Shimmick Corporation reported a net loss of $8 million for the second quarter ended July 4, 2025, a significant improvement from a net loss of $51 million in the prior year period. Diluted loss per common share was $(0.25) for Q2 2025, compared to $(1.83) for the same period in 2024. This improvement was primarily due to a $39 million increase in gross margin and a $4 million decrease in selling, general, and administrative expenses.
Revenue from 'Shimmick Projects' increased by $29 million to $113 million, with gross margin improving by $10 million to $15 million. This growth was driven by a California Palisades fire clean-up project and new water and infrastructure projects ramping up. Revenue from 'Non-Core Projects' increased by $9 million to $16 million, and gross margin improved by $29 million to $(7) million, primarily due to the settlement of a claim on a large Non-Core Loss Project.
Adjusted EBITDA for Q2 2025 was $(0.2) million, a substantial improvement from $(40) million in Q2 2024. The company updated its full-year 2025 revenue guidance to between $450 million and $490 million, an increase from previous guidance. However, Adjusted EBITDA guidance was updated to between $5 million and $15 million, reflecting an unfavorable gross margin mix due to increased Non-Core Projects revenue.
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