SMID

Shares of Smith-Midland Corporation SMID have risen 5.3% since reporting results for the second quarter of 2026, outperforming the S&P 500 index’s decline of 1.1%. However, over the past month, the stock has fallen 4.7%, while the index has returned 0.8%. Smith-Midland posted second-quarter revenues of $23.4 million, down 11% from $26.2 million a year earlier. Earnings were 26 cents per share, down about 67% from 79 cents in the prior-year quarter. Net income fell to $1.4 million from $4.2 million in the prior-year quarter. Gross profit decreased to $5.4 million from $7.8 million, and the gross margin contracted to 23.2% from 29.7%. Operating income dropped to $2 million from $5.5 million in the prior-year quarter. Smith-Midland Corp. price-consensus-eps-surprise-chart | Smith-Midland Corp. Quote Product sales declined 17% year over year to $11.2 million, while service revenues decreased 5% to $12.2 million. Within product sales, soundwall revenues fell 53% to $2.5 million and SlenderWall revenues dropped 91% to $132,000. Easi-Set and Easi-Span building sales declined 26% to $2.2 million. These declines were offset by a 124% surge in barrier sales to $2.8 million and a 126% rise in utility sales to $2 million. Shipping and installation revenues climbed 42% to $8 million, partly offsetting a 44% decline in barrier rental revenues to $3.2 million and a 30% decrease in royalty income to $929,000. Backlog stood at $57.4 million as of Aug. 1, up 19% sequentially and 6% year over year, with most projects expected to be produced within 12 months. Smith-Midland ended June with $10.7 million in cash and $4.1 million in debt. Cash was down from $11.9 million at the end of 2025. The first-half operating cash flow improved to $2.6 million from $2.4 million, while accounts receivable declined to $24.6 million from $28.4 million at the year-end. CEO Ashley Smith said that the quarter benefited from the ongoing highway-barrier replacement cycle and continued data-center demand, but faced a difficult comparison with a large special barrier project in the prior-year quarter. Management believes that recent awards can support momentum through the second half, including a $10-million Interstate 81 project described as the company’s third-largest contract, a $1.7-million Louisiana data-center project and nearly $1 million of utility-vault work for a Virginia data center. These awards were announced after the quarter-end. The absence of the prior-year special barrier project was the principal drag on revenues and profitability because such work carries higher margins than regular product sales. Cost of sales, excluding royalties, increased to 80% of revenues from 74%. Soundwall weakness reflected production and shipment timing, while lower building sales also resulted from production timing. Conversely, utility demand benefited from infrastructure and data-center activity, and stronger shipping and installation revenues reflected products manufactured in earlier periods and several large, multi-year projects reaching the delivery stage. Expenses also weighed on earnings. General and administrative costs rose to $2.5 million from $1.5 million as the company filled administrative and managerial roles that had been vacant in 2025. Selling expenses increased to $951,000 from $754,000 in the prior-year quarter, reflecting more sales positions and related spending. Smith-Midland expects 2026 product sales to exceed the 2025 levels. For the second half, management projects SoundWall, SlenderWall, Easi-Set/Easi-Span, utility-vault, royalty and standard barrier-rental revenue to trend above the comparable 2025 period. Still, total second-half revenues are expected to be lower year over year because 2025 included special barrier projects. Barrier sales are also expected to decline as the company emphasizes rentals, while miscellaneous walls should be roughly flat and miscellaneous panels lower. Management continues to monitor inflation in material costs and the availability of skilled labor. The company highlighted an ongoing strategic shift toward barrier rentals, which management views as a higher-margin, recurring-revenue model with a more favorable cash-flow cycle. Second-quarter capital spending was $1.9 million, and first-half spending totaled $3.6 million, mainly for manufacturing equipment, capacity and infrastructure improvements, and rental-fleet expansion. The company plans to invest up to $9 million in 2026, including further barrier production and expansion of its Virginia and North Carolina facilities. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Smith-Midland Corp. (SMID): Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Company Reports Increasing Backlog to $57.4 Million MIDLAND, VA / ACCESS Newswire / August 14, 2026 / Smith-Midland Corporation (NASDAQ:SMID), a provider of innovative, high-quality proprietary and patented precast concrete products and systems, today announced its second quarter results for the period ended June 30, 2026. Second Quarter 2026 Summary (compared to prior-year second quarter) Revenue of $23.4 million compared to $26.2 million Gross Profit of $5.4 million compared to $7.8 million Operating income of $2.0 million compared to $5.5 million Net income of $1.4 million, or $0.26 per diluted share, compared to $4.2 million and $0.79 Announcements Subsequent to end of Second Quarter Secured $10 Million contract for I-81 project with Virginia Department Of Transportation Awarded $1.7 Million data center project in Louisiana Producing nearly $1 million in utility vaults for a data center project in Virginia "Our second quarter results benefited from tailwinds related to the ongoing barrier replacement cycle and continued demand for data centers, although total revenue and net income were lower due to a challenging comparison from last year's large special barrier project," said Ashley Smith, Chairman and Chief Executive Officer of Smith-Midland. "Our backlog as of August 1, 2026 increased by 19% over the backlog in the prior quarter and 6% on a year-over-year basis thanks to several recent project awards, including the third largest contract in the history of the company. We believe this momentum can continue through the second half of 2026 as we expect increased production volume for Soundwall panels and Easi-Set and Easi-Span buildings. We also plan to invest in our business through additional barriers for our rental fleet and expansion of our Virginia and North Carolina production facilities. Overall, we remain confident in the outlook for our business, including growing our core precast operations, and our ability to deliver long-term value to our shareholders," concluded Smith. Second Quarter 2026 Results The Company reported 2026 second quarter revenues of $23.4 million compared to $26.2 million in the second quarter of 2025. Product sales for the quarter were $11.2 million, compared to $13.4 million in the prior-year quarter. Service revenue, which includes barrier rentals, royalty income and shipping and installation, was $12.2 million compared to $12.8 million in the second quarter of 2025. Gross profit was $5.4 million compared to $7.8 million in the prior year quarter. Gross margin for the second quarter of 2026 was 23.2% compared to 29.7% for the second quarter of 2025. The decrease was primarily due to a higher-margin special barrier rental project in the second quarter of 2025 that did not recur in the current-year quarter. Operating income for the second quarter of 2026 was $2.0 million compared to $5.5 million in the prior-year quarter. Net income for the second quarter was $1.4 million, or $0.26 per diluted share, compared to net income of $4.2 million, or $0.79 per diluted share basis in the second quarter of 2025. Product Sales Total product sales for the second quarter of 2026 were $11.2 million compared to $13.4 million in the prior-year quarter. Barrier sales were $2.8 million compared to $1.2 million, reflecting the replacement of barrier to comply with new MASH TL-3 standards. Soundwall sales were $2.5 million compared to $5.2 million in the second quarter of 2025. Easi-Set and Easi-Span Building Sales were $2.2 million compared to $2.9 million in the prior-year quarter due to production timing. Utility product sales were $2.0 million, a 126 percent increase compared to the prior-year quarter, reflecting increased demand in utility and infrastructure-related markets including data centers. Miscellaneous wall and product sales totaled $1.3 million, compared to $1.7 million in the second quarter of 2025. The Company reported approximately $594,000 of SlenderWall and architectural panel sales in the second quarter of 2026, compared to $1.5 million in the second quarter of the prior year. Service Revenue Service revenue, which is comprised of royalty income, barrier rental revenue, and shipping and installation totaled $12.2 million in the second quarter of 2026 compared to $12.8 million in the prior-year quarter. Barrier rental revenue was $3.2 million compared to $5.8 million in the second quarter of 2025. The decrease is attributed to a special barrier project that was installed and completed during the second quarter of 2025 that did not recur in the prior year. Shipping and installation revenue was $8.0 million compared to $5.6 million in the prior-year quarter. The increase is primarily attributed to greater shipping and installation activity of products that were produced in prior years. Royalty income was $929,000 compared to $1.3 million in the second quarter of last year. Balance Sheet and Liquidity As of June 30, 2026, Smith-Midland's cash totaled $10.7 million compared to $11.9 million at the end of fiscal 2025. Account receivables totaled $24.6 million, and debt totaled $4.1 million as of June 30, 2026. Capital spending totaled $1.9 million in the second quarter of 2026. Macro Environment and Outlook The Company anticipates increased product sales for the full year of 2026 compared to 2025, but on which there can be no assurance. Infrastructure initiatives across the United States continue to drive greater bidding activity and a subsequent increase in backlog for its portfolio of patented, proprietary, and custom products. Inflationary pressures still remain, and the Company continues to manage its materials costs while attracting and retaining skilled labor. Backlog was approximately $57.4 million recorded as of August 1, 2026 compared to $54 million in backlog one year prior. The majority of the backlog is anticipated to be fulfilled within 12 months; however, some projects may have a multi-year timeline. The Company remains focused on long-term strategic growth initiatives to drive shareholder value. About Smith-Midland Smith-Midland develops, manufactures, licenses, rents, and sells a broad array of precast concrete products and systems for use primarily in the construction, transportation, and utility industries. Smith-Midland Corporation has three manufacturing facilities in; Midland, VA, Reidsville, NC, and Columbia, SC, and a J-J Hooks® Safety Barrier rental firm, Concrete Safety Systems. Easi-Set Worldwide, a wholly owned subsidiary of Smith-Midland Corporation, licenses the production and sale of Easi-Set products, including J-J Hooks and SlenderWall®, and provides diversification opportunities to the precast industry worldwide. For more information, please call (540) 439-3266 or visit www.smithmidland.com. Forward-Looking Statements This announcement contains forward-looking statements, which involve risks and uncertainties. The Company's actual results may differ significantly from those discussed in the forward-looking statements. Factors that might cause such a difference include, but are not limited to, product demand, the impact of competitive products and pricing, capacity and supply constraints or difficulties, the uncertainties arising from governmental policies, the risk of less government spending on infrastructure than anticipated, inflationary factors including potential recession, our material weaknesses in internal controls, cyber security risks, general business and economic conditions, our high level of accounts receivables, the effect of the Company's accounting policies and other risks detailed in the Company's Annual Report on Form 10-K and other filings with the Securities and Exchange Commission. Company Contact: Dominic L. [email protected] Investor Relations: Steven Hooser or John BeislerThree Part Advisors, LLC214-872-2710 SOURCE: Smith-Midland View the original press release on ACCESS Newswire

Shares of Smith-Midland Corporation SMID have gained 2.7% since reporting first-quarter 2026 results, outperforming the S&P 500’s 0.2% decline. However, over the past month, the stock has fallen 4.1% compared with a 0.6% decline for the broader market. Smith-Midland reported first-quarter 2026 revenues of $21.6 million, down 5% from $22.7 million in the year-ago quarter. Net income declined 59.8% to $1.3 million from $3.3 million a year earlier, while earnings per share fell to 25 cents from 62 cents. Gross profit decreased to $4.3 million from $7 million, and operating income dropped 61% to $1.7 million from $4.4 million. The weaker year-over-year performance primarily reflected the absence of large, high-margin special barrier rental projects that benefited the first-quarter 2025 results. Smith-Midland Corp. price-consensus-eps-surprise-chart | Smith-Midland Corp. Quote Despite lower overall revenues, product sales increased 29% year over year to $11.8 million from $9.1 million, highlighting strength across several core businesses. Easi-Set and Easi-Span building sales rose 43% to $2.9 million, utility product sales increased 42% to $1.4 million, and barrier sales climbed 48% to $1.9 million. The company also generated $1.5 million in combined SlenderWall and architectural panel sales against no sales in those categories during the prior-year quarter. Service revenues, which include barrier rentals, royalty income, and shipping and installation services, declined 25% year over year to $9.8 million from $13.6 million. Barrier rental revenues fell 74% to $2.2 million from $8.4 million due to the non-recurrence of two major special barrier projects completed in the first quarter of 2025. Royalty income moved down 8% to $823,000, while shipping and installation revenues increased 45% to $6.8 million. The gross margin contracted to 19.9% from 30.7%, reflecting the unfavorable revenue mix. Cost of sales, excluding royalties, rose to 83% of revenues from 72% a year earlier as the company generated a larger proportion of revenues from lower-margin product sales and lacked the contribution of high-margin special barrier rental projects. The company’s sales backlog stood at $48.1 million as of May 11, 2026, compared with $52.4 million at roughly the same point last year. Management indicated that most of the backlog is expected to be fulfilled within the next 12 months. Chairman and chief executive officer Ashley Smith emphasized that the quarter demonstrated continued growth in the company’s core manufacturing and infrastructure-related operations despite lower reported earnings. He cited strong demand for Easi-Set and Easi-Span buildings, utility vaults, SlenderWall products, and architectural panels as the key drivers of product sales growth. Management also pointed to opportunities associated with America 250 celebrations, the FIFA World Cup and the anticipated barrier replacement cycle driven by MASH-TL3 regulatory requirements. The company continues to view infrastructure spending initiatives at the federal, state and local levels as supportive of long-term demand. Smith-Midland highlighted nationwide highway barrier replacement requirements, growing public-private infrastructure investment and continued expansion of its barrier rental fleet as strategic growth catalysts. The principal factor behind the earnings decline was the absence of the significant special barrier rental projects that boosted the first-quarter 2025 results. Those projects carried substantially higher margins than traditional product sales, making comparisons particularly difficult. Management noted that while standard barrier rental activity remains healthy, the timing and occurrence of large special projects can materially affect the quarterly results. Higher general and administrative expenses also weighed on profitability. Such expenses increased to $1.75 million from $1.58 million due to higher personnel-related costs, professional fees and expenditure associated with internal-control and financial-reporting remediation efforts. Liquidity remained solid. Cash increased to $13.2 million at March 31, 2026, from $11.9 million at the end of 2025, supported by $3.1 million in operating cash flow during the quarter. Capital expenditure totaled $1.6 million, primarily for manufacturing equipment, production-capacity expansion and facility improvements. Management expects product sales in 2026 to exceed the 2025 reported level, supported by stronger demand for soundwalls, Easi-Set and Easi-Span buildings, and utility products. Barrier rental income, excluding special projects, is also expected to increase, while royalty revenues are anticipated to trend higher for the year. However, total revenues are expected to be lower than that reported in 2025 because last year benefited from unusually large special barrier projects that are not expected to recur at similar levels. The company also indicated that second-quarter 2026 results are unlikely to compare favorably with the prior-year period because of the absence of a large special barrier project. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Smith-Midland Corp. (SMID): Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Company Reports 29 Percent Year-Over-Year Increase in Product Sales and Continued Growth in Core Operations. MIDLAND, VA / ACCESS Newswire / June 9, 2026 / Smith-Midland Corporation (NASDAQ:SMID), a provider of innovative, high-quality proprietary and patented precast concrete products and systems, today announced its first quarter results for the period ended March 31, 2026. First Quarter 2026 Summary (compared to prior-year first quarter) Revenue of $21.6 million compared to $22.7 million Product sales increased 29 percent to $11.8 million Gross Profit of $4.3 million compared to $7.0 million Operating income of $1.7 million compared to $4.4 million Net income of $1.3 million, or $0.25 per diluted share, compared to $3.3 million and $0.62 "The Company's 2026 first quarter results reflected continued growth in our core manufacturing and infrastructure related businesses. While our reported earnings were lower than the prior year quarter, it is important to note that the first quarter of 2025 benefited from two significant, high-margin special barrier rental projects that occur on an irregular basis." said Ashley Smith, Chairman and Chief Executive Officer of Smith-Midland. "Product sales increased 29 percent from the prior-year quarter, thanks to continued strong demand for our Easi-Set and Easi-Span buildings, utility vaults and our SlenderWall and architectural panels. We expect this demand to sustain throughout 2026 as infrastructure spending continues at the federal, state and local levels. We also have multiple special project opportunities related to the upcoming America 250 events and the World Cup and continue to prepare for the upcoming barrier replacement cycle driven by MASH-TL3 regulatory compliance and our growing rental fleet. Overall, we remain confident in our ability to meet customer demand across the multiple sectors we serve and deliver long-term value to our shareholders," concluded Smith. First Quarter 2026 Results The Company reported 2026 first quarter revenues of $21.6 million compared to $22.7 million in the first quarter of 2025. Product sales for the quarter were $11.8 million, compared to $9.1 million in the prior-year quarter. Service revenue, which includes barrier rentals, royalty income and shipping and installation, was $9.8 million compared to $13.6 million in the first quarter of 2025. Gross profit was $4.3 million compared to $7.0 million in the prior year quarter. Gross margin for the quarter was 19.9% compared to 30.7%. The decrease was primarily due to two special barrier rental projects in the first quarter of 2025 that did not recur in the current year quarter. Operating income for the quarter was $1.7 million compared to $4.4 million in the prior-year quarter. Net income for the first quarter was $1.3 million, or $0.25 per diluted share, compared to net income of $3.3 million, or $0.62 per diluted share in the first quarter of 2025. Product Sales Total product sales for the first quarter of 2026 were $11.8 million compared to $9.1 million in the prior-year quarter. Soundwall sales were $3.4 million compared to $3.8 million in the first quarter of 2025. Easi-Set and Easi-Span Building sales increased to $2.9 million compared to $2.1 million in the prior-year quarter due to increased demand for plant and site assembled buildings and restrooms. Barrier sales were $1.9 million compared to $1.3 million. Utility product sales were $1.4 million, a 42 percent increase compared to the prior-year quarter, reflecting increased demand in utility and infrastructure-related markets. Miscellaneous wall and product sales totaled $634,000, compared to $954,000 in the first quarter of 2025. The Company reported approximately $1.5 million of SlenderWall and architectural panel sales in the first quarter of 2026, compared to no sales in the first quarter of the prior year reflecting continued market adoption and diversification of the Company's product portfolio. Service Revenue Service revenue which is comprised of royalty income, barrier rental revenue, and shipping and installation totaled $9.8 million in the first quarter of 2026 compared to $13.6 million in the prior-year quarter. Barrier rental revenue was $2.2 million compared to $8.4 million in the first quarter of 2025. The decrease is attributed to two special barrier projects that were installed and completed during the first quarter of 2025. Likewise, although we have been awarded smaller special barrier projects in the second quarter of 2026, we expect that revenue and operating income in the second quarter of 2026 will not compare favorably to the second quarter of 2025 in which there was a large special barrier project. Barrier rental revenue in the 2026 second quarter will be in line with other quarters in which larger special barrier projects did not occur. Shipping and installation revenue was $6.8 million compared to $4.3 million in the prior-year quarter. The increase is primarily attributed to greater shipping and installation activity of products that were mostly produced in 2025. Royalty income decreased eight percent year over year to $823,000. Balance Sheet and Liquidity As of March 31, 2026, Smith-Midland's cash totaled $13.2 million compared to $11.9 million at the end of fiscal 2025. Account receivables totaled $29.9 million, and debt totaled $4.3 million as of March 31, 2026. Capital spending totaled $1.6 million in the first quarter of 2026. Macro Environment and Outlook The Company anticipates increased product sales for the full year of 2026 compared to 2025, but on which there can be no assurance. Infrastructure initiatives across the United States continue to drive greater bidding activity and a potential subsequent increase in backlog for its portfolio of patented, proprietary, and custom products. Inflationary pressures still remain, and the Company continues to manage its materials costs while attracting and retaining skilled labor. Backlog was approximately $48.1 million recorded as of May 2025 compared to $52.4 million in backlog one year prior. The majority of the backlog is anticipated to be fulfilled within 12 months; however, some projects may have a multi-year timeline. The Company remains focused on long-term strategic growth initiatives to drive shareholder value, and believes current bidding activity and project opportunities support continued long-term growth despite ongoing economic uncertainties. About Smith-Midland Smith-Midland develops, manufactures, licenses, rents, and sells a broad array of precast concrete products and systems for use primarily in the construction, transportation, and utility industries. Smith-Midland Corporation has three manufacturing facilities in; Midland, VA, Reidsville, NC, and Columbia, SC, and a J-J Hooks® Safety Barrier rental firm, Concrete Safety Systems. Easi-Set Worldwide, a wholly owned subsidiary of Smith-Midland Corporation, licenses the production and sale of Easi-Set products, including J-J Hooks and SlenderWall®, and provides diversification opportunities to the precast industry worldwide. For more information, please call (540) 439-3266 or visit www.smithmidland.com. Forward-Looking Statements This announcement contains forward-looking statements, which involve risks and uncertainties. The Company's actual results may differ significantly from those discussed in the forward-looking statements. Factors that might cause such a difference include, but are not limited to, product demand, the impact of competitive products and pricing, capacity and supply constraints or difficulties, the uncertainties arising from the policies of the United States Government, the risk of less government spending on infrastructure than anticipated, inflationary factors including potential recession, our material weaknesses in internal controls, cyber security risks, general business and economic conditions, our high level of accounts receivables, the effect of the Company's accounting policies and other risks detailed in the Company's Annual Report on Form 10-K and other filings with the Securities and Exchange Commission. Company Contact: Dominic L. [email protected] Investor Relations: Steven Hooser or John BeislerThree Part Advisors, [email protected]; [email protected] SOURCE: Smith-Midland View the original press release on ACCESS Newswire

Shares of Smith-Midland Corporation SMID have increased 2.4% since reporting results for the fourth quarter of 2025, slightly outperforming the S&P 500 index’s 2.2% return. However, the stock has declined 0.8% over the past month against the broader index’s 4.7% advance. Smith-Midland delivered a strong set of results for both the fourth quarter and 2025, marked by solid top-line growth and a sharp improvement in profitability. Fourth-quarter revenues rose 25% year over year to $23.1 million, while net income climbed to $2.1 million, or 40 cents per diluted share, from $1.4 million, or 26 cents, in the prior-year period. For the year, revenues increased 19% to $93.4 million, and net income surged 63% to $12.5 million, or $2.36 per diluted share, from $7.7 million, or $1.45, in 2024. Smith-Midland Corp. price-consensus-eps-surprise-chart | Smith-Midland Corp. Quote Growth during the year was broad-based across both product and service segments. Product sales rose 26% in the fourth quarter to $13.8 million and increased modestly to $48.3 million for the year from $45.6 million in 2024. Strength was particularly evident in Soundwall, Easi-Set and Easi-Span building products, as well as the introduction of SlenderWall sales, which contributed $3.6 million after no comparable revenues in 2024. Service revenues emerged as a major growth engine, increasing to $45.2 million for the year from $32.9 million. This was driven primarily by higher barrier rental activity and increased shipping and installation services. Barrier rental revenues alone rose significantly to $19.7 million from $12 million, reflecting both higher utilization of the rental fleet and contributions from large-scale projects earlier in the year. At the same time, some product categories showed weakness. Utility product sales declined to $4.3 million from $7.8 million due to a slowdown following accelerated data center-related demand in the prior year, while architectural and miscellaneous wall sales faced headwinds tied to project timing. Profitability improved meaningfully alongside revenue growth. The fourth-quarter gross profit increased to $5.5 million from $4.4 million, with the gross margin holding relatively steady at 23.9%. For the year, the gross margin expanded by 240 basis points to 27.9%, supported by improved fixed-cost absorption and the contribution of high-margin barrier rental projects. Operating income rose sharply, reaching $3.2 million in the fourth quarter versus $1.9 million a year earlier, and $17 million for the year compared with $9.9 million in 2024. The improvement was attributed to higher revenues and lower selling, general and administrative expenses, underscoring management’s cost-control efforts. Management characterized 2025 as a “banner year,” highlighting record revenue and earnings performance. The company attributed its results to growth across all business lines and proactive cost management initiatives. Leadership also emphasized the favorable demand environment, particularly driven by U.S. infrastructure spending and increased marketing efforts for its building product lines. The company pointed to ongoing opportunities tied to federal infrastructure funding, which is expected to support demand for Soundwall panels and highway barrier rentals. Additionally, regulatory developments such as the transition to MASH-TL3 compliance standards are seen as tailwinds for its patented J-J Hooks barrier system. Smith-Midland expects a generally favorable operating environment in 2026, though with some moderation in certain areas. Management anticipates similar overall product sales volumes compared with 2025, supported by continued infrastructure spending. However, barrier rental revenues may decline from the 2025 levels due to the absence of unusually large projects that benefited the results in the prior year. The company expects underlying barrier rental activity, excluding special projects, to increase, reflecting continued expansion of its rental fleet and participation in larger-scale projects. Backlog stood at $53.1 million as of March 2025, down from $59.5 million a year earlier, with most projects expected to be completed within 12 months. Smith-Midland ended the year with improved liquidity, reporting $11.9 million in cash compared with $7.5 million in cash and investments at the end of 2024. Accounts receivable totaled $27.4 million, while debt remained relatively modest at $4.4 million. Capital expenditure increased to $9.2 million, reflecting continued investment in capacity and growth initiatives. The company’s focus remained on organic growth, operational efficiency and capital investments aimed at expanding production capabilities and rental capacity. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Smith-Midland Corp. (SMID): Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Company Sets Records With 19 Percent Increase in Annual Revenue and 63 Percent Increase in Net Income MIDLAND, VA / ACCESS Newswire / April 14, 2026 / Smith-Midland Corporation (NASDAQ:SMID), a provider of innovative, high-quality proprietary and patented precast concrete products and systems, today announced its fourth quarter and year-end results for the period ended December 31, 2025. Fourth Quarter 2025 Summary (compared to prior-year quarter) Revenue increased 25 percent to $23.1 million Product sales increased 26 percent to $13.8 million Operating income of $3.2 million compared to $1.9 million Net income of $2.1 million, or $0.40 per diluted share, compared to $1.4 million and $0.26 Full Year 2025 Summary Revenue increased 19 percent to $93.4 million Shipping and installation revenue increased 21 percent Gross margin increased by 240 basis points to 27.9 percent Net income of $12.5 million, or $2.36 per diluted share compared to $7.7 million and $1.45 "2025 was a banner year for Smith-Midland, as we once again posted our highest annual revenue and net income in company history," said Ashley Smith, Chairman and Chief Executive Officer of Smith-Midland. "Revenue increased 19 percent from the prior year, thanks to growth across all aspects of our business. This growth, combined with our proactive cost management efforts, resulted in a 63 percent increase in annual net income. "We believe the outlook for 2026 remains very favorable for our products, as funding from the Infrastructure and Jobs Act for highway projects continues to drive opportunities for both our Soundwall panels and barrier rentals. Our Easi-Set and Easi-Span building sales are benefiting from increased marketing efforts, and the approaching timeline for MASH-TL3 compliance remains an ongoing opportunity for our patented JJ-Hooks highway barrier system. We also expect to see continued growth in our barrier rentals thanks to our expanded rental fleet, which allows us to participate in larger scale projects. Overall, we remain well-positioned to meet the increased demand across the multiple sectors we serve and deliver long-term value to our shareholders," concluded Smith. Fourth Quarter 2025 Results The Company reported 2025 fourth quarter revenues of $23.1 million compared to $18.5 million in the fourth quarter of 2024. Product sales for the quarter were $13.8 million, a 26 percent increase from the prior-year quarter. Service revenue, which includes barrier rentals, royalty income and shipping and installation, was $9.3 million compared to $7.5 million for the fourth quarter of 2024. Gross profit increased to $5.5 million compared to $4.4 million in the prior year quarter due to the higher revenue base. Gross margin for the quarter was 23.9% compared to 23.7% in the fourth quarter of 2024. Operating income for the quarter was $3.2 million compared to $1.9 million in the prior-year quarter. The improvement was primarily due to the higher revenue base and lower selling, general and administrative expenses. Net income for the fourth quarter was $2.1 million, or $0.40 per diluted share, compared to net income of $1.4 million, or $0.26 per diluted share basis in the fourth quarter of 2024. Full-Year 2025 Results Revenues for the year totaled $93.4 million compared to $78.5 million in 2024. Product sales for the full year were $48.3 million compared to $45.6 million in the previous year. Higher Soundwall, SlenderWall and Easi-Set sales more than offset a decrease in utility and miscellaneous sales. Service revenue increased to $45.2 million compared to $32.9 million, primarily due to higher barrier rentals and shipping and installation revenues. Gross profit was $26.0 million compared to $20.0 million in the prior year. Gross margin for the full year was 27.9%, a 240-basis point improvement compared to the prior year. The year-over-year increase is primarily attributable to better fixed cost absorption due to the higher revenue base and multiple special barrier rental projects in the first half of 2025. Operating income for the year was $17.0 million, compared to $9.9 million in the prior year. Net income for 2025 was $12.5 million, or $2.36 per diluted share, compared to $7.7 million, or $1.45 per diluted share. Product Sales Total product sales for the full year 2025 were $48.3 million compared to $45.6 million in the prior year. Soundwall sales were $14.6 million compared to $11.8 million in fiscal 2024. The increase is primarily associated with increased production across all three facilities. Easi-Set and Easi-Span Building Sales increased to $11.5 million compared to $6.7 million in 2024 due to increased production across all locations. SlenderWall sales were $3.6 million, compared to no sales in 2024. Barrier sales were $4.4 million compared to $3.9 million in the prior year related to increased sales in the Carolinas. Architectural sales for the year were $3.3 million compared to $4.2 million primarily due to projects in the prior year that did not recur in 2025. Miscellaneous wall sales decreased by 26 percent from the prior year to $3.8 million due to timing of contracts compared to 2024. Utility product sales were $4.3 million compared to $7.8 million in 2024. The decrease was due to accelerated data center development in the prior year. Service Revenue Service revenue which is comprised of royalty income, barrier rental revenue, and shipping and installation totaled $45.2 million for the full year 2025 compared to $32.9 million in the prior year. Shipping and installation revenue was $21.3 million compared to $17.6 million in 2024. The increase is primarily attributed to the shipping and installation of SlenderWall and Soundwall that were mostly produced in 2024. Barrier rental revenue was $19.7 million compared to $12.0 million in 2024. The increase is primarily attributed to two special rental projects in the first half of the year and greater utilization of the company's rental fleet. Royalty income increased 28 percent year over year to $4.2 million. Balance Sheet and Liquidity As of December 31, 2025, Smith-Midland's cash totaled $11.9 million compared to cash and investments totaling $7.5 million for fiscal 2024. Account receivables totaled $27.4 million; and debt totaled $4.4 million as of December 31, 2025. Capital spending totaled $9.2 million compared to $6.2 million in 2024. Macro Environment and Outlook The Company anticipates similar product sales volumes throughout 2026 compared to 2025, as funding related to the Infrastructure Investment and Jobs Act continues through state and local governments in 2026. The Company continues to increase marketing and sales efforts towards SlenderWallﾮ sales and barrier rentals, in line with long-term strategic objectives. Barrier rentals, exclusive of special barrier projects, is expected to be higher in 2026 than in 2025, although given the high level of special barrier projects in 2025, it is likely for there to be a decrease in 2026 from this revenue source. Backlog was approximately $53.1 million recorded as of March 2025 compared to $59.5 million in backlog one year prior. The majority of the backlog is anticipated to be fulfilled within 12 months; however, some projects may have a multi-year timeline. The Company remains focused on long-term strategic growth initiatives to drive shareholder value. About Smith-Midland Smith-Midland develops, manufactures, licenses, rents, and sells a broad array of precast concrete products and systems for use primarily in the construction, transportation, and utility industries. Smith-Midland Corporation has three manufacturing facilities in; Midland, VA, Reidsville, NC, and Columbia, SC, and a J-J Hooksﾮ Safety Barrier rental firm, Concrete Safety Systems. Easi-Set Worldwide, a wholly owned subsidiary of Smith-Midland Corporation, licenses the production and sale of Easi-Set products, including J-J Hooks and SlenderWallﾮ, and provides diversification opportunities to the precast industry worldwide. For more information, please call (540) 439-3266 or visit www.smithmidland.com. Forward-Looking Statements This announcement contains forward-looking statements, which involve risks and uncertainties. The Company's actual results may differ significantly from those discussed in the forward-looking statements. Factors that might cause such a difference include, but are not limited to, product demand, the impact of competitive products and pricing, capacity and supply constraints or difficulties, the uncertainties arising from the policies of the United States Government, the risk of less government spending on infrastructure than anticipated, inflationary factors including potential recession, our material weaknesses in internal controls, cyber security risks, general business and economic conditions, our debt exposure, our high level of accounts receivables, the effect of the Company's accounting policies and other risks detailed in the Company's Annual Report on Form 10-K and other filings with the Securities and Exchange Commission. Company Contact: Investor Relations: Steven Hooser or John Beisler Three Part Advisors, LLC 214-872-2710 SOURCE: Smith-Midland View the original press release on ACCESS Newswire

Smith-Midland Corporation SMID is entering 2026 with strong operational momentum, driven by rising infrastructure demand, expanding project activity and continued execution of its growth strategy. Recent announcements highlight both robust financial performance in 2025 and contract wins that reinforce the company’s positioning in the precast concrete market. Smith-Midland expects to deliver record financial results for 2025, reflecting sustained demand across its end markets. The company anticipates annual revenues between $92 million and $94 million, indicating 18% year-over-year growth at the mid-point. Additionally, it expects to achieve record net income, continuing its upward trajectory after prior-year highs. The fourth-quarter performance also underscores this growth trend. Revenues for fourth-quarter 2025 are projected to reach $22-$24 million, suggesting a rise from $18.5 million in the same period in 2024, supported by increased product sales, and higher shipping and installation activity. Management attributes this performance to strong infrastructure spending at both the federal and state levels, combined with disciplined execution of strategic initiatives. These include expansion of the company’s rental barrier fleet and continued focus on product sales, which together have strengthened its competitive positioning. Complementing its financial momentum, Smith-Midland recently secured a $5.4-million contract to supply precast concrete noise wall systems for the Complete 540-Triangle Expressway Southeast Extension Project in North Carolina. The project will utilize the company’s SoftSound absorptive noise wall technology alongside prestressed columns, decorative column caps and coping panels. These elements are designed not only to reduce roadway noise but also to enhance the visual appeal of the infrastructure. Production is scheduled to begin in May 2026 at the company’s North Carolina facility, with delivery and installation expected to commence in July 2026. This project demonstrates Smith-Midland’s ability to deliver integrated solutions that combine performance with architectural design, an increasingly important factor in modern infrastructure development. It also reinforces the company’s role in supporting transportation agencies’ goals for durability, noise mitigation and community integration. Smith-Midland operates across multiple segments, including manufacturing, licensing and rental services, providing diversification within the precast concrete industry. Its offerings span construction, transportation and utility applications, supported by manufacturing facilities in Virginia, North Carolina and South Carolina. The company’s subsidiaries and business lines, such as its barrier rental operations and product licensing platform, enable it to capture value across different stages of infrastructure development. While the outlook remains positive, Smith-Midland acknowledges several risks that could impact its future performance. These include fluctuations in infrastructure spending, competitive pricing pressures, supply constraints, macroeconomic conditions and operational factors, such as internal controls and cybersecurity risks. Nevertheless, the combination of strong financial performance, an active project pipeline and favorable infrastructure trends positions the company for continued growth. The recent project win and expected record results illustrate how Smith-Midland is leveraging market demand and internal strategy to expand its footprint in the precast concrete industry. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Smith-Midland Corp. (SMID): Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Fourth Quarter Revenue Expected to Increase 25%; Anticipates Record Full-Year Revenue and Net Income MIDLAND, VA / ACCESS Newswire / March 23, 2026 / Smith-Midland Corporation (NASDAQ:SMID), a provider of innovative, high-quality proprietary and patented precast concrete products and systems, today announced preliminary, unaudited results for its fourth quarter and full year 2025 ended December 31, 2025. For the fourth quarter of 2025, the Company expects revenues of approximately $22 to $24 million, compared to $18.5 million in the prior-year comparable quarter, primarily due to higher product sales and shipping and installation revenue. The Company also anticipates net income to be higher versus the fourth quarter of 2024. For the full year 2025, the Company expects revenue to be between $92 to $94 million, which would represent an 18% annual increase from 2024 at the midpoint, and anticipates record annual net income, subject to final adjustments. "2025 has been another banner year for Smith-Midland, as we expect to report new record top and bottom-line results after setting new highs last year," said Ashley Smith, Chairman and Chief Executive Officer of Smith-Midland. "Our results reflect continued demand supported by federal and state infrastructure spending as well as disciplined execution of our growth strategy, including strategic expansion of our rental barrier fleet and product sales initiatives, to further strengthen our market position." The information contained in this press release is preliminary. The Company intends to file its final results for the fourth quarter and full year 2025 in its Form 10-K with the Securities and Exchange Commission no later than March 31, 2026. About Smith-Midland Corporation Smith-Midland develops, manufactures, licenses, rents, and sells a broad array of precast concrete products and systems for use primarily in the construction, transportation, and utility industries. Smith-Midland Corporation has three manufacturing facilities in; Midland, VA, Reidsville, NC, and Columbia, SC, and a J-J Hooksﾮ Safety Barrier rental firm, Concrete Safety Systems. Easi-Set Worldwide, a wholly owned subsidiary of Smith-Midland Corporation, licenses the production and sale of Easi-Set products, including J-J Hooks and SlenderWallﾮ, and provides diversification opportunities to the precast industry worldwide. For more information, please call (540) 439-3266 or visit www.smithmidland.com. Forward-Looking Statements This announcement contains forward-looking statements, which involve risks and uncertainties. The Company's actual results may differ significantly from those discussed in the forward-looking statements. Factors that might cause such a difference include, but are not limited to, product demand, the impact of competitive products and pricing, capacity and supply constraints or difficulties, the uncertainties arising from the policies of the United States Government, the risk of less government spending on infrastructure than anticipated, inflationary factors including potential recession, our material weaknesses in internal controls, cyber security risks, general business and economic conditions, our debt exposure, our high level of accounts receivables, the effect of the Company's accounting policies and other risks detailed in the Company's Annual Report on Form 10-K and other filings with the Securities and Exchange Commission. Additionally, the financial measures presented herein are a preliminary estimate, remain subject to our internal controls and procedures, and are subject to risks and uncertainties. Any variation between the Company's actual financial results and the preliminary ranges set forth herein may be material. Investor Relations: Steven Hooser or John Beisler Three Part Advisors, LLC (214) 872-2710 SOURCE: Smith-Midland View the original press release on ACCESS Newswire

The excitement of investing in a company that can reverse its fortunes is a big draw for some speculators, so even companies that have no revenue, no profit, and a record of falling short, can manage to find investors. Unfortunately, these high risk investments often have little probability of ever paying off, and many investors pay a price to learn their lesson. While a well funded company may sustain losses for years, it will need to generate a profit eventually, or else investors will move on and the company will wither away. If this kind of company isn't your style, you like companies that generate revenue, and even earn profits, then you may well be interested in Smith-Midland (NASDAQ:SMID). Now this is not to say that the company presents the best investment opportunity around, but profitability is a key component to success in business. AI is about to change healthcare. These 20 stocks are working on everything from early diagnostics to drug discovery. The best part - they are all under $10bn in marketcap - there is still time to get in early. Over the last three years, Smith-Midland has grown earnings per share (EPS) at as impressive rate from a relatively low point, resulting in a three year percentage growth rate that isn't particularly indicative of expected future performance. So it would be better to isolate the growth rate over the last year for our analysis. Impressively, Smith-Midland's EPS catapulted from US$1.23 to US$2.22, over the last year. Year on year growth of 80% is certainly a sight to behold. It's often helpful to take a look at earnings before interest and tax (EBIT) margins, as well as revenue growth, to get another take on the quality of the company's growth. Smith-Midland shareholders can take confidence from the fact that EBIT margins are up from 11% to 18%, and revenue is growing. Both of which are great metrics to check off for potential growth. You can take a look at the company's revenue and earnings growth trend, in the chart below. To see the actual numbers, click on the chart. View our latest analysis for Smith-Midland Since Smith-Midland is no giant, with a market capitalisation of US$185m, you should definitely check its cash and debt before getting too excited about its prospects. It's a necessity that company leaders act in the best interest of shareholders and so insider investment always comes as a reassurance to the market. So it is good to see that Smith-Midland insiders have a significant amount of capital invested in the stock. Indeed, they hold US$26m worth of its stock. That shows significant buy-in, and may indicate conviction in the business strategy. Those holdings account for over 14% of the company; visible skin in the game. It means a lot to see insiders invested in the business, but shareholders may be wondering if remuneration policies are in their best interest. Well, based on the CEO pay, you'd argue that they are indeed. The median total compensation for CEOs of companies similar in size to Smith-Midland, with market caps between US$100m and US$400m, is around US$1.5m. Smith-Midland's CEO took home a total compensation package of US$473k in the year prior to December 2024. That's clearly well below average, so at a glance that arrangement seems generous to shareholders and points to a modest remuneration culture. While the level of CEO compensation shouldn't be the biggest factor in how the company is viewed, modest remuneration is a positive, because it suggests that the board keeps shareholder interests in mind. It can also be a sign of good governance, more generally. Smith-Midland's earnings have taken off in quite an impressive fashion. An added bonus for those interested is that management hold a heap of stock and the CEO pay is quite reasonable, illustrating good cash management. The sharp increase in earnings could signal good business momentum. Big growth can make big winners, so the writing on the wall tells us that Smith-Midland is worth considering carefully. Of course, just because Smith-Midland is growing does not mean it is undervalued. If you're wondering about the valuation, check out this gauge of its price-to-earnings ratio, as compared to its industry. Although Smith-Midland certainly looks good, it may appeal to more investors if insiders were buying up shares. If you like to see companies with more skin in the game, then check out this handpicked selection of companies that not only boast of strong growth but have strong insider backing. Please note the insider transactions discussed in this article refer to reportable transactions in the relevant jurisdiction. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Shares of Smith-Midland Corporation SMID have fallen 12.7% since the company released its latest quarterly results, underperforming the S&P 500 Index’s 3.2% decline over the same period. Over the past month, the stock has retreated 11.4%, lagging the S&P 500’s 1.2% decrease. This weaker-than-market performance reflects a reset in investor expectations following softer service-revenue comparisons and a pullback in barrier rental activity versus last year’s unusually strong period. Smith-Midland posted third-quarter 2025 revenues of $21.5 million, down from $23.6 million a year earlier, primarily due to the non-recurrence of large special barrier rental projects that drove service revenues in the prior-year quarter. However, product sales rose 11% to $11.9 million, supported by stronger soundwall, Easi-Set building and SlenderWall shipments. Net income came in at $2.9 million, or 54 cents per diluted share, compared with $3.2 million, or 59 cents, a year ago, reflecting the lower revenue base and a slightly reduced gross margin of 26.8%, versus 27.9% in the prior-year period. Smith-Midland Corp. price-consensus-eps-surprise-chart | Smith-Midland Corp. Quote Smith-Midland’s quarterly performance was shaped by a stark divergence between growing core product sales and reduced service activity. Product segments benefiting from higher production included soundwalls, which rose to $2.8 million from $1.9 million, and Easi-Set/Easi-Span buildings, which increased to $2.7 million from $1.8 million. SlenderWall, which had no sales in the prior-year quarter, contributed $1.1 million, reflecting resumed project activity across multiple facilities. In contrast, utility sales fell sharply to $1.2 million from $2.4 million due to prior-year demand from the Northern Virginia data-center market that did not recur. Architectural panel sales also softened, declining to $1 million from $1.6 million, reflecting the completion of two major 2024 projects. Miscellaneous wall and product sales were similarly lower compared with last year’s elevated outputs. Service-revenue categories saw more pronounced year-over-year declines. Barrier rental revenues dropped to $3.3 million from $7.1 million, entirely due to the non-recurrence of 2024’s special barrier rental projects. Shipping and installation revenues rose modestly to $5.2 million from $4.8 million, supported by stronger activity in soundwalls and SlenderWall. Royalty income increased 13% to $1.1 million, aided by higher licensee barrier production volumes. SMID: Management Commentary Management emphasized that third-quarter results demonstrate continued strength in the company’s core product business despite difficult comparisons in service revenues. CEO Ashley Smith noted that the company is experiencing solid demand for new and upgraded highways and public infrastructure projects, while data-center-related spending continues to influence certain product categories. He also highlighted the ongoing expansion of the barrier rental fleet to support rising MASH-TL3 safety-standards compliance, as well as the possibility that lower interest rates could stimulate new demand for the SlenderWall product line. Overall, management maintained a constructive outlook, citing multiple structural tailwinds, including state and federal infrastructure commitments. These dynamics, the company believes, will support growth over both the near and long term. Factors Influencing SMID’s Quarterly Results A key factor affecting the quarter’s revenue and margin profile was the absence of special barrier rental projects, which had significantly boosted the prior-year period. These high-margin projects typically generate elevated service revenues and richer gross margins compared with most product categories. Their absence this year contributed both to lower total revenues and a reduced gross margin percentage. The revenue mix also shifted meaningfully toward product categories with widely varying margin profiles. Sales gains in soundwalls, buildings and SlenderWall helped stabilize gross profit, but declines in utility and architectural panels limited total product-mix contribution. Operationally, the company benefited from lower general and administrative and selling expenses, consistent with reduced staffing levels and an arbitration settlement that offset part of the third-quarter overhead. The operating income of $3.6 million was essentially unchanged year over year. SMID’s Guidance and Outlook While Smith-Midland did not issue formal numerical guidance, management provided several directional indicators for the remainder of 2025. Product sales are expected to increase compared to 2024, supported by new and ongoing SlenderWall projects and healthy order activity in soundwalls and Easi-Set buildings. Shipping and installation revenues, along with royalty income, are expected to remain higher than year-ago levels. Conversely, the company does not anticipate additional special barrier rental projects in the final quarter of the year, suggesting barrier rental revenues will moderate relative to earlier 2025 periods. Inflation remains a factor, particularly in raw materials and labor, though the company continues to manage these pressures actively. Backlog as of Nov. 1, 2025 was $54.8 million, down from $62.8 million a year earlier. Most projects are expected to be fulfilled within 12 months, though some extend across multiple years. Other Developments at SMID During the quarter, Smith-Midland reported an arbitration settlement related to a 2015 SlenderWall sale. The settlement resulted in the recovery of previously reserved receivables totaling $458, which reduced general and administrative expenses for the quarter. Beyond this item, the company disclosed no acquisitions, divestitures or other restructuring actions in the period. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Smith-Midland Corp. (SMID): Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Product Sales Increased 11 Percent and Record Nine-Month Net Income  MIDLAND, VA / ACCESS Newswire / November 13, 2025 / Smith-Midland Corporation (NASDAQ:SMID), a provider of innovative, high-quality proprietary and patented precast concrete products and systems, today announced its third quarter results for the period ended September 30, 2025. Third Quarter 2025 Summary (compared to prior-year quarter) Revenue of $21.5 million compared to $23.6 million Product sales increased 11 percent to $11.9 million Gross margin of 26.8% compared to 27.9% Operating income of $3.6 million compared to $3.8 million Net income of $2.9 million, or $0.54 per diluted share, compared to $3.2 million and $0.59 "Our third quarter results reflect continued strength in our core business and progress in the initiatives to drive product sales, which increased 11 percent versus the prior year. The previous year's results included special barrier rental projects, which typically carry higher margins compared to the core business," said Ashley Smith, Chairman and Chief Executive Officer of Smith-Midland. "The ongoing demand for new and upgraded highways will continue to drive spending at the federal and state level, along with data centers and other public infrastructure projects. Our barrier rental fleet continues to grow in preparation for increased MASH-TL3 safety standards and lower interest rates may spur new construction projects for our SlenderWall product. Overall, we believe the tailwinds in place over the near and long-term will lead to continued growth in our business and deliver long-term value to our shareholders," concluded Smith. Third Quarter 2025 Results The Company reported 2025 third quarter revenues of $21.5 million compared to $23.6 million in the third quarter of 2024. Product sales for the quarter were $11.9 million, compared to $10.8 million in the prior-year quarter. Service revenue, which includes barrier rentals, royalty income and shipping and installation, was $9.5 million, compared to $12.8 million reported in the third quarter of 2024. Gross profit was $5.8 million compared to $6.6 million in the prior-year quarter. Gross margin for the quarter was 26.8% compared to 27.9% in the third quarter of 2024. Operating income for the quarter was $3.6 million compared to $3.8 million in the prior-year quarter. Net income for the third quarter was $2.9 million, or $0.54 per diluted share, compared to net income of $3.2 million, or $0.59 per diluted share basis in the third quarter of 2024. Product Sales Total product sales for the third quarter of 2025 were $11.9 million, an 11 percent increase from the prior-year quarter. Soundwall sales were $2.8 million compared to $1.9 million in the third quarter of 2024. The increase is primarily associated with increased production across all three facilities. Easi-Set and Easi-Span Building Sales increased to $2.7 million compared to $1.8 million in the prior-year quarter due to increased demand for plant and site assembled buildings and restrooms. SlenderWall sales were $1.1 million after no sales in the third quarter of 2024. Barrier sales were $764,000 compared to $546,000. Utility sales were $1.2 million compared to $2.4 million in the third quarter of 2024 due to a surge in sales in the prior-year quarter related to data centers. Architectural panel sales were $1 million compared to $1.6 million in the third quarter of 2024. Miscellaneous wall and product sales totaled $2.3 million, compared to $2.6 million in the third quarter of 2024. Service Revenue Service revenue which is comprised of royalty income, barrier rental revenue, and shipping and installation totaled $9.5 million in the third quarter of 2025 compared to $12.8 million in the prior-year quarter. Barrier rental revenue was $3.3 million compared to $7.1 million in the third quarter of 2024. The decrease is attributed to special barrier projects that were installed and completed during the third quarter of 2024 that did not recur this year. Shipping and installation revenue was $5.2 million compared to $4.8 million in the prior-year quarter. The increase is primarily attributed to a decrease in the shipping and installation of SlenderWall and architectural panels that were mostly produced in 2024. Royalty income increased 13 percent year over year to $1.1 million. Balance Sheet and Liquidity As of September 30, 2025, Smith-Midland's cash totaled $13.4 million compared to $7.5 million at the end of fiscal 2024. Account receivables totaled $26.9 million, and debt totaled $4.6 million as of September 30, 2025. Capital spending totaled $2.9 million in the third quarter of 2025. Macro Environment and Outlook Infrastructure initiatives across the United States continue to drive greater bidding activity and a anticipated increase in backlog for the Company's portfolio of patented, proprietary, and custom products and several SlenderWall projects commenced production in the third quarter of 2025. As a result, the Company anticipates increased product sales volume for the remainder of 2025 compared to 2024, but on which there can be no assurance. Service revenue for the first nine months of 2025 included multiple barrier rental projects that are not anticipated to recur in the remainder of the year. Shipping and installation and royalty income for the remainder of 2025 are expected to be higher compared to the same period last year. Inflationary pressures still remain, and the Company continues to manage its materials costs while attracting and retaining skilled labor. Backlog was approximately $54.8 million recorded as of November 1, 2025 compared to $62.8 million in backlog one year prior. The majority of the backlog is anticipated to be fulfilled within 12 months; however, some projects may have a multi-year timeline The Company remains focused on long-term strategic growth initiatives to drive shareholder value. About Smith-Midland Smith-Midland develops, manufactures, licenses, rents, and sells a broad array of precast concrete products and systems for use primarily in the construction, transportation, and utility industries. Smith-Midland Corporation has three manufacturing facilities in: Midland, VA, Reidsville, NC, and Columbia, SC, and a J-J Hooks® Safety Barrier rental firm, Concrete Safety Systems. Easi-Set Worldwide, a wholly owned subsidiary of Smith-Midland Corporation, licenses the production and sale of Easi-Set products, including J-J Hooks and SlenderWall®, and provides diversification opportunities to the precast industry worldwide. For more information, please call (540) 439-3266 or visit www.smithmidland.com. Forward-Looking Statements This announcement contains forward-looking statements, which involve risks and uncertainties. The Company's actual results may differ significantly from those discussed in the forward-looking statements. Factors that might cause such a difference include, but are not limited to, product demand, the impact of competitive products and pricing, capacity and supply constraints or difficulties, the uncertainties arising from the policies of the United States Government, the risk of less government spending on infrastructure than anticipated, inflationary factors including potential recession, our material weaknesses in internal controls, general business and economic conditions, our debt exposure, our high level of accounts receivables, the effect of the Company's accounting policies and other risks detailed in the Company's Annual Report on Form 10-K and other filings with the Securities and Exchange Commission. Company Contact: Dominic L. Hunter 540-439-3266 [email protected] Investor Relations: Steven Hooser or John Beisler Three Part Advisors, LLC 214-872-2710 SOURCE: Smith-Midland View the original press release on ACCESS Newswire