Q2 2026 Shimmick Corp Earnings Call Transcript
Key Points
- Gross margin expanded to 12% in Q2 2026, up from 6% in Q2 2025, reflecting improved project mix and operational efficiency.
- Adjusted EBITDA turned positive at $4 million in Q2 2026, a significant improvement from negative $234,000 in the prior year period.
- Backlog reached $991 million, the highest level in two years, with an additional $221 million in pending awards, providing strong revenue visibility.
- Noncore project backlog is now less than 3% of total backlog, reducing risk and improving overall margin quality.
- Book-to-burn ratio was 1.4x for the fourth consecutive quarter, indicating strong demand and successful bidding discipline.
- Consolidated revenue declined to $107 million in Q2 2026 from $128 million in Q2 2025, driven by project wind-downs and slower-than-expected ramp-ups.
- Project revenue decreased by $17 million year-over-year, reflecting the impact of completed and winding-down projects.
- G&A expenses increased to $16 million in Q2 2026 from $15 million in Q2 2025, due to higher one-time legal costs and equity issuance costs.
- The company continues to face challenges with legacy projects, including the Tennessee project, which is still in the process of resolution and demobilization.
- Revenue guidance for full-year 2026 was lowered to $525-$575 million, reflecting delays in project starts and the removal of noncore work from backlog.
Good day, and welcome to Shimmick Corporation's Second Quarter 2026 Earnings Conference Call. (Operator Instructions) As a reminder, this conference is being recorded.
At this time, I'd like to turn the call over to Anthony Rasmus. Please go ahead.
Good afternoon, and thank you for joining us on today's conference call to discuss Shimmick's Second quarter 2026 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 and filings with the Securities and Exchange Commission, which can also be found on the
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