<span item_type="fundamental" item_id="ee110509a678aaef96a9d0489cb0abd8" counter_id="ST/US/SHIM" env="prod"></span><span item_type="announcement" item_id="648477876792531457" env="prod"></span><p>Revenue: As of FY2027 Q1, the actual value is USD 88.03 M, missing the estimate of USD 131.2 M.</p><p>EPS: As of FY2027 Q1, the actual value is USD -0.13, missing the estimate of USD -0.03.</p><p>EBIT: As of FY2027 Q1, the actual value is USD -140 K.</p><p></p><h4>Consolidated Revenue</h4><p>Shimmick Corporation reported consolidated revenue of $88 million for Q1 2026, a decrease from $122 million in Q1 2025. <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1887944/000119312526224012/shim-ex99_1.htm"></span></p><h4>Shimmick Projects Revenue</h4><p>Revenue from Shimmick Projects was $88 million in Q1 2026, down from $93 million in Q1 2025. <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1887944/000119312526224012/shim-ex99_1.htm"></span></p><h4>Non-Core Projects Revenue</h4><p>Non-Core Projects generated $0.2 million in revenue for Q1 2026, a significant decrease from $29 million in Q1 2025. <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1887944/000119312526224012/shim-ex99_1.htm"></span></p><h4>Non-Core Loss Projects Revenue</h4><p>Revenue recognized on Non-Core Loss Projects was -$5 million for Q1 2026, compared to $18 million for Q1 2025. <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1887944/000119312526224012/shim-ex99_1.htm"></span></p><h4>Consolidated Gross Margin</h4><p>Consolidated gross margin was $11 million in Q1 2026, up from $5 million in Q1 2025. <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1887944/000119312526224012/shim-ex99_1.htm"></span></p><h4>Shimmick Projects Gross Margin</h4><p>Gross margin from Shimmick Projects increased to $10 million in Q1 2026, from $5 million in Q1 2025, representing an 89% quarter-over-quarter increase. <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1887944/000119312526224012/shim-ex99_1.htm"></span></p><h4>Non-Core Projects Gross Margin</h4><p>Gross margin from Non-Core Projects was $1 million in Q1 2026, compared to -$1 million in Q1 2025. <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1887944/000119312526224012/shim-ex99_1.htm"></span></p><h4>Non-Core Loss Projects Gross Margin</h4><p>Gross margin recognized on Non-Core Loss Projects was -$1 million for Q1 2026, compared to -$2 million for Q1 2025. <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1887944/000119312526224012/shim-ex99_1.htm"></span></p><h4>Consolidated Gross Margin Percentage</h4><p>The consolidated gross margin percentage was 12% in Q1 2026, up from 5% in Q1 2025. <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1887944/000119312526224012/shim-ex99_1.htm"></span></p><h4>Net Loss Attributable to Shimmick Corporation</h4><p>Shimmick Corporation reported a net loss attributable to Shimmick Corporation of -$5 million for Q1 2026, an improvement from a net loss of -$10 million in Q1 2025. <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1887944/000119312526224012/shim-ex99_1.htm"></span></p><h4>Adjusted Net Loss</h4><p>Adjusted net loss was -$2 million in Q1 2026, compared to -$7 million in Q1 2025. <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1887944/000119312526224012/shim-ex99_1.htm"></span></p><h4>Adjusted EBITDA</h4><p>Adjusted EBITDA was $3 million for Q1 2026, compared to -$3 million for Q1 2025, marking the third consecutive quarter with positive Adjusted EBITDA. <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1887944/000119312526224012/shim-ex99_1.htm"></span></p><h4>Net Cash Used in Operating Activities</h4><p>Net cash used in operating activities was -$7,533 thousand for Q1 2026, a significant improvement from -$38,184 thousand for Q1 2025. <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1887944/000119312526224012/shim-ex99_1.htm"></span></p><h4>Net Cash Used in Investing Activities</h4><p>Net cash used in investing activities was -$599 thousand for Q1 2026, compared to -$438 thousand for Q1 2025. <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1887944/000119312526224012/shim-ex99_1.htm"></span></p><h4>Net Cash Provided by Financing Activities</h4><p>Net cash provided by financing activities was $2,882 thousand for Q1 2026, down from $21,907 thousand for Q1 2025. <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1887944/000119312526224012/shim-ex99_1.htm"></span></p><h4>Liquidity</h4><p>Liquidity stood at $34 million as of April 3, 2026. <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1887944/000119312526224012/shim-ex99_1.htm"></span></p><h4>Backlog</h4><p>Backlog was approximately $944 million as of April 3, 2026, the highest reported since Q1 2024. <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1887944/000119312526224012/shim-ex99_1.htm"></span></p><h4>Book-to-Burn Ratio</h4><p>The book-to-burn ratio was 2.6x in Q1 2026, the highest as a public company. <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1887944/000119312526224012/shim-ex99_1.htm"></span></p><h4>New Work Booked</h4><p>$289 million in new work was booked in Q1 2026, with Shimmick Projects representing over 97% of total backlog. <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1887944/000119312526224012/shim-ex99_1.htm"></span></p><h4>Pending New Awards</h4><p>$174 million in additional new awards were pending as of May 2026 in water and electrical target markets, primarily in California and Texas, expected to contribute to the 2026 backlog. <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1887944/000119312526224012/shim-ex99_1.htm"></span></p><h4>Interest Expense</h4><p>Interest expense increased by $1 million during Q1 2026, primarily due to increased average long-term debt balances outstanding compared to Q1 2025. <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1887944/000119312526224012/shim-ex99_1.htm"></span></p><h4>Shimmick Projects</h4><p>These projects, started after the AECOM Sale Transaction, focus on critical infrastructure such as water, climate resilience, energy transition, and sustainable transportation. <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1887944/000119312526224012/shim-ex99_1.htm"></span></p><h4>Non-Core Projects</h4><p>These projects were started under prior ownership or focus on foundation drilling and now represent a single-digit percentage of the backlog, with Non-Core Projects now less than 3 percent of the total backlog. <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1887944/000119312526224012/shim-ex99_1.htm"></span></p><h4>Outlook and Guidance</h4><p>Shimmick Corporation reaffirmed its full-year guidance for fiscal year 2026. The company expects consolidated revenue to be in the range of $550 million to $600 million, representing a year-over-year growth of 17% at the midpoint. Consolidated Adjusted EBITDA is projected between $15 million and $30 million, indicating a year-over-year growth of 350% at the midpoint. <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1887944/000119312526224012/shim-ex99_1.htm"></span></p>

Shimmick | 8-K: FY2027 Q1 Revenue Misses Estimate at USD 88.03 M