Shimmick Corporation reported Q3 2025 revenue of $142 million, an 18% beat over the $120 million consensus estimate. The upside was driven by a 6% year‑over‑year increase in its core Shimmick Projects segment, which generated $107 million in revenue, while the non‑core segment fell 46% YoY to $35 million as the company continues to wind down legacy operations.
The company posted an adjusted diluted loss of $0.01 per share, beating the consensus loss of $-0.04 by 75%. The improvement stems from tighter cost control and the return to positive adjusted EBITDA for the first time in four quarters, a result of higher‑margin work in the core infrastructure business and a lower mix of lower‑margin non‑core projects.
Segment analysis shows Shimmick Projects revenue at $107 million, up 6% YoY, reflecting robust demand for water, electrical, and climate‑resilience contracts. Non‑Core Projects revenue dropped to $35 million, down 46% YoY, as the company reduces exposure to lower‑margin, high‑volume projects.
Management reaffirmed its full‑year 2025 guidance: Shimmick Projects revenue is expected to be $405–$415 million with a gross margin of 9%–12%; Non‑Core Projects revenue is projected at $80–$90 million with a gross margin of 15%–5%; and consolidated adjusted EBITDA is forecast at $5–$15 million. The guidance signals confidence in the core business’s growth trajectory and the effectiveness of cost‑discipline initiatives.
After the release, after‑hours trading was mixed, with some reports noting a 13.5% surge while others reported a 4% decline. The market reaction was driven by the revenue and EPS beats, the return to positive adjusted EBITDA, and a 15% quarter‑over‑quarter increase in backlog to $754 million, which suggests strong future revenue potential. However, the continued net loss and liquidity concerns tempered enthusiasm for some investors.
CEO Ural Yal emphasized that the company’s transformation is gaining momentum, citing a record $1 billion in monthly bidding volume and consistent win rates. He expressed optimism for 2026, underscoring the company’s focus on high‑margin infrastructure projects and the strategic wind‑down of non‑core activities.
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