Q4 2024 Shimmick Corp Earnings Call Transcript
Key Points
- Shimmick Corp (SHIM) reported a strong backlog of $822 million, providing a 20-month runway for their new strategy.
- The company achieved significant improvements in SG&A costs in 2024, trending towards industry benchmarks.
- Shimmick Corp (SHIM) has a total liquidity of $100 million, indicating strong financial health and forward momentum.
- The company has secured several strategic project wins in key markets such as water, climate resilience, and transportation.
- Shimmick Corp (SHIM) is expanding its focus on sustainable infrastructure solutions, targeting growth in water resources, climate resilience, energy transition, and sustainable transportation.
- Shimmick Corp (SHIM) reported a negative adjusted EBITDA of $27 million for Q4 2024 and negative $61 million for the full year.
- The company is still dealing with the negative impacts of legacy projects, which have continued to affect financial results.
- Gross margins on Shimmick projects decreased significantly due to increased costs and project delays.
- The company experienced a net loss of $38 million for Q4 2024, compared to a net loss of $17 million in the prior year period.
- Revenue for the fourth quarter decreased to $104 million from $138 million in the prior year period, reflecting lower activity on existing jobs.
Good afternoon and welcome to Shimmick Corporation's fourth-quarter and full-year 2024 earnings conference call. (Operator Instructions)
As a reminder, this conference is being recorded.
I'd now like to turn the conference over to Anthony Rosmas, Investor Relations. Please go ahead.
Good afternoon and thank you for joining us on today's conference call to discuss Shimmick's fourth-quarter and full-year 2024 results. Slides for today's presentation are available on the Investor Relations section of our website, www.shimmick.com.
During this conference call, management will make forward-looking statements based on current expectations and assumptions, which are subject to risks and uncertainties. Actual results could differ materially from our forward-looking statements if any of our key assumptions are incorrect.
We identify the principal risks and uncertainties that may affect our performance in our reports
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