Mon, May 20, 12:56 PM (154 days ago)
Shimmick Corporation's 10-Q for the quarter ended March 29, 2024, highlights a significant decline in financial performance compared to the same period last year. Revenue decreased by 27% to $120 million, primarily due to reductions in Foundations and Legacy Projects. The company reported a gross margin loss of $16 million, driven by cost overruns and project wind-downs. Operating expenses remained flat, but the net loss widened to $33 million from $9 million. Cash used in operating activities increased to $35 million, reflecting higher net losses and changes in working capital. Shimmick completed several financing transactions, including a $60 million credit facility, and plans to sell non-core assets to improve liquidity. The company faces ongoing challenges from legacy projects and aims to focus on water and critical infrastructure solutions.