$SHIM

Shimmick Corp

CIK:0001887944|SEC Filings

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 03, 2026	Jul. 04, 2025	Jul. 03, 2026	Jul. 04, 2025
Income Statement [Abstract]
Revenue	$ 106,616	$ 128,402	$ 194,649	$ 250,512
Cost of revenue	94,162	120,273	171,297	237,687
Gross margin	12,454	8,129	23,352	12,825
Selling, general and administrative expenses	16,192	15,041	30,445	29,409
Total operating expenses	16,192	15,041	30,445	29,409
Equity in earnings (loss) of unconsolidated joint ventures	1,084	(187)	2,145	539
Gain (loss) on sale of assets, net	0	4	(22)	70
Loss from operations	(2,654)	(7,095)	(4,970)	(15,975)
Interest expense	2,036	1,313	4,212	2,313
Other expense (income), net	123	(42)	57	(152)
Net loss before income tax	(4,813)	(8,366)	(9,239)	(18,136)
Income tax expense	0	0	0	0
Net income (loss)	(4,813)	(8,366)	(9,239)	(18,136)
Net income attributable to non-controlling interests	0	159	126	159
Net loss attributable to Shimmick Corporation	$ (4,813)	$ (8,525)	$ (9,365)	$ (18,295)
Net loss attributable to Shimmick Corporation per common share
Basic	$ (0.12)	$ (0.25)	$ (0.25)	$ (0.53)
Diluted	$ (0.12)	$ (0.25)	$ (0.25)	$ (0.53)

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jul. 03, 2026	Jul. 04, 2025
Cash Flows From Operating Activities
Net loss	$ (9,239)	$ (18,136)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation	1,903	3,318
Depreciation and amortization	5,750	6,709
Equity in earnings of unconsolidated joint ventures	(2,145)	(539)
Return on investment in unconsolidated joint ventures	221	2,798
Gain on sale of assets, net	(2,099)	(70)
Other	2,616	445
Changes in operating assets and liabilities:
Accounts receivable, net	(1,135)	(3,548)
Contract assets	(12,261)	6,635
Accounts payable	435	10,593
Contract liabilities	(7,518)	(48,618)
Accrued expenses	(250)	1,220
Other assets and liabilities	(905)	(2,794)
Net cash used in operating activities	(24,627)	(41,987)
Cash Flows From Investing Activities
Purchases of property, plant and equipment	(652)	(892)
Proceeds from sale of assets	2,350	118
Return of investment in unconsolidated joint ventures	0	2,825
Net cash provided by investing activities	1,698	2,051
Cash Flows From Financing Activities
Borrowings on credit and loan agreements	32,514	56,558
Repayments on credit and loan agreements	(27,003)	(28,329)
Net proceeds from underwritten equity offering	13,991	0
Distributions to non-controlling interests	(126)	0
Other	(217)	(1,421)
Net cash provided by financing activities	19,159	26,808
Net decrease in cash, cash equivalents and restricted cash	(3,770)	(13,128)
Cash, cash equivalents and restricted cash, beginning of period	21,859	35,795
Cash, cash equivalents and restricted cash, end of period	18,089	22,667
Reconciliation of cash, cash equivalents and restricted cash to the Condensed Consolidated Balance Sheets
Cash and cash equivalents	16,875	21,393
Restricted cash	1,214	1,274
Total cash, cash equivalents and restricted cash	$ 18,089	$ 22,667

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jul. 03, 2026	Jan. 02, 2026
CURRENT ASSETS
Cash and cash equivalents	$ 16,875	$ 19,969
Restricted cash	1,214	1,890
Accounts receivable, net	31,314	30,179
Contract assets, current	122,537	110,276
Prepaids and other current assets	13,221	13,067
TOTAL CURRENT ASSETS	185,161	175,381
Property, plant and equipment, net	6,745	10,571
Intangible assets, net	2,803	4,091
Lease right-of-use assets	16,146	16,466
Investment in unconsolidated joint ventures	13,721	11,866
Other assets	360	388
TOTAL ASSETS	224,936	218,763
CURRENT LIABILITIES
Accounts payable	69,977	69,542
Contract liabilities, current	46,243	53,760
Accrued expenses	33,922	34,172
Current portion of long-term debt, net	2,442	4,143
Other current liabilities	32,398	34,499
TOTAL CURRENT LIABILITIES	184,982	196,116
Long-term debt, less current portion, net	69,947	60,316
Lease liabilities, non-current	10,664	11,913
Contract liabilities, non-current	384	453
Contingent consideration	5,399	5,203
Other liabilities	3,882	1,402
TOTAL LIABILITIES	275,258	275,403
Commitments and Contingencies (Note 11)
STOCKHOLDERS' DEFICIT
Common stock, $0.01 par value, 100,000,000 shares authorized as of July 3, 2026 and January 2, 2026; 41,335,823 and 36,035,559 shares issued and outstanding as of July 3, 2026 and January 2, 2026, respectively	414	360
Additional paid-in-capital	62,424	46,795
Retained deficit	(113,160)	(103,795)
Non-controlling interests	0	0
TOTAL STOCKHOLDERS' DEFICIT	(50,322)	(56,640)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT	$ 224,936	$ 218,763