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Shimmick (SHIM) investor relations material
Shimmick Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary13 Nov, 2025
Executive summary
Q3 2025 revenue was $142 million, with Shimmick Projects contributing $107 million, up 6% year-over-year, and gross margin of $11 million, up 67% for core projects.
Net loss for Q3 2025 was $4 million, primarily due to Non-Core Projects, with positive Adjusted EBITDA of $4 million, the first in four quarters.
Backlog increased 15% quarter-over-quarter to $754 million, with a book-to-burn ratio of 1.7x, the highest in two years.
Over 86% of backlog is from core projects, with $190 million in new work added in Q3 and strong bidding activity, especially in water and electrical infrastructure in California, Texas, and the West Coast.
Transformation efforts are yielding improved execution, higher quality backlog, and a shift toward higher-margin negotiated work.
Financial highlights
Revenue decreased 15% year-over-year due to a one-time $31 million claim settlement in Q3 2024; excluding this, revenue grew 5% year-over-year.
Gross margin was $11 million, down $1 million year-over-year, but up $10 million on a like-for-like basis excluding the prior year’s one-time item.
Net loss for the quarter was $4 million, compared to $1.6 million in Q3 2024, impacted by lower gains on asset sales and higher SG&A expenses.
Adjusted EBITDA was $4.3 million, compared to $30 million in Q3 2024, which included the one-time settlement.
Liquidity at quarter-end was $48 million, with $18 million in cash and $30 million in credit availability.
Outlook and guidance
Full-year 2025 guidance reaffirmed: Shimmick Projects revenue expected between $405–$415 million, gross margin 9–12%, and consolidated Adjusted EBITDA projected between $5–$15 million.
Non-Core Projects revenue expected between $80–$90 million, with gross margin between -15% and -5%.
Non-core project burn is now expected to be closer to 20% of total revenue for 2025, higher than initial guidance.
Backlog growth and new project wins are expected to drive revenue and margin improvements into Q4 2025 and 2026.
Strong growth anticipated in electrical backlog over the next two quarters, especially in California and Texas.
Negotiated work: impact on risk and margins?
Data center market growth strategy?
Non-core projects: path to consistent margins?
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Next Shimmick earnings date
Q4 202512 Mar, 2026
Shimmick
Next Shimmick earnings date
Q4 202512 Mar, 2026
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Frequently asked questions
Shimmick Corporation specializes in delivering water and critical infrastructure solutions across the United States. The company undertakes a variety of projects, including water and wastewater treatment infrastructure, water storage and conveyance systems, and flood control systems. Additionally, Shimmick is involved in the construction of mass transit systems, bridges, and military infrastructure projects. The company serves federal, state, and local governments, leveraging its extensive experience in complex infrastructure projects to address the nation's growing demand for sustainable water solutions. The company is headquartered in Irvine, California, and its shares are listed on the NASDAQ.
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