Shimmick Corp (NASDAQ: SHIM) is a construction and infrastructure company that builds and rehabilitates water, transportation, and energy infrastructure projects primarily for government clients. Revenue is generated on a contract basis, with work earned as construction progresses on fixed-price, cost-plus, and time-and-material arrangements. Project costs consist primarily of payroll, equipment, and materials, and Shimmick self-performs many contracts to control execution costs. As of January 2, 2026, the company carried a backlog of approximately $793 million, concentrated mostly in California with ongoing projects in five other states. The company reported a net loss of $25 million for the fiscal year ended January 2, 2026, an improvement of $100 million from the prior year. Capital structure includes a $15 million credit facility with ACF FINCO I LP maturing March 2028 and a $15 million loan with Ansley Park Capital LLC maturing April 2031 at 12.50% per annum. The business is heavily dependent on government infrastructure spending at the federal, state, and local levels.

Revenue model

Contract-based revenue recognized as construction progresses, under fixed-price, cost-plus, and time-and-material contract structures. Backlog represents unearned revenue on awarded contracts, including Shimmick's pro-rata share of unconsolidated joint venture work.

Products and services

Water infrastructure construction and rehabilitation (dams, levees, flood control, water availability); mass transit construction (light rail, bus rapid transit); autonomous transportation solutions (personal rapid transit, fixed guideway people movers); intelligent transportation technology implementation; electric vehicle fleet facility modifications for transit agencies and municipalities; renewable energy component integration; data center construction support.

Customers and end markets

Primarily governmental entities at the federal, state, and local levels. End markets include water infrastructure, flood control, transportation and mobility, and energy transition. Government spending levels and infrastructure funding priorities are the primary demand drivers.

Value-chain role

General contractor and self-performing construction company. Executes infrastructure projects directly, with participation in unconsolidated and consolidated joint ventures for certain projects.

Geographic exposure

Primarily California, with ongoing projects in five additional U.S. states as of January 2, 2026.

Source: SEC 10-K, filed 2026-03-13

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