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Get filing alertsRisk Profile Improvements
- Material Weakness (improved) — Material weaknesses narrowed from broad COSO-level deficiencies across all five principles to three specific areas (revenue, journal entries, income tax), indicating meaningful remediation progress though weaknesses remain.
Shimmick revenue falls 28% as Non-Core projects wind down; margin improves but debt doubles
Filed May 15, 2026 · Period ending April 3, 2026 · Compared to 10-Q May 14, 2025 · ~2 min read
Key Changes
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Revenue declined 28% to $88M as Non-Core Projects wound down (from $29M to $240K). Backlog grew 28% to $944M, indicating new contract awards outpaced revenue burn, but liquidity fell 52% to $34M as credit availability tightened.
MD&A: Revenue & Liquidity verify on EDGAR → -
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Total debt more than doubled to $68.7M from $31.4M, with interest expense jumping 118% to $2.2M. The company accrued $5M in payment-in-kind interest versus $200K prior year, preserving cash but compounding debt principal.
MD&A: Debt & Interest verify on EDGAR → -
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Gross margin improved to 12% from 4% as higher-margin Shimmick Projects ramped up. Net loss narrowed 55% to $4.4M from $9.8M, and Adjusted EBITDA turned positive at $2.6M versus negative $3.0M.
MD&A: Profitability 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 · May 28, 2026 · How we verify