v3.25.4
Revenue, Receivables and Contract Assets and Liabilities (Tables)
12 Months Ended
Jan. 02, 2026
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:

 

 

 

Fiscal Year Ended

 

 

 

January 2,

 

 

January 3,

 

(In thousands)

 

2026

 

 

2025

 

Fixed-price

 

$

434,883

 

 

$

442,243

 

Cost reimbursable

 

 

56,772

 

 

 

36,070

 

Equipment and labor

 

 

1,189

 

 

 

1,923

 

Total revenue

 

$

492,844

 

 

$

480,236

 

 

Projects started after prior ownership ("Shimmick Projects") have focused on critical infrastructure aligned with our strategy, including water, climate resilience, energy transition and sustainable transportation. Projects that started under prior ownership or focus on foundation drilling are referred to as "Non-Core Projects" (formerly referred to as "Legacy and Foundations Projects").

The following table presents the Company’s revenue disaggregated by Shimmick Projects and Non-Core Projects:

 

 

 

Fiscal Year Ended

 

 

 

January 2,

 

 

January 3,

 

(In thousands)

 

2026

 

 

2025

 

Shimmick Projects

 

$

397,200

 

 

$

355,683

 

Non-Core Projects

 

 

95,644

 

 

 

124,553

 

Total revenue

 

$

492,844

 

 

$

480,236

 

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:

 

 

 

January 2,

 

 

January 3,

 

 

 

 

 

 

2026

 

 

2025

 

 

Change

 

(In thousands)

 

 

 

 

 

 

 

 

 

Contract assets, current and non-current:

 

 

 

 

 

 

 

 

 

Costs and estimated earnings in excess of billings on uncompleted contracts

 

$

64,131

 

 

$

46,603

 

 

$

17,528

 

Retainage receivable

 

 

46,145

 

 

 

23,517

 

 

 

22,628

 

Total contract assets

 

 

110,276

 

 

 

70,120

 

 

 

40,156

 

 

 

 

 

 

 

 

 

 

 

Contract liabilities, current and non-current:

 

 

 

 

 

 

 

 

 

Billings on uncompleted contracts in excess of costs and estimated earnings, net of retainage receivable

 

 

(18,276

)

 

 

(50,490

)

 

 

32,214

 

Forward loss reserve

 

 

(35,937

)

 

 

(52,147

)

 

 

16,210

 

Total contract liabilities

 

 

(54,213

)

 

 

(102,637

)

 

 

48,424

 

Net

 

$

56,063

 

 

$

(32,517

)

 

$

88,580

 

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:

 

 

 

January 2,

 

 

January 3,

 

 

 

2026

 

 

2025

 

(In thousands)

 

 

 

 

 

 

Total accounts receivable, gross

 

$

30,954

 

 

$

43,942

 

Allowance for credit losses

 

 

(775

)

 

 

(954

)

Accounts receivable, net

 

$

30,179

 

 

$

42,988

 

Summary of Information About Significant Customers

Information about significant customers

 

Significant Customers as a Percentage of Accounts Receivable, Net

 

 

 

As of January 2, 2026

 

 

 

Customer one

 

39.9%

 

 

 

 

 

As of January 3, 2025

 

 

 

Customer one

 

40.6%

 

Customer two

 

20.2%

 

 

Significant Customers as a Percentage of Revenue

 

 

 

Fiscal Year Ended January 2, 2026

 

 

 

Customer one

 

19.1%

 

Customer two

 

13.3%

 

Customer three

 

11.7%

 

Customer four

 

11.3%

 

 

 

 

 

Fiscal Year Ended January 3, 2025

 

 

 

Customer one

 

17.1%

 

Customer two

 

15.4%

 

Customer three

 

10.2%

 

Customer four

 

10.1%