly into backlog growth, which has increased to $793 million at the end of our fiscal year with $139 million in new awards and ended up near the numbers we started the year with, which shows the stabilization of our backlog as we continue to complete noncore projects. Additionally, we've been awarded contracts with $128 million that added to our backlog so far in 2026. And lastly, after the year concluded, we've been selected as a preferred bidder on projects totaling $234 million with projects that are predominantly in our core sectors of water and electrical construction and are mostly located in California and Texas.

We are currently negotiating these contracts or waiting for awards from our clients which we expect to happen over the upcoming weeks and months. From a commercial standpoint, the market environment looks relatively unchanged from last quarter with a strong and growing backlog, a healthy pipeline of new work and several pending items we expect to convert over the next quarter or 2. Our overall 24-month pipeline remains robust, supporting $600 million to $1 billion of bidding volumes per month. Last year, we explained our approach to position Shimmick to compete and win in collaborative delivery markets. Those efforts are now paying off. This quarter, we expect to announce our first progressive design-build awards since I joined Shimmick.

A milestone that reflects the credibility built and the value we bring to owners through early engagement and partnership. This project is valued at approximately $55 million located in Southern California and will allow us to bring our expertise in waste water treatment as well as specialty electrical work. Instead of competing through low bid contracting, we will be working with the client to provide value through the preconstruction phase, building trust and alignment before construction begins. We expect to negotiate the construction contract at the end of 2026 with the construction beginning in '27. This is exactly the kind of work we want to be doing.

It derisks the business improves predictability and aligns our interest with the client from day 1. Another collaborative contracting method we are focused on is construction manager, general contracting, the CM/GC method. We have completed a few of these projects in the past and continue to see strong momentum in our pipeline for these lower-risk projects. One such project and an estimated $200 million effort that supports [ bus ] infrastructure as Los Angeles prepares for the 2028 Olympics is approaching the construction phase. We expect to announce this milestone in the second quarter and start construction shortly thereafter. We're also progressing a number of opportunities in higher-growth verticals.

The data center market continues to evolve quickly and while we're not yet in a position to announce a new contract, we are actively pursuing several meaningful opportunities. These include potential engagements with large operators in Texas, Washington and Nevada. And should any of these materialize, they would represent significant contributions to our pipeline. I've talked about pairing the pipeline improvements with operational improvements over the last year. We are making progress on that front as well. We believe we can support strong top line growth without significant increases to our SG&A spend, and we continue to adapt and transform how we do business and use those SG&A dollars effectively.

We've strengthened our project controls enhanced our procurement capabilities and expanded the use of Power BI and other AI-based analytical tools to improve visibility, decision-making and accountability across the organization, spending all of our critical functions like safety, quality and human resources. In project controls, we now have the capability to manage a much larger number of contracts with a higher level of rigor. The structure we put in place allows us to scale without sacrificing control, which is critical as our backlog continues to grow. On the procurement side, we've added expertise and systems that significantly derisk the business.

We are improving risk management or one of the biggest cost drivers in our operations with more discipline and transparent oversight across the company. This gives us the ability to manage supply relationships more strategically and ensure we're extracting real value from our spend. We've also made real progress on the talent front. Our attrition rates continue to move in the right direction, which is a direct reflection of the work our teams are doing to strengthen employee experience and create a more supportive and performance-driven environment. Retaining top down is critical to executing our long-term strategy. And the data we're seeing gives us confidence that we're on the right track. In short, the market remains healthy.

Our competitive position continues to strengthen and our backlog and pipeline dynamics are moving in the right direction. We are operating with greater efficiency, executing with more discipline and building the foundation for sustained growth. With that, I'd like to turn to Todd, who will review our financials in more detail.

Todd Yoder: Thank you for joining us today. We're pleased to report another solid quarter and a strong full year performance that reflects the operational improvements and disciplined execution Ural outlined earlier. Before I dive into the numbers, I want to thank the entire Shimmick team. Your focus on safety, your commitment to quality and your consistency in executing with excellence have all played a critical role in our results this year. Thank you for everything you do. With that, let's jump into the financial results, beginning with Slide 8. As a reminder, all comparisons made today will be on a year-over-year basis as compared to the same period in 2024, unless otherwise noted.

Shimmick project revenue for Q4 2025 was $84 million, up 4% compared to $81 million in Q4 of 2024. The net increase of $3 million was primarily driven by our new projects ramping up. Noncore project revenue for Q4 '25 was $16 million, down $24 million as compared to Q4 2024. This is reflective of the fact we have less noncore in our backlog to burn off, this year versus prior year. And I will point out that noncore projects in total were close to 90% complete ending 2025. Shimmick consolidated total revenue for Q4 '25 was $100 million as compared to $104 million in the prior year. Moving on to gross margin.

Shimmick project gross margin was $10 million for Q4 '25 of $8 million or 400% compared to $2 million in Q4 '24. Gross margin as a percentage of revenue was 12% for Q4 2025 versus 3% in Q4 of 2024. The $8 million increase in gross margin was driven by $6 million from new awards and $2 million from existing projects. Noncore project gross margin was flat for Q4 2025 as compared to negative $23 million for Q4 of 2024. The $23 million increase in gross margin was driven by cost overruns on noncore loss projects during Q4 of 2024 that did not recur this year.

Shimmick consolidated total gross margin for Q4 2025 was $10 million. up $31 million compared to a negative $21 million gross margin in Q4 of 2024. Total gross margin as a percentage of revenue improved to 10%, from a negative 20% in Q4 of 2024. G&A expense for Q4 2025 was $11 million, favorable 32% were $5 million as compared to $16 million of G&A in Q4 of 2024. The favorable impact was the result of our continued transformation of the business. Net loss for Q4 2025 was $3 million, favorable $37 million as compared to a net loss of $38 million in Q4 of 2024.

Adjusted EBITDA for Q4 '25 was $4 million as compared to negative $27 million in Q4 of '24. The improvement was primarily driven by the increase in gross margin combined with the decrease in SG&A. Turning to liquidity. If you recall, we ended Q3 '25 with $48 million of liquidity. We ended Q4 2025 with liquidity of $44 million. The $44 million consisted of unrestricted cash and cash equivalents of $20 million and availability under our credit agreements totaled $24 million. We remain comfortable that our liquidity position provides the capital needed to continue executing on our strategic and operational priorities.

New awards booked during Q4 '25 were $135 million, a sequential increase of more than $39 million from Q3 2025. Giving us a book-to-burn for the quarter of 1.4x. We ended the quarter with total backlog of $793 million. Turning to Slide 9 for the 2025 full year results. Shimmick projects gross margin was $397 million for the year, up $41 million or 12% compared to $357 million in 2024. Noncore project revenue was $96 million for the year compared to $125 million in 2024. Shimmick consolidated total revenue for 2025 was $493 million, up $13 million or 3% compared to $480 million in 2024. Shimmick project gross margin was $40 million or 10% as a percentage of revenue.

This is a $28 million increase compared to $12 million or 3% in 2024. Noncore project gross margin was negative $7 million or negative 7% as a percentage of revenue. This is a $61 million increase compared to negative $68 million in 2024. Shimmick consolidated total gross margin was $34 million for 2025. Making gross margin 7% of revenue overall. This is a $90 million increase compared to negative $56 million gross margin in 2024. Adjusted net loss was negative $15 million in '25 as compared to negative $81 million in '24. Adjusted EBITDA for 2025 was $5 million, favorable $66 million from negative $61 million adjusted EBITDA in 2024.

Again, new awards booked during Q4 2025 were $139 million, a sequential increase of $39 million from Q3, giving us the book-to-burn of 1.4x. We ended the quarter with a total backlog of $793 million. Our backlog mix continues to improve, with Shimmick projects now representing close to 90% of our total backlog ending 2025. Additionally, we have $128 million in new awards added to backlog as of the close of February 2026. And we have another $234 million of additional new awards that were pending fully executed contracts as of the end of February 2026. Turning to Slide 10 and our 2026 guide.

To set the stage, I want to call out that some Shimmick projects in California and Texas experienced slower burn due to unusual heavy rainfall in California and cold weather in Texas, which limited field activity. In addition, some of our newly awarded contracts have taken a bit longer to ramp up than normal. While these projects experienced some shift to the right, they are back on track. While we anticipate a slower start to the year due to this weather, we expect quarter-over-quarter sequential improvement throughout the year as new project awards ramp up and represent a growing share of our project mix.

We expect Shimmick consolidated revenue to grow between 12% and 22%, 17% at the midpoint, representing approximately $550 million to $600 million of work put in place for the full year 2026. Adjusted EBITDA is projected to increase between 200% and 500%. That's 350% at the midpoint, putting adjusted EBITDA in the range of $15 million to $30 million for the full year. With that, we are confident 2026 will be a great year for Shimmick. I thank you for joining us today and for your interest in Shimmick. Now back to Ural.

Ural Yal: 2025 was a pivotal year for Shimmick. We delivered results in line with our expectations, executed with greater discipline and made meaningful progress on the strategic priorities we set out at the beginning of the year. Our focus on bidding and winning strategic risk balance work, winding down legacy noncore projects and driving operational improvements is reshaping the company and setting us up for long-term success. The improvements we're seeing in backlog growth, project execution, talent retention, procurement discipline and project controls, all point out to a business that is operating with more predictability, resilience and focus than a year ago. Our pipeline remains robust.

Our market backdrop is healthy, and we're winning the right work, work that is aligned with our expertise and our long-term value proposition. While we recognize there is still more work to do, we are moving in the right direction, and our progress in 2025 gives us confidence in our ability to advance our journey to make Shimmick a top infrastructure provider in the market and delivering value to our shareholders. We look forward to updating you on our progress as we move forward in 2026. Operator, you may now open the line for questions.

Operator: [Operator Instructions] Our first question comes from Gerry Sweeney with ROTH. Gerry is connecting now. One moment, please. [Operator Instructions]

Gerard Sweeney: Good afternoon. I forgot I was going to be on video. Otherwise, I would have dressed up a little nicely. So anyhow, congratulations, obviously making nice progress, continuously push some of the legacy business behind you. And there's a lot of initiatives on the forefront. So a couple of questions around -- I'm going to use gross margin as sort of the overlying aspect, but some progressive design awards, I think CM/GC opportunities and electrical opportunities. How does this all play through? And how does that impact margins as we go through 2026?

Ural Yal: Yes. No, I think overall, gross margins are going to be -- we expect them to go up. It's always a function of the mix of projects, obviously. So however, some projects tend to be closer in the high teens, some projects tend to be in the lower in the teens. But we're going to -- we're watching that balance very carefully to make sure that we're continuously making improvement on the gross margin. But what you'll also see at the bottom line as we grow the revenues, we're very focused on controlling the SG&A around the levels that it is today for 2026. And that's also going to be contributing.

It's not just top gross margin, but it's the more efficient SG&A running a larger book of business.

Gerard Sweeney: Got it. I had a question on SG&A, but before I get there. What about just the -- I think you mentioned you were bidding $600 million to $1 billion a month, but how does the backlog look? Obviously, I think Texas has been very strong with some of our other companies. I mean there's always water projects to do in California. But what's your visibility and feeling on just the overall spend in sort of the macro environment across your territories?

Ural Yal: Yes, it's great. Actually, great question. So really, very focused in California and Texas, like we've been along with the Pacific Northwest. Waterwise, Texas is very active. California is always active, like you mentioned. So we're seeing opportunities, like, there's really no shortage of opportunities going in the next 12 to 24 months in that kind of volume. Which then -- we don't need all of it in our win rates, but that gets us to be more selective, more strategic about. We really want to be California, Texas, Pacific Northwest and focus on those markets and grow from there.

So it really allows us to be -- to pick the right jobs with lower competition, maybe higher margins, more strategic for the future. So it's -- as far as kind of overall pipeline perspective, it hasn't let up in the last 6 months at all.

Gerard Sweeney: Then circling back, SG&A came in just shy of $11 million. I think you indicated that maybe that's a good number that you use on a -- at least for 2026. One, I want to see if that's accurate? And then two, how much more revenue can you have prior to maybe starting to invest a little bit more in the SG&A front?

Ural Yal: Yes. So I think what we had in 2025 is a reasonable number to assume for 2026 approximately.

Gerard Sweeney: Okay. So the [ $84.5 ] million...

Ural Yal: Somewhere around there. And I think as we do that, the revenues are going to go up, that's what we're guiding. And to the second part of your question, I think we're going to be fine kind of in that range, plus or minus in that mid-50s range up until about [ $750 million ] honestly.

Todd Yoder: [indiscernible] '26, in the G&A for the fourth quarter, right? It was a little lower than you saw in previous quarters, but as you model that out for '26, I think that 14 number is a good number, a good run rate.

Operator: Our next question comes from the line of Gerry Sweeney with ROTH. [Operator Instructions] Apologies. This question comes from Aaron Spychalla with Craig Hallum Capital Group. [Operator Instructions].

Aaron Spychalla: Maybe first for me on the guidance for 2026. Can you just kind of talk about some of the puts or takes there, especially on like the EBITDA range? And then just maybe how much of noncore revenue and kind of margin gross profit are you looking for, for the year?

Ural Yal: Yes. Good question. So yes, so we've simplified the guidance a little bit this time. But looking at the noncore work, we are expecting to burn through pretty much all of it. It's right now about 11% of the backlog. It's going to be very little left, if any, into 2027, so -- and then that's also kind of along the lines of we've booked forward losses on those. So you're going to assume those at 0%. You're going to continue to kind of impact overall aggregate margin.

But I think as far as the gross margin, the real key is how fast can we get the new work to be kind of hitting there -- hitting its stride, all these projects that we won and now starting how fast can they start generating revenue and margins. That's really the story of 2026 for us. As far as backlog goes, we finished the year almost at where we started. So we've really stabilized very close to where we started and now with the wins that we've announced today as those contracts come to fruition, we have a clear path to getting over $1 billion in backlog.

And it's just going to be a matter of how do we get those jobs going quickly throughout the summer. Did that answer your question?

Aaron Spychalla: Yes. No, that was great. And then maybe on the electrical infrastructure side of things, you kind of talked about, I think, in the release and the call, some pending awards on the electrical side of things. So it starts -- it sounds like you're starting to see some traction there. Maybe just a little bit more color, and I think you noted significant kind of potential there. Just what types of projects and project sizes? Are you looking for there?

Ural Yal: Yes. So electrical business, our electrical business is a low-voltage, medium voltage electrical business that does a variety of sizes of projects. projects that are very small, $5 million, $10 million all the way to $200 million kind of like more of the larger Shimmick projects, and we're able to do range in that -- up and down in that range. Texas is extremely strong. We're bidding a lot of work in Texas, continuing to bid a lot of work in California, continuing to support the larger Shimmick projects with our electrical capabilities. So there's a lot of activity.

And what I'm tracking every month is that the amount of Axia work we're bidding is becoming a higher percentage of the overall bids pretty much every month. So I think it's just a matter of time. We're really hitting our stride now on the bidding side. We're going to see some serious increase in our backlog for Axia work, and then that will translate to revenue in a quarter or 2.

Aaron Spychalla: Good. And then on the legacy or the noncore projects, good kind of execution this quarter, and it sounds like they're 90% wrapped up. You just kind of talk about it. It seems like you have a good handle on ramping those up. But maybe just a little bit of color there would be helpful.

Ural Yal: Yes. I mean we're moving along. It's really 2 projects at this point that are active, that's left. And we're going to get through those this year. The end of these larger kind of more complicated projects, there are always some risk at the end of them to close them out and cost overruns, but we're managing it, and we're pretty comfortable that we're going to -- that's going to really start decreasing as part of our revenue, especially in the second half of this year.

Todd Yoder: Yes. I would just add, it was nice to see flat gross margin, which you would expect to see outside of some minor costs related to legal and other factors. But these are noncore loss projects, right? with 0 margin. But when you look at our total gross margin over the year, quarter-over-quarter, 4%, 6%, 8%, 10%. So you see as that like you all mentioned the mix, right? So noncore is becoming such a small percentage of the mix. And especially given the strong wins with $330 million in new awards in the second half and already starting just through February, right, with $128 million and $234 million pending. So it's a step change, right?

And so we'll see that favorable mix throughout '26.

Aaron Spychalla: Looking forward to it.

Operator: There are no more questions at this time. I'd now like to turn the call over to Ural for closing remarks.

Ural Yal: We've had another strong quarter and a strong year to finish 2025. It was a -- it was a year of change for Shimmick, and we've made a lot of operational improvements and made a lot of progress in getting through the noncore projects. So we're very optimistic about 2026 and beyond for our company, and these new awards that we've announced and booked are a good indication of that as we shift towards more of the work that we won in a risk balanced and effective way. Our margins are going to improve and both bottom line and top line. So we're really looking forward to a great 2026. Thank you all for joining.

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