Q1 2024 Shimmick Corp Earnings Call Transcript
Key Points
- Shimmick Corp secured two significant projects in the first quarter, enhancing its project portfolio and demonstrating its capability in securing new business.
- The company has a robust pipeline of future work valued at approximately $1 billion, indicating potential for future growth and revenue generation.
- More than 75% of Shimmick Corp's work is generated from repeat customers, highlighting strong customer relationships and a reliable revenue base.
- Shimmick Corp is transitioning to a more asset-light, higher-margin business model, focusing on water infrastructure projects which are expected to benefit from increased federal funding.
- The company successfully entered into transactions expected to raise $39 million, enhancing liquidity and financial flexibility.
- Shimmick Corp reported a net loss of $33 million and an adjusted EBITDA loss of $24 million in the first quarter, indicating financial challenges.
- The company experienced negative gross margins due to cost overruns on legacy projects and additional legal fees, impacting profitability.
- Shimmick Corp is in the process of negotiating a waiver of default under its credit facility, reflecting potential issues with financial covenants.
- There was a significant decline in revenue from legacy and foundation drilling projects, contributing to the overall poor financial performance.
- The company faces ongoing challenges with labor shortages and price inflation, which could impact project costs and timelines.
Greetings, and welcome to SurModics' First Quarter 2024 earnings conference call. At this time, all participants are in listen only mode. If anyone should require operator assistance during the conference please press star then zero on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Andrea Rasmus with Investor Relations at CME.
Please go ahead, sir.
Good afternoon, and thank you for joining us on today's conference call to discuss Genetics First Quarter 2024 results. Slides for today's presentation are available on the Investor Relations section of our website, www.arinet.com.
During this conference call, management will make forward-looking statements based on current expectations and assumptions, which are subject to risks and uncertainties. Actual results could differ materially from our forward-looking statements. If any of our key assumptions are incorrect, We identify
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