The revenue guidance cut signals slower near-term top-line conversion from the record backlog, but the reaffirmed EBITDA guidance suggests margin improvement from the mix shift toward higher-margin Shimmick Projects. Monitor upcoming quarters for whether the backlog ramp materializes into revenue growth and whether the company can sustain positive Adjusted EBITDA while managing the elevated share count from the equity offering.
Price Chart
Executive Summary
Shimmick reported Q2 2026 revenue of $106.6M (down 17% YoY from $128.4M) and a GAAP net loss of $4.8M ($-0.12/share), improving from a $-8.5M loss a year ago. The company lowered its full-year 2026 revenue guidance to $525M-$575M (from $550M-$600M) but reaffirmed Adjusted EBITDA guidance of $15M-$30M, citing the removal of non-margin-contributing Non-Core work from backlog. The sequential improvement in Shimmick Project revenue (+9% QoQ) and fourth consecutive quarter of positive Adjusted EBITDA ($4.4M) are offset by the revenue guidance cut and ongoing net losses, making this a mixed read-through for the stock.
Key Financial Metrics
Key Facts
- Q2 2026 revenue of $106.6M, down 17% YoY from $128.4M
- GAAP net loss of $4.8M ($-0.12/share) vs $-8.5M ($-0.25/share) in Q2 2025
- Adjusted EBITDA of $4.4M vs -$0.2M in the prior-year quarter — fourth consecutive positive quarter
- Full-year 2026 revenue guidance lowered to $525M-$575M (from $550M-$600M); Adjusted EBITDA guidance reaffirmed at $15M-$30M
- Backlog of ~$991M, highest since Q1 2024; book-to-burn ratio of 1.4x, fourth consecutive quarter above 1.0x
- Shimmick Projects revenue of $96M, up 9% sequentially from Q1 2026
- Net proceeds of $14.0M from an underwritten equity offering during the quarter, increasing share count from 36.0M to 41.3M
Financial Impact
Revenue guidance cut by ~$25M at the midpoint ($550M to $537.5M), representing ~4.5% reduction; Adjusted EBITDA guidance unchanged at $15M-$30M
Risk Factors
- Revenue guidance cut may signal project delays or slower-than-expected ramp of new awards
- Ongoing net losses and negative operating cash flow ($24.6M used in H1 2026) pressure liquidity
- Dilution from the equity offering (14.7% increase in shares outstanding) weighs on per-share metrics
- Non-Core Projects still generating losses and legal costs ($2.6M in legal fees in Q2)
- High leverage with total debt of $72.4M against a stockholders' deficit of $50.3M
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-342368 |
| Document: shim-20260810.htm | 0001193125-26-342368 |
| Document: 0001193125-26-342368-index-headers.html | 0001193125-26-342368 |
| Document: 0001193125-26-342368-index.html | 0001193125-26-342368 |
| Document: 0001193125-26-342368.txt | 0001193125-26-342368 |
| 8-K Data (Synthetic) | 0001193125-26-342368 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 8, 2026 18d ago | 8-K | $3.13 | awaiting T+20 | — | $2.38 (−23.96%) |
Aug 10, 2026 11w ago | 8-K | $3.94 $3.47 | ▼ −11.93% | ▼ −10.87% | $2.38 (−39.59%) |
Aug 10, 2026 11w ago | Press Release | $3.94 $3.47 | ▲ +11.93% | ▲ +10.87% | $2.38 (+39.59%) |
May 26, 2026 22w ago | 8-K | $3.59 $4.08 | ▼ −13.65% | ▼ −15.55% | $2.38 (+33.70%) |
May 22, 2026 22w ago | 424B5 | $3.83 $3.54 | ▲ +7.70% | ▲ +5.75% | $2.38 (+37.86%) |
May 22, 2026 22w ago | 424B5 | $3.83 $3.54 | ▼ −7.70% | ▼ −5.75% | $2.38 (−37.86%) |
May 22, 2026 22w ago | Press Release | $3.70 $3.76 | ▼ −1.57% | ▼ −2.98% | $2.38 (+35.68%) |
Mar 12, 2026 32w ago | Press Release | $3.21 $3.91 | ▲ +21.81% | ▲ +18.22% | $2.38 (−25.86%) |
US Market Status
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