Shimmick Corporation Common Stock (SHIM) 10-Q 16 Aug 24 2024 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 28, 2024	Aug. 14, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2024
Current Fiscal Year End Date	--12-27
Entity Central Index Key	0001887944
Document Quarterly Report	true
Document Period End Date	Jun. 28, 2024
Document Transition Report	false
Entity File Number	001-41867
Entity Registrant Name	Shimmick Corporation
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	84-3749368
Entity Address, Address Line One	530 Technology Drive
Entity Address, Address Line Two	Suite 300
Entity Address, City or Town	Irvine
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92618
City Area Code	833
Local Phone Number	723-2021
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	SHIM
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		33,589,035

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 28, 2024	Dec. 29, 2023
CURRENT ASSETS
Cash and cash equivalents	$ 22,381	$ 62,939
Restricted cash	497	971
Accounts receivable, net	48,519	54,178
Contract assets, current	119,694	125,943
Prepaids and other current assets	17,734	13,427
TOTAL CURRENT ASSETS	208,825	257,458
Property, plant and equipment, net	36,153	46,373
Intangible assets, net	7,956	9,244
Contract assets, non-current	46,569	48,316
Lease right-of-use assets	21,328	23,855
Investment in unconsolidated joint ventures	22,202	21,283
Deferred tax assets	0	17,252
Other assets	1,481	2,871
TOTAL ASSETS	344,514	426,652
CURRENT LIABILITIES
Accounts payable	57,081	81,589
Contract liabilities, current	111,821	115,785
Accrued salaries, wages and benefits	28,610	26,911
Accrued expenses	39,073	33,897
Short-term debt	14,773	0
Other current liabilities	14,621	13,071
TOTAL CURRENT LIABILITIES	265,979	271,253
Long-term debt, net	52,789	29,627
Lease liabilities, non-current	13,154	15,045
Contract liabilities, non-current	2,689	3,215
Contingent consideration	4,304	15,488
Deferred tax liabilities	0	17,252
Other liabilities	5,163	4,282
TOTAL LIABILITIES	344,078	356,162
Commitments and Contingencies (Note 11)
STOCKHOLDERS' EQUITY
Common stock, $0.01 par value, 100,000,000 shares authorized as of June 28, 2024 and December 29, 2023; 33,709,919 and 25,493,877 shares issued and outstanding as of June 28, 2024 and December 29, 2023, respectively	337	255
Additional paid-in-capital	39,205	24,445
Retained (deficit) earnings	(38,185)	46,537
Non-controlling interests	(921)	(747)
TOTAL STOCKHOLDERS' EQUITY	436	70,490
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 344,514	$ 426,652

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 28, 2024	Dec. 29, 2023
Statement of Financial Position [Abstract]
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	33,709,919	25,493,877
Common stock, shares outstanding	33,709,919	25,493,877

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jun. 28, 2024	Jun. 30, 2023
Income Statement [Abstract]
Revenue	$ 90,605	$ 155,189	$ 210,648	$ 319,297
Cost of revenue	121,736	155,646	257,639	313,532
Gross margin	(31,131)	(457)	(46,991)	5,765
Selling, general and administrative expenses	18,079	16,943	33,603	32,502
Amortization of intangibles	644	658	1,288	1,316
Total operating expenses	18,723	17,601	34,891	33,818
Equity in (loss) earnings of unconsolidated joint ventures	(1,854)	7,534	(1,591)	6,993
Gain on sale of assets	3,714	140	3,688	1,680
Loss from operations	(47,994)	(10,384)	(79,785)	(19,380)
Interest expense	1,496	576	2,393	607
Other expense (income), net	1,899	(649)	2,545	(343)
Net loss before income tax	(51,389)	(10,311)	(84,723)	(19,644)
Income tax expense	0	0	0	0
Net (loss) income	(51,389)	(10,311)	(84,723)	(19,644)
Net loss attributable to non-controlling interests	0	(11)	(1)	(7)
Net loss attributable to Shimmick Corporation	$ (51,389)	$ (10,300)	$ (84,722)	$ (19,637)
Net loss attributable to Shimmick Corporation per common share
Basic	$ (1.83)	$ (0.47)	$ (3.16)	$ (0.9)
Diluted	$ (1.83)	$ (0.47)	$ (3.16)	$ (0.9)

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained (Deficit) Earnings [Member]	Non-Controlling Interests [Member]
Beginning balance, value at Dec. 30, 2022	$ 51,595	$ 219	$ 3,341	$ 49,083	$ (1,048)
Beginning balance, shares at Dec. 30, 2022		21,908,800
Net loss	(19,644)	$ 0	0	(19,367)	(7)
Stock-based compensation	1,051	0	1,051	0	0
Contributions from non-controlling interests	301	0	0	0	301
Distributions to non-controlling interests	(260)	$ 0	0	0	(260)
Ending balance, shares at Jun. 30, 2023		21,908,800
Ending balance, value at Jun. 30, 2023	33,043	$ 219	4,392	29,446	(1,014)
Beginning balance, value at Mar. 31, 2023	42,790	$ 219	3,869	39,746	(1,044)
Beginning balance, shares at Mar. 31, 2023		21,908,800
Net loss	(10,311)	$ 0	0	(10,300)	(11)
Stock-based compensation	523	0	523	0	0
Contributions from non-controlling interests	301	0	0	0	301
Distributions to non-controlling interests	(260)	$ 0	0	0	(260)
Ending balance, shares at Jun. 30, 2023		21,908,800
Ending balance, value at Jun. 30, 2023	33,043	$ 219	4,392	29,446	(1,014)
Beginning balance, value at Dec. 29, 2023	70,490	$ 255	24,445	46,537	(747)
Beginning balance, shares at Dec. 29, 2023		25,493,877
Net loss	(84,723)	$ 0	0	(84,722)	(1)
Issuance of common stock, shares		8,216,042
Issuance of common stock, value	12,875	$ 82	12,793	0	0
Stock-based compensation	1,967	0	1,967	0	0
Distributions to non-controlling interests	(173)	$ 0	0	0	(173)
Ending balance, shares at Jun. 28, 2024		33,709,919
Ending balance, value at Jun. 28, 2024	436	$ 337	39,205	(38,185)	(921)
Beginning balance, value at Mar. 29, 2024	38,118	$ 257	25,578	13,204	(921)
Beginning balance, shares at Mar. 29, 2024		25,738,857
Net loss	(51,389)	$ 0	0	(51,389)	0
Issuance of common stock, shares		7,971,062
Issuance of common stock, value	12,738	$ 80	12,658	0	0
Stock-based compensation	969	$ 0	969	0	0
Ending balance, shares at Jun. 28, 2024		33,709,919
Ending balance, value at Jun. 28, 2024	$ 436	$ 337	$ 39,205	$ (38,185)	$ (921)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 28, 2024	Jun. 30, 2023
Cash Flows From Operating Activities
Net loss	$ (84,723)	$ (19,644)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation	1,967	1,051
Depreciation and amortization	8,199	8,549
Equity in loss (earnings) of unconsolidated joint ventures	1,591	(6,993)
Return on investment in unconsolidated joint ventures	421	11,437
Gain on sale of assets	(3,714)	(1,680)
Other	1,478	409
Changes in operating assets and liabilities:
Accounts receivable, net	5,659	(4,797)
Contract assets	7,996	(9,823)
Accounts payable	(24,508)	9,274
Contract liabilities	(3,963)	(34,156)
Accrued salaries, wages and benefits	1,699	(427)
Accrued expenses	5,176	(19,336)
Other assets and liabilities	3,874	5,464
Net cash used in operating activities	(78,848)	(60,672)
Cash Flows From Investing Activities
Purchases of property, plant and equipment	(7,595)	(3,210)
Proceeds from sale of assets	11,037	4,881
Proceeds from advance on sale of non-core business contracts	0	20,000
Unconsolidated joint venture equity contributions	(3,460)	(13,310)
Return of investments in unconsolidated joint ventures	0	4,286
Net cash (used in) provided by investing activities	(18)	12,647
Cash Flows From Financing Activities
Borrowings on Credit Facility	54,200	0
Net (repayments of) borrowings on Revolving Credit Facility	(14,675)	30,000
Other	(1,691)	(955)
Net cash provided by financing activities	37,834	29,045
Net decrease in cash, cash equivalents and restricted cash	(41,032)	(18,980)
Cash, cash equivalents and restricted cash, beginning of period	63,910	82,085
Cash, cash equivalents and restricted cash, end of period	22,878	63,105
Reconciliation of cash, cash equivalents and restricted cash to the Condensed Consolidated Balance Sheets
Cash and cash equivalents	22,381	61,295
Restricted cash	497	1,810
Total cash, cash equivalents and restricted cash	$ 22,878	$ 63,105

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jun. 28, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (51,389)	$ (10,300)	$ (84,722)	$ (19,637)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jun. 28, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Rule 10b5-1 Arrangement Modified	false
Non rule 10b5-1 Arrangement Modified	false

Business and Organization

Business and Organization	6 Months Ended
	Jun. 28, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business and Organization	Note 1. Business and Organization Shimmick Corporation ("Shimmick", the “Company”) was founded in 1990 in California and operated as a regional infrastructure construction contractor throughout California for nearly 30 years. In 2017, AECOM acquired Shimmick and consolidated it with its existing construction services, which included former legacy construction operations from Morrison Knudsen, Washington Group International, and others. In January 2021, we consummated the AECOM Sale Transactions and began operating as an independent company under new private ownership (the "AECOM Sale Transactions"). The accompanying condensed consolidated financial statements include the accounts of Shimmick Corporation and its subsidiaries (“Shimmick”, “we”, “our”, “us”, “its” or the “Company”), unless otherwise indicated. On September 12, 2023, the Company changed its name from SCCI National Holdings, Inc. to Shimmick Corporation. On November 16, 2023, Shimmick completed its initial public offering of 3,575,000 shares of common stock at a price to the public of $ 7.00 per share (the "IPO"). The net proceeds to Shimmick from the IPO were approximately $ 19 million after deducting underwriting discounts and commissions of $ 2 million and other offering expenses of $ 4 million. Shimmick’s common stock began trading on the NASDAQ Global Market on November 14, 2023.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 28, 2024
Accounting Policies [Abstract]
Basis of Presentation and Summary of Significant Accounting Policies	Note 2. Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation The accompanying condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States (“GAAP”), and in conformity with the rules and regulations of the Securities and Exchange Commission. The information furnished reflects all adjustments, consisting of normal recurring adjustments, that are, in the opinion of management, necessary for a fair presentation of the results of operations, cash flows and financial position for the interim periods presented. A statement of comprehensive income is not presented as the Company’s results of operations do not contain any items classified as comprehensive income. All intercompany accounts and transactions have been eliminated. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted in accordance with such rules and regulations, although management believes the disclosures are adequate to prevent the information presented from being misleading. The accompanying condensed consolidated interim financial statements are unaudited and should be read in conjunction with the audited consolidated financial statements and notes in our Annual Report on Form 10-K for the fiscal year ended December 29, 2023 ("Form 10-K"). Because of the seasonal nature of some of the Company's operations, the results of operations for the three and six months ended June 28, 2024 are not necessarily indicative of the results of operations to be expected for the full fiscal year. Change in Presentation Certain prior period balances in the condensed consolidated balance sheets and statements of cash flows and accompanying notes have been combined, reclassified or rounded to conform to current period presentation. These changes had no impact on net loss, cash flows, assets and liabilities, or equity previously reported. Stock Split On October 23, 2023, the Board of Directors (the "Board") approved an amendment to the Company’s Certificate of Incorporation in order to effect a stock split of the Company’s Common Stock. Further, the Board authorized 100,000,000 shares of Common Stock, with a par value of $ 0.01 par value per share and 25,000,000 shares of Preferred Stock, with a par value of $ 0.01 per share. Upon the effectiveness of the filing of the amendment, each share of common stock, par value $ 0.01 per share (the “Old Common Stock”), issued and outstanding automatically, without further action on the part of the Company or any holder of such Old Common Stock, was reclassified as and became 2.7386 validly issued, fully paid and non-assessable shares of Common Stock. There were no fractional shares issued with respect to the reclassification of shares of Old Common Stock. In lieu of fractional shares, the Company rounded up to the nearest whole number of shares of Common Stock. The Company has retro-actively applied the stock split made effective on October 23, 2023, to share and per share amounts in the condensed consolidated financial statements. Accordingly, any information related to or dependent upon the share amounts in the condensed consolidated financial statements and Note 8 - Stock-Based Compensation and Note 9 - Earnings Per Share have been updated to reflect the effect of the stock split. Summary of Significant Accounting Policies Our significant accounting policies are described in more detail in “Note 2 - Basis of Presentation and Summary of Significant Accounting Policies” of our Form 10-K. Use of Estimates The preparation of our condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts included in the condensed consolidated financial statements and accompanying notes thereto. Actual results could differ from those estimates. Recently Issued Accounting Pronouncements Accounting pronouncements not listed below were assessed and determined to be not applicable or are expected to have minimal impact on the condensed consolidated financial statements. In November 2023, the FASB issued ASU 2023-07 to enhance disclosures of significant expense and segment profitability categories and amounts for reportable business segments. The amendment is effective in interim periods in the fiscal year beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the provisions of the amendments and the impact on its future condensed consolidated financial statements. In December 2023, the FASB issued ASU 2023-09 to improve disclosures and presentation requirements to the transparency of the income tax disclosures by requiring consistent categories and greater disaggregation of information in the rate reconciliation and income taxes paid disaggregated by jurisdiction. The amendment is effective in interim periods in the fiscal year beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the provisions of the amendments and the impact on its future condensed consolidated financial statements.

Revenue Receivables and Contrac

Revenue Receivables and Contract Assets and Liabilities	6 Months Ended
	Jun. 28, 2024
Revenue from Contract with Customer [Abstract]
Revenue Receivables and Contract Assets and Liabilities	Note 3. Revenue, Receivables and Contract Assets and Liabilities The following table presents the Company’s revenue disaggregated by contract types: Three Months Ended Six Months Ended June 28, June 30, June 28, June 30, (In thousands) 2024 2023 2024 2023 Fixed-price $ 82,313 $ 135,310 $ 195,379 $ 286,838 Cost reimbursable 7,876 18,050 14,381 28,893 Equipment and labor revenue 416 1,829 888 3,566 Total revenue $ 90,605 $ 155,189 $ 210,648 $ 319,297 Projects started after the AECOM Sale Transactions ("Shimmick Projects") have focused on water infrastructure and other critical infrastructure. Projects that focus on foundation drilling are referred to as "Foundations Projects". Projects that started prior to consummation of the AECOM Sale Transactions are referred to as "Legacy Projects". The following table presents the Company’s revenue disaggregated by Shimmick Projects, Foundations Projects and Legacy Projects: Three Months Ended Six Months Ended June 28, June 30, June 28, June 30, (In thousands) 2024 2023 2024 2023 Shimmick Projects $ 83,689 $ 103,493 $ 173,981 $ 191,592 Foundations Projects 8,454 8,988 15,094 29,092 Legacy Projects (1) ( 1,538 ) 42,708 21,573 98,613 Total revenue $ 90,605 $ 155,189 $ 210,648 $ 319,297 (1) Legacy Projects revenue for the three and six months ended June 28, 2024 reflect a non-cash adjustment to revenue of $ 23 million to write off previously recorded contract assets as a result of a settlement of a claim on a large Legacy Project in which the Company will receive $ 33 million in cash. See Note 12 - Subsequent Events for additional details. Remaining performance obligations The Company had $ 860 million of remaining performance obligations yet to be satisfied as of June 28, 2024. Our remaining performance obligations have a weighted average life of 2.3 years as of June 28, 2024. Contract Balances The following table provides information about contract assets (also referred to as costs and estimated earnings in excess of billings on uncompleted contracts and retainage receivable) and contract liabilities (also referred to as billings on uncompleted contracts in excess of costs and estimated earnings and forward loss reserve), which include assets and liabilities that are dependent upon future activity: June 28, December 29, 2024 2023 Change (In thousands) Contract assets, current and non-current: Costs and estimated earnings in excess of billings on uncompleted contracts $ 119,694 $ 125,943 $ ( 6,249 ) Retainage receivable 46,569 48,316 ( 1,747 ) Total contract assets 166,263 174,259 ( 7,996 ) Contract liabilities, current and non-current: Billings on uncompleted contracts in excess of costs and estimated earnings ( 44,732 ) ( 48,841 ) 4,109 Forward loss reserve ( 69,778 ) ( 70,159 ) 381 Total contract liabilities ( 114,510 ) ( 119,000 ) 4,490 Net $ 51,753 $ 55,259 $ ( 3,506 ) Contract terms with customers include the timing of billing and payment, which usually differs from the timing of revenue recognition. As a result, the Company carries contract assets and liabilities within the condensed consolidated balance sheets. These contract assets and liabilities are calculated on a contract-by-contract basis and reported on a net basis at the end of each period and are classified as current or non-current. Many of the contracts under which the Company performs work also contain retainage provisions. Retainage refers to that portion of our billings held for payment by the customer pending satisfactory completion of the project. Unless reserved, the Company assumes that all amounts retained by customers under such provisions are fully collectible. These assets and liabilities are reported in the condensed consolidated balance sheets within “Contract assets, current,” “Contract assets, non-current,” “Contract liabilities, current" and “Contract liabilities, non-current." Costs and estimated earnings in excess of billings on uncompleted contracts consists of revenue recognized in excess of billings. Billings on uncompleted contracts in excess of costs and estimated earnings consists of billings in excess of revenue recognized. The Company recognized revenue of $ 24 million during the six months ended June 28, 2024 that was included in contract liabilities as of December 29, 2023. The Company’s timing of revenue recognition may not be consistent with its rights to bill and collect cash from its clients. Those rights are generally dependent upon advance billing terms, milestone billings based on the completion of certain phases of work or when services are performed. The Company’s accounts receivable represents amounts billed to clients that have yet to be collected and represent an unconditional right to cash from its clients as presented below. June 28, December 29, 2024 2023 (In thousands) Total accounts receivable, gross $ 49,473 $ 55,202 Allowance for credit losses ( 954 ) ( 1,024 ) Accounts receivable, net $ 48,519 $ 54,178 Substantially all contract assets as of June 28, 2024 and December 29, 2023 are expected to be collected within the Company’s estimated operating cycle, except for retainage and claims pertaining to certain contracts. The Company’s operating cycle may extend beyond one year. The Company is in the process of negotiating or awaiting approval of unapproved change orders and claims with its customers. The Company is proceeding with its contractual rights to recoup additional costs incurred from its customers based on completing work associated with change orders, including change orders with pending change order pricing, or claims related to significant changes in scope which resulted in substantial delays and additional costs in completing the work. The Company may take legal action if it and the customer cannot reach a mutually acceptable resolution. See Note 12 - Subsequent Events for the settlement of a claim on a large Legacy Project. Information about significant customers Significant Customers as a Percentage of Accounts Receivable, Net As of June 28, 2024 Customer one 35.7 % Customer two 17.7 % As of December 29, 2023 Customer one 32.5 % Customer two 21.7 % Significant Customers as a Percentage of Revenue Three Months Ended June 28, 2024 Customer one 21.9 % Customer two 19.2 % Customer three 11.9 % Three Months Ended June 30, 2023 Customer one 16.7 % Customer two 13.7 % Customer three 11.5 % Significant Customers as a Percentage of Revenue Six Months Ended June 28, 2024 Customer one 21.6 % Customer two 16.8 % Six Months Ended June 30, 2023 Customer one 15.6 % Customer two 14.3 % Customer three 12.2 % Revisions in Estimates Changes in contract estimates resulted in net decreases in gross margin of $ 33 million for the three months ended June 28, 2024, primarily due to the settlement further described in Note 12 - Subsequent Events and increased forecasted cost to complete loss jobs. Changes in contract estimates resulted in net decreases in gross margin of $ 51 million for the six months ended June 28, 2024, primarily due to the settlement and increased forecasted cost to complete loss jobs. Changes in contract estimates resulted in net decreases in gross margin of $ 15 million for the three and six months ended June 30, 2023, primarily due to increased forecasted costs to complete and an agreed upon contract settlement lower than previously estimated.

Joint Ventures and Variable Int

Joint Ventures and Variable Interest Entities	6 Months Ended
	Jun. 28, 2024
Joint Ventures and Variable Interest Entities Disclosure [Abstract]
Joint Ventures and Variable Interest Entities	Note 4. Joint Ventures and Variable Interest Entities A summary of financial information of the consolidated joint ventures is as follows: June 28, December 29, 2024 2023 (In thousands) Current assets $ 46,977 $ 34,071 Non-current assets - 8,971 Total assets 46,977 43,042 Current liabilities 55,984 59,602 Non-current liabilities 2,082 2,013 Total liabilities $ 58,066 $ 61,615 Three Months Ended Six Months Ended June 28, June 30, June 28, June 30, 2024 2023 2024 2023 (In thousands) Revenue $ 3,354 $ 8,859 $ 7,358 $ 13,473 The assets of the Company’s consolidated joint ventures are restricted for use only by the particular joint venture and are not available for the general operations of the Company. A summary of financial information of the unconsolidated joint ventures, as derived from their financial statements, is as follows: June 28, December 29, 2024 2023 (In thousands) Current assets $ 73,367 $ 74,498 Non-current assets 10,398 14,333 Total assets 83,765 88,831 Current liabilities 36,351 42,817 Total liabilities $ 36,351 $ 42,817 Three Months Ended Six Months Ended June 28, June 30, June 28, June 30, 2024 2023 2024 2023 (In thousands) Revenue $ 11,169 $ 13,708 $ 31,625 $ 42,596 Cost of revenue 17,894 ( 1,861 ) 38,825 32,111 Gross margin ( 6,725 ) 15,569 ( 7,200 ) 10,485 Net (loss) income $ ( 6,725 ) $ 15,569 $ ( 7,200 ) $ 10,051 As of June 28, 2024 and December 29, 2023, the Company’s investment in unconsolidated joint ventures was $ 22 million and $ 21 million, respectively. The Company recognized equity in loss of unconsolidated joint ventures of $ 2 million for each of the three and six months ended June 28, 2024 and equity in earnings of unconsolidated joint ventures of $ 8 million and $ 7 million for the three and six months ended June 30, 2023, respectively. Contractually required support provided to the Company’s joint ventures is discussed in Note 11 - Commitments and Contingencies. Related Party Transactions We often provide construction management and other subcontractor services to the Company’s joint ventures and revenue includes amounts related to these services which is eliminated to the extent of our ownership. Revenue included related to services provided to unconsolidated joint venture related parties is as follows: Three Months Ended Six Months Ended June 28, June 30, June 28, June 30, 2024 2023 2024 2023 (In thousands) Revenue $ 255 $ 1,124 $ 733 $ 2,169 Amounts included in the condensed consolidated balance sheets related to services provided to unconsolidated joint ventures as of June 28, 2024 and December 29, 2023 are as follows: June 28, December 29, 2024 2023 (In thousands) Accounts receivable, net $ 1,876 $ 2,092

Property Plant and Equipment an

Property Plant and Equipment and Intangible Assets	6 Months Ended
	Jun. 28, 2024
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment and Intangible Assets	Note 5. Property, Plant and Equipment and Intangible Assets The following table summarizes the components of property, plant and equipment as of June 28, 2024 and December 29, 2023. June 28, December 29, (In thousands) 2024 2023 Building and land $ 3,984 $ 4,002 Machinery, equipment, and vehicles 50,596 70,250 Office equipment, software and construction in progress 16,210 9,324 Property, plant and equipment, gross 70,790 83,576 Accumulated depreciation ( 34,637 ) ( 37,203 ) Property, plant and equipment, net $ 36,153 $ 46,373 Three Months Ended Six Months Ended June 28, June 30, June 28, June 30, 2024 2023 2024 2023 (In thousands) Depreciation expense $ 3,079 $ 3,576 $ 6,778 $ 7,083 Depreciation is recorded within cost of revenue and selling, general and administrative expenses and is calculated using the straight-line method over the estimated useful lives of the assets, or in the case of leasehold improvements and capitalized leases, the lesser of the remaining term of the lease or its estimated useful life. The following table presents the Company’s finite-lived intangible assets, including the weighted average useful lives for each major intangible asset category and in total: June 28, 2024 (In thousands) Weighted Average Remaining Useful Life in Years Intangible Assets, Gross Accumulated Amortization Intangible Assets, Net Trademark 3.5 $ 10,600 $ ( 5,300 ) $ 5,300 Customer contracts 2.5 6,373 ( 3,717 ) 2,656 Total $ 16,973 $ ( 9,017 ) $ 7,956 December 29, 2023 (In thousands) Weighted Average Remaining Useful Life in Years Intangible Assets, Gross Accumulated Amortization Intangible Assets, Net Trademark 4 $ 10,600 $ ( 4,543 ) $ 6,057 Customer contracts 3 6,527 ( 3,340 ) 3,187 Total $ 17,127 $ ( 7,883 ) $ 9,244 The Company’s estimated aggregate remaining amortization is as follows: Amortization (In thousands) Expense 2024 $ 1,288 2025 2,577 2026 2,577 2027 1,514 Total $ 7,956

Debt

Debt	6 Months Ended
	Jun. 28, 2024
Debt Disclosure [Abstract]
Debt	Note 6. Debt Total debt outstanding is presented on the condensed consolidated balance sheets as follows: (In thousands) June 28, 2024 December 29, 2023 Revolving Credit Facility $ 14,952 $ 29,914 Unamortized debt issuance costs ( 179 ) ( 287 ) Revolving Credit Facility, net $ 14,773 $ 29,627 (In thousands) June 28, 2024 December 29, 2023 Credit Facility $ 54,200 $ - Unamortized debt issuance costs ( 1,411 ) - Credit Facility, net $ 52,789 $ - Revolving Credit Facility On March 27, 2023, we entered into the Revolving Credit Facility with MidCap Financial Services, LLC, which originally provided a total commitment of $ 30 million. The Revolving Credit Facility was subsequently amended on June 30, 2023, September 22, 2023, May 20, 2024 and August 14, 2024. As amended, the Revolving Credit Facility provides for a total commitment of $ 2.8 million and bears interest at an annual rate of adjusted term SOFR, subject to a 1.0 % floor, plus 5.50 %. Further, the Revolving Credit Facility is subject to an annual collateral management fee of 0.50 % and an annual unused line fee of 0.50 %. The Revolving Credit Facility includes certain financial operating covenants, including a minimum liquidity requirement of $ 7.5 million. As of June 28, 2024, we were not in compliance with the Permitted Investments covenant regarding investments in joint ventures set forth in the Revolving Credit Facility. As a result of the August 14, 2024 amendment, which redefined Permitted Investments, we are not aware of any instances of noncompliance with financial covenants. The Revolving Credit Facility matures on August 31, 2024 . In the three months ended June 28, 2024, we repaid $ 17 million of the amount outstanding under the Revolving Credit Facility. As of June 28, 2024 and December 29, 2023, $ 15 million and $ 30 million was outstanding under the Revolving Credit Facility, respectively. Credit Facility On May 20, 2024, the Company, as guarantor, and its wholly-owned subsidiaries as borrowers (“Borrowers”), Alter Domus (US) LLC, as agent, and AECOM and Berkshire Hathaway Specialty Insurance Company (“BHSI”) as lenders, entered into a revolving credit facility (the “Credit Agreement”). The Credit Agreement provides borrowing capacity up to $ 60 million. The obligations under the Credit Agreement bear interest at a per annum rate equal to one month Term SOFR (as defined in the Credit Agreement), subject to a 1.00 % floor, plus 3.50 %. Interest on any outstanding amounts drawn under the Credit Agreement will be payable, in kind or in cash at the election of the Company, on the last day of each month and upon prepayment. The Credit Agreement matures on May 20, 2029 (the “Maturity Date”), and the Borrowers may borrow, repay and reborrow amounts under the Credit Agreement until the Maturity Date. Obligations of the Borrowers under the Credit Agreement are guaranteed by the Company and secured by a lien on substantially all assets of the Company and the Borrowers. The Credit Agreement contains customary affirmative and negative covenants for a transaction of this type, including covenants that limit liens, asset sales and investments, in each case subject to negotiated exceptions and baskets. In addition, the Credit Agreement contains a maximum leverage ratio covenant as tested quarterly commencing with the close of the third quarter of 2025. The Credit Agreement also contains representations and warranties and event of default provisions customary for a transaction of this type. The Company is not aware of any instances of noncompliance with financial covenants as of June 28, 2024. As of June 28, 2024, $ 54 million was outstanding under the Credit Facility. The transactions with AECOM also included a mutual release and settlement of certain claims with AECOM and a corresponding agreement to issue 7,745,000 shares of our common shares to AECOM. 5,144,622 of the common shares were issued on May 20, 2024 and issuance of the remaining 2,600,378 shares was completed following shareholder approval on June 26, 2024. Of the total common shares issued, 1,036,949 were held in escrow which resulted in an AECOM voting interest of 19.9 % on the June 26, 2024 date of issuance. The Company recognized a loss of $ 1 million in Other expense (income), net within the condensed consolidated statements of operations as a result of the share issuance which represented the excess of the $ 13 million fair market value of the common shares at the time of issuance over the $ 12 million carrying value of the contingent consideration liabilities settled with AECOM.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 28, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Note 7. Income Taxes We compute the year-to-date income tax provision by applying our estimated annual effective tax rate to our year-to-date pre-tax income and adjust for discrete tax items in the period in which they occur. The effective tax rate was 0 % for the three and six months ended June 28, 2024 and June 30, 2023. For the six months ended June 28, 2024, the deferred tax provision resulting from the current year loss is completely offset by the valuation allowance, resulting in zero tax expense. For the six months ended June 30, 2023, the deferred tax provision resulting from the loss, was completely offset by the valuation allowance, resulting in zero tax expense. The Company generally anticipates a zero effective tax rate due to a full valuation allowance. However, the Company may recognize a current tax expense in a specific period if its taxable income, net of available deferred tax assets in that period, exceeds the allowable utilization of tax attributes such as NOL carryforwards. The allowable limitation typically restricts the use of NOL carryforwards to 80 % of taxable income. Deferred Tax Assets and Liabilities We recognize deferred tax assets and liabilities for future tax consequences arising from differences between the carrying amounts of existing assets and liabilities under U.S. GAAP and their respective tax bases, and for net operating loss carryforwards and tax credit carryforwards. We evaluate the recoverability of our deferred tax assets, weighing all positive and negative evidence, and are required to establish or maintain a valuation allowance for these assets if we determine that it is more likely than not that some or all the deferred tax assets will not be realized. As of each reporting date, we consider new evidence, both positive and negative, that could impact our view with regard to the future realization of deferred tax assets. We will maintain our positions with regard to future realization of deferred tax assets, including those with respect to which we continue maintaining valuation allowances, until there is sufficient new evidence to support a change in expectations. Such a change in expectations could arise due to many factors, including those impacting our forecasts of future earnings, as well as changes in the tax laws under which we operate and tax planning. It is not reasonably possible to forecast any such changes at the present time, but it is possible that, should they arise, our view of their effect on the future realization of deferred tax assets may impact materially our condensed consolidated financial statements. After weighing all the evidence, giving more weight to the evidence that was objectively verifiable, a valuation allowance of $ 147 million and $ 124 million as of June 28, 2024 and December 29, 2023, respectively, has been recorded to recognize only the portion of the deferred tax asset that is more likely than not to be realized. The amount of the deferred tax asset considered realizable, however, could be adjusted if estimates of future taxable income during the carryforward period are reduced or increased or if the objective negative evidence in the form of cumulative losses is no longer present and additional weight is given to subjective evidence such as our projections for growth.

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 28, 2024
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	Note 8. Stock-Based Compensation On April 12, 2021, the Company’s Board approved the Company’s 2021 Stock Plan (the “2021 Stock Plan”). The 2021 Stock Plan reserves 5,477,200 of the Company’s shares for issuance of incentive instruments, including Incentive Stock Options (“ISOs”), Non-statutory Stock Options, Stock Appreciation Rights, Restricted Stock Awards, and Restricted Stock Unit Awards. ISOs granted under the Plan have a term of 10 years and vest over four years of service. On November 13, 2023, the Company’s Board approved the Shimmick Corporation 2023 Equity Incentive Plan (the “2023 Omnibus Incentive Plan”). 3,729,149 is the maximum aggregate number of shares of Common Stock available under the 2023 Omnibus Incentive Plan (equal to ten percent (10%) of the Company’s Common Stock outstanding immediately following the completion of the Company’s IPO on November 16, 2023 plus (ii) the reserved and authorized shares for awards under the Company’s 2021 Stock Plan that were not granted as of November 13, 2023). The maximum aggregate number of shares of Common Stock that may be issued under the 2023 Omnibus Incentive Plan will automatically increase annually on the first day of each fiscal year, beginning with the 2024 fiscal year in an amount equal to five percent (5%) of Common Stock outstanding on the last day of the immediately preceding fiscal year unless the plan administration determines that a lesser amount should instead be issued. The shares reserved under the 2023 Omnibus Incentive Plan are for issuance of incentive instruments, including stock options, restricted stock awards, restricted stock units, stock appreciation rights, performance units and other share-based awards. Total compensation expense related to stock-based grants was $ 2 millio n and $ 1 million for the six months ended June 28, 2024 and June 30, 2023, respectively. Unrecognized compensation expense related to stock-based grants to employees of Shimmick outstanding as of June 28, 2024 and June 30, 2023 was $ 5 million and $ 4 million, respectively, to be recognized on a straight-line basis over the awards’ weighted average remaining vesting period of 0.8 years and 1.8 years, respectively. For the six months ended June 28, 2024, stock option activity was as follows: Stock Options Number of shares Weighted average exercise price per share Weighted average grant date fair value Weighted average years of remaining contractual term Outstanding as of December 29, 2023 4,137,183 $ 1.26 $ — 7.6 Exercised ( 285,744 ) 1.26 0.66 — Forfeited & expired ( 314,213 ) 1.26 0.66 — Outstanding as of June 28, 2024 3,537,226 1.26 0.66 6.9 Exercisable as of June 28, 2024 2,695,618 $ 1.26 $ 0.66 6.9 The following table summarizes the activities for unvested Shimmick restricted stock units for the six months ended June 28, 2024: Restricted Stock Units Number of shares Weighted average grant date fair value Unvested as of December 29, 2023 576,714 $ 6.49 Awarded 483,442 1.86 Forfeited ( 20,834 ) 6.56 Outstanding as of June 28, 2024 1,039,322 3.93 Ended vested as of June 28, 2024 175,865 6.56 Ended unvested as of June 28, 2024 863,457 $ 3.93

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 28, 2024
Earnings Per Share [Abstract]
Earnings Per Share	Note 9. Earnings Per Share Basic earnings per share (“EPS”) is calculated based on the weighted average shares outstanding during the period. Diluted earnings per share includes the dilutive effect of employee and director stock options and restricted stock units. Stock options are considered dilutive whenever the exercise price is less than the average market price of the stock during the period and antidilutive whenever the exercise price exceeds the average market price of the common stock during the period. All 3.5 million and 4.5 million employee stock options were excluded from the calculation of diluted earnings per share for the three and six months ended June 28, 2024 and June 30, 2023, respectively, as they are antidilutive to the EPS calculation. The computation of basic and diluted EPS is as follows: Three Months Ended Six Months Ended (In thousands, except per share data) June 28, 2024 June 30, 2023 June 28, 2024 June 30, 2023 Numerator: Net loss attributable to Shimmick Corporation $ ( 51,389 ) $ ( 10,300 ) $ ( 84,722 ) $ ( 19,637 ) Numerator for basic and diluted EPS $ ( 51,389 ) $ ( 10,300 ) $ ( 84,722 ) $ ( 19,637 ) Denominator: Denominator for basic EPS - weighted average shares 28,086 21,909 26,817 21,909 Effect of dilutive securities: Employee stock options — — — — Restricted stock units — — — — Dilutive potential common shares — — — — Denominator for diluted EPS - adjusted weighted average shares and assumed conversions 28,086 21,909 26,817 21,909 Basic earnings per common share $ ( 1.83 ) $ ( 0.47 ) $ ( 3.16 ) $ ( 0.90 ) Diluted earnings per common share $ ( 1.83 ) $ ( 0.47 ) $ ( 3.16 ) $ ( 0.90 )

Leases

Leases	6 Months Ended
	Jun. 28, 2024
Leases [Abstract]
Leases	Note 10. Leases Lease expenses recorded within the condensed consolidated statements of operations are comprised as follows: Three Months Ended Six Months Ended (In thousands) June 28, 2024 June 30, 2023 June 28, 2024 June 30, 2023 Operating lease cost Cost of revenue $ 2,397 $ 3,543 $ 4,749 $ 6,778 Selling, general and administrative expenses 245 379 550 672 Finance lease cost (all in cost of revenue): Amortization of right-of-use assets 66 75 133 150 Interest on lease liabilities 6 6 14 13 Short-term lease cost 100 175 182 318 Total lease cost $ 2,814 $ 4,178 $ 5,628 $ 7,931 Additional condensed consolidated balance sheets information related to leases is as follows: June 28, December 29, (In thousands) Balance Sheet Classification 2024 2023 Assets: Operating lease assets Lease right-of-use assets $ 21,173 $ 23,568 Finance lease assets Lease right-of-use assets 155 287 Total lease assets $ 21,328 $ 23,855 Liabilities:    Current:    Operating lease liabilities Other current liabilities $ 7,842 $ 8,247 Finance lease liabilities Other current liabilities 190 317 Total current lease liabilities    $ 8,032 $ 8,564 Non-current:    Operating lease liabilities Lease liabilities, non-current $ 13,154 $ 15,017 Finance lease liabilities Lease liabilities, non-current - 28 Total non-current lease liabilities $ 13,154 $ 15,045 Weighted average remaining lease term information related to leases is as follows: June 28, December 29, 2024 2023 Weighted average remaining lease term (in years): Operating leases 3.3 3.4 Finance leases 0.6 1.1 Weighted average discount rate: Operating leases 6.5 % 6.3 % Finance leases 9.9 % 9.9 % Supplemental cash flow information related to leases is as follows: Three Months Ended Six Months Ended June 28, June 30, June 28, June 30, (In thousands) 2024 2023 2024 2023 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 2,873 $ 3,236 $ 5,207 $ 6,028 Financing cash flows from finance leases 78 78 155 155 Right-of-use assets obtained in exchange for new operating leases $ 165 $ 2,440 $ 2,045 $ 11,044 Total remaining lease payments under both the Company’s operating and finance leases are as follows: Operating Financing (In thousands) Leases Leases Year 2024 $ 4,599 $ 169 2025 8,883 28 2026 4,081 — 2027 2,424 — 2028 2,236 — Thereafter 1,077 — Total lease payments 23,300 197 Amounts representing interest ( 2,304 ) ( 7 ) Total lease liabilities $ 20,996 $ 190

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 28, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 11. Commitments and Contingencies In the Company’s joint venture arrangements, the liability of each partner is usually joint and several. This means as each joint venture partner may become liable for the entire risk of performance guarantees provided by each partner to the customer. Typically, each joint venture partner indemnifies the other partners for any liabilities incurred in excess of the liabilities the other party is obligated to bear under the respective joint venture agreement. In addition, the Company may be required to guarantee performance directly to the customer. The Company is unable to estimate the maximum potential amount of future payments that the Company could be required to make under outstanding performance guarantees related to joint venture projects due to a number of factors, including but not limited to, the nature and extent of any contractual defaults by the other joint venture partners, resource availability, potential performance delays caused by the defaults, the location of the projects, and the terms of the related contracts. In the ordinary course of business, the Company is subject to other claims, lawsuits, investigations and disputes arising out of the conduct of its business, including matters relating to commercial transactions, government contracts, and employment matters. The Company recognizes a liability for contingencies that are probable of occurrence and reasonably estimable. To date, no such matters are material to the condensed consolidated statements of operations. In certain contracts, there are provisions that require the Company to pay liquidated damages if the Company is responsible for the failure to meet specified contractual milestone dates and the applicable customer asserts a conforming claim under these provisions. These contracts define the conditions under which customers may make claims against the Company for liquidated damages. Based upon the evaluation of performance and other commercial and legal analysis, management has recognized relevant probable liquidated damages as of June 28, 2024 and December 29, 2023, and believes that the ultimate resolution of such matters will not materially affect the Company's condensed consolidated financial position, results of operations, or cash flows. The Company has recorded contingent consideration as of June 28, 2024 and December 29, 2023 at its estimated fair value. The Company is unable to reasonably determine an estimated range of amounts of the payments that could be made due to the uncertainty of future events. Guarantees The Company obtains bonding on construction contracts through third-party bonding companies. As is customary in the construction industry, the Company indemnifies the third-party bonding companies for any losses incurred by it in connection with bonds that are issued. The Company has granted the third-party bonding companies a security interest in accounts receivable, contract assets and contract rights for that obligation. The Company typically indemnifies contract owners for claims arising during the construction process and carries insurance coverage for such claims. Letters of Credit In the ordinary course of business and under certain contracts, the Company is required to post standby letters of credit for its insurance carriers. The Company did not have any letters of credit outstanding as of June 28, 2024 or December 29, 2023.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 28, 2024
Subsequent Events [Abstract]
Subsequent Events	Note 12. Subsequent Events Legacy Project Settlement On August 8, 2024, the Company entered into a settlement agreement involving change orders and additional compensation sought for a federal lock and dam project. Pursuant to the settlement agreement, the United States Army Corps of Engineers agreed to pay the Company $ 33 million, which is expected to be collected in fiscal year 2024. The settlement amount is recorded in contract assets within the condensed consolidated balance sheets. As a result of the settlement and previously estimated contract revenue, the Company recognized a net loss of $ 30 million on the project during the three months ended June 28, 2024, which includes a $ 23 million reduction to revenue and a $ 7 million adjustment to forward loss reserve, within the condensed consolidated statements of operations for the three and six months ended June 28, 2024. Sale-Leaseback Agreement On August 9, 2024, we completed the previously disclosed transaction for the sale-leaseback of our equipment yard in Tracy, California. The agreement consummated the sale of the equipment yard for $ 20.5 million and allows us to continue using the property pursuant to a separately executed seven-year lease. We received net proceeds of $ 17 million, after adjustments for prepaid rent through February 2026 and related closing costs, which were used to repay borrowings under the Revolving Credit Facility.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 28, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States (“GAAP”), and in conformity with the rules and regulations of the Securities and Exchange Commission. The information furnished reflects all adjustments, consisting of normal recurring adjustments, that are, in the opinion of management, necessary for a fair presentation of the results of operations, cash flows and financial position for the interim periods presented. A statement of comprehensive income is not presented as the Company’s results of operations do not contain any items classified as comprehensive income. All intercompany accounts and transactions have been eliminated. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted in accordance with such rules and regulations, although management believes the disclosures are adequate to prevent the information presented from being misleading. The accompanying condensed consolidated interim financial statements are unaudited and should be read in conjunction with the audited consolidated financial statements and notes in our Annual Report on Form 10-K for the fiscal year ended December 29, 2023 ("Form 10-K"). Because of the seasonal nature of some of the Company's operations, the results of operations for the three and six months ended June 28, 2024 are not necessarily indicative of the results of operations to be expected for the full fiscal year.
Change in Presentation	Change in Presentation Certain prior period balances in the condensed consolidated balance sheets and statements of cash flows and accompanying notes have been combined, reclassified or rounded to conform to current period presentation. These changes had no impact on net loss, cash flows, assets and liabilities, or equity previously reported.
Stock Split	Stock Split On October 23, 2023, the Board of Directors (the "Board") approved an amendment to the Company’s Certificate of Incorporation in order to effect a stock split of the Company’s Common Stock. Further, the Board authorized 100,000,000 shares of Common Stock, with a par value of $ 0.01 par value per share and 25,000,000 shares of Preferred Stock, with a par value of $ 0.01 per share. Upon the effectiveness of the filing of the amendment, each share of common stock, par value $ 0.01 per share (the “Old Common Stock”), issued and outstanding automatically, without further action on the part of the Company or any holder of such Old Common Stock, was reclassified as and became 2.7386 validly issued, fully paid and non-assessable shares of Common Stock. There were no fractional shares issued with respect to the reclassification of shares of Old Common Stock. In lieu of fractional shares, the Company rounded up to the nearest whole number of shares of Common Stock. The Company has retro-actively applied the stock split made effective on October 23, 2023, to share and per share amounts in the condensed consolidated financial statements. Accordingly, any information related to or dependent upon the share amounts in the condensed consolidated financial statements and Note 8 - Stock-Based Compensation and Note 9 - Earnings Per Share have been updated to reflect the effect of the stock split.
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Our significant accounting policies are described in more detail in “Note 2 - Basis of Presentation and Summary of Significant Accounting Policies” of our Form 10-K.
Use of Estimates	Use of Estimates The preparation of our condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts included in the condensed consolidated financial statements and accompanying notes thereto. Actual results could differ from those estimates.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements Accounting pronouncements not listed below were assessed and determined to be not applicable or are expected to have minimal impact on the condensed consolidated financial statements. In November 2023, the FASB issued ASU 2023-07 to enhance disclosures of significant expense and segment profitability categories and amounts for reportable business segments. The amendment is effective in interim periods in the fiscal year beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the provisions of the amendments and the impact on its future condensed consolidated financial statements. In December 2023, the FASB issued ASU 2023-09 to improve disclosures and presentation requirements to the transparency of the income tax disclosures by requiring consistent categories and greater disaggregation of information in the rate reconciliation and income taxes paid disaggregated by jurisdiction. The amendment is effective in interim periods in the fiscal year beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the provisions of the amendments and the impact on its future condensed consolidated financial statements.

Revenue Receivables and Contr_2

Revenue Receivables and Contract Assets and Liabilities (Tables)	6 Months Ended
	Jun. 28, 2024
Revenue from Contract with Customer [Abstract]
Summary of Company's Revenue Disaggregated by Contract Types	The following table presents the Company’s revenue disaggregated by contract types: Three Months Ended Six Months Ended June 28, June 30, June 28, June 30, (In thousands) 2024 2023 2024 2023 Fixed-price $ 82,313 $ 135,310 $ 195,379 $ 286,838 Cost reimbursable 7,876 18,050 14,381 28,893 Equipment and labor revenue 416 1,829 888 3,566 Total revenue $ 90,605 $ 155,189 $ 210,648 $ 319,297 Projects started after the AECOM Sale Transactions ("Shimmick Projects") have focused on water infrastructure and other critical infrastructure. Projects that focus on foundation drilling are referred to as "Foundations Projects". Projects that started prior to consummation of the AECOM Sale Transactions are referred to as "Legacy Projects". The following table presents the Company’s revenue disaggregated by Shimmick Projects, Foundations Projects and Legacy Projects: Three Months Ended Six Months Ended June 28, June 30, June 28, June 30, (In thousands) 2024 2023 2024 2023 Shimmick Projects $ 83,689 $ 103,493 $ 173,981 $ 191,592 Foundations Projects 8,454 8,988 15,094 29,092 Legacy Projects (1) ( 1,538 ) 42,708 21,573 98,613 Total revenue $ 90,605 $ 155,189 $ 210,648 $ 319,297 (1) Legacy Projects revenue for the three and six months ended June 28, 2024 reflect a non-cash adjustment to revenue of $ 23 million to write off previously recorded contract assets as a result of a settlement of a claim on a large Legacy Project in which the Company will receive $ 33 million in cash. See Note 12 - Subsequent Events for additional details.
Summary of Information About Contract Assets and Contract Liabilities	The following table provides information about contract assets (also referred to as costs and estimated earnings in excess of billings on uncompleted contracts and retainage receivable) and contract liabilities (also referred to as billings on uncompleted contracts in excess of costs and estimated earnings and forward loss reserve), which include assets and liabilities that are dependent upon future activity: June 28, December 29, 2024 2023 Change (In thousands) Contract assets, current and non-current: Costs and estimated earnings in excess of billings on uncompleted contracts $ 119,694 $ 125,943 $ ( 6,249 ) Retainage receivable 46,569 48,316 ( 1,747 ) Total contract assets 166,263 174,259 ( 7,996 ) Contract liabilities, current and non-current: Billings on uncompleted contracts in excess of costs and estimated earnings ( 44,732 ) ( 48,841 ) 4,109 Forward loss reserve ( 69,778 ) ( 70,159 ) 381 Total contract liabilities ( 114,510 ) ( 119,000 ) 4,490 Net $ 51,753 $ 55,259 $ ( 3,506 )
Summary of Unconditional Right to Cash from Clients	The Company’s accounts receivable represents amounts billed to clients that have yet to be collected and represent an unconditional right to cash from its clients as presented below. June 28, December 29, 2024 2023 (In thousands) Total accounts receivable, gross $ 49,473 $ 55,202 Allowance for credit losses ( 954 ) ( 1,024 ) Accounts receivable, net $ 48,519 $ 54,178
Summary of Information About Significant Customers	Information about significant customers Significant Customers as a Percentage of Accounts Receivable, Net As of June 28, 2024 Customer one 35.7 % Customer two 17.7 % As of December 29, 2023 Customer one 32.5 % Customer two 21.7 % Significant Customers as a Percentage of Revenue Three Months Ended June 28, 2024 Customer one 21.9 % Customer two 19.2 % Customer three 11.9 % Three Months Ended June 30, 2023 Customer one 16.7 % Customer two 13.7 % Customer three 11.5 % Significant Customers as a Percentage of Revenue Six Months Ended June 28, 2024 Customer one 21.6 % Customer two 16.8 % Six Months Ended June 30, 2023 Customer one 15.6 % Customer two 14.3 % Customer three 12.2 %

Joint Ventures and Variable I_2

Joint Ventures and Variable Interest Entities (Tables)	6 Months Ended
	Jun. 28, 2024
Joint Ventures and Variable Interest Entities Disclosure [Abstract]
Summary of Financial Information of Consolidated Joint Ventures	A summary of financial information of the consolidated joint ventures is as follows: June 28, December 29, 2024 2023 (In thousands) Current assets $ 46,977 $ 34,071 Non-current assets - 8,971 Total assets 46,977 43,042 Current liabilities 55,984 59,602 Non-current liabilities 2,082 2,013 Total liabilities $ 58,066 $ 61,615 Three Months Ended Six Months Ended June 28, June 30, June 28, June 30, 2024 2023 2024 2023 (In thousands) Revenue $ 3,354 $ 8,859 $ 7,358 $ 13,473
Summary of Financial Information of Unconsolidated Joint Ventures	A summary of financial information of the unconsolidated joint ventures, as derived from their financial statements, is as follows: June 28, December 29, 2024 2023 (In thousands) Current assets $ 73,367 $ 74,498 Non-current assets 10,398 14,333 Total assets 83,765 88,831 Current liabilities 36,351 42,817 Total liabilities $ 36,351 $ 42,817 Three Months Ended Six Months Ended June 28, June 30, June 28, June 30, 2024 2023 2024 2023 (In thousands) Revenue $ 11,169 $ 13,708 $ 31,625 $ 42,596 Cost of revenue 17,894 ( 1,861 ) 38,825 32,111 Gross margin ( 6,725 ) 15,569 ( 7,200 ) 10,485 Net (loss) income $ ( 6,725 ) $ 15,569 $ ( 7,200 ) $ 10,051
Summary of Revenue Included Related to Services Provided to Related Parties	Revenue included related to services provided to unconsolidated joint venture related parties is as follows: Three Months Ended Six Months Ended June 28, June 30, June 28, June 30, 2024 2023 2024 2023 (In thousands) Revenue $ 255 $ 1,124 $ 733 $ 2,169
Summary of Condensed Consolidated Balance Sheets Related to Services Provided to Unconsolidated Joint Ventures	Amounts included in the condensed consolidated balance sheets related to services provided to unconsolidated joint ventures as of June 28, 2024 and December 29, 2023 are as follows: June 28, December 29, 2024 2023 (In thousands) Accounts receivable, net $ 1,876 $ 2,092

Property Plant and Equipment _2

Property Plant and Equipment and Intangible Assets (Tables)	6 Months Ended
	Jun. 28, 2024
Property, Plant and Equipment [Abstract]
Schedule of Components of Property Plant and Equipment Net	The following table summarizes the components of property, plant and equipment as of June 28, 2024 and December 29, 2023. June 28, December 29, (In thousands) 2024 2023 Building and land $ 3,984 $ 4,002 Machinery, equipment, and vehicles 50,596 70,250 Office equipment, software and construction in progress 16,210 9,324 Property, plant and equipment, gross 70,790 83,576 Accumulated depreciation ( 34,637 ) ( 37,203 ) Property, plant and equipment, net $ 36,153 $ 46,373 Three Months Ended Six Months Ended June 28, June 30, June 28, June 30, 2024 2023 2024 2023 (In thousands) Depreciation expense $ 3,079 $ 3,576 $ 6,778 $ 7,083
Schedule of Finite Lived Intangible Assets Including the Weighted Average Useful Lives	The following table presents the Company’s finite-lived intangible assets, including the weighted average useful lives for each major intangible asset category and in total: June 28, 2024 (In thousands) Weighted Average Remaining Useful Life in Years Intangible Assets, Gross Accumulated Amortization Intangible Assets, Net Trademark 3.5 $ 10,600 $ ( 5,300 ) $ 5,300 Customer contracts 2.5 6,373 ( 3,717 ) 2,656 Total $ 16,973 $ ( 9,017 ) $ 7,956 December 29, 2023 (In thousands) Weighted Average Remaining Useful Life in Years Intangible Assets, Gross Accumulated Amortization Intangible Assets, Net Trademark 4 $ 10,600 $ ( 4,543 ) $ 6,057 Customer contracts 3 6,527 ( 3,340 ) 3,187 Total $ 17,127 $ ( 7,883 ) $ 9,244
Schedule of Estimated Aggregate Remaining Amortization	The Company’s estimated aggregate remaining amortization is as follows: Amortization (In thousands) Expense 2024 $ 1,288 2025 2,577 2026 2,577 2027 1,514 Total $ 7,956

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 28, 2024
Debt Disclosure [Abstract]
Schedule of debt	Total debt outstanding is presented on the condensed consolidated balance sheets as follows: (In thousands) June 28, 2024 December 29, 2023 Revolving Credit Facility $ 14,952 $ 29,914 Unamortized debt issuance costs ( 179 ) ( 287 ) Revolving Credit Facility, net $ 14,773 $ 29,627 (In thousands) June 28, 2024 December 29, 2023 Credit Facility $ 54,200 $ - Unamortized debt issuance costs ( 1,411 ) - Credit Facility, net $ 52,789 $ -

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Jun. 28, 2024
Share-Based Payment Arrangement [Abstract]
Summary of Stock Option Activity	For the six months ended June 28, 2024, stock option activity was as follows: Stock Options Number of shares Weighted average exercise price per share Weighted average grant date fair value Weighted average years of remaining contractual term Outstanding as of December 29, 2023 4,137,183 $ 1.26 $ — 7.6 Exercised ( 285,744 ) 1.26 0.66 — Forfeited & expired ( 314,213 ) 1.26 0.66 — Outstanding as of June 28, 2024 3,537,226 1.26 0.66 6.9 Exercisable as of June 28, 2024 2,695,618 $ 1.26 $ 0.66 6.9
Summary of Unvested Restricted Stock Units	The following table summarizes the activities for unvested Shimmick restricted stock units for the six months ended June 28, 2024: Restricted Stock Units Number of shares Weighted average grant date fair value Unvested as of December 29, 2023 576,714 $ 6.49 Awarded 483,442 1.86 Forfeited ( 20,834 ) 6.56 Outstanding as of June 28, 2024 1,039,322 3.93 Ended vested as of June 28, 2024 175,865 6.56 Ended unvested as of June 28, 2024 863,457 $ 3.93

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 28, 2024
Earnings Per Share [Abstract]
Summary of computation of basic and diluted EPS	The computation of basic and diluted EPS is as follows: Three Months Ended Six Months Ended (In thousands, except per share data) June 28, 2024 June 30, 2023 June 28, 2024 June 30, 2023 Numerator: Net loss attributable to Shimmick Corporation $ ( 51,389 ) $ ( 10,300 ) $ ( 84,722 ) $ ( 19,637 ) Numerator for basic and diluted EPS $ ( 51,389 ) $ ( 10,300 ) $ ( 84,722 ) $ ( 19,637 ) Denominator: Denominator for basic EPS - weighted average shares 28,086 21,909 26,817 21,909 Effect of dilutive securities: Employee stock options — — — — Restricted stock units — — — — Dilutive potential common shares — — — — Denominator for diluted EPS - adjusted weighted average shares and assumed conversions 28,086 21,909 26,817 21,909 Basic earnings per common share $ ( 1.83 ) $ ( 0.47 ) $ ( 3.16 ) $ ( 0.90 ) Diluted earnings per common share $ ( 1.83 ) $ ( 0.47 ) $ ( 3.16 ) $ ( 0.90 )

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 28, 2024
Leases [Abstract]
Schedule of Lease Expense	Lease expenses recorded within the condensed consolidated statements of operations are comprised as follows: Three Months Ended Six Months Ended (In thousands) June 28, 2024 June 30, 2023 June 28, 2024 June 30, 2023 Operating lease cost Cost of revenue $ 2,397 $ 3,543 $ 4,749 $ 6,778 Selling, general and administrative expenses 245 379 550 672 Finance lease cost (all in cost of revenue): Amortization of right-of-use assets 66 75 133 150 Interest on lease liabilities 6 6 14 13 Short-term lease cost 100 175 182 318 Total lease cost $ 2,814 $ 4,178 $ 5,628 $ 7,931
Schedule of Balance Sheets Information Related to Leases	Additional condensed consolidated balance sheets information related to leases is as follows: June 28, December 29, (In thousands) Balance Sheet Classification 2024 2023 Assets: Operating lease assets Lease right-of-use assets $ 21,173 $ 23,568 Finance lease assets Lease right-of-use assets 155 287 Total lease assets $ 21,328 $ 23,855 Liabilities:    Current:    Operating lease liabilities Other current liabilities $ 7,842 $ 8,247 Finance lease liabilities Other current liabilities 190 317 Total current lease liabilities    $ 8,032 $ 8,564 Non-current:    Operating lease liabilities Lease liabilities, non-current $ 13,154 $ 15,017 Finance lease liabilities Lease liabilities, non-current - 28 Total non-current lease liabilities $ 13,154 $ 15,045
Schedule of Weighted Average Remaining Lease Term	Weighted average remaining lease term information related to leases is as follows: June 28, December 29, 2024 2023 Weighted average remaining lease term (in years): Operating leases 3.3 3.4 Finance leases 0.6 1.1 Weighted average discount rate: Operating leases 6.5 % 6.3 % Finance leases 9.9 % 9.9 %
Schedule of Supplemental Cash Flow Information Related to Leases	Supplemental cash flow information related to leases is as follows: Three Months Ended Six Months Ended June 28, June 30, June 28, June 30, (In thousands) 2024 2023 2024 2023 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 2,873 $ 3,236 $ 5,207 $ 6,028 Financing cash flows from finance leases 78 78 155 155 Right-of-use assets obtained in exchange for new operating leases $ 165 $ 2,440 $ 2,045 $ 11,044
Schedule of Remaining Lease Payments Under Operating and Financing Leases	Total remaining lease payments under both the Company’s operating and finance leases are as follows: Operating Financing (In thousands) Leases Leases Year 2024 $ 4,599 $ 169 2025 8,883 28 2026 4,081 — 2027 2,424 — 2028 2,236 — Thereafter 1,077 — Total lease payments 23,300 197 Amounts representing interest ( 2,304 ) ( 7 ) Total lease liabilities $ 20,996 $ 190

Business and Organization - Add

Business and Organization - Additional Information (Details) $ / shares in Units, $ in Millions	Nov. 16, 2023 USD ($) $ / shares shares
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Initial public offering | shares	3,575,000
Common stock price per share | $ / shares	$ 7
Proceeds from IPO	$ 19
Proceeds after deducting underwriting discounts and commissions	2
Other offering costs	$ 4

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Details) - $ / shares	Jun. 28, 2024	Dec. 29, 2023	Oct. 23, 2023
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Common stock, shares authorized	100,000,000	100,000,000	100,000,000
Common stock, par or stated value per share	$ 0.01	$ 0.01	$ 0.01
Preferred stock authorized			25,000,000
Preferred stock, par or stated value per share			$ 0.01
Common stock, shares issued	33,709,919	25,493,877	2.7386
Old Common Stock [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Common stock, par or stated value per share			$ 0.01

Revenue Receivables and Contr_3

Revenue Receivables and Contract Assets and Liabilities - Summary of Company's Revenue Disaggregated by Contract Types (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jun. 28, 2024	Jun. 30, 2023
Disaggregation of Revenue [Line Items]
Total revenue	$ 90,605	$ 155,189	$ 210,648	$ 319,297
Fixed-Price [Member]
Disaggregation of Revenue [Line Items]
Total revenue	82,313	135,310	195,379	286,838
Cost Reimbursable [Member]
Disaggregation of Revenue [Line Items]
Total revenue	7,876	18,050	14,381	28,893
Equipment and Labor Revenue [Member]
Disaggregation of Revenue [Line Items]
Total revenue	$ 416	$ 1,829	$ 888	$ 3,566

Revenue Receivables and Contr_4

Revenue Receivables and Contract Assets and Liabilities - Summary of Company's Revenue Disaggregated by Shimmick Projects and Legacy Projects (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 28, 2024	Jun. 30, 2023	Jun. 28, 2024	Jun. 30, 2023
Disaggregation of Revenue [Line Items]
Total revenue		$ 90,605	$ 155,189	$ 210,648	$ 319,297
Shimmick Projects [Member]
Disaggregation of Revenue [Line Items]
Total revenue		83,689	103,493	173,981	191,592
Foundations Projects [Member]
Disaggregation of Revenue [Line Items]
Total revenue		8,454	8,988	15,094	29,092
Legacy Projects [Member]
Disaggregation of Revenue [Line Items]
Total revenue	[1]	$ (1,538)	$ 42,708	$ 21,573	$ 98,613
[1] Legacy Projects revenue for the three and six months ended June 28, 2024 reflect a non-cash adjustment to revenue of $ 23 million to write off previously recorded contract assets as a result of a settlement of a claim on a large Legacy Project in which the Company will receive $ 33 million in cash. See Note 12 - Subsequent Events for additional details.

Revenue Receivables and Contr_5

Revenue Receivables and Contract Assets and Liabilities - Summary of Company's Revenue Disaggregated by Shimmick Projects and Legacy Projects (Paranthetical) (Details) - Legacy Project Settlement [Member] $ in Millions	3 Months Ended	6 Months Ended
	Jun. 28, 2024 USD ($)	Jun. 28, 2024 USD ($)
Disaggregation of Revenue [Line Items]
Non-cash adjustment to revenue	$ 23	$ 23
Cash settlement of claim	$ 33	$ 33

Revenue Receivables and Contr_6

Revenue Receivables and Contract Assets and Liabilities - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jun. 28, 2024	Jun. 30, 2023
Disaggregation of Revenue [Line Items]
Performance obligations yet to be satisfied	$ 860,000		$ 860,000
Revenue performance obligation weighted average life	2 years 3 months 18 days
Revenue recognized			24,000
Net (loss) income	$ (51,389)	$ (10,311)	(84,723)	$ (19,644)
Revisions in Estimates Increase [Member]
Disaggregation of Revenue [Line Items]
Net (loss) income	$ 33,000		$ 51,000	$ 15,000

Revenue Receivables and Contr_7

Revenue Receivables and Contract Assets and Liabilities - Summary of Information about Contract Assets and Contract Liabilities (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Dec. 29, 2023
Revenue from Contract with Customer [Abstract]
Costs and estimated earnings in excess of billings on uncompleted contracts	$ 119,694		$ 125,943
Costs and estimated earnings in excess of billings on uncompleted contracts, Change	(6,249)
Retainage receivable	46,569		48,316
Retainage receivable, Change	(1,747)
Total contract assets	166,263		174,259
Total contract assets, Change	(7,996)	$ 9,823
Billings on uncompleted contracts in excess of costs and estimated earnings	(44,732)		(48,841)
Billings on uncompleted contracts in excess of costs and estimated earnings, Change	4,109
Forward loss reserve	(69,778)		(70,159)
Forward loss reserve, Change	381
Total contract liabilities	(114,510)		(119,000)
Total contract liabilities, Change	4,490
Net	51,753		$ 55,259
Net, Change	$ (3,506)

Revenue Receivables and Contr_8

Revenue Receivables and Contract Assets and Liabilities - Summary of Unconditional Right to Cash from Clients (Details) - USD ($) $ in Thousands	Jun. 28, 2024	Dec. 29, 2023
Revenue from Contract with Customer [Abstract]
Total accounts receivable, gross	$ 49,473	$ 55,202
Allowance for credit losses	(954)	(1,024)
Accounts receivable, net	$ 48,519	$ 54,178

Revenue Receivables and Contr_9

Revenue Receivables and Contract Assets and Liabilities - Summary of Information about Significant Customers (Details) - Customer Concentration Risk [Member]	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jun. 28, 2024	Jun. 30, 2023	Dec. 29, 2023
Customer One [Member] | Percentage of Accounts Receivable [Member]
Concentration Risk [Line Items]
Concentration of risk			35.70%		32.50%
Customer One [Member] | Percentage of Revenue [Member]
Concentration Risk [Line Items]
Concentration of risk	21.90%	16.70%	21.60%	15.60%
Customer Two [Member] | Percentage of Accounts Receivable [Member]
Concentration Risk [Line Items]
Concentration of risk			17.70%		21.70%
Customer Two [Member] | Percentage of Revenue [Member]
Concentration Risk [Line Items]
Concentration of risk	19.20%	13.70%	16.80%	14.30%
Customer Three [Member] | Percentage of Revenue [Member]
Concentration Risk [Line Items]
Concentration of risk	11.90%	11.50%		12.20%

Joint Ventures and Variable I_3

Joint Ventures and Variable Interest Entities -Summary of Financial Information of Consolidated Joint Ventures (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jun. 28, 2024	Jun. 30, 2023	Dec. 29, 2023
Current assets	$ 208,825		$ 208,825		$ 257,458
TOTAL ASSETS	344,514		344,514		426,652
Current liabilities	265,979		265,979		271,253
TOTAL LIABILITIES	344,078		344,078		356,162
Revenue	90,605	$ 155,189	210,648	$ 319,297
Variable Interest Entity, Primary Beneficiary [Member]
Current assets	46,977		46,977		34,071
Non-current assets	0		0		8,971
TOTAL ASSETS	46,977		46,977		43,042
Current liabilities	55,984		55,984		59,602
Non-current liabilities	2,082		2,082		2,013
TOTAL LIABILITIES	58,066		58,066		$ 61,615
Revenue	$ 3,354	$ 8,859	$ 7,358	$ 13,473

Joint Ventures and Variable I_4

Joint Ventures and Variable Interest Entities -Summary of Financial Information of Unconsolidated Joint Ventures (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jun. 28, 2024	Jun. 30, 2023	Dec. 29, 2023
Current assets	$ 208,825		$ 208,825		$ 257,458
TOTAL ASSETS	344,514		344,514		426,652
Current liabilities	265,979		265,979		271,253
TOTAL LIABILITIES	344,078		344,078		356,162
Revenue	90,605	$ 155,189	210,648	$ 319,297
Gross margin	(31,131)	(457)	(46,991)	5,765
Net (loss) income	(51,389)	(10,311)	(84,723)	(19,644)
Variable Interest Entity, Not Primary Beneficiary [Member]
Current assets	73,367		73,367		74,498
Non-current assets	10,398		10,398		14,333
TOTAL ASSETS	83,765		83,765		88,831
Current liabilities	36,351		36,351		42,817
TOTAL LIABILITIES	36,351		36,351		$ 42,817
Revenue	11,169	13,708	31,625	42,596
Cost of revenue	17,894	(1,861)	38,825	32,111
Gross margin	(6,725)	15,569	(7,200)	10,485
Net (loss) income	$ (6,725)	$ 15,569	$ (7,200)	$ 10,051

Joint Ventures and Variable I_5

Joint Ventures and Variable Interest Entities - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jun. 28, 2024	Jun. 30, 2023	Dec. 29, 2023
Statement of Financial Position [Abstract]
Investment in unconsolidated joint ventures	$ 22,202		$ 22,202		$ 21,283
Equity in (loss) earnings of unconsolidated joint ventures	$ (1,854)	$ 7,534	$ (1,591)	$ 6,993

Joint Ventures and Variable I_6

Joint Ventures and Variable Interest Entities -Summary of Revenue Included Related to Services Provided to Related Parties (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jun. 28, 2024	Jun. 30, 2023
Related Party Transaction [Line Items]
Revenue	$ 90,605	$ 155,189	$ 210,648	$ 319,297
Related Party [Member]
Related Party Transaction [Line Items]
Revenue	$ 255	$ 1,124	$ 733	$ 2,169

Joint Ventures and Variable I_7

Joint Ventures and Variable Interest Entities - Summary of Condensed Consolidated Balance Sheets Related to Services Provided to Unconsolidated Joint Ventures (Details) - USD ($) $ in Thousands	Jun. 28, 2024	Dec. 29, 2023
Related Party [Member]
Accounts receivable, net	$ 1,876	$ 2,092

Property Plant and Equipment _3

Property Plant and Equipment and Intangible Assets - Schedule of Components of Property Plant and Equipment Net (Details) - USD ($) $ in Thousands	Jun. 28, 2024	Dec. 29, 2023
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 70,790	$ 83,576
Accumulated depreciation	(34,637)	(37,203)
Property, plant and equipment, net	36,153	46,373
Building and land [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	3,984	4,002
Machinery, equipment, and vehicles [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	50,596	70,250
Office equipment, software and construction in progress [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 16,210	$ 9,324

Property Plant and Equipment _4

Property Plant and Equipment and Intangible Assets - Schedule of Components of Property Plant and Equipment Net (Depreciation Expense) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jun. 28, 2024	Jun. 30, 2023
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 3,079	$ 3,576	$ 6,778	$ 7,083

Property Plant and Equipment _5

Property Plant and Equipment and Intangible Assets - Schedule of Finite-Lived Intangible Assets Including the weighted Average Useful Lives (Details) - USD ($) $ in Thousands	Jun. 28, 2024	Dec. 29, 2023
Finite-Lived Intangible Assets [Line Items]
Intangible Assets, Gross	$ 16,973	$ 17,127
Accumulated Amortization	(9,017)	(7,883)
Total	$ 7,956	$ 9,244
Trademark [Member]
Finite-Lived Intangible Assets [Line Items]
Weighted Average Remaining Useful Life	3 years 6 months	4 years
Intangible Assets, Gross	$ 10,600	$ 10,600
Accumulated Amortization	(5,300)	(4,543)
Total	$ 5,300	$ 6,057
Customer contracts [Member]
Finite-Lived Intangible Assets [Line Items]
Weighted Average Remaining Useful Life	2 years 6 months	3 years
Intangible Assets, Gross	$ 6,373	$ 6,527
Accumulated Amortization	(3,717)	(3,340)
Total	$ 2,656	$ 3,187

Property Plant and Equipment _6

Property Plant and Equipment and Intangible Assets - Schedule of Estimated Aggregate Remaining Amortization (Details) - USD ($) $ in Thousands	Jun. 28, 2024	Dec. 29, 2023
Property, Plant and Equipment [Abstract]
2024	$ 1,288
2025	2,577
2026	2,577
2027	1,514
Total	$ 7,956	$ 9,244

Debt - Schedule of Debt (Detail

Debt - Schedule of Debt (Details) - USD ($) $ in Thousands	Jun. 28, 2024	Dec. 29, 2023
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Gross amount	$ 14,952	$ 29,914
Unamortized debt issuance costs	(179)	(287)
Total	14,773	29,627
Credit Facility [Member]
Debt Instrument [Line Items]
Gross amount	54,200	0
Unamortized debt issuance costs	(1,411)	0
Total	$ 52,789	$ 0

Debt - Additional Information (

Debt - Additional Information (Details) - USD ($) $ in Thousands			3 Months Ended	6 Months Ended
	May 20, 2024	Sep. 22, 2023	Jun. 28, 2024	Jun. 28, 2024	Jun. 26, 2024	Dec. 29, 2023	Oct. 23, 2023	Mar. 27, 2023
Debt Instrument [Line Items]
Common stock, shares issued			33,709,919	33,709,919		25,493,877	2.7386
Market value of common shares			$ 12,738	$ 12,875
AECOM [Member]
Debt Instrument [Line Items]
Common stock shares agreed to issue	7,745,000
Common stock, shares issued	5,144,622
Remaining shares for issuance					2,600,378
Common stock shares issued, held in escrow					1,036,949
Voting interest of common shares issued held in escrow					19.90%
Gain loss on other expense (income), net				(1,000)
Market value of common shares				13,000
Carrying value of contingent consideration liabilities			12,000	12,000
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Line of credit facility, borrowing capacity		$ 2,800						$ 30,000
Revolving Line of Credit termination date		Aug. 31, 2024
Line of credit facility, unused line fee , percentage		0.50%
Minimum liquidity requirement		$ 7,500
Collateral management fee		0.50%
Repayment of outstanding amount			17,000
Outstanding amount			15,000	15,000		$ 30,000
Revolving Credit Facility [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate, percentage		5.50%
Revolving Credit Facility [Member] | Base Rate [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate, percentage		1%
Line of Credit [Member]
Debt Instrument [Line Items]
Line of credit facility, borrowing capacity	$ 60,000
Debt instrument, interest rate, percentage	1%
Revolving Line of Credit termination date	May 20, 2029
Outstanding amount			$ 54,000	$ 54,000
Line of Credit [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate, percentage	3.50%

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 28, 2024	Jun. 28, 2024	Jun. 30, 2023	Dec. 29, 2023
Income Tax Disclosure [Abstract]
Effective tax rate	0%		0%
Carryforward taxable income		80%
Effective tax rate valuation allowance		0%
Valuation allowance of the deferred tax asset	$ 147	$ 147		$ 124

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Details) - USD ($) $ in Millions		6 Months Ended
	Apr. 12, 2021	Jun. 28, 2024	Jun. 30, 2023	Nov. 13, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Compensation expense related to stock-based grants		$ 2	$ 1
Unrecognized compensation expense		$ 5	$ 4
Recognition period of unrecognized compensation expense		9 months 18 days	1 year 9 months 18 days
2021 Stock Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock, capital shares reserved for future issuance (in shares)	5,477,200
Expiration term	10 years
Vesting period	4 years
2023 Equity Incentive Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock, capital shares reserved for future issuance (in shares)				3,729,149

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Stock Option Activity (Details) - $ / shares	6 Months Ended	12 Months Ended
	Jun. 28, 2024	Dec. 29, 2023
Share-Based Payment Arrangement [Abstract]
Number of shares, Outstanding as of December 29, 2023	4,137,183
Number of shares, Exercised	(285,744)
Number of shares, Forfeited & expired	(314,213)
Number of shares, Outstanding as of June 28, 2024	3,537,226	4,137,183
Number of shares, Exercisable as of June 28, 2024	2,695,618
Weighted average exercise price per share, Outstanding as of December 29, 2023	$ 1.26
Weighted average exercise price per share, Exercised	1.26
Weighted average exercise price per share, Forfeited & expired	1.26
Weighted average exercise price per share, Outstanding as of June 28, 2024	1.26	$ 1.26
Weighted average exercise price per share, Exercisable as of June 28, 2024	1.26
Weighted average grant date fair value, Outstanding as of December 29, 2023	0
Weighted average grant date fair value, Exercised	0.66
Weighted average grant date fair value, Forfeited & expired	0.66
Weighted average grant date fair value, Outstanding as of June 28, 2024	0.66	$ 0
Weighted average grant date fair value, Exercisable as of June 28, 2024	$ 0.66
Weighted average years of remaining contractual term, Outstanding	6 years 10 months 24 days	7 years 7 months 6 days
Weighted average years of remaining contractual term, Exercised	0 years
Weighted average years of remaining contractual term, Forfeited & expired	0 years
Weighted average years of remaining contractual term, Exercisable as of June 28, 2024	6 years 10 months 24 days

Stock-Based Compensation - Su_2

Stock-Based Compensation - Summary of Unvested Restricted Stock Units (Details) - Restricted Stock Units (RSUs) [Member]	6 Months Ended
	Jun. 28, 2024 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Beginning Balance | shares	576,714
Awarded | shares	483,442
Forfeited | shares	(20,834)
Outstanding as of June 28, 2024 | shares	1,039,322
Ended vested as of June 28, 2024 | shares	175,865
Ending balance | shares	863,457
Weighted average grant date fair value Beginning balance | $ / shares	$ 6.49
Weighted average grant date fair value, Awarded | $ / shares	1.86
Weighted average grant date fair value , Forfeited | $ / shares	6.56
Weighted average grant date fair value, Outstanding Ending | $ / shares	3.93
Weighted average grant date fair value, Vested | $ / shares	6.56
Weighted average grant date fair value, Ending balance | $ / shares	$ 3.93

Earnings Per Share - Additional

Earnings Per Share - Additional Information (Details) - shares shares in Millions	3 Months Ended		6 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jun. 28, 2024	Jun. 30, 2023
Earnings Per Share [Abstract]
Employee stock options excluded from diluted EPS	3.5	4.5	3.5	4.5

Earnings Per Share - Summary of

Earnings Per Share - Summary of computation of basic and diluted EPS (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jun. 28, 2024	Jun. 30, 2023
Numerator:
Net loss attributable to Shimmick Corporation	$ (51,389)	$ (10,300)	$ (84,722)	$ (19,637)
Numerator for basic and diluted EPS	$ (51,389)	$ (10,300)	$ (84,722)	$ (19,637)
Denominator:
Denominator for basic EPS - weighted average shares	28,086	21,909	26,817	21,909
Effect of dilutive securities:
Employee stock options	0	0	0	0
Restricted stock units	0	0	0	0
Dilutive potential common shares	0	0	0	0
Denominator for diluted EPS - adjusted weighted average shares and assumed conversions	28,086	21,909	26,817	21,909
Basic EPS:
Basic earnings per common share	$ (1.83)	$ (0.47)	$ (3.16)	$ (0.9)
Diluted EPS:
Diluted earnings per common share	$ (1.83)	$ (0.47)	$ (3.16)	$ (0.9)

Leases - Schedule of Lease Expe

Leases - Schedule of Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jun. 28, 2024	Jun. 30, 2023
Lessee, Lease, Description [Line Items]
Amortization of right-of-use assets	$ 66	$ 75	$ 133	$ 150
Interest on lease liabilities	6	6	14	13
Short term lease cost	100	175	182	318
Total lease cost	2,814	4,178	5,628	7,931
Cost of Revenue [Member]
Lessee, Lease, Description [Line Items]
Operating lease cost	2,397	3,543	4,749	6,778
Selling, General and Administrative Expenses [Member]
Lessee, Lease, Description [Line Items]
Operating lease cost	$ 245	$ 379	$ 550	$ 672

Leases - Schedule of Balance Sh

Leases - Schedule of Balance Sheets Information Related to Leases (Details) - USD ($) $ in Thousands	Jun. 28, 2024	Dec. 29, 2023
Leases [Abstract]
Operating Lease, Asset, Statement of Financial Position [Extensible Enumeration]	Total lease assets	Total lease assets
Finance Lease, Asset, Statement of Financial Position [Extensible Enumeration]	Total lease assets	Total lease assets
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Other Liabilities, Current	Other Liabilities, Current
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Other Liabilities, Current	Other Liabilities, Current
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Total non-current lease liabilities	Total non-current lease liabilities
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Total non-current lease liabilities	Total non-current lease liabilities
Operating lease assets	$ 21,173	$ 23,568
Finance lease assets	155	287
Total lease assets	21,328	23,855
Operating lease liabilities, current	7,842	8,247
Finance lease liabilities, current	190	317
Total current lease liabilities	8,032	8,564
Operating lease liabilities, noncurrent	13,154	15,017
Finance lease liabilities, noncurrent	0	28
Total non-current lease liabilities	$ 13,154	$ 15,045

Leases - Schedule of Weighted A

Leases - Schedule of Weighted Average Remaining Lease Term (Details)	Jun. 28, 2024	Dec. 29, 2023
Leases [Abstract]
Weighted-average remaining lease term - Operating leases	3 years 3 months 18 days	3 years 4 months 24 days
Weighted-average remaining lease term - Finance leases	7 months 6 days	1 year 1 month 6 days
Weighted-average discount rate - Operating leases	6.50%	6.30%
Weighted-average discount rate - Finance leases	9.90%	9.90%

Leases - Schedule of Supplement

Leases - Schedule of Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jun. 28, 2024	Jun. 30, 2023
Lessee, Lease, Description [Line Items]
Operating cash flows from operating leases	$ 2,873	$ 3,236	$ 5,207	$ 6,028
Financing cash flows from finance leases	78	78	155	155
Right-of-use assets obtained in exchange for new operating leases	$ 165	$ 2,440	$ 2,045	$ 11,044

Leases - Schedule of Remaining

Leases - Schedule of Remaining Lease Payments Under Operating and Financing Leases (Details) $ in Thousands	Jun. 28, 2024 USD ($)
Operating Leases
2024	$ 4,599
2025	8,883
2026	4,081
2027	2,424
2028	2,236
Thereafter	1,077
Total lease payments	23,300
Amounts representing interest	(2,304)
Total lease liabilities	20,996
Financing Leases
2024	169
2025	28
2026	0
2027	0
2028	0
Thereafter	0
Total lease payments	197
Amounts representing interest	(7)
Total lease liabilities	$ 190

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
	Aug. 09, 2024	Jun. 28, 2024	Jun. 30, 2023	Jun. 28, 2024	Jun. 30, 2023	Aug. 08, 2024
Subsequent Event [Line Items]
Net loss		$ (51,389)	$ (10,311)	$ (84,723)	$ (19,644)
Proceeds from transaction for the sale leaseback				54,200	$ 0
Legacy Project Settlement [Member]
Subsequent Event [Line Items]
Amount collected from the settlement		33,000		33,000
Net loss		30,000
Reduction to revenue		23,000		23,000
Adjustment to forward loss reserve		$ 7,000		$ 7,000
Subsequent Event [Member] | Legacy Project Settlement [Member]
Subsequent Event [Line Items]
Amount collected from the settlement						$ 33,000
Subsequent Event [Member] | Sale-Leaseback Agreement [Member]
Subsequent Event [Line Items]
Proceeds from transaction for the sale leaseback	$ 20,500
Net proceeds after adjustments for prepaid rent	$ 17,000