S
SMITH MIDLAND CORP
SMIDCIK 0000924719NasdaqNon-AcceleratedSmaller ReportingConcrete Products, Except Block & BrickDelawareFY ends Dec 31
Period
FY 2025
Revenue
$93.45M
Net Income
$12.51M
Total Assets
$87.73M
Equity
$54.30M
Shares Out
5.31M
Op. Cash Flow
$14.30M
Business
Smith Midland Corp invents, develops, manufactures, markets, leases, licenses, sells, and installs precast concrete products and systems for the construction, highway, utilities and farming industries. Its main products and services include SlenderWall® lightweight exterior panels, J-J Hooks® highway safety barriers and rentals, SoftSound™ sound-absorptive finishes, Sierra Wall™ sound and retaining walls, Easi-Set®/Easi-Span® transportable and expandable precast buildings, utility vaults, Beach Prisms™ erosion-control modules, and the H2Out™ drainage system, plus licensing of proprietary technologies. The company operates through precast manufacturing subsidiaries, a licensing subsidiary, a barrier rental business and an advertising/promotional unit. Its markets and distribution channels focus on general contractors and federal, state and local transportation authorities primarily in the Mid-Atlantic, Northeastern, Midwestern and Southeastern U.S., with licensing relationships nationwide and in Canada, Europe, Australia, New Zealand, Mexico and Trinidad, sold through an in-house sales force, independent representatives and contractor bids.
Summary from filing dated 2025-05-27
Financials
Consolidated Statement of Income
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Product sales | 48 | 46 | 39 | — | — | |
| Barrier rentals | 20 | 12 | 6 | — | — | |
| Royalty income | 4 | 3 | 3 | — | — | |
| Shipping and installation revenue | 21 | 18 | 12 | — | — | |
| Total revenue | 93 | 79 | 60 | 50 | 51 | |
| Cost of sales | 67 | 58 | 49 | 41 | 36 | |
| Gross profit | 26 | 20 | 11 | 9 | 14 | |
| General and administrative expenses | 6 | 7 | 6 | 6 | 5 | |
| Selling expenses | 3 | 4 | 4 | — | — | |
| Total operating expenses | 9 | 10 | 10 | 9 | 8 | |
| Operating income | 17 | 10 | 1 | 854,000 | 6 | |
| Interest expense | −225,000 | −231,000 | −255,000 | −260,000 | −190,000 | |
| Interest income | 166,000 | 47,000 | — | — | — | |
| Gain on sale of assets | 20,000 | 19,000 | 346,000 | — | — | |
| Other income, net | 71,000 | 84,000 | 90,000 | 228,000 | 72,000 | |
| Total other income (expense), net | 32,000 | −81,000 | 205,000 | 91,000 | 3 | |
| Income before income tax expense | 17 | 10 | 1 | 945,000 | 9 | |
| Income tax expense | 5 | 2 | 528,000 | 145,000 | 2 | |
| Net income | 13 | 8 | 795,000 | 800,000 | 8 | |
| Basic and diluted earnings per share | 2.36 | 1.45 | 0.15 | 0.15 | 1.45 |
Consolidated Balance Sheet
As of · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Cash | 12 | 8 | 9 | 7 | 13 | |
| Trade - billed (less allowances of $539 and $1,130, respectively), including contract retentions | 27 | 19 | 17 | 16 | 10 | |
| Trade - unbilled | 1 | 1 | 525,000 | 990,000 | — | |
| Raw materials | 2 | 2 | 2 | 2 | 1 | |
| Finished goods | 5 | 5 | 3 | — | — | |
| Prepaid expenses | 2 | 854,000 | 1 | — | — | |
| Refundable income taxes | 23,000 | 23,000 | — | — | — | |
| Total current assets | 49 | 36 | 33 | 29 | 28 | |
| Property and equipment, net | 38 | 32 | 28 | 25 | 22 | |
| Other assets | 504,000 | 438,000 | 343,000 | 249,000 | 208,000 | |
| Total assets | 88 | 68 | 61 | 54 | 53 | |
| Accounts payable - trade | 5 | 5 | 7 | 6 | 2 | |
| Accrued expenses and other liabilities | 907,000 | 429,000 | 831,000 | 799,000 | 657,000 | |
| Deferred revenue | 1 | 4 | 3 | 2 | 2 | |
| Accrued compensation | 2 | 2 | 1 | 788,000 | 1 | |
| Accrued income tax | 2 | 2 | 473,000 | 146,000 | 2 | |
| Operating lease liabilities | 20,000 | 21,000 | 43,000 | — | — | |
| Current maturities of notes payable | 648,000 | 658,000 | 636,000 | 618,000 | 462,000 | |
| Customer deposits | 2 | 2 | 3 | — | — | |
| Total current liabilities | 14 | 15 | 16 | 11 | 14 | |
| Deferred revenues | 14 | 6 | 4 | 2 | 2 | |
| Operating lease liability | 70,000 | 90,000 | 2,000 | 45,000 | 122,000 | |
| Notes payable - less current maturities | 4 | 4 | 5 | 6 | 4 | |
| Deferred tax liability | 1 | 494,000 | 2 | — | — | |
| Total liabilities | 33 | 26 | 27 | 21 | 22 | |
| Preferred stock, $.01 par value; authorized 1,000,000 shares, none issued and outstanding | 0 | 0 | 0 | 0 | 0 | |
| Common stock, $.01 par value; authorized 8,000,000 shares; 5,347,474 and 5,346,526 issued and 5,306,554 and 5,304,606 outstanding as of December 31, 2025 and 2024, respectively | 54,000 | 54,000 | 54,000 | 53,000 | 53,000 | |
| Additional paid-in capital | 8 | 8 | 8 | 7 | 7 | |
| Treasury stock, at cost, 40,920 shares | −102,000 | −102,000 | −102,000 | — | — | |
| Retained earnings | 47 | 34 | 26 | 26 | 25 | |
| Total stockholders' equity | 54 | 42 | 34 | 33 | 32 | |
| Total liabilities and stockholders' equity | 88 | 68 | 61 | 54 | 53 |
Consolidated Statement of Cash Flows
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Net income | 13 | 8 | 795,000 | — | — | |
| Depreciation and amortization | 3 | 3 | 2 | — | — | |
| Gain on sale of fixed assets | −20,000 | −19,000 | −346,000 | — | — | |
| Allowance for credit losses | −591,000 | 325,000 | −39,000 | — | — | |
| Stock compensation | 59,000 | 45,000 | 375,000 | 505,000 | 531,000 | |
| Settlement of restricted stock | — | −142,000 | — | — | — | |
| Inventory Reserve | −22,000 | 13,000 | 19,000 | — | — | |
| Deferred taxes | 966,000 | −1 | — | — | — | |
| Accounts receivable - billed | −7 | −3 | −1 | −7 | −255,000 | |
| Accounts receivable - unbilled | 154,000 | −802,000 | −464,000 | −551,000 | 302,000 | |
| Inventories | −229,000 | −2 | −1 | −987,000 | −651,000 | |
| Prepaid expenses and other assets | −747,000 | −290,000 | −678,000 | — | — | |
| Refundable income taxes | 0 | −23,000 | −478,000 | — | — | |
| Accounts payable - trade | 442,000 | −3 | 2 | 4 | 205,000 | |
| Accrued expenses and other liabilities | 457,000 | −401,000 | 32,000 | 142,000 | −219,000 | |
| Deferred revenue | 4 | 3 | 3 | 98,000 | 2 | |
| Accrued compensation | 394,000 | 566,000 | 415,000 | −248,000 | −282,000 | |
| Accrued income taxes | 64,000 | 1 | 327,000 | −2 | 2 | |
| Customer deposits | 842,000 | −1 | 2 | — | — | |
| Net cash provided by (used in) operating activities | 14 | 5 | 8 | −6 | 9 | |
| Purchases of property and equipment | −9 | −6 | −5 | −3 | −5 | |
| Proceeds from sale of property and equipment | 20,000 | 53,000 | 346,000 | 118,000 | 489,000 | |
| Net cash provided by (used in) investing activities | −9 | −6 | −5 | −3 | −4 | |
| Repayments of long-term borrowings | −647,000 | −635,000 | −619,000 | — | — | |
| Net cash provided by (used in) financing activities | −647,000 | −635,000 | −619,000 | 2 | −744,000 | |
| Net increase (decrease) in cash | 4 | −2 | 2 | — | — | |
| Cash payments for interest | 225,000 | 223,000 | 255,000 | 260,000 | 190,000 | |
| Cash payments for income taxes | 3 | 2 | 189,000 | — | — | |
| Capital expenditures in accounts payable | 127,000 | 426,000 | 2 | 2 | — |
Filings
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