SHIM — what changed in the latest 10-Q

Text added vs the prior filing · source: 10-Q · 2026-05-15

• compliance, legal and investor and public relations expenses. These costs are generally selling, general and administrative expenses. We have also implemented the 2023 Omnibus Incentive Plan to align our equity compensation program with public company plans and practices, which increases our stock-b…

• The following table sets forth selected revenue and gross margin data for the three months ended April 3, 2026 compared to the three months ended April 4, 2025:

• Projects started after the AECOM Sale Transaction ("Shimmick Projects") have focused on critical infrastructure aligned with our strategy, including water, climate resilience, energy transition and sustainable transportation. Revenue recognized on Shimmick Projects was $88 million and $93 million fo…

• Gross margin recognized on Shimmick Projects was $10 million and $5 million for the three months ended April 3, 2026 and April 4, 2025, respectively. The $5 million increase in the gross margin was primarily the result of new higher margin projects ramping up.

• As part of the AECOM Sale Transaction, we acquired projects and backlog that were started under prior ownership (formerly referred to as "Legacy and Foundations Projects").

Text removed vs the prior filing · source: 10-Q · 2025-11-13

• ERP pre-implementation asset impairment and associated costs

• The following table sets forth selected revenue and gross margin data for the three months ended October 3, 2025 compared to the three months ended September 27, 2024:

• Projects started after the AECOM Sale Transaction ("Shimmick Projects") have focused on critical infrastructure aligned with our strategy, including water, climate resilience, energy transition and sustainable transportation. Revenue recognized on Shimmick Projects was $107 million and $101 million …

• Gross margin recognized on Shimmick Projects was $10 million and $6 million for the three months ended October 3, 2025 and September 27, 2024, respectively. The $4 million increase in the gross margin was primarily the result of $8 million of increases of gross margin from new higher margin projects…

• As part of the AECOM Sale Transaction, we acquired projects and backlog that were started under prior ownership (formerly referred to as "Legacy and Foundations Projects"). Separately, the Company entered into an agreement to sell the assets of our foundation drilling Non-Core Projects in the second…

Text added vs the prior filing · source: 10-Q · 2026-05-15

• Based on that evaluation, management concluded that, as of April 3, 2026, our disclosure controls and procedures were not effective due to the material weaknesses in internal control over financial reporting described below.

• As discussed in Item 9A of our Form 10-K, as of January 2, 2026, we identified material weaknesses in our internal control over financial reporting related to the operating effectiveness of controls associated with revenue and journal entries and the design and operating effectiveness of controls as…

• Management performed additional analyses and other procedures to ensure that our condensed consolidated financial statements were prepared in accordance with U.S. GAAP. Accordingly, management believes that the condensed consolidated financial statements included in this Form 10-Q fairly present, in…

• We have implemented and are in the process of executing a remediation plan which includes consistently documenting the support related to the revenue project estimate at completion modules, timely executing a formal review process to ensure journal entries are reviewed and approved in a timely manne…

• With the exception of the implementation and enhancement of controls in connection with our remediation activities described above, there were no changes to our internal control over financial reporting during the quarter ended April 3, 2026 that have materially affected, or that are reasonably like…

Text removed vs the prior filing · source: 10-Q · 2025-11-13

• processed, summarized and reported within the time periods specified in the SEC’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by a company in the reports that it files or submits…

• Based on that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that as of October 3, 2025, our disclosure controls and procedures were not effective due to the material weaknesses in internal control over financial reporting described below. We have in place and are exec…

• As discussed in Item 9A of our Form 10-K, we identified material weaknesses in our internal control over financial reporting, which relate to the design and operation of internal control over financial reporting, including the lack of formal and effective controls over certain financial statement ac…

• Management performed additional analyses and other procedures to ensure that our condensed consolidated financial statements were prepared in accordance with U.S. Generally Accepted Accounting Principles ("U.S. GAAP"). Accordingly, management believes that the condensed consolidated financial statem…

• We believe our current staff, which has changed over the last thirty-six months, possess the appropriate skillsets and public company reporting experience to prepare and report on complete and accurate financial statements. We have designed and implemented new entity level controls, information syst…