Shimmick Q1 revenue falls on lower activity on existing projects

Shimmick

14/05/2026 21:32

Overview

US infrastructure builder's Q1 revenue declined yr/yr

Adjusted EPS for Q1 fell to -$0.07, compared to -0.22 last year

Adjusted EBITDA for Q1 improved and beat estimates, marking third consecutive positive quarter

Outlook

Shimmick reaffirms 2026 revenue guidance of $550 mln to $600 mln

Company expects 2026 adjusted EBITDA between $15 mln and $30 mln

Shimmick expects activity to build in summer as new projects ramp up

Result Drivers

PROJECT MIX SHIFT - Revenue decline was mainly due to lower activity on existing projects and the absence of a prior-year fire clean-up project, partially offset by new higher-margin projects ramping up

GROSS MARGIN IMPROVEMENT - Gross margin increased due to the ramp-up of new higher-margin projects

ADVERSE WEATHER AND SLOW PROJECT STARTS - Performance was affected by adverse weather and slower start of new projects early in the quarter, with improvement seen through March

Company press release: ID:nGNX8XjYk4

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q1 Revenue
$88 mln
$116.80 mln (2 Analysts)
Q1 Adjusted EPS
-$0.07
-$0.06 (2 Analysts)
Q1 Adjusted Net Loss
-$2 mln
-$3.40 mln (1 Analyst)
Q1 Net Loss Attributable to Shimmick Corporation
$5 mln
Q1 Adjusted EBITDA
$3 mln
$1.75 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 $5.50, about 18.5% above its May 13 closing price of $4.64

The stock recently traded at 27 times the next 12-month earnings vs. a P/E of 47 three months ago

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.)