Shimmick Corporation reported a net loss of $10 million for the first quarter ended April 4, 2025, a significant improvement from a net loss of $34 million in the prior year period. Diluted loss per common share was $(0.28) for Q1 2025, compared to $(1.30) for the same period in 2024. This improvement was primarily driven by an increase in gross margin of $21 million and a $2 million decrease in selling, general, and administrative expenses.
Revenue from 'Shimmick Projects' increased by $3 million to $93 million, with gross margin dramatically improving by $6 million to $5 million, up from $(1) million in Q1 2024. This improvement was attributed to a California Palisades fire clean-up project and new water and infrastructure projects ramping up. Revenue from 'Legacy and Foundations Projects' decreased slightly to $29 million, but gross margin improved by $14 million to $(1) million, as prior period cost increases did not reoccur.
Adjusted EBITDA for Q1 2025 was $(3) million, a substantial improvement from $(24) million in Q1 2024. The company reaffirmed its full-year 2025 guidance, expecting revenue between $440 million and $480 million, a net loss between $(30) million and $(20) million, and Adjusted EBITDA between $15 million and $25 million. CEO Ural Yal highlighted the top-line growth and significant gross margin improvement as a testament to the team's strategic execution.
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