SMITH MIDLAND CORP SEC 10-Q Report

Smith Midland Corp, a leading provider of precast concrete products and services, has released its Form 10-Q report for the second quarter of 2025. The report highlights significant financial growth and robust operational performance, driven by increased sales across various product lines and strategic investments in production capabilities.

Financial Highlights

• Total Revenue: $26.186 million for the three months ended June 30, 2025, an increase from $19.639 million for the same period in 2024, driven by special barrier project sales, soundwall sales, and Easi-Set building sales.
• Gross Profit: $7.786 million for the three months ended June 30, 2025, up from $5.133 million for the same period in 2024, reflecting improved margins from special barrier projects.
• Operating Income: $5.518 million for the three months ended June 30, 2025, compared to $2.673 million for the same period in 2024, due to increased revenue and decreased cost of sales as a percentage of revenue.
• Net Income: $4.171 million for the three months ended June 30, 2025, up from $1.981 million for the same period in 2024, reflecting higher revenue and improved cost management.
• Basic and Diluted Earnings Per Common Share: $0.79 for the three months ended June 30, 2025, compared to $0.37 for the same period in 2024, indicating improved profitability per share.

Business Highlights

• Revenue Segments: The company experienced significant growth in soundwall sales, which increased due to higher production volumes across all three plants. SlenderWall sales also saw an increase, attributed to a project in production during the second half of 2025. Easi-Set building sales rose due to increased sales at all manufacturing plants. Barrier rentals surged, driven by two special barrier projects and increased utilization of rental barriers.
• Sales Units: The company reported higher production volumes for soundwalls, contributing to increased sales. However, miscellaneous wall sales decreased due to lower production volumes in the first and second quarters of 2025 compared to 2024.
• New Production Launches: The company ramped up barrier production to expand the rental fleet and invested in plant expansion. Capital spending for the first half of 2025 was primarily directed towards these initiatives.
• Future Outlook: The company anticipates continued growth in soundwall sales and barrier rentals throughout the remainder of 2025. It expects royalties to exceed those of 2024, driven by infrastructure spending and new product lines. The company is also focusing on increasing marketing and sales efforts for SlenderWall and barrier rentals, aligning with long-term strategic objectives.

SEC Filing: SMITH MIDLAND CORP [ SMID ] - 10-Q - Aug. 14, 2025