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- Material Weakness (new) — Company successfully remediated most prior material weaknesses but still has remaining deficiencies requiring additional time to resolve in journal entries, revenue estimates, and income tax controls.
Shimmick returns to profitability but liquidity drops 56% amid workforce cuts and new debt
Filed March 13, 2026 · Period ending January 2, 2026 · Compared to 10-K Mar 20, 2025 · ~2 min read
Key Changes
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high
Gross margin swung from $(56)M loss to $34M profit (7% margin) in FY2026; net loss narrowed 80% to $(25)M from $(125)M, driven by higher-margin new projects and winding down legacy loss projects.
MD&A: Financial Results verify on EDGAR → -
high
Total liquidity plunged from $100M to $44M (56% decline) as unrestricted cash fell to $20M and available credit capacity dropped to $24M; company added $15M equipment loan at 12.5% interest.
MD&A: Liquidity & Debt verify on EDGAR → -
high
Backlog declined 4% to $793M and headcount dropped 19% (229 employees) to 971, while ENR rankings fell across all water categories (#8→#12 water supply, #6→#8 dams, #7→#11 treatment).
Business: Operations verify on EDGAR →
2 more material changes behind this preview — plus the full narrative summary, section-by-section diffs against the prior filing, and verbatim quotes with EDGAR citations.
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Source-verified from EDGAR · Narrative written by AI · Jun 4, 2026 · How we verify