Shimmick Corp (SHIM) 2026 Q1 法說會逐字稿

Good afternoon, and thank you for joining us on today's conference call to discuss Shimmick's first-quarter 2026 results. Slides for today's presentation are available on the Investor Relations section of our website, www.shimmick.com.

下午好，感謝各位參加今天的電話會議，討論 Shimmick 2026 年第一季業績。今日簡報投影片可於我們網站 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. We identify 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 any duty to update any forward-looking statements.

在本次電話會議中，管理團隊將基於目前的預期與假設發表前瞻性陳述，該等陳述可能受到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。我們在提交給美國證券交易委員會（SEC）的報告與申報文件中，揭露可能影響我們表現的主要風險與不確定性；相關文件亦可於我們的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 first quarter press release for definitional information and reconciliations of historical non-GAAP measures to the comparable GAAP financial measures.

今日簡報亦包含對非 GAAP 財務衡量指標的引用。請參閱公司第一季新聞稿中所載之定義資訊，以及歷史非 GAAP 指標與可比較之 GAAP 財務指標之調節表。

With that, it's my pleasure to turn the call over to Ural Yal, Shimmick's 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's CFO. As always, I would like to recognize the men and women who work at Shimmick, safely and effectively delivering the projects we take on. We're all very proud of the work we put in every day that makes a real difference in communities across the states we operate in.

下午好，感謝各位參加今天的電話會議。與我一同出席的是 Shimmick 財務長 Todd Yoder。一如既往，我想向在 Shimmick 工作的所有同仁致意，他們以安全且有效率的方式交付我們承接的各項工程。我們都為每天投入的工作感到非常自豪，這些努力在我們營運所在的各州社區中帶來實質的改變。

With that, I'm going to start by discussing our financial results for the first quarter of 2026. I'm pleased to report that we are continuing to make progress on our strategy, which centers around growing our top line by bidding and winning work aligned with our expertise, winding down noncore projects and executing at a high level to deliver consistent margins. For the first quarter, we delivered consolidated revenue of $88 million, 12% gross margin and adjusted EBITDA of approximately $3 million.

接下來，我將先說明 2026 年第一季的財務結果。我很高興報告，我們持續推進以策略為核心的進展：透過投標並贏得與我們專業能力相符的工程來成長營收規模、逐步結束非核心專案，並以高水準執行以交付穩定的利潤率。第一季我們的合併營收為 8,800 萬美元，毛利率 12%，調整後 EBITDA 約 300 萬美元。

We expanded our gross margin on Shimmick projects to 11%, an 89% improvement over last year. We're already seeing increasing monthly top line revenues as the winter weather subsides and new projects start to ramp up. What's important also is the trajectory. We now have secured and continuing to secure backlog that is going to fuel our growth the rest of the year and beyond.

我們將 Shimmick 專案的毛利率提升至 11%，較去年改善 89%。隨著冬季天候影響消退以及新專案開始加速推進，我們已看到每月營收規模持續增加。同樣重要的是成長軌跡。我們目前已取得、且仍在持續取得的在手訂單（backlog），將推動我們今年剩餘期間及未來的成長。

We are excited by the progress we're making on our backlog and have achieved our highest book-to-burn ratio since the company went public, reflecting strong demand and improving project quality. At the same time, we continue to scale Shimmick projects as a percentage of the overall portfolio with noncore work now representing less than 5% of total backlog, further supporting visibility and execution consistency going forward.

我們對在手訂單的進展感到振奮，並達成公司上市以來最高的 book-to-burn 比率，反映需求強勁且專案品質改善。同時，我們持續提高 Shimmick 專案在整體組合中的占比；目前非核心工作占總在手訂單的比例已低於 5%，進一步提升未來的能見度與執行一致性。

Looking forward, we expect activities on existing and newly won projects pick up as we head into the summer months. July, August and September are when we expect to see more visible inflection in revenue as new projects begin generating consistent burn. Meanwhile, we're continuing to win new work, and our teams are well positioned to deliver consistent and growing revenues.

展望未來，隨著進入夏季月份，我們預期既有與新得標專案的活動將加速。我們預期 7 月、8 月與 9 月將看到營收更明顯的轉折點，因新專案開始產生穩定的工程進度消化（burn）。同時，我們仍持續贏得新案，我們的團隊也已做好準備，以交付穩定且成長的營收。

For our noncore projects, revenue was $200,000 compared to $29 million a year ago, largely as a result of the termination by the US Army Corps of Engineers of the Chickamauga Lock Replacement Project in Chattanooga, Tennessee, which I'd like to address in more detail. From time to time, differences of view arise on projects, including scope of work and schedules. And in this instance, the matter is proceeding through the customary federal process. We remain constructive in our approach, appreciate our clients' focus on project completion and are confident that the parties will be able to reach a mutually agreeable resolution in due course.

就非核心專案而言，本季營收為 20 萬美元，較去年同期的 2,900 萬美元大幅下降，主要原因是美國陸軍工兵團終止了位於田納西州查塔努加的 Chickamauga 船閘更換專案；我想就此進一步說明。專案執行過程中，偶爾會出現觀點差異，包括工作範圍與時程等。在本案中，相關事項正依照慣常的聯邦程序推進。我們仍以建設性的方式處理，感謝客戶對專案完成的重視，並有信心各方將在適當時機達成彼此可接受的解決方案。

Importantly, this situation does not affect our broader relationship with the US Army Corps of Engineers, who has been a long-term client for us with our first project dating back to the 1940s through our legacy companies. We currently have two other projects underway with the core, one approximately halfway complete and the other one nearing completion, and these projects continue to progress as planned. As we continue to wind down noncore activities, this development further reduces our remaining noncore backlog to under 5%, allowing us to remain focused on our core priorities.

重要的是，此情況不影響我們與美國陸軍工兵團更廣泛的合作關係；該單位長期以來一直是我們的客戶，透過我們的前身公司，雙方第一個專案可追溯至 1940 年代。目前我們另有兩個與工兵團進行中的專案，一個約完成一半，另一個接近完工，且均按計畫推進。隨著我們持續縮減非核心活動，此一進展也使我們剩餘的非核心在手訂單進一步降至 5% 以下，讓我們能更專注於核心優先事項。

Now I'd like to spend some more time digging into our progress, provide an update on market conditions and discuss our continued focus on execution. We continue to see strong momentum across our core geographies, highlighted by our ongoing success winning work in Texas and sustained bidding activity across the platform. Importantly, the work we are booking is firm, contracts are signed, visibility is solid and the projects we've added to backlog are scheduled to begin ramping up this year. This gives us confidence not just in demand, but in timing and execution as we move through the balance of 2026.

接下來我想花更多時間深入說明我們的進展，更新市場狀況，並討論我們對執行力的持續聚焦。我們在核心地理市場持續看到強勁動能，尤其體現在我們於德州持續成功得標，以及整體平台維持活躍的投標活動。重要的是，我們所承攬的工作具確定性，合約已簽署、能見度良好，且新增至在手訂單的專案預計將於今年開始加速推進。這讓我們對 2026 年剩餘期間的需求、時點與執行更具信心。

We're seeing healthy demand across our end markets and improved selectivity in the work we pursue. This momentum reflects the collective efforts of our teams across the organization, and our focus remains on sustaining a book-to-burn profile that supports consistent growth and improved revenue visibility over time.

我們在各終端市場看到健康的需求，且在追求的專案選擇性方面有所提升。此一動能反映組織內各團隊的共同努力；我們仍將重點放在維持支持穩定成長、並隨時間提升營收能見度的 book-to-burn 結構。

With that backdrop, Axia continues to perform well, and we're encouraged by the growth and momentum we're seeing in the segment. The electrical business remains an important pillar of our long-term strategy, and Axia's progress reinforces our confidence in that vertical as we look to further expand capabilities and market share.

在此背景下，Axia 持續表現良好，我們也對該事業部所展現的成長與動能感到鼓舞。電氣業務仍是我們長期策略的重要支柱；Axia 的進展強化了我們對該垂直領域的信心，並支持我們進一步擴充能力與市占率。

We're also seeing increasing opportunity in data centers, which remains an attractive and growing end market for us. Today, we have multiple active bids in Reno and in Texas, and we are in regular dialogue with those customers. While still early, the level of engagement and inbound activity reinforces our view that data centers represent a compelling growth vertical over the medium and to long-term.

我們也在資料中心領域看到更多機會，這對我們而言仍是具吸引力且成長中的終端市場。目前我們在雷諾與德州有多個進行中的投標案，並與這些客戶保持定期溝通。雖仍處於早期階段，但互動程度與主動洽詢的增加，強化了我們的看法：資料中心在中長期是極具吸引力的成長垂直領域。

From a commercial standpoint, the environment looks very similar to last quarter with a strong and growing backlog, a healthy pipeline of work, and several pending items we expect to convert over the next quarter or two. Our overall 24-month pipeline remains robust with expected $600 million to $1 billion in bidding volumes per month. Looking forward, our pipeline continues to be a real strength, allowing us to grow our revenues and margins while being selective and strategic about what we pursue.

從商務面來看，整體環境與上季非常相似：在手訂單強勁且持續成長、工作機會管線健康，並有數項待決事項預期在未來一到兩季轉為確定訂單。我們整體 24 個月的管線仍然穩健，預期每月投標量約 6 億至 10 億美元。展望未來，我們的管線仍是重要優勢，使我們能在保持選擇性與策略性的同時，提升營收與利潤率。

Our elevated level of bidding activity translated directly into meaningful backlog growth during the quarter with the total backlog increasing to $944 million at the end of the first quarter of 2026. This represents our highest backlog level in more than two years, reflecting both improved win rates and continued discipline around the work we pursue. This momentum is also evident in our book-to-burn ratio of 2.6x in the first quarter. During the quarter, we booked $289 million in new work. Taken together, these wins enhance revenue visibility and support our expectation for accelerated growth as projects begin to ramp up over the course of the year.

我們較高水準的投標活動在本季直接轉化為顯著的在手訂單成長，使 2026 年第一季末的總在手訂單增加至 9.44 億美元。這是我們兩年多來最高的在手訂單水準，反映得標率提升以及對所追求專案的持續紀律。此一動能亦體現在第一季 2.6 倍的 book-to-burn 比率。本季我們新增承攬 2.89 億美元的新案。綜合而言，這些得標提升了營收能見度，並支持我們對今年內隨著專案逐步加速推進而帶來更快成長的預期。

These new projects include major flood protection and storm water infrastructure projects in California as well as wastewater expansion work in Texas, reflecting strong demand for our core capabilities across our target markets. In California, we were awarded several water resources projects that speak to the critical nature of our work and our in-depth experience in the state. In Northern California, the Vista Grande Drainage Basin Improvements project represents a large-scale modernization of stormwater infrastructure designed to address chronic flooding challenges and improve resilience for the surrounding community. The project involves complex underground construction and integrated civil, mechanical and electrical scopes, aligning well with our core self-perform capabilities.

這些新專案包括加州的大型防洪與雨水（storm water）基礎設施工程，以及德州的污水處理擴建工程，反映我們在目標市場中核心能力的強勁需求。在加州，我們獲得數個水資源專案，凸顯我們工作的重要性以及我們在該州深厚的經驗。在北加州，Vista Grande 排水流域改善專案代表一項大規模的雨水基礎設施現代化工程，旨在解決長期的淹水挑戰並提升周邊社區的韌性。該專案涉及複雜的地下工程施工，以及整合性的土木、機械與電氣工作範疇，與我們核心自營施工（self-perform）能力高度契合。

We were also awarded additional flood protection work in Napa, where we will construct new flood walls as part of the county's broader, long-running flood management program. This project further expands our presence in Northern California and reinforces our role in delivering essential infrastructure that protects communities and local economies.

我們也在納帕獲得了額外的防洪保護工程，我們將建造新的防洪牆，作為該郡更廣泛且長期推動的防洪管理計畫的一部分。此專案進一步擴大我們在北加州的布局，並強化我們在交付保護社區與在地經濟之關鍵基礎設施方面的角色。

And in Texas, we continue to see attractive opportunities tied to population growth and long-term infrastructure investment. During the quarter, we were selected for a wastewater treatment plant expansion project in Austin, supporting the city's efforts to increase capacity and meet rising demand. The scope includes complex concrete structures, underground systems and process-related infrastructure and reflects continued demand for our technical expertise in water and wastewater markets.

在德州，我們持續看到與人口成長及長期基礎設施投資相關的具吸引力機會。本季期間，我們獲選承攬奧斯汀一項污水處理廠擴建專案，支援該市提升處理量並滿足不斷上升需求的努力。工程範圍包含複雜的混凝土結構、地下系統與製程相關基礎設施，反映出水務與污水處理市場對我們技術專長的持續需求。

Our strategy is focused on improving execution, so revenue growth translates into stronger and more consistent net income. That starts with operational discipline. We've been implementing targeted enhancements across the business to improve visibility, accountability and decision-making as we scale. Experienced leadership is a key part of that.

我們的策略聚焦於提升執行力，使營收成長能轉化為更強且更一致的淨利。這始於營運紀律。隨著我們擴張規模，我們已在全公司推動具針對性的強化措施，以提升可視性、問責性與決策品質。具經驗的領導團隊是其中的關鍵。

In April, we announced the appointment of Sarah Tacker as Executive Vice President and Chief Operating Officer. We continue to bolster our management team with hands-on operational experience at scale, which is driving more disciplined project execution and risk management.

4月，我們宣布任命 Sarah Tacker 擔任執行副總裁暨營運長。我們持續以具備大規模實務營運經驗的人才強化管理團隊，這正推動更具紀律的專案執行與風險管理。

We're also strengthening our project controls and technology, giving us better insight into cost, schedule, and productivity. This allows us to identify issues earlier and manage performance more proactively. Centralized procurement is improving purchasing efficiency and cost control by leveraging our scale and standardizing processes across the organization. And talent retention and acquisition remain a top priority for us. Having the right people in place is critical to executing our strategy effectively in a competitive labor market.

我們也在強化專案控管與科技工具，使我們能更深入掌握成本、工期與生產力。這讓我們能更早辨識問題，並更主動地管理績效。集中採購透過發揮規模效益並在全組織標準化流程，提升採購效率與成本控管。而人才留任與招募仍是我們的首要任務。在競爭激烈的勞動市場中，配置合適的人才對有效執行我們的策略至關重要。

Additionally, we continue to advance our shift towards more collaborative contracting models. Subsequent to quarter end, we were selected for a project with California Water Service for a wastewater treatment plant in Southern California delivered through a progressive design build contract with an estimated construction value of $50 million. While this opportunity is not reflected in our quarter end backlog, it showcases demand for our capabilities and supports our strategic focus on projects that give us an opportunity to partner with our clients earlier in the project life cycle. These projects support our strategy toward risk balance contracts where we provide value to our clients through our technical expertise.

此外，我們持續推進向更具協作性的合約模式轉型。在季末之後，我們獲加州水務服務公司（California Water Service）選定，承攬南加州一座污水處理廠專案，將以漸進式設計—建造（progressive design build）合約交付，估計施工價值為5,000萬美元。雖然此機會未反映在我們季末的在手訂單（backlog）中，但它展現市場對我們能力的需求，並支持我們的策略重點：選擇能讓我們在專案生命週期更早階段與客戶合作的專案。這些專案支持我們朝向風險更均衡的合約策略，透過我們的技術專長為客戶創造價值。

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，他將更詳細地檢視我們的財務狀況。

Thank you for joining us today. The Shimmick team has delivered another solid quarter of performance, and we are seeing our strategic changes over the past year continue to drive results, not only drive year-over-year improvements, but more importantly, establishing the foundation for continued growth and profitability moving forward.

感謝各位今天加入我們。Shimmick 團隊本季再次交出穩健的表現，我們也看到過去一年推動的策略調整持續帶來成果，不僅帶動年對年改善，更重要的是，為未來持續成長與獲利奠定基礎。

Before I hit the financials, I just want to echo your role in thanking all of the talented men and women across Shimmick. I thank each of you for your continued commitment to executing the strategy, your focus on safety, which is the most important thing we do. Your commitment to the quality of the work we deliver to our clients every day and your dedication to executing with excellence. Your contributions have had a significant impact on the achievements we've made over the past 15 months and put us in a strong position to continue growing the business and winning the right way.

在我談財務之前，我也想呼應你對 Shimmick 全體優秀同仁的感謝。我感謝各位持續致力於落實策略，以及對安全的專注——這是我們所做最重要的事。也感謝各位每天對交付給客戶之工作品質的承諾，以及追求卓越執行的投入。各位的貢獻對我們過去15個月所取得的成果產生了重大影響，並讓我們處於有利位置，能以正確的方式持續擴大業務並贏得專案。

Now let's jump into the financial results. I have revenue and gross margin in Slide 8, but I will talk to -- I will talk about the overall performance for the quarter and reference additional information that is available in our 10-Q filing posted to our website. All comparisons I make will be on a quarter-over-quarter basis as compared to the same period in 2025, unless otherwise noted. Shimmick project revenue for Q1 2026 was $88 million versus $93 million in Q1 of 2025. The net difference of $5 million was driven by prior year projects reaching completion during 2025 or nearing completion and winding down earlier this year, combined with a lower burn on new projects, which we will continue to see ramp up throughout 2026.

現在我們來看財務結果。投影片8列有營收與毛利率，但我將說明本季整體表現，並引用我們網站上已發布之 10-Q 申報文件中的補充資訊。除非另有說明，我所做的所有比較皆為與2025年同一期間的季度對季度比較。Shimmick 專案營收在2026年第一季為8,800萬美元，對比2025年第一季的9,300萬美元。淨差額500萬美元，主要因前一年專案在2025年完工或接近完工並於今年初較早進入收尾階段，同時新專案的投入（burn）較低；而這些新專案將在2026年逐步加速推進。

Noncore project revenue for Q1 '26 was $200,000, nearly flat, down from $29 million in Q1 of 2025. The $29 million decrease was driven by the termination of the Chickamauga Lock Replacement Project as well as a $10 million impact from the continued progress we've made in moving all noncore projects to completion.

2026年第一季非核心（noncore）專案營收為20萬美元，幾乎持平，較2025年第一季的2,900萬美元下降。2,900萬美元的下降主要來自 Chickamauga 船閘更換專案（Chickamauga Lock Replacement Project）的終止，以及我們持續推動所有非核心專案走向完工所帶來的1,000萬美元影響。

I've discussed the negative gross margin impact from noncore projects on our total gross margin on prior calls. And I couldn't be more excited to end the quarter with noncore backlog now less than 5% of our total backlog. This means we will continue to see favorable mix impact on total gross margin moving forward on a year over year basis.

我在先前的電話會議中已討論過非核心專案對我們整體毛利率造成的負面影響。而我非常振奮能在本季結束時，非核心在手訂單（backlog）已降至我們總在手訂單的5%以下。這表示，未來在年對年比較下，我們將持續看到組合改善對整體毛利率帶來的正面影響。

Shimmick consolidated total revenue for Q1 '26 was $88 million as compared to $122 million in Q1 of '25. Shimmick project gross margin was $10 million for Q1 '26, up $5 million or 89% as compared to $5 million in Q1 of '25. Gross margin as a percentage of revenue was up significantly to 11% for Q1 of 2026 versus 6% for Q1 of 2025. A $5 million increase in gross margin was driven by $3 million from new projects and $2 million from existing projects.

Shimmick 2026年第一季合併總營收為8,800萬美元，相較於2025年第一季的1.22億美元。Shimmick 專案毛利在2026年第一季為1,000萬美元，較2025年第一季的500萬美元增加500萬美元或89%。毛利占營收比率在2026年第一季顯著提升至11%，高於2025年第一季的6%。毛利增加500萬美元，主要來自新專案貢獻300萬美元，以及既有專案貢獻200萬美元。

The noncore project gross margin was $1 million for Q1 '26 as compared to negative $1 million for Q1 of 2025. The $2 million increase in gross margin was driven by a positive outcome from a project closeout as well as cost overruns on noncore lost projects during the first quarter of 2025 that did not recur this year.

非核心專案毛利在2026年第一季為100萬美元，相較於2025年第一季的負100萬美元。毛利增加200萬美元，主要來自某專案結案的正面結果，以及2025年第一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 Q1 2026 was $11 million, up $6 million or 132% compared to $5 million of gross margin in Q1 of 2025. Total gross margin as a percentage of revenue improved to 12% from 4% in Q1 of 2025. G&A expense for Q1 '26 was $14 million, flat as compared to Q1 of 2025. This is as we continue to optimize our overhead while growing the business.

Shimmick 2026年第一季合併總毛利為1,100萬美元，較2025年第一季的500萬美元增加600萬美元或132%。總毛利占營收比率由2025年第一季的4%改善至12%。2026年第一季一般及行政（G&A）費用為1,400萬美元，與2025年第一季持平。這反映我們在擴大業務的同時，持續優化間接成本。

Net loss for Q1 was $4 million, favorable $6 million or 55% as compared to a net loss of $10 million in Q1 of 2025. Adjusted EBITDA for Q1 '26 was $3 million as compared to negative $3 million in the first quarter 2025. The improvement was driven by the significant increase in gross margin from Shimmick projects on a year over year basis.

第一季淨損為400萬美元，較2025年第一季淨損1,000萬美元改善600萬美元或55%。2026年第一季調整後 EBITDA 為300萬美元，相較於2025年第一季的負300萬美元。改善主要由 Shimmick 專案毛利年對年大幅提升所帶動。

Turning to liquidity. We ended the first quarter with $34 million of liquidity. The $34 million consisted of unrestricted cash, cash equivalents of $15 million, and another $19 million of availability under our credit agreements. New awards booked during Q1 '26 were $289 million, a sequential increase of $150 million from Q4 of 2025, giving us a book-to-burn of 2.6x for the quarter, which is the highest book-to-burn achieved since becoming a public company. We ended the quarter with total backlog of $944 million.

接著談流動性。我們在第一季末的流動性為3,400萬美元。這3,400萬美元包含1,500萬美元的未受限制現金及約當現金，以及在我們的信貸協議下另有1,900萬美元的可用額度。2026年第一季入帳的新得標金額為2.89億美元，較2025年第四季序列增加1.5億美元，使本季的接單/消耗比（book-to-burn）達2.6倍，為成為上市公司以來的最高水準。我們在季末的總在手訂單為9.44億美元。

On slide 9, I have our 2026 full year guide. As I mentioned on our last call, we expected a slower start to 2026 and largely, the first quarter was in line with our expectations. We expect quarter-over-quarter sequential improvement throughout the year as these new project awards start to ramp up. Despite the termination of the Chickamauga Lock Replacement Project that I mentioned earlier, we are reaffirming our full year 2026 guidance. We expect Shimmick consolidated revenue to grow year over year between 12% and 22%.

在第 9 張投影片上，我們提供 2026 全年指引。如同我在上次電話會議中提到的，我們預期 2026 年開局會較為緩慢，而整體而言，第一季的表現符合我們的預期。隨著這些新專案得標開始放量，我們預期全年將呈現逐季、環比的連續改善。儘管我先前提到的 Chickamauga 船閘更換專案已終止，我們仍重申 2026 全年指引。我們預期 Shimmick 合併營收年增介於 12% 至 22%。

That is 17% at the midpoint, representing approximately $550 million to $600 million of work put in place for the full year 2026. We also expect adjusted EBITDA to increase year over year between 200% and 500%. That's 350% at the midpoint. We would finish the year with adjusted EBITDA in the range of $15 million to $30 million.

以中位數計為 17%，代表 2026 全年完成產值（work put in place）約為 5.5 億至 6 億美元。我們也預期調整後 EBITDA 年增介於 200% 至 500%。以中位數計為 350%。我們預期全年調整後 EBITDA 將落在 1,500 萬至 3,000 萬美元區間。

With that, I want to thank you for joining us today and for your interest in Shimmick, and I'll turn it back to you, Ural.

最後，感謝各位今天與會並關注 Shimmick，我把時間交回給你，Ural。

Overall, we are energized by our first quarter performance. We delivered our highest book-to-burn ratio since becoming a public company and ended the quarter with the largest backlog we've reported in more than two years. Just as importantly, we continue to make progress winding down noncore work, further improving backlog quality and positioning the business for more consistent execution and sustainable growth. As we look ahead, we believe the momentum exiting the quarter provides a solid foundation for the remainder of the year. We look forward to updating you on our progress as we move forward in 2026.

整體而言，我們對第一季的表現感到振奮。我們繳出自成為上市公司以來最高的 book-to-burn 比率，並在季末以超過兩年來最大規模的在手訂單（backlog）作收。同樣重要的是，我們持續推進非核心業務的收尾，進一步提升在手訂單品質，並讓公司更能穩定執行、實現可持續成長。展望未來，我們相信本季結束時的動能為今年剩餘期間奠定了穩固基礎。隨著我們在 2026 年持續推進，我們期待向各位更新進展。

Operator, you may now open the line for questions.

接線員，現在可以開放提問。

(Operator Instructions)

（接線員指示）

Aaron Spychalla, Craig-Hallum.

Aaron Spychalla，Craig-Hallum。

Maybe first for me, just on -- Todd, you kind of just talked about it on backlog, but just wanted to kind of confirm. So Chick Lock, out of backlog and then for the guide, revenue and EBITDA, can you just kind of talk about the impact there, reiterating the guidance. Any other financial impact? And then it sounds like you don't expect any impact on your ability to go out and win -- and bid on new work from that?

我先問第一個問題，關於——Todd，你剛剛談到在手訂單（backlog），我想確認一下。所以 Chick Lock 已從在手訂單中移除，那麼在指引方面，營收與 EBITDA 的影響可否談一下？你們仍重申指引。還有其他財務影響嗎？另外，聽起來你們不預期這件事會影響你們外出爭取——以及投標新案的能力？

Yeah. Maybe I'll start and then turn it over to Todd. Thanks for the question. So yeah, generally, we're -- even though there's a reduction in revenue from Chick Lock, we believe we can -- we believe we're going to hit the guidance on the revenue side. We may trend towards maybe a little bit on the lower side, but we think based on the really strong backlog we got over this quarter and everything that we're planning to book that's pending.

是的。我先回答，然後再交給 Todd。謝謝你的問題。整體而言，雖然 Chick Lock 會使營收有所減少，但我們相信——我們相信在營收端仍能達成指引。我們可能會偏向區間的較低端一些，但我們認為基於本季取得的非常強勁的在手訂單，以及我們規劃中、仍在等待落袋的各項訂單。

We have a really good start to the year, and we expect to see pretty significant revenue growth here the rest of the year.

我們今年開局非常好，並預期今年剩餘期間營收將出現相當顯著的成長。

Yeah. I would just add to that, in '25, we burned in noncore just under $100 million. And we didn't expect to burn anywhere near that in '26. So it's not as big of an impact as when you're looking at it on a year over year basis. And then the second thing to Ural's point, with $289 million of new awards booked just in the first quarter, we have -- we feel very confident that the numbers are achievable.

是的。我補充一下，2025 年我們在非核心業務的消化（burn）金額略低於 1 億美元。而我們原本就不預期 2026 年會消化到接近那樣的水準。因此，若以年對年角度來看，影響沒有那麼大。第二點呼應 Ural 的看法，僅第一季我們就入帳了 2.89 億美元的新得標，我們——我們對這些數字可達成非常有信心。

And going back to the ability to win work, we're bidding just like we have been. We don't expect any slowing down there. And like I said, we have some pending awards, but we're continuing to bid at about the same clip that we have been for the last six, eight months.

回到得標能力，我們投標的節奏與過去一樣。我們不預期那方面會放緩。而且如我所說，我們還有一些待定的得標案，但我們持續以過去六到八個月大致相同的節奏在投標。

Good. And then just on margins, good performance in the quarter for the core business. Can you just kind of talk about confidence there, margins that are in backlog and what you're bidding? And then just any -- how you're kind of navigating impact from higher commodity costs in that as well?

好的。接著談毛利率，本季核心業務表現不錯。可否談談你們對在手訂單中的毛利率，以及目前投標案毛利率的信心？另外，對於大宗商品成本上升的影響，你們是如何因應的？

Yeah. We're -- generally, as far as higher commodity costs, new work we're bidding, that's all getting built into the pricing. So if you're going to win a project, that's the inflation and supply chain issues will be built into our pricing. So we don't expect any issues there, the same as fuel. And we're managing the rest of it for the book of business that we have.

好的。整體而言，關於大宗商品成本上升，我們正在投標的新案都會把這些因素反映在報價中。也就是說，如果要得標，通膨與供應鏈問題都會納入我們的定價。因此我們不預期那方面會有問題，燃料也是一樣。至於我們既有的業務組合，其餘部分我們也在持續管理。

I expect we're going to continue to grow on the gross margin side and start to really get into those 12s and the 13s as we get through and start really burning the work that we have won in 2025 since Todd and I have joined.

我預期我們的毛利率將持續成長，並在我們逐步推進、開始大量消化（burn）Todd 和我加入以來於 2025 年贏得的工作後，真正進入 12% 到 13% 的區間。

Yeah. And I would just add to that, when you're modeling it out with the noncore that we did have in backlog ending 2025, right? It was a significant drag on -- even though they are lost projects with zero margin, there's always costs that occur to keep those projects operating. So when you take that kind of drag off of it, it may be a little lumpy as construction businesses, right? But an 11% print on Shimmick work is very encouraging.

是的。我也補充一下，當你把 2025 年底在手訂單中仍有的非核心業務納入模型時，對吧？它對——即便那些是零毛利的虧損專案，仍會有一些成本發生以維持專案運作，因此對整體造成顯著拖累。所以當你把這種拖累移除後，雖然營建業務本來就可能有些波動，對吧？但 Shimmick 工程本季印出 11% 的毛利率是非常令人鼓舞的。

Yeah. Good. And that kind of just the last question, you kind of started to touch on it there. Just I mean, cash flow and the outlook there. It sounds like there might be -- or might have been some drag on completing some of the legacy work. So just kind of outlook for cash flows as some of these new projects ramp up to you.

是的。好的。最後一個問題，你剛剛也稍微提到了。就是現金流以及其展望。聽起來完成一些舊案（legacy work）可能——或可能曾經——對現金流造成一些拖累。所以隨著這些新專案開始放量，你們對現金流的展望如何？

Yeah. The less legacy work we have, the better for our cash flow generally, that has been the case. So we expect improvement there as well as not only as we really just burn all of the legacy work, noncore work, but also as these newer projects get online and start generating upfront cash to help with the cash flow. So we're very optimistic about the rest of the year on that side as well.

是的。一般而言，我們的舊案越少，對現金流越有利，一直都是如此。因此我們也預期那方面會改善，不僅因為我們會把所有舊案、非核心業務真正消化完畢，也因為這些較新的專案上線後，會開始產生前期現金，有助於現金流。所以在這方面，我們對今年剩餘期間也非常樂觀。

Yes. I covered very optimistic on liquidity. The rest of the business outside of the legacy projects, noncore projects have generated cash and continue to generate cash. So very optimistic.

是的。我先前提到我們對流動性非常樂觀。除舊案、非核心專案之外的其餘業務已經產生現金，並且持續產生現金。所以非常樂觀。

Gerry Sweeney, ROTH.

Gerry Sweeney，ROTH。

I wanted to talk about gross margins a little bit further. Obviously, I think you highlighted selectivity, your ability to, I guess, be a little bit more selective with projects on a go-forward basis. And I think you printed 11% for Shimmick projects this quarter. Those projects that you're seeing in -- that are coming through today, when were they bid? And what were they bid at versus what you're bidding today?

我想再深入談一下毛利率。顯然我認為你們強調了選擇性，也就是你們在未來能夠——我想——在專案選擇上更具挑選性。而且你們本季 Shimmick 專案毛利率為 11%。你們目前看到的——今天正在進來的——這些專案，是在什麼時候投標的？它們當時的投標毛利率/定價，與你們今天投標的相比如何？

Yeah. Good question. So within the Shimmick portfolio, there are projects anywhere between 10% and 20%. But as we get in a better position from a backlog perspective, we're able to be more selective with what we bid because we have the kind of the core backlog already in place. We're now in that position.

是的。好問題。所以在 Shimmick 的投資組合中，專案占比大約介於 10% 到 20% 之間。但隨著我們從在手訂單的角度來看處於更有利的位置，我們就能在投標上更具選擇性，因為我們已經有核心在手訂單作為基礎。我們現在就在這個位置上。

We're going to inch that up to about 2.5 times as far as revenue backlog versus revenue. So that's our goal through -- as the rest of the year unfolds. But generally, having that kind of a strong backlog now allows us to bid at higher margins or pick the projects to bid that we can get at higher margins. So I expect that to continue to -- that 11% to continue to go up from here.

我們會把這個提高到大約 2.5 倍，也就是營收在手訂單相對於營收的倍數。所以這是我們在今年剩餘時間推進的目標。但一般而言，現在擁有這麼強勁的在手訂單，讓我們能以更高的毛利率投標，或挑選我們能取得更高毛利率的專案來投標。所以我預期這會持續推動——那個 11% 會從這裡繼續往上升。

And with over $900 million in backlog, you're starting to book business into '27 and later, correct?

而且在手訂單超過 9 億美元，你們已經開始把業務簽到 2027 年及以後了，對嗎？

Yeah. Our average job is about 2.5 years. So it's -- we have a year-long job. We have four-year job, but if you average it out, it's about 2.5 years. So we're setting ourselves up really well for '27 and some of it into 2028, yes.

是的。我們平均每個案子大約 2.5 年。所以——我們有一年期的案子。也有四年期的案子，但平均下來大約是 2.5 年。所以我們確實為 2027 年做好了很好的布局，其中一部分也延伸到 2028 年，是的。

Got it. And then switching gears to data centers, everybody is talking about data centers. And obviously, you rebranded Axia. But the way we sort of been dissecting the data center work is, it probably takes between 2 and 3 years between say, hey, we want to build a data center to site selection, permitting to maybe shovels hitting the ground, and we're starting to see a lot of dollars come through on some front-end E&C companies on the concrete side. Arguably, the electrical is a little bit further along in that curve, right?

了解。接著把話題轉到資料中心，大家都在談資料中心。而且很明顯你們也把 Axia 重新品牌化了。但我們拆解資料中心工程的方式是，從說「我們要蓋一座資料中心」到選址、許可申請，再到可能真正動工，可能需要 2 到 3 年；我們也開始看到一些前端 E&C 公司在混凝土端有大量金額進來。可以說電氣端在這條曲線上會稍微更往後一些，對吧？

And I know you're going after data centers, but what I'm trying to say is as that business starts to accelerate and you're getting into that business, there's probably a dearth of probably qualified electricians. So we should start to see more and more opportunities on the electrical side for you as we move through this year into next year. Is that a fair assumption?

我知道你們正在切入資料中心，但我想說的是，隨著這塊業務開始加速、你們也進入這個市場，可能會出現合格電工短缺的情況。所以當我們走過今年進入明年時，應該會在電氣端看到你們更多的機會。這樣的假設合理嗎？

That's a fair assumption. And also, I would say the types of work that we're bidding within the data center world is in the mechanical and the electrical side. So we're not really doing a lot of the -- bidding a lot of the kind of earthwork concrete pieces of it that fits this type of work fits us better. So water treatment, water purification, electrical data center, the racks, the switchgear, the medium voltage, and then even the power generation side. So we have a lot of opportunity there that both fits the Axia brand, the electrical business as well as the core business as well from a water treatment process mechanical piece.

這個假設合理。另外我也想說，我們在資料中心領域投標的工作類型主要在機械與電氣端。所以我們不太做——也不太投標那種土方、混凝土等部分；這類工作更符合我們的定位。像是水處理、淨水、資料中心電氣、機櫃、開關設備、中壓，甚至還包括發電端。所以我們在那裡有很多機會，既符合 Axia 品牌與電氣業務，也符合核心業務在水處理流程機械這一塊。

Got it. I was just using concrete like that's sort of the first step in your after that. At what point would a data center or -- I assume you're working with the data centers will be other E&C companies. But how much visibility do you have between bidding and maybe the start of the jobs that are related to the data center?

了解。我只是用混凝土來舉例，因為那算是第一步，然後才輪到你們。在什麼時間點資料中心——或者我假設你們合作的資料中心會有其他 E&C 公司——但你們在投標到可能開工之間，對於與資料中心相關的案子有多少能見度？

It's usually -- again, it's not that different from our public works projects. So we bid it and then over the next few months after that, we have -- we will know if we want it or not. So we're bidding actively right now. And I mean, I think the good news is lot of these data centers are really shifting towards Texas, which is where we're growing as well. So that has brought in a lot more opportunity.

通常——再說一次，這跟我們的公共工程專案其實差不多。我們投標，然後在接下來幾個月內，我們就會知道是否拿得到。所以我們現在正積極投標。而且我想好消息是，很多資料中心正在大幅轉向德州，而那也是我們正在成長的地區。所以這帶來了更多機會。

And then on the West Coast, it's Reno, that's kind of the work center in Reno, which also is a great, easy place for us to work. So we're in the right place right now.

另外在西岸是雷諾（Reno），那裡算是雷諾的工作中心，對我們來說也是一個很棒、很容易作業的地方。所以我們現在的位置很對。

Got you. One last question. I know the legacy work was only $200,000 and there was some of the Chickamauga negotiations with the Army Corps. How much -- if that had not occurred, I'm just curious how much sort of revenue from Chickamauga would have come through because you had the $88 million of revenue, you had a weather hit and you had Chickamauga. Just trying to levelize what happened in 1Q as well if that makes sense.

了解。最後一個問題。我知道遺留工程只有 20 萬美元，而且還有一些與陸軍工兵團（Army Corps）就 Chickamauga 進行的協商。我只是好奇，如果那件事沒有發生，Chickamauga 今年大概會貢獻多少營收？因為你們有 8,800 萬美元的營收，還有天氣影響，以及 Chickamauga。我想把第一季發生的事情做個平滑化比較，如果這樣說得通的話。

Somewhere around $20 million to $30 million this year.

今年大概在 2,000 萬到 3,000 萬美元之間。

Okay. Yeah. Yeah.

好的。是的。是的。

So this year, it went down more than half.

所以今年它下降了超過一半。

Okay. And like we said, I mean, at the end of the day, this helps your margin profile, helps your cash flow and it's going to go through the standard federal process, correct?

好的。而且就像我們說的，歸根結底，這有助於改善你們的毛利結構、改善現金流，而且會走標準的聯邦程序，對嗎？

Yeah. That's -- yes, obviously, it's -- yes, it's -- there's an established process there, and we're working -- we're confident we're going to get to an amicable solution. It takes a while with the federal process. But in the meantime, everything you said about backlog and cash and everything else is very accurate.

是的。那——是的，顯然——是的——那裡有既定的流程，我們也正在推進——我們有信心能達成一個友善的解決方案。聯邦程序需要一些時間。但同時，你剛才提到的在手訂單、現金以及其他各方面都非常準確。

And that's a legacy from like 2017 or 2018. It's -- I think it started 2004 originally, but not here.

而那是像 2017 或 2018 年留下來的案子。我想它最早是 2004 年開始的，但不是在這裡。

Yeah. We did that project in 2017, pre-COVID, a long time ago, along with a couple of other of these legacy projects. So we're looking forward to really getting them done and moving for new work.

是的。我們在 2017 年、COVID 之前很久就做了那個專案，還有其他幾個這類遺留專案。所以我們很期待把它們真正結案，然後轉向新的工作。

Okay. Great. Thanks so much, guys. I -- very nice quarter on the margins.

好的。太好了。非常感謝各位。我——毛利表現是很不錯的一季。

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

目前沒有其他問題。接下來我想把電話會議交給 Ural 進行結語。

We've had another strong quarter aligned with our expectations and the strategy that we put in place back in 2025 and a lot of the backlog and our margins, gross margins are reflecting that. We're still in the early phases of our growth, but we expect the rest of the year to be -- to continue to improve and have a very strong year and looking forward to the next quarter. Thank you.

我們又交出一個強勁的季度，符合我們的預期，也符合我們在 2025 年制定的策略；許多在手訂單以及我們的利潤率、毛利率都反映了這一點。我們仍處於成長的早期階段，但我們預期今年剩餘時間將——將持續改善，並且會是非常強勁的一年，也期待下一季。謝謝。