Shimmick Q2 revenue falls, partly on project activity decline

Shimmick

10/08/2026 21:31

Overview
US infrastructure builder's Q2 revenue fell year-over-year
Q2 adjusted net loss improved from last year
Company reaffirmed full-year 2026 revenue and adjusted EBITDA guidance, citing record backlog

Outlook
Shimmick sees full-year 2026 revenue between $525 mln and $575 mln
Company reaffirms 2026 Adjusted EBITDA guidance of $15 mln to $30 mln
Shimmick expects favorable market conditions and record backlog to support growth

Result Drivers
PROJECT WIND-DOWN - Co said revenue fell as lower-margin operation and maintenance projects completed and activity on existing projects declined
HIGHER-MARGIN PROJECTS - Gross margin improved due to new higher-margin projects ramping up, per co
NON-CORE PROJECTS - Gross margin on Non-Core Projects rose as prior cost overruns and schedule extensions did not recur and favorable settlements were achieved

Company press release: ID:nGNX2sVhZS

Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
Q2 Revenue
Miss
$106.6 mln
$121.85 mln (2 Analysts)
Q2 Net Loss
 
$4.8 mln
 
Q2 Adjusted EBITDA
Beat
$4.4 mln
$4.15 mln (2 Analysts)

Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 2 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"
Wall Street's median 12-month price target for Shimmick Corp is $6.50, about 47.1% above its August 7 closing price of $4.42
The stock recently traded at 18 times the next 12-month earnings vs. a P/E of 31 three months ago

Reuters Recommended Reads
Aug 10 - Bernhard Capital to take Bowman Consulting private in $1 billion deal
Aug 10 - L.B. Foster profit rises on higher gross margin 
Aug 10 - CECO Environmental Q2 revenue slightly beats on increase in orders, backlog

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)