SMITH MIDLAND CORP
Business
Smith-Midland Corporation manufactures, markets, leases, licenses, and installs precast concrete products and systems for construction, highway, utilities, and farming industries. Core proprietary products include SlenderWall® lightweight exterior cladding panels, J-J Hooks® highway safety barriers, Sierra Wall™ sound barriers, Easi-Set® and Easi-Span® transportable buildings, and utility vaults. The company operates through six wholly-owned subsidiaries serving general contractors and federal, state, and local transportation authorities primarily in the Mid-Atlantic, Northeastern, Midwestern, and Southeastern United States, with licensing extending nationwide and internationally.
Summary from 10-K filed 2026-04-14
Financials
Consolidated Statement of Income
| 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
| 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
| 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
Material Events
Insiders
Institutional Holders
Frequently asked questions
What is SMITH MIDLAND CORP's CIK number?
SMITH MIDLAND CORP's SEC CIK number is 0000924719 (924719). The CIK (Central Index Key) is the permanent identifier the SEC assigns to every EDGAR filer — unlike a ticker symbol, it never changes.
Where can I find SMITH MIDLAND CORP's SEC filings?
All of SMITH MIDLAND CORP's EDGAR filings — 10-K annual reports, 10-Q quarterly reports, 8-K material events, and insider transactions — are listed on this page, sourced live from SEC EDGAR.
When did SMITH MIDLAND CORP last report earnings?
SMITH MIDLAND CORP (SMID) most recently filed an earnings 8-K with the SEC on Jun 9, 2026, furnishing its results under Item 2.02 (Results of Operations and Financial Condition). The earnings press release is attached to that filing (accession 0001654954-26-005827). This is SMITH MIDLAND CORP's most recent earnings filing of record — not a forecast of its next earnings date.
What is SMITH MIDLAND CORP's most recent earnings 8-K?
SMITH MIDLAND CORP's latest earnings 8-K (Item 2.02) was filed Jun 9, 2026 under accession 0001654954-26-005827. It carries the quarterly or annual earnings press release — the earliest official, SEC-filed version of the results.
View SMITH MIDLAND CORP's latest earnings 8-K →
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