SMITH MIDLAND CORP (SMID)
SIC breadcrumb: Manufacturing > SIC Major Group 32 > SIC 3272 Concrete Products, Except Block & Brick
SEC company page: https://www.sec.gov/edgar/browse/?CIK=924719. Latest filing source: 0001654954-26-003505.
Informational only. Descriptive public-record data — not a rating, forecast, or investment advice. See Disclaimer.
At a glance
- Revenue
- 93,446,000 USD verified
- Net income
- 12,506,000 USD verified
- Assets
- 87,729,000 USD verified
- Free cash flow
- 4,963,000 USD computed
- Net margin
- 13.38% computed
- Operating margin
- 18.19% computed
- Revenue YoY
- +19.03% computed
- ROE
- 23.03% computed
Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
|---|---|---|---|---|
| Revenue | 93,446,000 | USD | 2025 | 2026-04-14 |
| Net income | 12,506,000 | USD | 2025 | 2026-04-14 |
| Assets | 87,729,000 | USD | 2025 | 2026-04-14 |
Financials
Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-04-14. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000924719.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.
| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 41,717,000 | 40,220,000 | 46,691,000 | 43,862,000 | 50,642,000 | 50,131,000 | 59,580,000 | 78,508,000 | 93,446,000 | |
| Net income | 2,835,000 | 2,684,000 | 1,687,000 | 1,949,000 | 2,665,000 | 7,570,000 | 800,000 | 795,000 | 7,675,000 | 12,506,000 |
| Operating income | 4,336,000 | 3,715,000 | 2,216,000 | 2,546,000 | 3,759,000 | 6,168,000 | 854,000 | 1,118,000 | 9,899,000 | 16,994,000 |
| Gross profit | 10,349,000 | 11,464,000 | 10,490,000 | 9,969,000 | 11,042,000 | 14,420,000 | 9,469,000 | 10,652,000 | 20,010,000 | 26,038,000 |
| Diluted EPS | 0.56 | 0.53 | 0.33 | 0.38 | 0.51 | 1.45 | 0.15 | 0.15 | 1.45 | 2.36 |
| Operating cash flow | 3,995,000 | 2,926,000 | 8,472,000 | 3,932,000 | 7,487,000 | 9,126,000 | -6,334,000 | 7,732,000 | 5,158,000 | 14,301,000 |
| Capital expenditures | 3,745,000 | 2,741,000 | 5,234,000 | 4,513,000 | 2,627,000 | 5,367,000 | 2,749,000 | 5,010,000 | 6,203,000 | 9,338,000 |
| Assets | 23,412,000 | 29,225,000 | 41,369,000 | 42,115,000 | 46,499,000 | 53,275,000 | 54,313,000 | 61,348,000 | 67,991,000 | 87,729,000 |
| Liabilities | 9,169,000 | 12,020,000 | 22,522,000 | 21,294,000 | 22,850,000 | 21,525,000 | 21,258,000 | 27,187,000 | 26,252,000 | 33,425,000 |
| Stockholders' equity | 14,243,000 | 17,205,000 | 18,884,000 | 20,821,000 | 23,649,000 | 31,750,000 | 33,055,000 | 34,161,000 | 41,739,000 | 54,304,000 |
| Free cash flow | 250,000 | 185,000 | 3,238,000 | -581,000 | 4,860,000 | 3,759,000 | -9,083,000 | 2,722,000 | -1,045,000 | 4,963,000 |
Ratios
| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net margin | 6.43% | 4.19% | 4.17% | 6.08% | 14.95% | 1.60% | 1.33% | 9.78% | 13.38% | |
| Operating margin | 8.91% | 5.51% | 5.45% | 8.57% | 12.18% | 1.70% | 1.88% | 12.61% | 18.19% | |
| Return on equity | 19.90% | 15.60% | 8.93% | 9.36% | 11.27% | 23.84% | 2.42% | 2.33% | 18.39% | 23.03% |
| Return on assets | 12.11% | 9.18% | 4.08% | 4.63% | 5.73% | 14.21% | 1.47% | 1.30% | 11.29% | 14.26% |
| Liabilities / equity | 0.64 | 0.70 | 1.19 | 1.02 | 0.97 | 0.68 | 0.64 | 0.80 | 0.63 | 0.62 |
| Current ratio | 3.01 | 2.43 | 1.82 | 1.98 | 2.62 | 2.00 | 2.58 | 2.08 | 2.39 | 3.40 |
Financial Bridges
Income statement bridge from reported figures
Figure provenance: SEC companyfacts FY 2025. Revenue: accession 0001654954-26-003505; concept Revenues; source concepts us-gaap:Revenues | Gross profit: accession 0001654954-26-003505; concept GrossProfit; source concepts us-gaap:GrossProfit | Operating income: accession 0001654954-26-003505; concept OperatingIncomeLoss; source concepts us-gaap:OperatingIncomeLoss | Net income: accession 0001654954-26-003505; concept NetIncomeLoss; source concepts us-gaap:NetIncomeLoss
Free cash flow = operating cash flow - capital expenditures
Figure provenance: SEC companyfacts FY 2025. Operating cash flow: accession 0001654954-26-003505; concept NetCashProvidedByUsedInOperatingActivities; source concepts us-gaap:NetCashProvidedByUsedInOperatingActivities | Capital expenditures: accession 0001654954-26-003505; concept PaymentsToAcquirePropertyPlantAndEquipment; source concepts us-gaap:PaymentsToAcquirePropertyPlantAndEquipment | Free cash flow: accession 0001654954-26-003505; concept NetCashProvidedByUsedInOperatingActivities - PaymentsToAcquirePropertyPlantAndEquipment; source concepts us-gaap:NetCashProvidedByUsedInOperatingActivities; us-gaap:PaymentsToAcquirePropertyPlantAndEquipment
Financial Charts
Figure provenance: SEC companyfacts. Latest point: FY 2025 ended 2025-12-31; accession 0001654954-26-003505; filed 2026-04-14. Concept: Revenues. Source concepts: us-gaap:Revenues.
Figure provenance: SEC companyfacts. Latest point: FY 2025 ended 2025-12-31; accession 0001654954-26-003505; filed 2026-04-14. Concept: NetIncomeLoss. Source concepts: us-gaap:NetIncomeLoss.
Figure provenance: SEC companyfacts. Latest point: FY 2025 ended 2025-12-31; accession 0001654954-26-003505; filed 2026-04-14. Concept: OperatingIncomeLoss. Source concepts: us-gaap:OperatingIncomeLoss.
Figure provenance: SEC companyfacts. Latest point: FY 2025 ended 2025-12-31; accession 0001654954-26-003505; filed 2026-04-14. Concept: GrossProfit. Source concepts: us-gaap:GrossProfit.
Figure provenance: SEC companyfacts. Latest point: FY 2025 ended 2025-12-31; accession 0001654954-26-003505; filed 2026-04-14. Concept: EarningsPerShareDiluted. Source concepts: us-gaap:EarningsPerShareDiluted.
Figure provenance: SEC companyfacts. Latest point: FY 2025 ended 2025-12-31; accession 0001654954-26-003505; filed 2026-04-14. Concept: NetCashProvidedByUsedInOperatingActivities. Source concepts: us-gaap:NetCashProvidedByUsedInOperatingActivities.
Figure provenance: SEC companyfacts. Latest point: FY 2025 ended 2025-12-31; accession 0001654954-26-003505; filed 2026-04-14. Concept: PaymentsToAcquirePropertyPlantAndEquipment. Source concepts: us-gaap:PaymentsToAcquirePropertyPlantAndEquipment.
Figure provenance: SEC companyfacts. Latest point: FY 2025 ended 2025-12-31; accession 0001654954-26-003505; filed 2026-04-14. Concept: Assets. Source concepts: us-gaap:Assets.
Figure provenance: SEC companyfacts. Latest point: FY 2025 ended 2025-12-31; accession 0001654954-26-003505; filed 2026-04-14. Concept: Liabilities. Source concepts: us-gaap:Liabilities.
Figure provenance: SEC companyfacts. Latest point: FY 2025 ended 2025-12-31; accession 0001654954-26-003505; filed 2026-04-14. Concept: StockholdersEquity. Source concepts: us-gaap:StockholdersEquity.
Figure provenance: SEC companyfacts. Latest point: FY 2025 ended 2025-12-31; accession 0001654954-26-003505; filed 2026-04-14. Concept: NetCashProvidedByUsedInOperatingActivities - PaymentsToAcquirePropertyPlantAndEquipment. Source concepts: us-gaap:NetCashProvidedByUsedInOperatingActivities; us-gaap:PaymentsToAcquirePropertyPlantAndEquipment.
As-reported value updates
Quarterly
Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-14. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000924719.json.
| Quarter | End Date | Revenue | Net Income | Diluted EPS | Method |
|---|---|---|---|---|---|
| 2021-Q3 | 2021-09-30 | 0.71 | reported discrete quarter | ||
| 2022-Q1 | 2022-03-31 | -0.02 | reported discrete quarter | ||
| 2022-Q2 | 2022-06-30 | 0.17 | reported discrete quarter | ||
| 2022-Q3 | 2022-09-30 | 0.00 | reported discrete quarter | ||
| 2023-Q1 | 2023-03-31 | 0.02 | reported discrete quarter | ||
| 2023-Q2 | 2023-06-30 | -0.15 | reported discrete quarter | ||
| 2023-Q3 | 2023-09-30 | 15,651,000 | 1,266,000 | reported discrete quarter | |
| 2023-Q4 | 2023-12-31 | 16,389,000 | 230,000 | derived Q4 = FY annual - nine-month YTD | |
| 2024-Q1 | 2024-03-31 | 16,756,000 | 1,147,000 | 0.21 | reported discrete quarter |
| 2024-Q2 | 2024-06-30 | 19,639,000 | 1,981,000 | reported discrete quarter | |
| 2024-Q3 | 2024-09-30 | 23,582,000 | 3,150,000 | reported discrete quarter | |
| 2024-Q4 | 2024-12-31 | 18,531,000 | 1,397,000 | derived Q4 = FY annual - nine-month YTD | |
| 2025-Q1 | 2025-03-31 | 22,698,000 | 3,327,000 | 0.62 | reported discrete quarter |
| 2025-Q2 | 2025-06-30 | 26,186,000 | 4,171,000 | 0.79 | reported discrete quarter |
| 2025-Q3 | 2025-09-30 | 21,451,000 | 2,877,000 | 0.54 | reported discrete quarter |
| 2025-Q4 | 2025-12-31 | 23,111,000 | 2,131,000 | derived Q4 = FY annual - nine-month YTD | |
| 2026-Q1 | 2026-03-31 | 21,572,000 | 1,339,000 | 0.25 | reported discrete quarter |
| 2026-Q2 | 2026-06-30 | 23,363,000 | 1,381,000 | 0.26 | reported discrete quarter |
Quarterly Charts
Figure provenance: SEC companyfacts. Latest point: FY 2026 ended 2026-06-30; accession 0001654954-26-007660; filed 2026-08-14. Concept: Revenues. Source concepts: us-gaap:Revenues.
Figure provenance: SEC companyfacts. Latest point: FY 2026 ended 2026-06-30; accession 0001654954-26-007660; filed 2026-08-14. Concept: NetIncomeLossAvailableToCommonStockholdersBasic. Source concepts: us-gaap:NetIncomeLossAvailableToCommonStockholdersBasic.
Figure provenance: SEC companyfacts. Latest point: FY 2026 ended 2026-06-30; accession 0001654954-26-007660; filed 2026-08-14. Concept: EarningsPerShareDiluted. Source concepts: us-gaap:EarningsPerShareDiluted.
Business
Read SMID's verbatim Item 1 Business section from its latest 10-K: Business.
Latest quarter (10-Q)
Latest 10-Q source: 0001654954-26-007660.
ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
Forward-Looking Statements
This Quarterly Report and related documents include “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act 1934. Forward-looking statements involve known and unknown risks, uncertainties and other factors which could cause the Company’s actual results, performance (financial or operating), or achievements expressed or implied by such forward looking statements not to occur or be realized. Such forward looking statements generally are based upon the Company’s best estimates of future results, performance or achievement, based upon current conditions and the most recent results of operations. Forward-looking statements may be identified by the use of forward-looking terminology such as “may,” “will,” “expect,” “believe,” “estimate,” “anticipate,” “continue,” or similar terms, variations of those terms or the negative of those terms. Potential risks and uncertainties include, among other things, such factors as:
| ● | while we have expended significant funds in recent years to increase manufacturing capacity and the barrier rental fleet, and plan to continue to increase manufacturing capacity and the barrier rental fleet, there is no assurance that we will achieve significantly greater revenues, |
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| ● | while we have special barrier projects that can occur at any time that may have a significant positive effect on revenues and operating income, including the significant special barrier projects that occurred in both the first quarter and the second quarter of 2025, there can be no assurance of these projects recurring in any future periods; likewise the lack of a special barrier project in any quarter will negatively impact revenues and operating income of such quarter relative to comparison to a quarter that includes a special barrier project. The Company, in view of significant revenues from special barrier projects in 2025, experienced a decrease from this revenue source and a substantial decrease in operating income in the quarter and six months ended June 30, 2026 as compared to the quarter and six months ended June 30, 2025, which had significant special barrier projects. |
| ● | our cash decreased as of June 30, 2026 from December 31, 2025, reflecting investment in capital expenditures and inventory and there can be no assurance that the Company’s cash will not be further reduced in the future, |
| Column 1 | Column 2 |
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| ● | we have a significant amount of accounts receivables, as of June 30, 2026, and our ability to fully collect these balances cannot be assured, |
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| ● | cybersecurity incidents could disrupt business operations, result in the loss of critical and confidential information and adversely impact our reputation and results of operations; in this respect, we experienced a ransomware incident in the first quarter of 2025 for which no ransomware payment was made and which continues to be addressed with notifications to potentially impacted internal and external parties and relevant governmental offices as well as enacting network security improvements; while we have not experienced a material impact on our operations to date, this incident may expose us to regulatory action and/or stockholder litigation, |
| Column 1 | Column 2 |
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| ● | we identified material weaknesses in internal controls over financial reports related to (i) design and maintenance of effective controls over the financial reporting process; and (ii) certain business processes and the information control environment. The Company is currently taking remedial actions with respect to these weaknesses, |
| ● | there are uncertainties arising from the policies of governmental entities, including without limitation, government spending cuts and tariffs, and there can be no assurance that infrastructure spending will not be adversely affected or that the Company will not otherwise be adversely affected, |
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| ● | There continues to be a significant need for additional staffing for financial reporting and internal controls. The Company had a gap in hiring a Chief Financial Officer from July 17, 2024 to April 16, 2025 and experienced the resignation of the Accounting Manager in February 2026 which, although both positions have been filled, negatively delayed the Company’s closing and reporting cycles in order to maintain reporting integrity and data accuracy, |
| ● | our future revenue growth depends in part on future government spending on infrastructure, and there can be no assurance that such spending will occur or be in significant amounts, |
| ● | the continued availability of financing in the amounts, at the times, and on the terms required, to support our future business and capital projects, |
| ● | potential decreases in our contract backlog; |
| ● | the extent to which we are successful in developing, acquiring, licensing, or securing new patents for proprietary products as the Company experiences the expiration of certain patents, |
| 16 |
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| Table of Contents |
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| ● | changes in economic conditions specific to any one or more of our markets (including tariffs, the availability of public funds and grants for construction), |
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| ● | the Company’s operations in the first and second quarters of 2026, and the years 2025 and 2024 were adversely impacted by inflation in the purchase of raw materials such as cement and aggregates, steel, and also with labor costs, |
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| ● | changes in general economic conditions in our primary service areas, |
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| ● | adverse weather, which inhibits the demand for our products, or the installation or completion of projects, |
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| ● | our compliance with governmental regulations, |
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| ● | the outcome of future litigation, if any; in this respect, during the third quarter of 2025, we received an arbitration settlement of $458 thousand related to a SlenderWall® sale that occurred in 2015. The settlement included the recovery of previously reserved receivables and is recognized in the third quarter of 2025. There can be no assurance we will achieve favorable outcomes in any future litigation, arbitration, or similar proceedings, |
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| ● | our ability to produce and install product on material construction projects that conforms to contract specifications and in a time frame that meets the contract requirements, |
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| ● | the cyclical nature of the construction industry, |
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| ● | our exposure to increased interest expense payments should interest rates change, and |
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| ● | the other factors and information disclosed and discussed in other sections of this report and other filings with the Securities and Exchange Commission. |
Investors and shareholders should carefully consider such risks, uncertainties and other information, disclosures and discussions that contain cautionary statements identifying important factors that could cause actual results to differ materially from those provided in the forward-looking statements. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Overview
The Company invents, develops, manufactures, markets, leases, licenses, sells, and installs a broad array of precast concrete products and systems for use primarily in the construction, highway, utilities, and farming industries. The Company's customers are primarily general contractors and federal, state, and local transportation authorities located in the Mid-Atlantic and Northeastern regions and in parts of the Midwestern and Southeastern regions of the United States. The Company's operating strategy has involved producing innovative and proprietary products, including SlenderWall™, a lightweight, energy-efficient concrete and steel exterior insulated wall panel for use in building construction; J-J Hooks® Highway Safety Barrier, a positive-connected highway safety barrier; and Easi-Set® and Easi-Span transportable concrete buildings. In addition, the Company produces custom order precast concrete products with various architectural surfaces, as well as generic highway sound barriers, utility vaults, and farm products such as cattleguards.
The Company was incorporated in Delaware on August 2, 1994. Prior to a corporate reorganization completed in October 1994, the Company conducted its business primarily through Smith-Midland Virginia, which was incorporated in 1960 as Smith Cattleguard Company, a Virginia corporation, and subsequently changed its name to Smith-Midland Corporation in 1985. The Company’s principal offices are located at 5119 Catlett Road, Midland, Virginia 22728 and its telephone number is (540) 439-3266. As used in this report, unless the context otherwise requires, the term the “Company” refers to Smith-Midland Corporation and its subsidiaries.
As a part of the construction industry, the Company's sales and net income may vary greatly from quarter to quarter over a given year. Because of the cyclical nature of the construction industry, many factors not under our control, such as weather and project delays, affect the Company's production schedule, possibly causing momentary slowdowns in sales and net income. In addition, revenues are affected by the number, size, and timing of significant projects to which the Company is contracted. As a result of these factors, the Company is not always able to earn a profit for each period, therefore, please read Management's Discussion and Analysis of Financial Condition and Results of Operations and the accompanying financial statements with these factors in mind.
| 17 |
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| Table of Contents |
Results of Operations (dollar amounts in thousands, except per share data)
Overall, the Company’s financial top and bottom line performance was lower for the first six months of 2026 when compared to the first six months of 2025. The Company had net income for the three and six months ended June 30, 2026 of $1,381 and $2,720 compared to net income of $4,171 and $7,498 for the three and six month periods ended June 30, 2025, respectively. Total revenue decreased by $2,823 to $23,363 for the three months ended June 30, 2026 from $26,186 for the three months ended June 30, 2025. Total revenue decreased by $3,949 to $44,935 for the six months ended June 30, 2025 from $48,884 for the six months ended June 30, 2025. The decrease in total revenue is mainly from special barrier project sales that occurred in the first and second quarters of 2025 that did not recur in the first and second quarters of 2026. Product sales for the six months ended June 30, 2026 increased by $440 to $22,988 from $22,548 for the six months ended June 30, 2025 due to increases in architectural panel sales, Easi-Set building sales, barrier sales and utility sales. Shipping and installation revenue increased by $4,867 to $14,782 for the six months ended June 30, 2026 from $9,915 for the six months ended June 30, 2025.
Cost of sales as a percentage of revenue, not including royalties, increased to 80% for the three months ended June 30, 2026 compared to 74% for the three months ended June 30, 2
[Excerpt truncated for page length; source filing is linked above.]
Latest 10-K MD&A (excerpt)
Latest 10-K Item 7 source: 0001654954-26-003505. The complete FY 2025 MD&A is published at /company/SMID/mda/fy2025/.
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations
The following discussion should be read in conjunction with the Consolidated Financial Statements of the Company (including the Notes thereto) included elsewhere in this report. Dollar and share amounts are in thousands, except for per share amounts.
The Company generates revenues primarily from the sale, leasing, licensing, shipping and installation of precast concrete products and systems for the construction, utility and farming industries. The Company’s operating strategy has involved producing and marketing innovative and proprietary products, including SlenderWall™, a proprietary, lightweight, energy efficient concrete and steel exterior wall panel for use in building construction; J-J Hooks® Barrier, a proprietary, positive-connected highway safety barrier; Sierra Wall™, a sound barrier primarily for roadside use; transportable concrete buildings; and SoftSound™, a highway sound attenuation system. In addition, the Company produces utility vaults; farm products such as cattleguards; and custom order precast concrete products with various architectural surfaces.
As a part of the construction industry, the Company’s sales and net income may vary greatly from quarter to quarter over a given year. Because of the cyclical nature of the construction industry, many factors outside of the Company’s control, such as weather and project delays, affect the Company’s production schedule, possibly causing a momentary slowdown in sales and net income. As a result of these factors, the Company is not always able to earn a profit for each period, therefore, please read Management’s Discussion and Analysis of Financial Condition and Results of Operations and the accompanying financial statements with these factors in mind.
13
Overview
Overall, the Company’s financial bottom line performance was significantly greater in 2025 when compared to 2024. The Company had net income for 2025 of $12,506 compared to net income of $7,675 for 2024. Total revenue increased by $14,937 to $93,445 in 2025 from $78,508 in 2024. The increase in sales is mainly from barrier rentals (including special barrier projects in the first and second quarters), shipping and installation, and Soundwall, SlenderWall® and Easi-Set building product sales. Fourth quarter 2025 revenues were $23,110 compared to $18,528 in the fourth quarter 2024. The increase in revenue for the fourth quarter 2025 as compared to the fourth quarter 2024 was primarily due to an increase in architectural sales, miscellaneous sales, Easi-Set building sales, and shipping and installation revenue.
Cost of sales as a percentage of revenue, not including royalties, decreased to 76% in 2025 compared to 78% in 2024. Cost of sales as a percentage of revenue, not including royalties, decreased slightly to 79% for the fourth quarter 2025 as compared to 80% for the fourth quarter 2024.
Operating income was $16,994 for 2025, as compared to $9,899 for 2024. Operating expenses for 2025 was $9,044 compared to $10,111 in 2024. The decrease is due to a decrease in general and administrative expenses. Total operating expense was $2,037 for the fourth quarter 2025 and $2,519 for the fourth quarter 2024.
Income tax expense for 2025 was $4,520 or an effective tax rate of 26.5%, as compared to $2,143, or an effective tax rate of 21.7% for 2024. The greater percentage in 2025 was mainly due to an increase in state taxes.
As of March 3, 2026, the Company’s sales backlog was approximately $53.1 million, as compared to approximately $59.5 million around the same time in the prior year. It is estimated that most of the projects in the current sales backlog will be produced within 12 months, but a few will be produced over multiple years. The Company anticipates similar sales volumes throughout 2026 compared to 2025 for product sales, although no assurance can be provided. Barrier rentals, exclusive of special barrier projects, is expected to be higher in 2026 than in 2025, although no assurance can be given; 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. The Company also anticipates funding related to the Infrastructure Investment and Jobs Act to continue coming through the state and local governments in 2026 to further promote growth in the revenue backlog related to the highway and transportation markets, although no assurance can be provided. State and local programs that support infrastructure spending, including gas tax increases, special tax districts, new funding mechanisms are increasing in number and size as these entities increase their role in infrastructure investment. The Company continues to increase marketing and sales efforts towards SlenderWall® sales and barrier rentals, in line with long-term strategic objectives. In view of economic conditions that include government spending cutbacks and tariffs, there can be no assurance of anticipated levels of infrastructure spending.
Results of Operations
Year ended December 31, 2025 compared to the year ended December 31, 2024
For the year ended December 31, 2025, the Company had total revenue of $93,446 compared to total revenue of $78,508 for the year ended December 31, 2024, an increase of $14,938 or 19%. Revenue includes product sales, barrier rentals, royalty income, and shipping and installation revenues. Product sales are further divided into soundwall, architectural and SlenderWall™ panels, miscellaneous wall panels, highway barriers, Easi-Set®/Easi-Span® buildings, utility products, and miscellaneous precast products. The following table summarizes the revenue by type and a comparison for the years ended December 31, 2025 and 2024 (in thousands):
| Revenue by Type (Disaggregated Revenue) | 2025 | 2024 | Change | % Change | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Product Sales: | ||||||||||||||||
| Soundwall Sales | $ | 14,640 | $ | 11,825 | $ | 2,815 | 24 | % | ||||||||
| Architectural Sales | 3,337 | 4,205 | (868 | ) | (21 | )% | ||||||||||
| SlenderWall Sales | 3,568 | - | 3,568 | 100 | % | |||||||||||
| Miscellaneous Wall Sales | 3,788 | 5,104 | (1,316 | ) | (26 | )% | ||||||||||
| Barrier Sales | 4,356 | 3,882 | 474 | 12 | % | |||||||||||
| Easi-Set and Easi-Span Building Sales | 11,482 | 6,666 | 4,816 | 72 | % | |||||||||||
| Utility Sales | 4,297 | 7,751 | (3,454 | ) | (45 | )% | ||||||||||
| Miscellaneous Sales | 2,808 | 6,191 | (3,383 | ) | (55 | )% | ||||||||||
| Total Product Sales | 48,276 | 45,624 | 2,652 | 6 | % | |||||||||||
| Barrier Rentals | 19,705 | 12,019 | 7,686 | 64 | % | |||||||||||
| Royalty Income | 4,172 | 3,261 | 911 | 28 | % | |||||||||||
| Shipping and Installation Revenue | 21,293 | 17,604 | 3,689 | 21 | % | |||||||||||
| Total Service and Other Revenue | 45,170 | 32,884 | 12,286 | 37 | % | |||||||||||
| Total Revenue | $ | 93,446 | $ | 78,508 | $ | 14,938 | 19 | % |
The revenue items: soundwall sales, architectural panel sales, SlenderWall® sales, miscellaneous wall sales, miscellaneous sales, barrier rentals, and royalty income are recognized as revenue over time. The revenue items: barrier sales, Easi-Set and Easi-Span building sales, utility sales, and shipping and installation revenue are recognized as revenue at a point in time.
14
Soundwall Sales – Soundwall panel sales increased by 24% in 2025 compared to 2024. The increase is due to higher production volumes at all three plants, as the Company increased production output to execute and deliver on the Company’s backlog. The Company expects soundwall panel sales to be similar in 2026 as compared to 2025, although no assurance can be provided.
Architectural Sales – Architectural panel sales decreased by 21% in 2025 compared to 2024. The decrease is related to production of two architectural projects in 2024 that did not recur in 2025. Architectural sales are expected to be similar in 2026, as compared to 2025, although no assurance can be provided.
SlenderWall® Sales – SlenderWall® panel sales were $3.6 million in 2025 compared to no production in 2024. SlenderWall® projects were produced in 2025 and 2023. The Company continues to focus sales initiatives on SlenderWall® , but no assurance can be given as to the success of this endeavor. SlenderWall® sales are expected to be similar in 2026 compared to 2025, although no assurance can be provided.
Miscellaneous Wall Sales – Miscellaneous wall sales are highly customized precast concrete products or retaining and lagging panels that do not fit other product categories. Miscellaneous wall sales decreased by 26% in 2025 when compared to 2024 due lower production volumes throughout the 2025 calendar year based on the timing of contract awards. Miscellaneous sales are expected to be similar in 2026 as compared to 2025, although no assurance can be provided.
Barrier Sales – Barrier sales increased by 12% in 2025 when compared to 2024. The increase is due to an increase in barrier customers in the North Carolina and South Carolina region in 2025. Barrier sales are expected to trend lower in 2026 than previous years as the Company continues to shift from barrier sales to barrier rentals.
Easi-Set® and Easi-Span® Building Sales – The Easi-Set® Buildings program includes Easi-Set®, plant assembled and Easi-Span®, site assembled, and an extensive line of pre-engineered restrooms. Building sales increased by 72% in 2025 as compared to 2024 due to increased sales at all locations, reflecting general product sale fluctuations. Building and restroom sales are expected to trend higher during 2026 as compared to 2025 due to demand from increased sales and marketing, although no assurance can be provided.
Utility Sales – Utility products are mainly comprised of underground utility vaults used in infrastructure construction. Utility products sales decreased by 45% in 2025 compared to 2024. The prior year sales reflected elevated demand in the Northern Virginia market driven by accelerated data center development. Sales are expected to increase in 2026 relative to 2025 due to continued data center expansion and related demand for dry utility vaults, although no assurance can be provided.
Miscellaneous Product Sales – Miscellaneous products are products that are produced or sold that do not meet the criteria defined for other revenue categories. Examples would include precast concrete slabs, blocks or small add-on items. For 2025, miscellaneous product sales decreased by 55% when compared to 2024. The decrease is mainly from the Virginia plant which had one large project in 2024 for the production of precast beams and platforms and no similar project in 2025. Miscellaneous product sales are expected to increase in 2026 based on pipeline opportunities reflecting increased demand in the overall market as compared to 2025, although no assurance can be given.
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Barrier Rentals – Barrier rentals increased by 64% in 2025 as compared to 2024. This increase is mainly attributed to two special barrier projects, one in each of the first and second quarters of 2025 as well as an overall increase in utilization of rental barriers. As indicated above, the Company is continuing to shift its focus to barrier rentals compared to barrier sales with the significant increase in the rental fleet. Barrier rental revenue, excluding revenue from special barrier projects, is expected to trend higher in 2026 as compared to barrier rental revenue, excluding revenue from special barrier projects, in 2025, as funding is expected to continue related to the Infrastructure Investment and Jobs Act, although no assurance
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MD&A history
Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.
Macro cross-references for SMID
- INDPRO - Industrial Production: Total Index
- TCU - Capacity Utilization: Total Index
- PPIACO - Producer Price Index by Commodity: All Commodities
- GDPC1 - Real Gross Domestic Product
- DGS10 - Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity
- FEDFUNDS - Federal Funds Effective Rate
- CES0500000003 - Average Hourly Earnings of All Employees, Total Private
- PAYEMS - All Employees, Total Nonfarm