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IRVINE, Calif. - Shimmick Corporation (NASDAQ: SHIM), a prominent infrastructure solutions provider currently valued at $47 million in market capitalization, has announced the appointment of Todd Yoder as its new Executive Vice President and Chief Financial Officer, effective April 14, 2025. Concurrently, the company has named Amanda Mobley as Chief Accounting Officer, following her tenure as interim CFO since June 2024. According to InvestingPro data, the company faces significant financial challenges, with its stock trading near its 52-week low of $1.37, down from its high of $4.94.
The CEO of Shimmick, Ural Yal, expressed confidence in Yoder's extensive financial leadership within the construction industry and his background in senior finance roles at publicly traded companies. Yal highlighted Yoder's expertise in capital management, operational efficiency, risk management, and financial strategy as key to driving the company's growth and market position. These skills will be crucial as the company addresses its current challenges, including negative EBITDA of $104.48 million and declining revenues, as revealed by InvestingPro analysis.
Yoder's previous roles include EVP and CFO at Shikun & Binui America, Inc., and Shikun & Binui Concessions USA, as well as Global Managing Director of Strategic Finance at Fluor Corporation. His experience also spans senior finance positions at Elevance Health, Zimmer Biomet Holdings, and Capital Bancorp.
Amanda Mobley's appointment as Chief Accounting Officer was also announced, with Yal thanking her for her contributions during a transformative period for Shimmick as interim CFO. Her leadership is expected to continue supporting the finance department in her new role.
Shimmick specializes in water, climate resilience, energy transition, and sustainable transportation projects, offering innovative infrastructure solutions that contribute to economic growth and community empowerment. The company, with over a century of engineering heritage, is headquartered in California.
This announcement is based on a press release statement from Shimmick Corporation. The company's forward-looking statements regarding its CFO transition and ongoing transformation are subject to risks and uncertainties, and actual results may differ from future results expressed or implied by these statements. Shimmick does not undertake any obligation to update forward-looking statements after the date they are made, unless required by law. For comprehensive analysis and additional insights, investors can access detailed financial metrics, 16+ ProTips, and Fair Value estimates through InvestingPro's exclusive research reports, available for over 1,400 US stocks.
In other recent news, Shimmick Corp reported a significant earnings miss for the fourth quarter of 2024, with an earnings per share (EPS) of -0.91, falling short of the forecasted 0.11. Revenue also missed expectations, coming in at $104 million compared to the anticipated $173.7 million. Despite these setbacks, Shimmick Corp maintains a strong backlog of $822 million and projects a 10-15% revenue increase for 2025, aiming for a gross margin of 9-12%. In addition, Shimmick Corp has secured a $15 million loan from an affiliate of Ansley Park Capital LLC to enhance its financial flexibility. The loan, finalized on March 31, 2025, is structured as two promissory notes and is intended for project expenses and general corporate purposes. As part of its strategic initiatives, the company is focusing on expanding its electrical construction capabilities and improving project margins. Analysts from Roth Capital Partners and Craig Hallum Capital have expressed interest in the company's strategic plans and financial outlook, indicating a continued focus on operational improvements and market expansion.
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