Shimmick Corporation (SHIM)

Shimmick Corp. went public on November 14, 2023, at $7.00 per share. As of March 18, 2026, the stock price was $2.97 per share, and on March 23, 2026, it was $3.10 per share, with a 52-week trading range between $1.30 and $4.47. In Q3 2025, Shimmick reported a 15% year-over-year decrease in total revenue, but core project revenue increased by 6%, leading to a stock surge despite missing EPS forecasts. On March 12, 2026, Shimmick announced its Q4 and Fiscal Year 2025 results, with Q4 2025 revenue at $100 million and full-year 2025 revenue at $493 million, a 3% increase from 2024. As of January 2, 2026, Shimmick's project backlog stood at $793 million. On March 17, 2026, Shimmick announced securing $256 million in new infrastructure projects for water systems in California and Texas. Management anticipates that new awards and pending contracts will further boost near-term backlog and improve margins, projecting consolidated revenue between $550 million and $600 million and Adjusted EBITDA between $15 million and $30 million for 2026.

Shimmick Corp.'s business experiences demand seasonality, primarily influenced by weather conditions. Revenue is typically lowest in the first quarter of the year due to challenging weather conditions. Second-quarter revenue usually sees an increase as some projects commence. The third quarter generally records the highest revenue due to more favorable operating conditions. The company's revenue mix, with approximately 80% derived from government-funded projects, provides a degree of insulation from the cyclicality often seen in private real estate markets. Shimmick benefits from federal funding, such as the IIJA, for its water and transit projects. Current demand for water and electrical infrastructure is particularly strong in California and Texas, and the company's electrical business, Axia, is seeing increasing bid volumes across water, manufacturing, and data center markets.

Shimmick Corp. specializes in critical infrastructure solutions across the United States, focusing on heavy civil construction and turnkey infrastructure solutions for water, energy, climate resiliency, and sustainable transportation markets. The company's major products and services include water infrastructure (water treatment, wastewater treatment, desalination plants, water resources, dams, levees, flood control systems, pump stations, coastal protection, and water storage and conveyance systems), transportation (mass transit systems, bridges, highways, and airports), energy transition (renewable energy components, hydroelectric power generation, and data center construction), climate resilience (infrastructure to withstand severe weather events, flood protection, and environmental projects), and other critical infrastructure (military infrastructure projects). Shimmick offers full-spectrum construction and engineering services, including project planning, design, construction, and maintenance, with significant self-performance capabilities and an electrical division, Axia Electric LLC.

Shimmick Corp. primarily operates in the United States, with a strong presence in West Coast markets, particularly California. The company has strategically diversified its operations into the Southeast, notably Florida, and the Pacific Northwest, including Washington and Oregon. As of January 2, 2026, the company had ongoing projects in six other states: Tennessee, Texas, Wyoming, Idaho, Hawaii, and Washington. Its strategic expansion targets states that are receiving significant allocations from the federal Infrastructure Investment and Jobs Act (IIJA).

Shimmick Corp. maintains a generally positive brand reputation as a leader in heavy civil construction and critical infrastructure solutions. The company is consistently ranked among top contractors in its specialized fields. The company emphasizes safety, reporting a 2025 total recordable incident rate of 1.39 and a 33.3% reduction in lost-time incidents compared to 2024. Shimmick's mission is centered on innovation, quality, and client satisfaction. In May 2024, Shimmick announced a resolution to an ongoing lawsuit with AECOM related to its divestiture.

Shimmick Corp. is a publicly held company with a mixed ownership structure. Institutional investors hold approximately 2.57% to 2.85% of the company's stock, while insiders hold a significant portion, ranging from 60.18% to 82.43%. Retail investors, along with public companies and individual investors, hold between 15.00% and 37.46%. Major institutional owners include Pacific Ridge Capital Partners, LLC, Thompson Davis & Co., Inc., 1492 Capital Management LLC, Geode Capital Management, Llc, Vanguard Group Inc, Citadel Advisors Llc, Sei Investments Co, Avanza Fonder AB, State Street Corp, and Rsm Us Wealth Management Llc. Mitchell B. Goldsteen is the largest individual shareholder, owning 20.97 million shares, which represents 58.12% of the company. Oroco Capital remains a significant private equity stakeholder, and AECOM also holds a substantial stake, with 21.46% of shares. CEO Steve Richards and other Shimmick executives maintain direct share ownership.