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.