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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.
revenue $492.8M, net income -$25.6M. Shimmick returns to profitability but liquidity drops 79.5% 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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Figures/quotes linked to EDGAR · Narrative written by AI · Jun 4, 2026 · How we verify