Shimmick Corporation reported a net loss of $38 million for the fourth quarter ended January 3, 2025, an increase of $21 million compared to a net loss of $17 million in the prior year quarter. Diluted loss per common share was $(1.13) for Q4 2024, compared to $(0.74) for the same period in 2023. The increased loss was primarily due to a $20 million decrease in gross margin, mainly from Foundations Projects and Legacy Loss Projects.
For the full fiscal year 2024, the company reported a net loss of $50 million, compared to a net loss of $10 million in fiscal year 2023. Adjusted EBITDA for FY 2024 was $10 million, down from $33 million in FY 2023. Revenue from 'Shimmick Projects' in Q4 2024 was $80 million, a $5 million decrease year-over-year, with gross margin at $2 million, down $7 million.
The company provided fiscal year 2025 guidance, expecting revenue to increase by 10% to 15%, with an overall gross margin between 9% and 12%. Adjusted EBITDA for FY 2025 is projected to be between $15 million and $25 million. CEO Ural Yal noted that the company is entering 2025 with strong liquidity and a lower-risk portfolio following the resolution of legacy issues in 2024.
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