Revenue volatility remains a primary concern, with the firm reporting a 27.9% year-over-year decline to $88.0 million in 2027Q1 alongside persistent operating losses.
| Sales/Revenue | 458.77M | 492.84M | 480.24M | 632.81M | 664.16M | 572.67M |
| Revenue Growth % | -7.37% | 2.63% | -24.11% | -4.72% | 15.98% | - |
| Cost of Goods Sold | 418.97M | 459.25M | 535.88M | 610.43M | 640.64M | 705.47M |
| COGS % of Revenue | - | 93.18% | 111.59% | 96.46% | 96.46% | 123.19% |
| Gross Profit | 39.79M | 33.59M | -55.65M | 22.37M | 23.52M | -132.8M |
| Gross Margin % | 8.67% | 6.82% | -11.59% | 3.54% | 3.54% | -23.19% |
| Gross Profit Growth % | - | 160.36% | -348.74% | -4.86% | 117.71% | - |
| Operating Expenses | 54.46M | 54.58M | 63.68M | 21.94M | 10.6M | 79.08M |
| OpEx % of Revenue | - | 11.07% | 13.26% | 3.47% | 1.6% | 13.81% |
| Selling, General & Admin | 54.46M | 54.58M | 63.97M | 64.13M | 60.44M | 77.52M |
| SG&A % of Revenue | - | 11.07% | 13.32% | 10.13% | 9.1% | 13.54% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | -289K | -42.19M | -49.84M | 1.56M |
| Operating Income | -14.67M | -20.98M | -119.33M | 435K | 12.91M | -211.89M |
| Operating Margin % | -3.2% | -4.26% | -24.85% | 0.07% | 1.94% | -37% |
| Operating Income Growth % | - | 82.46% | -27531.26% | -96.63% | 106.09% | - |
| EBITDA | -2.27M | -7.99M | -104.19M | 17.56M | 28.89M | -196.96M |
| EBITDA Margin % | -0.5% | -1.62% | -21.7% | 2.77% | 4.35% | -34.39% |
| EBITDA Growth % | 96.94% | 92.36% | -693.5% | -39.23% | 114.67% | - |
| D&A (Non-Cash Add-back) | 12.39M | 13M | 15.13M | 17.12M | 15.98M | 14.93M |
| EBIT | -13.35M | -18.77M | -120.28M | -2K | -39.56M | -212.96M |
| Net Interest Income | -7.84M | -6.66M | -5.43M | -2.28M | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 7.84M | 6.66M | 5.43M | 2.28M | 0 | 0 |
| Other Income/Expense | -5.41M | -4.44M | -6.38M | -2.72M | -8.73M | 233.6M |
| Pretax Income | -20.08M | -25.43M | -125.71M | -2.29M | 4.18M | 21.71M |
| Pretax Margin % | -4.38% | -5.16% | -26.18% | -0.36% | 0.63% | 3.79% |
| Income Tax | 0 | 0 | -963K | 0 | 1.27M | -24.12M |
| Effective Tax Rate % | 0% | 0% | 0.77% | 0% | 30.47% | -111.1% |
| Net Income | -20.37M | -25.58M | -124.75M | -2.55M | 3.76M | 45.4M |
| Net Margin % | -4.44% | -5.19% | -25.98% | -0.4% | 0.57% | 7.93% |
| Net Income Growth % | 76.92% | 79.49% | -4799.76% | -167.71% | -91.72% | - |
| Net Income (Continuing) | -20.08M | -25.43M | -124.75M | -2.29M | 2.91M | 45.83M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | -159K | -747K | -747K | 433K |
| EPS (Diluted) | -0.59 | -0.74 | -4.10 | -0.11 | 0.14 | 1.72 |
| EPS Growth % | 77.22% | 81.95% | -3627.27% | -178.57% | -91.86% | - |
| EPS (Basic) | - | -0.74 | -4.10 | -0.10 | 0.14 | 1.72 |
| Diluted Shares Outstanding | 34.63M | 34.63M | 30.41M | 22.36M | 26.46M | 26.46M |
| Basic Shares Outstanding | 34.63M | 34.63M | 30.41M | 25.49M | 25.49M | 25.49M |
| Dividend Payout Ratio | - | - | - | - | - | - |
Project execution and liquidity
As reported in recent financial filings, Shimmick’s revenue has exhibited significant quarterly fluctuations, with the most recent period showing a 27.9% year-over-year decline to $88.0 million, highlighting the inherent instability of a project-based backlog that lacks recurring service components or diversified long-term contract stability.
The company's reliance on lumpy government procurement cycles appears to be driving inconsistent top-line performance. Without a recurring revenue base, the firm remains highly susceptible to the timing of project awards, which may complicate efforts to achieve the scale necessary for operational efficiency.
Based on the provided income statement data, Shimmick has struggled to maintain positive gross margins, with historical figures showing deep contractions as low as -34.4% in 2025Q2, suggesting that legacy contract liabilities continue to exert significant downward pressure on the firm's overall profitability profile.
The inability to consistently generate positive gross margins indicates that the company may be facing severe inflationary pressures or execution challenges on fixed-price work. Investors should monitor whether the firm can successfully transition to higher-margin water infrastructure projects to offset these structural margin headwinds.
According to the company's income statements, operating income has remained consistently negative, with the most recent quarter reporting a loss of $3.4 million, indicating that the firm has yet to achieve the necessary scale to cover its corporate overhead as an independent public entity.
The lack of operating leverage suggests that SG&A expenses are currently disproportionate to the firm's revenue base. Until the company can demonstrate a clear path to positive operating margins, the current cost structure may continue to erode shareholder value regardless of top-line growth.
While proponents might point to the potential for a margin spring once legacy AECOM-era contracts are fully resolved, the firm's history of negative net margins, which reached -56.7% in 2025Q2, suggests that operational execution risks remain a primary concern for any potential turnaround narrative.
Short-sellers would likely focus on the company's limited cash reserves and the potential for further project disputes to trigger liquidity constraints. The market's skepticism appears rooted in the firm's inability to prove that its newer, water-focused bids can consistently deliver the profitability required to sustain operations.
Quick answers to the most common questions about buying SHIM stock.
For fiscal year 2026, Shimmick Corporation Common Stock (SHIM) reported total revenue of $492.8M. This represents a 13.9% decline compared to $572.7M in 2022.
Shimmick Corporation Common Stock (SHIM) reported a net loss of $25.6M for the fiscal year ending 2026.
Shimmick Corporation Common Stock (SHIM) reported an operating income of $-21.0M, resulting in an operating profit margin of -4.3%. This margin reflects the operational efficiency of the business before interest and taxes.
Shimmick Corporation Common Stock (SHIM) generated $33.6M in gross profit for the year, representing a gross profit margin of 6.8%. This demonstrates the company's core pricing power and production efficiency.