Shimmick Corporation Announces Third Quarter 2026 Results

Ural Yal, Chief Executive Officer of Shimmick Corporation

“Third quarter results show our strategy working. We returned to positive net income for the first time since the third quarter of 2023, and Shimmick Projects revenue grew 28% year over year as newer, higher-margin work replaced legacy projects. We are winning the projects we want, in the markets we want, at the risk profile we want. With strong demand in water and electrical infrastructure and a backlog that is increasingly diversified across markets, funding sources and customers, we expect to continue growing revenue and earnings from here.”

Todd Yoder, Executive Vice President and Chief Financial Officer of Shimmick Corporation

“We continued to build financial momentum this quarter, delivering $9 million of adjusted EBITDA, positive net income and increasing liquidity by $20 million sequentially to $53 million. With approximately $16 million of adjusted EBITDA year-to-date, we have exceeded the low end of our original $15 million to $30 million full-year range and are narrowing our adjusted EBITDA guidance to $20 million to $25 million. As Shimmick Projects now represent approximately 98% of backlog and Non-Core activity continues to wind down, we are seeing greater stability in gross margins as the earnings and cash-generation potential of the core business begins to emerge.”