Shimmick Reports First GAAP Profitability in Q3 2026 Amid Core Project Growth
Shimmick Corporation reported its third-quarter 2026 financial results, highlighted by a return to GAAP profitability with $1 million in net income—the first such result since late 2023. While total revenue saw a slight decline to $136 million due to the reduction of noncore project volumes, Shimmick's core projects experienced significant growth, with revenue increasing 28% year-over-year. The company demonstrated strong operational momentum, reporting an adjusted EBITDA of $9 million and positive cash flow from operations for the first time since 2024. Management also reported a robust total backlog and pending awards totaling $1.3 billion, representing a 33% increase compared to the previous year. Despite risks regarding inflation and project ramp-up timing, Shimmick narrowed its full-year adjusted EBITDA guidance to a range of $20 million to $25 million.
Tickers: $SHIM
Topics: adjusted EBITDA backlog net income profitability revenue
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