--- title: "Shimmick | 8-K: FY2027 Q1 Revenue Misses Estimate at USD 88.03 M" type: "News" locale: "en" url: "https://longbridge.com/en/news/286499891.md" datetime: "2026-05-15T03:04:05.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/286499891.md) - [en](https://longbridge.com/en/news/286499891.md) - [zh-HK](https://longbridge.com/zh-HK/news/286499891.md) --- # Shimmick | 8-K: FY2027 Q1 Revenue Misses Estimate at USD 88.03 M Revenue: As of FY2027 Q1, the actual value is USD 88.03 M, missing the estimate of USD 131.2 M. EPS: As of FY2027 Q1, the actual value is USD -0.13, missing the estimate of USD -0.03. EBIT: As of FY2027 Q1, the actual value is USD -140 K. #### Consolidated Revenue Shimmick Corporation reported consolidated revenue of $88 million for Q1 2026, a decrease from $122 million in Q1 2025. #### Shimmick Projects Revenue Revenue from Shimmick Projects was $88 million in Q1 2026, down from $93 million in Q1 2025. #### Non-Core Projects Revenue Non-Core Projects generated $0.2 million in revenue for Q1 2026, a significant decrease from $29 million in Q1 2025. #### Non-Core Loss Projects Revenue Revenue recognized on Non-Core Loss Projects was -$5 million for Q1 2026, compared to $18 million for Q1 2025. #### Consolidated Gross Margin Consolidated gross margin was $11 million in Q1 2026, up from $5 million in Q1 2025. #### Shimmick Projects Gross Margin Gross margin from Shimmick Projects increased to $10 million in Q1 2026, from $5 million in Q1 2025, representing an 89% quarter-over-quarter increase. #### Non-Core Projects Gross Margin Gross margin from Non-Core Projects was $1 million in Q1 2026, compared to -$1 million in Q1 2025. #### Non-Core Loss Projects Gross Margin Gross margin recognized on Non-Core Loss Projects was -$1 million for Q1 2026, compared to -$2 million for Q1 2025. #### Consolidated Gross Margin Percentage The consolidated gross margin percentage was 12% in Q1 2026, up from 5% in Q1 2025. #### Net Loss Attributable to Shimmick Corporation Shimmick Corporation reported a net loss attributable to Shimmick Corporation of -$5 million for Q1 2026, an improvement from a net loss of -$10 million in Q1 2025. #### Adjusted Net Loss Adjusted net loss was -$2 million in Q1 2026, compared to -$7 million in Q1 2025. #### Adjusted EBITDA Adjusted EBITDA was $3 million for Q1 2026, compared to -$3 million for Q1 2025, marking the third consecutive quarter with positive Adjusted EBITDA. #### Net Cash Used in Operating Activities Net cash used in operating activities was -$7,533 thousand for Q1 2026, a significant improvement from -$38,184 thousand for Q1 2025. #### Net Cash Used in Investing Activities Net cash used in investing activities was -$599 thousand for Q1 2026, compared to -$438 thousand for Q1 2025. #### Net Cash Provided by Financing Activities Net cash provided by financing activities was $2,882 thousand for Q1 2026, down from $21,907 thousand for Q1 2025. #### Liquidity Liquidity stood at $34 million as of April 3, 2026. #### Backlog Backlog was approximately $944 million as of April 3, 2026, the highest reported since Q1 2024. #### Book-to-Burn Ratio The book-to-burn ratio was 2.6x in Q1 2026, the highest as a public company. #### New Work Booked $289 million in new work was booked in Q1 2026, with Shimmick Projects representing over 97% of total backlog. #### Pending New Awards $174 million in additional new awards were pending as of May 2026 in water and electrical target markets, primarily in California and Texas, expected to contribute to the 2026 backlog. #### Interest Expense Interest expense increased by $1 million during Q1 2026, primarily due to increased average long-term debt balances outstanding compared to Q1 2025. #### Shimmick Projects These projects, started after the AECOM Sale Transaction, focus on critical infrastructure such as water, climate resilience, energy transition, and sustainable transportation. #### Non-Core Projects These projects were started under prior ownership or focus on foundation drilling and now represent a single-digit percentage of the backlog, with Non-Core Projects now less than 3 percent of the total backlog. #### Outlook and Guidance Shimmick Corporation reaffirmed its full-year guidance for fiscal year 2026. The company expects consolidated revenue to be in the range of $550 million to $600 million, representing a year-over-year growth of 17% at the midpoint. Consolidated Adjusted EBITDA is projected between $15 million and $30 million, indicating a year-over-year growth of 350% at the midpoint. ### Related Stocks - [SHIM.US](https://longbridge.com/en/quote/SHIM.US.md) ## Related News & Research - [Shimmick Q1 revenue falls on lower activity on existing projects](https://longbridge.com/en/news/286464155.md) - [Shimmick Corp Earnings Call Signals Margin-Led Turnaround](https://longbridge.com/en/news/286627889.md) - [Apollo Clarifies Legal Status of Recent 8-K Disclosure](https://longbridge.com/en/news/286564452.md) - [FS KKR Capital to post investor presentations on website after market close](https://longbridge.com/en/news/286815114.md) - [Capital City Bank Group posts Q1 2026 investor presentation on website](https://longbridge.com/en/news/286599786.md)