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.Record Financial Performance on Infrastructure TailwindsSmith-Midland expects to deliver record financial results for 2025, reflecting sustained deman ...

Smith-Midland's SoftSound(R) Selected for North Carolina Complete 540 Project ELEMENT-- Back to the Newsroom Smith-Midland's SoftSound(R) Selected for North Carolina Complete 540 Project MIDLAND, VA / ACCESS Newswire/ March 24, 2026 / Smith-Midland Corporation (NASDAQ:SMID), a leading producer of innovative precast concrete products for infrastructure, transportation, and building construction, has been selected to supply $5.4 million in precast concrete noise wall systems for the Complete 540-Triangle Expr ...

Smith-Midland Announces Preliminary Fourth Quarter and Full Year 2025 Results ELEMENT-- "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 bar ...

(Exact Name of Registrant as Specified in Charter) UNITED STATES SECURITIES AND EXCHANGECOMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of Earliest Event Reported): March 23, 2026 SMITH-MIDLAND CORPORATION Delaware 1-13752 54-1727060 (State or Other Jurisdiction of Incorporation) (Commission File Number) (I.R.S. Employer Identification Number) P.O. Box 300, 5119 Catlett Road Midland, Virginia 22728 (Address ...

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Summary of Smith-Midland Corporation FY Conference Call Company Overview - **Company**: Smith-Midland Corporation (NasdaqCM: SMID) - **Industry**: Precast Concrete Sector - **Founded**: 1960, family-run business - **Key Products**: J.J. Hook barrier, SlenderWall panel, Easi-Set concrete buildings, SoundWall Core Points and Arguments 1. **Concrete Barrier Replacement**: Every concrete safety barrier along U.S. highways is being replaced, which significantly impacts Smith-Midland's operations and growth potential [2][11][12] 2. **Infrastructure Investment Demand**: By 2040, global demand for new infrastructure investment is projected at $68 trillion, providing a substantial tailwind for the company [5] 3. **Proprietary Products**: Smith-Midland's proprietary products are the leading brands in their respective markets, with the J.J. Hook barrier being a key product with 100% gross margin and a 10% annual growth rate [4][18] 4. **Rental Division Growth**: The rental division has seen increased demand, with over 90% utilization of the rental fleet. The company has expanded its rental inventory from 50 miles to 100 miles in recent years [9][10][14] 5. **Regulatory Changes**: New Federal Highway Administration standards require the replacement of old-style barriers, driving demand for Smith-Midland's products [11][12] 6. **Licensing Revenue**: The company expects a significant increase in licensing revenue, particularly from California, where old-style barriers will be phased out by 2027 [12][18] 7. **Financial Performance**: Q3 2025 revenue was $11.9 million, an 11% increase from the previous year. The trailing 12-month revenue reached $88.9 million, a 33% increase year-over-year [23][25] 8. **Backlog and Future Outlook**: The current backlog stands at $54.8 million, indicating strong future demand. The company is optimistic about increasing its sales team to capitalize on this [26] 9. **Earnings Growth**: Earnings per share for the trailing 12 months is $2.23, up from $1.45 in 2024, reflecting improved operational efficiency and market conditions [27] Additional Important Insights 1. **Market Dynamics**: The Mid-Atlantic region is experiencing significant growth in construction, with North Carolina and South Carolina among the fastest-growing states [7] 2. **High-Security Projects**: The company has a division dedicated to high-security projects, which are high-risk but offer substantial rewards [16][17] 3. **Intellectual Property**: Smith-Midland holds patents and approvals that differentiate it from competitors, allowing for recurring royalty income that does not appear in the backlog [31][32] 4. **Data Center Projects**: The company is involved in providing concrete solutions for data centers, which are experiencing increased demand [32] This summary encapsulates the key points discussed during the conference call, highlighting the company's strategic positioning, market opportunities, and financial performance.

Core Insights - Smith-Midland Corporation (SMID) shares have declined 12.7% since the latest quarterly results, underperforming the S&P 500 Index's 3.2% decline during the same period [1] - The company's third-quarter 2025 revenues were $21.5 million, down from $23.6 million a year earlier, primarily due to the absence of large special barrier rental projects [2] - Net income for the quarter was $2.9 million, or 54 cents per diluted share, compared to $3.2 million, or 59 cents, in the prior year [2] Earnings & Revenue Performance - Revenues decreased due to the non-recurrence of large special barrier rental projects, while product sales increased by 11% to $11.9 million [2] - The gross margin slightly reduced to 26.8% from 27.9% in the prior-year period [2] Business Drivers and Product-Mix Trends - Core product sales showed growth, particularly in soundwalls ($2.8 million from $1.9 million) and Easi-Set/Easi-Span buildings ($2.7 million from $1.8 million) [3] - SlenderWall contributed $1.1 million in sales, reflecting resumed project activity [3] - Utility sales fell sharply to $1.2 million from $2.4 million, and architectural panel sales declined to $1 million from $1.6 million [4] Service Revenue Trends - Barrier rental revenues dropped to $3.3 million from $7.1 million due to the absence of special projects [5] - Shipping and installation revenues rose to $5.2 million from $4.8 million, supported by stronger activity in soundwalls and SlenderWall [5] - Royalty income increased by 13% to $1.1 million, aided by higher licensee barrier production volumes [5] Management Commentary - Management highlighted continued strength in core product business despite declines in service revenues [6] - CEO noted solid demand for new and upgraded highways and public infrastructure projects [6] - The company is expanding its barrier rental fleet to meet rising safety standards [6] Outlook and Guidance - Management provided directional indicators for the remainder of 2025, expecting product sales to increase compared to 2024 [11] - Shipping and installation revenues, along with royalty income, are expected to remain higher than year-ago levels [11] - The company does not anticipate additional special barrier rental projects in the final quarter of the year [12] Backlog and Other Developments - Backlog as of Nov. 1, 2025, was $54.8 million, down from $62.8 million a year earlier [13] - An arbitration settlement related to a 2015 SlenderWall sale resulted in the recovery of $458 in previously reserved receivables [14]

Core Insights - The Intech S&P Mid Cap Diversified Alpha ETF (SMDX) has surpassed $100 million in assets under management within its first year, a significant achievement as only 11% of active ETFs reach this milestone [1][2][3] - Intech's ETF lineup, including SMDX and its large-cap counterpart LGDX, now exceeds $225 million in combined assets, indicating strong market traction [1][2] - The active design of SMDX combines small-cap breadth with mid-cap stability, providing a core investment option for those seeking simple exposure with a performance edge [3] Performance Metrics - As of September 30, 2025, SMDX has shown impressive performance: 7.55% over the last three months, 18.37% over six months, and 13.02% since inception [4] - In comparison, the benchmark S&P 1000 Index recorded returns of 6.66% over three months, 13.21% over six months, and 7.82% since inception, highlighting SMDX's outperformance [4] Company Background - Intech has over 38 years of experience in systematic investing, managing $15 billion in assets as of September 30, 2025, and is known for its research-driven approach [5] - The company aims to bridge the gap between passive and active investing, offering strategies that leverage diversification and rebalancing [2][5]

Financial Performance - For the three months ended September 30, 2025, the Company reported a net income of $2,877, compared to $3,150 for the same period in 2024, while for the nine months ended September 30, 2025, net income was $10,375, up from $6,278 in 2024[70]. - Total revenue for the three months ended September 30, 2025, was $21,451, a decrease of $2,131 from $23,582 in the same period of 2024; however, revenue for the nine months increased to $70,335 from $59,977 in 2024, primarily due to special barrier project sales[70]. - Operating income for the three months ended September 30, 2025, was $3,854, slightly up from $3,848 in 2024; for the nine months, it increased to $13,759 from $8,031[72]. - Income tax expense for the three months ended September 30, 2025, was $994, with an effective tax rate of 26%, compared to $694 and 18% in 2024; for the nine months, the tax expense was $3,325 at a 24% rate, up from $1,683 at 21%[73]. - Operating income for the nine-month period ended September 30, 2025, was $13,759, compared to $8,031 for the same period in 2024[91]. - Net income for the nine months ended September 30, 2025, was $10,375, compared to $6,278 for the same period in 2024[94]. Sales and Revenue Breakdown - Soundwall sales increased significantly for the three and nine months ended September 30, 2025, with sales of $2,846 for the quarter and $11,832 for the nine months, compared to $1,873 and $7,043 in 2024, respectively[76]. - SlenderWall sales for the three and nine months ended September 30, 2025, were $1,146 and $2,634, respectively, as the Company focused on sales initiatives for this product[79]. - Easi-Set® and Easi-Span building sales increased for both the three and nine-month periods ended September 30, 2025, due to increased sales at all manufacturing plants[82]. - Utility sales decreased significantly for both the three and nine-month periods ended September 30, 2025, but are expected to trend higher for the remainder of 2025[83]. - Royalty income increased for both the three and nine-month periods ended September 30, 2025, driven by higher barrier production volumes from licensees[86]. - Miscellaneous wall sales decreased for the nine-month period ended September 30, 2025, due to lower production volumes compared to 2024[80]. - Barrier sales decreased slightly for the nine-month period ended September 30, 2025, as the company shifted marketing efforts to higher margin barrier rentals[81]. Costs and Expenses - Cost of sales as a percentage of revenue increased to 77% for the three months ended September 30, 2025, compared to 75% in 2024, while it decreased to 74% for the nine months from 77% in 2024[71]. - General and administrative expenses decreased to $1,100 for the three months ended September 30, 2025, from $1,720 in 2024, and to $4,198 for the nine months from $4,938[89]. Cash and Inventory - The company's cash position increased to $13,376 on September 30, 2025, from $7,548 on December 31, 2024[101]. - Inventory increased to $7,890 on September 30, 2025, from $6,677 on December 31, 2024, primarily due to increased finished goods inventory[106]. Sales Backlog - The Company's sales backlog as of November 1, 2025, was approximately $54.8 million, down from $62.8 million a year ago, with most projects expected to be produced within 12 months[74]. - The Company anticipates that the majority of projects in the sales backlog will be produced within 12 months, with some extending several years[110]. Operational Challenges - The Company experienced a ransomware incident in the first quarter of 2025, which is being addressed with network security changes, and no ransom payment was made[66]. - The Company may experience reduced revenues from December through February due to seasonal impacts on the construction industry, necessitating sufficient working capital to fund operations during winter months[108]. Internal Controls and Management - Management identified material weaknesses in internal control over financial reporting, which have not been remediated as of September 30, 2025[112]. - The Company did not maintain appropriately designed entity-level controls impacting the control environment, risk assessment, and monitoring activities[113]. - Management has committed to remediation efforts, including hiring a new Chief Financial Officer with relevant experience in financial reporting and internal controls[117]. - The Company’s consolidated financial statements are believed to present fairly its financial position and results of operations in accordance with U.S. GAAP, despite identified material weaknesses[115]. - There were no changes in the Company's internal control over financial reporting that materially affected its controls during the quarter ended September 30, 2025[117]. - Management did not design and maintain effective processes to ensure all journal entries are properly reviewed and approved prior to posting[116]. Raw Material Costs - Raw material costs used in production have slightly increased for the first nine months of 2025, with expectations of further slight increases for the remainder of 2025[109].