Shimmick Corp (SHIM) 2025 Q4 法說會逐字稿

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Good afternoon, and thank you for joining us on today's conference call to discuss Shimmick's fourth-quarter and full-year 2025 results. Slides for today's presentation are available on the Investor Relations section of the website, www.shimmick.com.

各位下午好，感謝各位參加今天的電話會議，討論 Shimmick 2025 年第四季及全年業績。今天簡報的投影片可於公司網站 www.shimmick.com 的投資人關係專區取得。

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.

在本次電話會議中，管理層將基於目前的預期與假設作出前瞻性陳述，而這些陳述受風險與不確定性影響。若我們的任何關鍵假設不正確，實際結果可能與前瞻性陳述存在重大差異。

We identified the principal risks and uncertainties that may affect our performance in our reports and filings with the Securities and Exchange Commission, which can also be found on our Investor Relations website. We do not undertake a duty to update any forward-looking statements.

我們已在提交給美國證券交易委員會（SEC）的報告與申報文件中，說明可能影響公司表現的主要風險與不確定性；相關文件亦可於投資人關係網站查閱。我們不承擔更新任何前瞻性陳述之義務。

Today's presentation also includes references to non-GAAP financial measures. You should refer to the information contained in the company's fourth-quarter press release for definitional information and reconciliations of historical non-GAAP financial measures to comparable GAAP financial measures.

今天的簡報亦包含對非 GAAP 財務衡量指標的引用。關於定義資訊，以及歷史非 GAAP 財務衡量指標與可比較 GAAP 財務衡量指標之調節表，請參閱公司第四季新聞稿所載資訊。

With that, it's my pleasure to turn the call over to Ural Yal, Shimmick CEO.

接下來，我很榮幸將電話會議交給 Shimmick 執行長 Ural Yal。

Good afternoon, and thank you all for joining us on today's call. I'm joined by Todd Yoder, Shimmick CFO. Before I get started, I would like to recognize the women and men who work at Shimmick, safely and effectively delivering the projects we take on as good stewards of the communities where we work. Our work is supporting our nation's infrastructure, and we are all very proud of it.

各位下午好，感謝大家參加今天的電話會議。與我一同出席的還有 Shimmick 財務長 Todd Yoder。在開始之前，我想向 Shimmick 的全體同仁致意；他們以安全且有效率的方式交付我們承接的專案，並以負責任的態度善盡我們在工作所在地社區的管理者角色。我們的工作正在支持國家基礎建設，對此我們都深感自豪。

With that, I'm going to start by discussing our financial results for 2025. We finished 2025 strong and in line with our expectations in what was largely a transformational year for Shimmick. We made meaningful progress on the strategic priorities we introduced at the beginning of the year.

接著，我將先談談我們 2025 年的財務表現。我們以強勁的態勢結束 2025 年，整體結果符合預期；對 Shimmick 而言，這一年在很大程度上是轉型的一年。我們在年初提出的策略重點上取得了實質進展。

As a reminder, our strategy remains centered on three pillars: one, growing the top line by bidding, winning and strategic risk balance work aligned with our expertise; two, completing and winding down legacy low-margin noncore projects; and three, driving operational improvements to deliver consistent margins and improved G&A leverage.

提醒各位，我們的策略仍聚焦於三大支柱：第一，透過投標、得標，以及在與我們專業相符的工作中進行策略性的風險平衡，以推動營收成長；第二，完成並逐步結束過往遺留的低毛利、非核心專案；第三，推動營運改善，以交付穩定的利潤率並提升一般及行政費用（G&A）槓桿效益。

We made substantial progress across all three pillars throughout the year and still believe we are in the early stages of the new Shimmick we're building. These priorities have strengthened our business fundamentally, evident by our 2025 results.

我們在全年三大支柱上都取得了顯著進展，並且仍相信我們正處於打造「新 Shimmick」的早期階段。這些優先事項從根本上強化了我們的業務，而這也反映在我們 2025 年的成果之中。

As we turn to our 2025 results, for the full year, we delivered a consolidated revenue of $493 million 7% gross margin and adjusted EBITDA of $5 million. Full-year 2025 Shimmick projects revenue was $395 million (sic – see slide 9, "$397 million") , a 12% increase year over year. These projects now represented 75% of our total revenue in 2025, highlighting the concentration of activity on more strategic work. In turn, we expanded our gross margin on Shimmick projects to 10%, a 400 basis point improvement over last year.

回到 2025 年的成果，全年我們實現合併營收 4.93 億美元、毛利率 7%，以及調整後 EBITDA 500 萬美元。2025 全年Shimmick 專案營收為 3.95 億美元（原文誤植 – 見投影片 9，「3.97 億美元」），年增 12%。這些專案在 2025 年已占我們總營收的 75%，凸顯我們的活動更集中於較具策略性的工作。同時，我們將 Shimmick 專案的毛利率提升至 10%，較去年改善 400 個基點。

For our noncore projects, 2025 revenue was $96 million compared to $125 million in reflecting our focus on effectively advancing the wind down of these projects. We also maintained a strong liquidity position, finishing the year with a total liquidity of $44 million. As you can see from our fiscal year results, we've made substantial progress executing our plan, specifically narrowing our focus to projects that leverage our core strengths.

至於非核心專案，2025 年營收為 9,600 萬美元，相較於 1.25 億美元，反映我們專注於有效推進這些專案的收尾退出。我們也維持強勁的流動性部位，年末總流動性達 4,400 萬美元。從我們的會計年度結果可見，我們在執行計畫方面取得了重大進展，特別是將重心收斂至能發揮核心優勢的專案。

Now I'd like to spend some time speaking about that progress, providing an update on our wins, what are we seeing in the market and the operational improvements we are making.

接下來我想花一些時間談談這些進展，更新我們的得標情況、我們在市場上看到的趨勢，以及我們正在推動的營運改善。

As we look at the market today, our momentum continues to build. Our core markets are continuing to see consistent investment and we're able to selectively bid projects that advance our strategy. This means we are increasingly able to improve our resilience by diversifying our customer base, focusing on growth markets geographically and lowering the risk profile of our book of work.

就目前市場而言，我們的動能持續增強。我們的核心市場仍持續獲得穩定投資，使我們能有選擇性地投標、承接能推進策略的專案。這也意味著我們愈來愈能透過客戶基礎多元化、在地理上聚焦成長型市場，以及降低在手工程的風險輪廓，來提升公司的韌性。

Our backlog has grown meaningfully and remains well above a 1:1 book-to-burn ratio, which is an important indicator of the underlying strength in demand and our ability to win. We expect our book-to-burn ratio in the first quarter of 2026 to remain well above 1 as well, reinforcing the trajectory we've been on.

我們的在手訂單（backlog）顯著成長，且仍遠高於 1:1 的 book-to-burn 比率；這是衡量需求基本面強勁以及我們得標能力的重要指標。我們預期 2026 年第一季的 book-to-burn 比率也將維持遠高於 1，進一步強化我們一路走來的成長軌跡。

Looking ahead to 2026, our pipeline volumes continue to be a real strength, allowing us to grow our revenues and margins while being strategic about what we pursue. Our wins in this quarter, some of which you are seeing on the screen continue to be aligned with our strategy and reflect the strength of the market.

展望 2026 年，我們的商機管線量（pipeline volumes）仍是重要優勢，使我們能在策略性選擇追求標的的同時，提升營收與利潤率。本季的得標案（部分您可在螢幕上看到）持續與我們的策略一致，並反映市場的強勁。

Our bidding activity has translated directly into backlog growth, which has increased to $793 million at the end of our fiscal year with $139 million in new awards and ended up near the numbers we started the year with, which shows the stabilization of our backlog as we continue to complete noncore projects. Additionally, we've been awarded contracts with $128 million that added to our backlog so far in 2026.

我們的投標活動直接轉化為在手訂單成長；在會計年度末，在手訂單增至 7.93 億美元，新增得標金額 1.39 億美元，並且最終接近我們年初的水準，顯示在我們持續完成非核心專案的同時，在手訂單已趨於穩定。此外，2026 年迄今我們已獲得合約金額 1.28 億美元，並已納入在手訂單。

And lastly, after the year concluded, we've been selected as a preferred bidder on projects totaling $234 million with projects that are predominantly in our core sectors of water and electrical construction and are mostly located in California and Texas. We are currently negotiating these contracts or waiting for awards from our clients which we expect to happen over the upcoming weeks and months.

最後，在年度結束後，我們被選為總計 2.34 億美元專案的優先投標人（preferred bidder）；這些專案主要位於我們的核心領域——水務與電力工程施工，且多數位於加州與德州。目前我們正就這些合約進行協商，或等待客戶正式授標；我們預期將在未來數週至數月內發生。

From a commercial standpoint, the market environment looks relatively unchanged from last quarter with a strong income backlog, a healthy pipeline of new work and several pending items we expect to convert over the next quarter or two. Our overall 24-month pipeline remains robust, supporting $600 million to $1 billion of bidding volumes per month.

從商務面來看，市場環境與上季相比變化不大：在手訂單帶來強勁的收入支撐、新案源管線健康，且有數個待決事項預期在未來一到兩季轉為實質訂單。我們整體 24 個月的管線仍然強勁，支撐每月 6 億至 10 億美元的投標量。

Last year, we explained our approach to position Shimmick to compete and win in collaborative delivery markets. Those efforts are now paying off. This quarter, we expect to announce our first progressive design-build awards since I joined Shimmick. A milestone that reflects the credibility built and the value we bring to owners through early engagement and partnership. This project is valued at approximately $55 million located in Southern California and will allow us to bring our expertise in waste water treatment as well as specialty electrical work.

去年我們說明了如何讓 Shimmick 在協作式交付（collaborative delivery）市場中具備競爭與得標能力的做法。這些努力如今開始見到成果。本季我們預期將宣布自我加入 Shimmick 以來的首個漸進式設計—建造（progressive design-build）得標案。這是一個里程碑，反映我們透過早期參與與合作所建立的可信度，以及我們為業主帶來的價值。該專案價值約 5,500 萬美元，位於南加州，將使我們能發揮在廢水處理以及專業電力工程方面的專長。

Instead of competing through a little bit contracting, we will be working with the client to provide value through the preconstruction phase, building trust and alignment before construction begins. We expect to negotiate the construction contract at the end of 2026 with the construction beginning in '27. This is exactly the kind of work we want to be doing. It derisks the business improves predictability and aligns our interest with the client from day one.

我們不再只是透過傳統承攬方式競爭，而是將在施工前期（preconstruction phase）與客戶合作提供價值，在開工前建立信任與一致性。我們預期在 2026 年底協商施工合約，並於 2027 年開始施工。這正是我們希望承作的工作類型。它能降低業務風險、提升可預測性，並讓我們從第一天起就與客戶利益一致。

Another collaborative contracting method we are focused on is construction manager, general contracting, the CMGC method. We have completed a few of these projects in the past and continue to see strong momentum in our pipeline for these lower-risk projects.

我們另一個聚焦的協作式承攬方式是施工經理／總承包（construction manager, general contracting），亦即 CMGC 模式。我們過去已完成過幾個此類專案，並持續在管線中看到這些較低風險專案的強勁動能。

One such project, an estimated $200 million effort that supports [boss] infrastructure as Los Angeles prepares for the 2028 Olympics, is approaching the construction phase. We expect to announce this milestone in the second quarter and start construction shortly thereafter.

其中一個專案為估計 2 億美元的工程，支援洛杉磯為 2028 年奧運所做的基礎建設準備，正接近施工階段。我們預期在第二季宣布此里程碑，並在不久後開始施工。

We're also progressing a number of opportunities in higher-growth verticals. The data center market continues to evolve quickly and while we're not yet in a position to announce a new contract, we are actively pursuing several meaningful opportunities. These include potential engagements with large operators in Texas, Washington and Nevada. And should any of these materialize, they would represent significant contributions to our pipeline.

我們也在若干高成長垂直領域推進多項機會。資料中心市場持續快速演變；雖然我們尚未能宣布新合約，但正積極追求數個具規模的機會。其中包括與德州、華盛頓州及內華達州大型營運商的潛在合作。若其中任何一項落地，將為我們的商機管線帶來顯著貢獻。

I've talked about pairing the pipeline improvements with operational improvements over the last year. We are making progress on that front as well. We believe we can support strong top-line growth with our significant increases to our SG&A spend, and we continue to adapt and transform how we do business and use those SG&A dollars effectively.

在過去一年裡，我一直談到要將管線改善與營運改善相互搭配。我們在這方面也正在取得進展。我們相信，透過大幅增加我們的SG&A支出，我們能夠支撐強勁的營收成長，同時我們也持續調整並轉型我們的營運方式，並有效運用這些SG&A資金。

We've strengthened our project controls enhanced our procurement capabilities and expanded the use of Power BI and other AI-based analytical tools to improve visibility, decision-making and accountability across the organization, spending all of our critical functions like safety, quality and human resources.

我們已強化專案控管、提升採購能力，並擴大使用Power BI及其他以AI為基礎的分析工具，以提升全組織的可視性、決策品質與問責性，涵蓋我們所有關鍵職能，例如安全、品質與人力資源。

In project controls, we now have the capability to manage a much larger number of contracts with a higher level of rigor. The structure we put in place allows us to scale without sacrificing control, which is critical as our backlog continues to grow.

在專案控管方面，我們現在具備以更高嚴謹度管理更多合約的能力。我們建立的架構讓我們能在不犧牲控管的情況下擴張規模；隨著我們的在手訂單持續成長，這一點至關重要。

On the procurement side, we've added expertise and systems that significantly derisks the business. We are improving risk management or one of the biggest cost drivers in our operations with more discipline and transparent oversight across the company. This gives us the ability to manage supply relationships more strategically and ensure we're extracting real value from our spend.

在採購方面，我們新增了專業人才與系統，顯著降低了業務風險。我們正以更高紀律與更透明的全公司監督機制，改善風險管理——這也是我們營運中最大的成本驅動因素之一。這使我們能更具策略性地管理供應關係，並確保我們的支出能真正創造價值。

We've also made real progress on the talent front. Our attrition rates continue to move in the right direction, which is a direct reflection of the work our teams are doing to strengthen employee experience and create a more supportive and performance-driven environment. Retaining top down is critical to executing our long-term strategy. And the data we're seeing gives us confidence that we're on the right track.

我們在人才方面也取得了實質進展。我們的離職率持續朝正向方向改善，這直接反映出各團隊在強化員工體驗、打造更具支持性且以績效為導向的環境方面所做的努力。留住頂尖人才對於執行我們的長期策略至關重要。而我們看到的數據讓我們有信心，我們正走在正確的道路上。

In short, the market remains healthy. Our competitive position continues to strengthen and our backlog and pipeline dynamics are moving in the right direction. We are operating with greater efficiency, executing with more discipline and building the foundation for sustained growth.

總而言之，市場仍然健康。我們的競爭地位持續強化，在手訂單與管線動能也正朝正向方向發展。我們以更高效率運作、以更高紀律執行，並為持續成長奠定基礎。

With that, I'd like to turn to Todd, who will review our financials in more detail.

接下來，我想把時間交給Todd，他將更詳細地回顧我們的財務表現。

Thank you for joining us today. We're pleased to report another solid quarter and a strong full-year performance that reflects the operational improvements and disciplined execution you all outlined earlier.

感謝各位今天加入我們。我們很高興報告本季再度交出穩健的一季，以及強勁的全年表現，這反映了各位先前所提到的營運改善與有紀律的執行。

Before I dive into the numbers, I want to thank the entire Shimmick team. Your focus on safety, your commitment to quality and your consistency in executing with excellence have all played a critical role in our results this year. Thank you for everything you do.

在我深入數字之前，我想感謝整個Shimmick團隊。你們對安全的重視、對品質的承諾，以及持續以卓越標準執行的穩定性，都在今年的成果中扮演了關鍵角色。感謝你們所做的一切。

With that, let's jump into the financial results, beginning with slide 8. As a reminder, all comparisons made today will be on a year-over-year basis as compared to the same period in 2024, unless otherwise noted.

接下來我們進入財務結果，從第8頁投影片開始。提醒一下，除非另有說明，今天所有比較皆為年對年，並與2024年同期間相比。

Shimmick project revenue for Q4 2025 was $84 million, up 4% compared to $81 million in Q4 of 2024. The net increase of $3 million was primarily driven by our new projects ramping up. Noncore project revenue for Q4 '25 was $16 million, down $24 million as compared to Q4 2024.

2025年第四季Shimmick專案營收為8,400萬美元，較2024年第四季的8,100萬美元成長4%。淨增加的300萬美元主要來自我們新專案的逐步放量。2025年第四季非核心專案營收為1,600萬美元，較2024年第四季減少2,400萬美元。

This is reflective of the fact we have less noncore in our backlog to burn off, this year versus prior year. And I will point out that noncore projects in total were close to 90% complete ending 2025. Shimmick consolidated total revenue for Q4 '25 was $100 million as compared to $104 million in the prior year.

這反映出相較前一年，我們今年在手訂單中可消化的非核心專案較少。我也要指出，截至2025年底，非核心專案整體已接近90%完工。2025年第四季Shimmick合併總營收為1億美元，較前一年的1.04億美元為低。

Moving on to gross margin. Shimmick project gross margin was $10 million for Q4 '25 of $8 million or 400% compared to $2 million in Q4 '24. Gross margin as a percentage of revenue was 12% for Q4 2025 versus 3% in Q4 of 2024. The $8 million increase in gross margin was driven by $6 million from new awards and $2 million from existing projects.

接著看毛利率。2025年第四季Shimmick專案毛利為1,000萬美元，較2024年第四季的200萬美元增加800萬美元，增幅為400%。以營收百分比計，2025年第四季毛利率為12%，而2024年第四季為3%。毛利增加的800萬美元中，600萬美元來自新得標案，200萬美元來自既有專案。

Noncore project gross margin was flat for Q4 2025 as compared to negative $23 million for Q4 of 2024. The $23 million increase in gross margin was driven by cost overruns on noncore loss projects during Q4 of 2024 that did not recur this year.

2025年第四季非核心專案毛利與去年同期相比持平；而2024年第四季為負2,300萬美元。毛利增加的2,300萬美元主要是因為2024年第四季非核心虧損專案的成本超支在今年未再發生。

Shimmick consolidated total gross margin for Q4 2025 was $10 million. up $31 million compared to a negative $21 million gross margin in Q4 of 2024. Total gross margin as a percentage of revenue improved to 10%, from a negative 20% in Q4 of 2024.

2025年第四季Shimmick合併總毛利為1,000萬美元，較2024年第四季負2,100萬美元的毛利增加3,100萬美元。總毛利率提升至10%，而2024年第四季為負20%。

G&A expense for Q4 2025 was $11 million, favorable 32% were $5 million as compared to $16 million of G&A in Q4 of 2024. The favorable impact was the result of our continued transformation of the business.

2025年第四季G&A費用為1,100萬美元，較2024年第四季的1,600萬美元減少500萬美元，改善32%。這項有利影響源自我們持續推動的業務轉型。

Net loss for Q4 2025 was $3 million, favorable $37 million as compared to a net loss of $38 million in Q4 of 2024. Adjusted EBITDA for Q4 '25 was $4 million as compared to negative $27 million in Q4 of '24. The improvement was primarily driven by the increase in gross margin combined with the decrease in SG&A.

2025年第四季淨損為300萬美元，較2024年第四季淨損3,800萬美元改善3,700萬美元。2025年第四季調整後EBITDA為400萬美元，而2024年第四季為負2,700萬美元。改善主要來自毛利增加，並結合SG&A下降。

Turning to liquidity. If you recall, we ended Q3 '25 with $48 million of liquidity. We ended Q4 2025 with liquidity of $44 million. The $44 million consisted of unrestricted cash and cash equivalents of $20 million and availability under our credit agreements totaled $24 million. We remain comfortable that our liquidity position provides the capital needed to continue executing on our strategic and operational priorities.

接著談流動性。如各位所記得，我們在2025年第三季末的流動性為4,800萬美元。我們在2025年第四季末的流動性為4,400萬美元。這4,400萬美元包含2,000萬美元的不受限制現金及約當現金，以及我們信貸協議下可動用額度合計2,400萬美元。我們仍然相信目前的流動性部位足以提供所需資金，以持續推進我們的策略與營運優先事項。

New awards booked during Q4 '25 were $135 million, a sequential increase of more than $39 million from Q3 2025, giving us a book to burn for the quarter of 1.4 times. We ended the quarter with total backlog of $793 million.

2025年第四季新增得標金額為1.35億美元，較2025年第三季序列增加超過3,900萬美元，使本季的接單/營收比（book-to-burn）為1.4倍。本季末我們的在手訂單總額為7.93億美元。

Turning to slide 9 for the 2025 full-year results. Shimmick projects gross margin was $397 million for the year, up $41 million or 12% compared to $357 million (sic – see slide 9, "$356 million") in 2024. Noncore project revenue was $96 million for the year compared to $125 million in 2024. Shimmick consolidated total revenue for 2025 was $493 million, up $13 million or 3% compared to $480 million in 2024.

接著看第9頁投影片的2025年全年結果。Shimmick專案營收全年為3.97億美元，較2024年的3.57億美元增加4,100萬美元，增幅12%（原文誤植：見第9頁投影片，為「3.56億美元」）。全年非核心專案營收為9,600萬美元，而2024年為1.25億美元。2025年Shimmick合併總營收為4.93億美元，較2024年的4.80億美元增加1,300萬美元，增幅3%。

Shimmick project gross margin was $40 million or 10% as a percentage of revenue. This is a $28 million increase compared to $12 million or 3% in 2024. Noncore project gross margin was negative $7 million or negative 7% as a percentage of revenue. This is a $61 million increase compared to negative $68 million in 2024. Shimmick consolidated total gross margin was $34 million for 2025. Making gross margin 7% of revenue overall. This is a $90 million increase compared to negative $56 million gross margin in 2024.

Shimmick專案毛利為4,000萬美元，占營收比重為10%。相較2024年的1,200萬美元（占營收3%），增加2,800萬美元。非核心專案毛利為負700萬美元，占營收比重為負7%。相較2024年負6,800萬美元，增加6,100萬美元。2025年Shimmick合併總毛利為3,400萬美元。使整體毛利率為7%。相較2024年負5,600萬美元的毛利，增加9,000萬美元。

Adjusted net loss was negative $15 million in '25 as compared to negative $81 million in '24. Adjusted EBITDA for 2025 was $5 million, favorable $66 million from negative $61 million adjusted EBITDA in 2024.

2025年調整後淨損為負1,500萬美元，而2024年為負8,100萬美元。2025年調整後EBITDA為500萬美元，較2024年負6,100萬美元的調整後EBITDA改善6,600萬美元。

Again, new awards booked during Q4 2025 were $139 million, a sequential increase of $39 million from Q3, giving us the book-to-burn of 1.4x. We ended the quarter with a total backlog of $793 million. Our backlog mix continues to improve, with Shimmick projects now representing close to 90% of our total backlog ending 2025.

再次說明，2025 年第四季入帳的新得標金額為 1.39 億美元，較第三季依序增加 3,900 萬美元，使我們的 book-to-burn（接單/消化比）達到 1.4 倍。我們在季末的總在手訂單（backlog）為 7.93 億美元。我們的在手訂單組合持續改善，截至 2025 年底，Shimmick 專案目前約占我們總在手訂單的近 90%。

Additionally, we have $128 million in new awards added to backlog as of the close of February 2026. And we have another $234 million of additional new awards that were pending fully executed contracts as of the end of February 2026.

此外，截至 2026 年 2 月底，我們已新增 1.28 億美元的新得標金額納入在手訂單。另外，截至 2026 年 2 月底，尚有 2.34 億美元的新增得標金額仍待完成合約正式簽署（fully executed contracts）。

Turning to slide 10 and our 2026 guide. To set the stage, I want to call out that some Shimmick projects in California and Texas experienced slower burn due to unusual heavy rainfall in California and cold weather in Texas, which limited field activity. In addition, some of our newly awarded contracts have taken a bit longer to ramp up than normal.

接著請看第 10 頁投影片以及我們對 2026 年的指引。先鋪陳一下背景：加州與德州的部分 Shimmick 專案因加州罕見的強降雨與德州寒冷天氣而出現較慢的工程消化進度（burn），限制了現場作業。此外，我們部分新得標合約的啟動（ramp up）時間也比以往稍長。

While these projects experienced some shift to the right, they are back on track. While we anticipate a slower start to the year due to this weather, we expect quarter-over-quarter sequential improvement throughout the year as new project awards ramp up and represent a growing share of our project mix.

雖然這些專案的時程有所往後遞延，但目前已回到正軌。我們預期受天候影響，年初開局會較慢，但隨著新專案得標逐步啟動並在專案組合中占比提高，我們預期全年各季將呈現逐季改善。

We expect Shimmick consolidated revenue to grow between 12% and 22%, 17% at the midpoint, representing approximately $550 million to $600 million of work put in place for the full-year 2026. Adjusted EBITDA is projected to increase between 200% and 500%. That's 350% at the midpoint, putting adjusted EBITDA in the range of $15 million to $30 million for the full year. With that, we are confident 2026 will be a great year for Shimmick.

我們預期 Shimmick 合併營收將成長 12% 至 22%，以中位數計為 17%，代表 2026 全年完成產值（work put in place）約 5.50 億至 6.00 億美元。調整後 EBITDA 預計增加 200% 至 500%。以中位數計為 350%，使全年調整後 EBITDA 落在 1,500 萬至 3,000 萬美元區間。基於以上，我們有信心 2026 年將是 Shimmick 表現非常出色的一年。

I thank you for joining us today and for your interest in Shimmick. Now back to Ural.

感謝各位今天與會並關注 Shimmick。接下來交回給 Ural。

2025 was a pivotal year for Shimmick. We delivered results in line with our expectations, executed with greater discipline and made meaningful progress on the strategic priorities we set out at the beginning of the year.

2025 年對 Shimmick 而言是關鍵的一年。我們交出符合預期的成果，以更高的紀律執行，並在年初所設定的策略優先事項上取得實質進展。

Our focus on bidding and winning strategic risk balance work, winding down legacy noncore projects and driving operational improvements is reshaping the company and setting us up for long-term success. The improvements we're seeing in backlog growth, project execution, talent retention, procurement discipline and project controls, all point out to a business that is operating with more predictability, resilience and focus than a year ago.

我們專注於投標並贏得策略性、風險均衡的工程，逐步收尾既有的非核心傳承專案，並推動營運改善，正在重塑公司並為長期成功奠定基礎。我們在在手訂單成長、專案執行、人才留任、採購紀律與專案控管方面所見到的改善，都顯示相較一年前，公司的營運更具可預測性、韌性與聚焦。

Our pipeline remains robust. Our market backdrop is healthy, and we're winning the right work, work that is aligned with our expertise and our long-term value proposition. While we recognize there is still more work to do, we are moving in the right direction, and our progress in 2025 gives us confidence in our ability to advance our journey to make Shimmick a top infrastructure provider in the market and delivering value to our shareholders.

我們的商機管線（pipeline）仍然強勁。市場環境健康，我們也正在贏得正確的案子——與我們的專業能力及長期價值主張一致的案子。雖然我們也認知仍有更多工作要做，但我們正朝正確方向前進；而 2025 年的進展讓我們對持續推進、將 Shimmick 打造成市場頂尖基礎建設供應商並為股東創造價值的能力更具信心。

We look forward to updating you on our progress as we move forward in 2026. Operator, you may now open the line for questions.

我們期待在 2026 年推進過程中，持續向各位更新我們的進展。接線生，現在可以開放提問。

(Operator Instructions) Gerry Sweeney, Roth.

(接線生指示) Gerry Sweeney，Roth。

I forgot I was going to about video. Otherwise, I would have dressed up a little nice. So anyhow, congratulations, obviously making nice progress continuously push some of the legacy business behind you. And there's a lot of initiatives on the forefront.

我忘了我原本要用視訊。不然我會穿得正式一點。總之，恭喜你們，顯然持續取得不錯的進展，把一些傳承業務逐步拋在身後。而且目前也有很多前端的推動計畫。

So a couple of questions around -- I'm going to use gross margin as sort of the overlying aspect, but some progressive design awards, I think CCG opportunities and electrical opportunities. How does this all play through? And how does that impact margins as we go through 2026?

我有幾個問題——我會以毛利率作為整體切入點，但像是一些漸進式設計（progressive design）得標案、我想還有 CCG 機會以及電力相關機會。這些會如何反映在整體表現上？以及在 2026 年推進過程中，對毛利率會有什麼影響？

Yeah. No, I think overall, gross margins are going to we expect them to go up. It's always a function of the mix of projects, obviously. So however, some projects tend to be closer in the high-teens, some but some projects tend to be in the lower in the teens. But we're going to -- we're watching that balance very carefully to make sure that we're continuously making improvement on the gross margin.

是的。我認為整體而言，我們預期毛利率會上升。當然，這一向取決於專案組合。有些專案毛利率通常接近 10% 後段（high-teens），也有些專案落在 10% 前段（lower teens）。但我們會非常謹慎地觀察這個平衡，確保毛利率能持續改善。

But what you'll also see at the bottom line is, as we grow the revenues, we're very focused on controlling the SG&A around the levels that it is today for 2026. And that's also going to be contributing. It's not just to gross margin, but it's the more efficient SG&A running a larger book of business.

不過你們也會在最終獲利看到，隨著營收成長，我們非常專注於在 2026 年將 SG&A（銷售、一般及行政費用）控制在目前的水準附近。這也會帶來貢獻。不只是毛利率的提升，而是以更有效率的 SG&A 來支撐更大的業務規模。

Got it. I had a question on SG&A, but before I get there. What about just the -- I think you mentioned you were bidding $600 million to $1 billion a month, but how does the backlog look?

了解。我本來也想問 SG&A，但在那之前。關於——我想你提到你們每月投標金額約 6 億到 10 億美元，但在手訂單的狀況如何？

Obviously, I think Texas has been very strong with some of our other companies. I mean there's always water projects to do in California. But what's your visibility and feeling on just the overall spend in sort of the macro environment across your territories?

顯然，德州在我們其他公司那邊表現很強。加州則一直都有水利專案可做。但就你們各個區域的整體支出、宏觀環境而言，你們的能見度與感受如何？

Yeah, it's great. Actually, great question. So really, very focused in California and Texas, like we've been along with the Pacific Northwest. Waterwise, Texas is very active. California is always active, like you mentioned.

是的，非常好。確實是個好問題。我們主要聚焦在加州與德州，並且如同以往也涵蓋太平洋西北地區。就水利而言，德州非常活躍。加州也如你所說，一直都很活躍。

So we're seeing opportunities -- like there's really no shortage of opportunities going in the next 12 to 24 months in that kind of volume. Which then -- we don't need all of it in our win rates, but that gives us to be more selective, more strategic about we really want to be California, Texas, Pacific Northwest and focus on those markets and grow from there.

因此我們看到的機會是——未來 12 到 24 個月，在那樣的量體下，幾乎不缺機會。如此一來——我們不需要在得標率上把所有機會都拿下，但這讓我們能更有選擇性、更具策略性：我們真正想要的是加州、德州、太平洋西北這些市場，並以此為基礎成長。

So it really allows us to -- pick the right jobs with lower competition, maybe higher margins, more strategic for the future. So it's -- as far as kind of overall pipeline perspective, it hasn't let up in the last six months at all.

所以這確實讓我們能——挑選合適的案子：競爭較低、可能毛利較高、且對未來更具策略性。因此——就整體商機管線的角度來看，過去六個月完全沒有降溫。

Then circling back. SG&A came in just shy of $11 million. I think you indicated that maybe that's a good number that you use on at least for 2026.

再回到剛才的問題。SG&A 約略低於 1,100 萬美元。我想你提到這可能是你們至少在 2026 年會採用的一個不錯的數字。

One, I want to see if that's accurate? And then two, how much more revenue can you have prior to maybe starting to invest a little bit more in the SG&A front?

第一，我想確認這是否正確？第二，在你們可能需要開始在 SG&A 端多投入一些之前，營收大概還能增加多少？

Yeah. So I think what we had in 2025 is a reasonable number to assume for 2026, approximately.

是的。我認為 2025 年的水準，大致上可以作為 2026 年的合理假設。

Okay. So the $54.5 million

好的。所以是 5,450 萬美元

Yeah. Somewhere around there. And I think as we do that, the revenues are going to go up. That's what we're guiding.

是的。大概在那個附近。而且我認為在這樣做的同時，營收會上升。這也是我們所給出的指引。

And to the second part of your question, I think we're going to be fine kind of in that range, plus or minus in that mid-50s range up until about [$750 million] honestly.

至於你問題的第二部分，我認為我們在那個區間內——大約 5,000 多萬美元的中段、上下些微浮動——一直到大約 [7.50 億美元] 的規模之前，坦白說都會沒問題。

Okay. Great. Well I color --

好的。很好。嗯，我補充--

I'll just add, Gerry, in '26, in the G&A for the fourth quarter, right, it was a little lower than you saw in previous quarters, but as you model that out for '26, I think that 14 number is a good number, a good run rate.

我再補充一下，Gerry，'26 年第四季的 G&A（一般及行政費用），對吧，確實比你在前幾季看到的略低一些；但當你把它延伸建模到 '26 年時，我認為 14 這個數字是個不錯的數字，是個不錯的常態水準。

Gerry Sweeney, Roth. Apologies.

Gerry Sweeney，Roth。抱歉。

Aaron Spychalla, Craig-Hallum Capital Group.

Aaron Spychalla，Craig-Hallum Capital Group。

Maybe first for me on the guidance for 2026. Can you just kind of talk about some of the puts or takes there, especially on like the EBITDA range? And then just maybe how much of noncore revenue and kind of margin gross profit are you looking for, for the year?

我這邊先從 2026 年的指引開始。你能否談談其中一些拉動或抵銷因素，尤其是像 EBITDA 區間？另外，全年你們預期非核心營收，以及毛利率／毛利大概會是多少？

Yeah, Doug, good question. So yes, so we've simplified the guidance a little bit this time. But looking at the noncore work, we are expecting to burn through pretty much all of it. It's right now about 11% of the backlog. It's going to be very little left, if any, into 2027. So -- and then that's also kind of along the lines of we've booked forward losses on those. So if you're going to assume those at 0%, they're going to continue to kind of impact the overall aggregate margin.

是的，Doug，問得好。所以是的，我們這次把指引稍微簡化了一些。但就非核心工作而言，我們預期幾乎會把它全部消化完。目前它大約占在手訂單的 11%。到 2027 年時，若有的話也只會剩下非常少。所以——而且這也符合我們已經對這些案子提列了預期損失。因此如果你假設它們是 0% 毛利，它們仍會持續對整體彙總毛利率造成影響。

But I think as far as the gross margin, the real key is how fast can we get the new work to be kind of hitting the -- hitting its stride, all these projects won and now starting, how fast can they start generating revenue and margins. That's really the story of 2026 for us.

但我認為就毛利率而言，真正的關鍵是：我們能多快讓新案子開始——開始進入狀態；這些已得標、現在開始啟動的專案，能多快開始產生營收與毛利。這才是我們 2026 年的主軸。

As far as backlog goes, we finished the year almost at where we started. So we've really stabilized very close to where we started. And now with the wins that we've announced today as those contracts come to fruition, we have a clear path to getting over $1 billion in backlog. And it's just going to be a matter of how do we get those jobs going quickly throughout the summer.

就在手訂單而言，我們年底幾乎回到年初的水準。所以我們已經非常接近年初水準地穩定下來。而且隨著我們今天宣布的得標案逐步落地，我們有一條清晰的路徑讓在手訂單超過 10 億美元。接下來就只是：我們如何在整個夏季期間快速把這些工作啟動起來。

Did that answer your question?

這樣有回答到你的問題嗎？

Yeah. No, that was great. And then maybe on the electrical infrastructure side of things, you kind of talked about, I think, in the release and the call, some pending awards on the electrical side of things. So it starts -- it sounds like you're starting to see some traction there.

有。不，那很棒。另外，關於電力基礎設施這一塊，你在新聞稿和電話會議中提到一些電力相關的待決授標。所以聽起來你們開始看到一些進展了。

Maybe just a little bit more color, and I think you noted significant kind of potential there. Just what types of projects and project sizes are you looking for there?

能否再多補充一點細節？而且我記得你提到那邊有相當可觀的潛力。你們在那裡主要在看哪些類型的專案、以及專案規模大概多大？

Yeah. So electrical business -- our electrical business is a low-voltage, medium voltage electrical business that does a variety of sizes of projects. So projects that are very small, $5 million, $10 million all the way to $200 million kind of like more of the larger Shimmick projects. And we're able to do range in that -- up and down in that range.

好的。所以電氣業務——我們的電氣業務是低壓與中壓的電氣業務，承作各種不同規模的專案。從非常小的專案，500 萬、1,000 萬美元，到 2 億美元左右、比較偏大型的 Shimmick 專案。而且我們能在這個區間內上下承作。

Texas is extremely strong. We're bidding a lot of work in Texas, continuing to bid a lot of work in California, continuing to support the larger Shimmick projects with our electrical capabilities. So there's a lot of activity.

德州非常強勁。我們在德州投標很多案子，也持續在加州投標很多案子，並持續以我們的電氣能力支援較大型的 Shimmick 專案。所以活動量很大。

And what I'm tracking every month is that the amount of Axia work we're bidding is becoming a higher percentage of the overall bids pretty much every month. So I think it's just a matter of time. We're really hitting our stride now on the bidding side. We're going to see some serious increase in our backlog for Axia work, and that will translate to revenue in a quarter or two.

而我每個月在追蹤的是：我們投標的 Axia 工作量，占整體投標的比重幾乎每個月都在提高。所以我認為這只是時間問題。我們現在在投標端真的開始進入狀態。我們會看到 Axia 工作的在手訂單顯著增加，而這會在一到兩個季度內轉化為營收。

Good. And then on the legacy or the noncore projects, good kind of execution this quarter, and it sounds like they're 90% wrapped up. You just kind of talk about it. It seems like you have a good handle on ramping those up. But maybe just a little bit of color there would be helpful.

很好。另外，關於既有或非核心專案，本季執行得不錯，而且聽起來已經完成了 90%。你剛剛也稍微提到。看起來你們對於把這些案子收尾有很好的掌握。但如果能再多補充一點細節會很有幫助。

Yeah. I mean we're moving along. It's really two projects at this point that are active, that's left. And we're going to get through those this year.

是的。我的意思是，我們正在持續推進。目前實際上只剩下兩個仍在進行中的專案。我們今年會把它們處理完。

The end of these larger kind of more complicated projects, there are always some risk at the end of them to close them out and cost overruns, but we're managing it. And we're pretty comfortable that we're going to -- that's going to really start decreasing as part of our revenue, especially in the second half of this year.

這些較大型、較複雜專案的尾端，在結案時總是會有一些風險與成本超支的可能，但我們正在管理。而且我們相當有信心——這部分占我們營收的比重會開始明顯下降，尤其是在今年下半年。

Yeah. I would just add, it was nice to see flat gross margin, which you would expect to see outside of some minor costs related to legal and other factors. But these are noncore loss projects, right? with zero margin. But when you look at our total gross margin over the year, quarter over quarter, 4%, 6%, 8%, 10%.

是的。我再補充一下，很高興看到毛利率持平；除了與法律及其他因素相關的一些小額成本外，這也是你會預期看到的。但這些是非核心虧損專案，對吧？毛利為零。但當你看我們全年總毛利率，逐季是 4%、6%、8%、10%。

So you see as that like you all mentioned the mix, right? So noncore is becoming such a small percentage of the mix. And especially given the strong wins with $330 million in new awards in the second half and already starting just through February, right, with $128 million and $234 million pending. So it's a step change, right? And so we'll see that favorable mix throughout '26.

所以你會看到，正如大家提到的組合效應，對吧？非核心占比正在變成組合中非常小的一部分。而且特別是考量到下半年新增授標 3.30 億美元的強勁得標，以及到 2 月為止就已經有 1.28 億美元，並且還有 2.34 億美元待決，對吧？所以這是一個階躍式的變化，對吧？因此我們會在 '26 年全年看到這種有利的組合。

There are no more questions at this time. I'd now like to turn the call over to Ural for closing remarks.

目前沒有更多問題。接下來我想把電話會議交給 Ural 做結語。

We've had another strong quarter and a strong year to finish 2025. It was a year of change for Shimmick, and we've made a lot of operational improvements and made a lot of progress in getting through the noncore projects. So we're very optimistic about 2026 and beyond for our company. And these new awards that we've announced and booked are a good indication of that as we shift towards more of the work that we won in a risk balanced and effective way.

我們又度過了一個強勁的季度，也以強勁的一年結束了 2025 年。對 Shimmick 而言，這一年是變革的一年；我們做了許多營運改善，也在推進非核心專案的處理上取得了很大進展。因此我們對 2026 年及之後非常樂觀。而我們所宣布並入帳的這些新授標，是一個很好的指標，顯示我們正以風險更平衡且更有效的方式，轉向更多我們贏得的工作。

Our margins are going to improve and both bottom line and top line. So we're really looking forward to a great 2026. Thank you all for joining.

我們的利潤率將會改善，無論是底線還是營收規模。所以我們非常期待 2026 年會是很棒的一年。感謝各位參與。