10-K - Shimmick Corp (0001887944) (Filer)

Thu, Mar 20, 8:38 PM (31 days ago)

### Summary of Shimmick Corporation (SHIM) 10-K **Financial Performance:** - **Revenue:** $480.2 million (2025) vs. $632.8 million (2023) - **Net Loss:** $124.7 million (2025) vs. $2.3 million (2023) - **Gross Margin:** -12% (2025) vs. 4% (2023) - **Operating Expenses:** $79.7 million (2025) vs. $64.1 million (2023) - **Earnings per Share (EPS):** -$4.10 (2025) vs. -$0.11 (2023) **Strategic Overview:** - **Focus:** Water treatment, climate resiliency, and sustainable transportation. - **Market Position:** Ranked as a top builder in water supply, dams, and water treatment. - **Projects:** $822 million backlog, primarily in California. **Future Outlook:** - **Growth Strategy:** Focus on organic growth in core water and critical infrastructure business. - **Risk Management:** Emphasis on selective bidding, collaborative contracting, and operational improvements. - **Sustainability:** Commitment to safety, environmental stewardship, and corporate responsibility. **Risk Factors:** - **Operational Risks:** Weather, natural disasters, seasonality, and project delays. - **Financial Risks:** Bonding requirements, economic downturns, and regulatory changes. - **Market Risks:** Competition, labor shortages, and supply chain disruptions. **Financial Condition:** - **Liquidity:** $100 million total liquidity as of January 3, 2025. - **Debt:** $9.5 million long-term debt, net of $2.0 million unamortized debt issuance costs. - **Cash Flow:** Net cash used in operating activities was $21.3 million (2025) vs. $88.1 million (2023). **Market Position Changes:** - **Customer Base:** Diversified with significant public sector and private clients. - **Contract Types:** Majority fixed-price contracts with some cost reimbursable and equipment/labor contracts. **Amendments:** - **Changes:** No significant amendments noted in the provided text. **Note:** Amounts are usually in thousands, 000s.