Financial Results Announcement - Smith-Midland Corporation announced its financial results for the year ended December 31, 2024, on May 27, 2025[4] - The press release detailing the financial results is attached as Exhibit 99.1[5] Company Information - The company is registered under the NASDAQ trading symbol SMID[3]

Financial Performance - The Company reported a net income of $7,675 for 2024, a significant increase from $795 in 2023, reflecting a growth of 867%[81] - Total revenue for 2024 was $78,508, up $18,928 or 32% from $59,580 in 2023, driven by increased sales in barrier rentals, shipping, installation, and utility products[86] - Operating income surged to $9,899 in 2024, an increase of $8,781 or 785% compared to $1,118 in 2023, primarily due to higher revenues and lower cost of sales[102] - The Company reported a net income of $7,675 for the year ended December 31, 2024, compared to $795 for 2023, with earnings per share increasing from $0.15 to $1.45[104] Sales and Revenue Growth - Soundwall sales increased by 54% in 2024 compared to 2023, attributed to higher production volumes across all plants[88] - Architectural sales saw a remarkable increase of 272% in 2024, linked to the production of two major projects initiated in early 2024[89] - Utility product sales surged by 171% in 2024, driven by the growing market for dry utility vaults supporting data center expansion[94] - Barrier rentals increased by 90% in 2024, with core rental fleet revenue rising by 52%, reflecting a strategic shift from barrier sales to rentals[96] Cost Management and Margins - Cost of sales as a percentage of revenue decreased to 78% in 2024 from 86% in 2023, indicating improved margins[82] - General and administrative expenses rose by 9% to $6,554 in 2024, influenced by higher salary rates and increased credit loss allowances[100] Cash Flow and Capital Expenditures - Cash provided by operations was $5,584, while cash disbursements from investing activities totaled $6,576, leading to a decrease in cash from $9,175 in 2023 to $7,548 in 2024[111] - Capital expenditures increased from $5,010 in 2023 to $6,629 in 2024, primarily for the expansion of the North Carolina production facility and new manufacturing equipment[112] - The Company anticipates capital spending for 2025 to be approximately $5,000, focusing on increased production capacity and miscellaneous manufacturing equipment[112] Accounts Receivable and Inventory - The Company's accounts receivable balance increased to $19,420 in 2024 from $17,209 in 2023, attributed to increased revenue, with days sales outstanding (DSO) improving from 113 days in 2023 to 88 days in 2024[116] - Inventory rose to $6,677 in 2024 from $5,150 in 2023, with annual inventory turns decreasing from 15.0 to 10.0[117] Sales Backlog - The Company's sales backlog as of March 3, 2025, was approximately $59.5 million, slightly down from $60.8 million the previous year, with expectations for increased sales volumes in 2025[85] - The Company had a sales backlog of approximately $59.5 million as of March 3, 2025, compared to $60.8 million in 2024, indicating stable demand for its products[123] Strategic Initiatives - The Company is continuing its strategy of innovation and new product development to mitigate risks associated with recessionary economic conditions[124] - The Company is implementing lean business practices to improve production quality, reduce defects, and increase sales volume[125] - The Company has a $5,000 line of credit with no balance outstanding as of December 31, 2024, which is collateralized by accounts receivable and inventory[110]

Core Insights - Adaptimmune Therapeutics plc will participate in the Guggenheim Securities SMID Cap Biotech Conference on February 6, 2025, highlighting its focus on solid tumor cancer treatment through cell therapy [1][5]. Company Overview - Adaptimmune is a fully integrated cell therapy company aiming to redefine cancer treatment with its engineered T cell receptor (TCR) platform, developing personalized medicines to target and destroy difficult-to-treat solid tumor cancers [3]. Event Details - The conference will feature a fireside chat with CEO Adrian Rawcliffe on February 6 at 3:00 p.m. EST, and the event can be accessed via the company's website, with a replay available post-event [2][5].

Core Insights - Cabaletta Bio, Inc. is a clinical-stage biotechnology company focused on developing curative targeted cell therapies for autoimmune diseases [3] - The company will participate in a fireside chat at Guggenheim's SMID Cap Biotech Conference on February 5, 2025 [1] Company Overview - Cabaletta Bio is developing engineered T cell therapies through its CABA™ platform, which includes two complementary strategies aimed at treating a broad range of autoimmune diseases [3] - The lead strategy, CARTA, focuses on the investigational therapy rese-cel, a fully human CD19-CAR T cell therapy containing 4-1BB, currently evaluated in the RESET™ clinical development program [3] - The RESET™ program spans multiple therapeutic areas, including rheumatology, neurology, and dermatology [3] - The company's headquarters and labs are located in Philadelphia, PA [3] Event Information - A live webcast of the presentation at the conference will be available on the company's website, with replays accessible for 30 days [2]

Company Overview - Corbus Pharmaceuticals Holdings, Inc. is focused on oncology and obesity, with a diversified portfolio aimed at addressing serious illnesses through innovative scientific approaches targeting well-understood biological pathways [2] - The company's pipeline includes CRB-701, an antibody drug conjugate targeting Nectin-4 on cancer cells; CRB-601, an anti-integrin monoclonal antibody blocking TGFβ activation on cancer cells; and CRB-913, a CB1 receptor inverse agonist for obesity treatment [2] Upcoming Events - Yuval Cohen, Ph.D., CEO of Corbus, will participate in the Guggenheim SMID Cap Biotech Conference on February 5-6, 2025, in New York, NY, including an analyst-led fireside discussion and one-on-one investor meetings [1][2] - The presentation is scheduled for February 5, 2025, at 2:30 PM [2]

Core Insights - Zenas BioPharma, Inc. is a clinical-stage global biopharmaceutical company focused on developing and commercializing immunology-based therapies [3] - The company will present at the Guggenheim SMID Cap Biotech Conference on February 5, 2025, at 3:00 p.m. ET [1] Company Overview - Zenas aims to lead in the development of transformative therapies for autoimmune diseases, leveraging an experienced leadership team and a disciplined approach to product candidate acquisition [3] - The lead product candidate, obexelimab, is a bifunctional monoclonal antibody targeting CD19 and FcγRIIb, designed to inhibit the activity of B cells implicated in autoimmune diseases without depleting them [3] - Obexelimab's mechanism of action and self-administered subcutaneous injection regimen may effectively address the role of B cells in chronic autoimmune diseases [3]

Core Insights - Smith-Midland Corporation (SMID) shares increased by 16.1% following the release of third-quarter 2024 earnings, outperforming the S&P 500 index, which declined by 2% during the same period [1] Financial Highlights & Comparison - The company reported a 51% increase in third-quarter 2024 revenues, reaching $23.6 million compared to $15.7 million in the same quarter of the previous year [2] - Earnings per diluted share rose to 59 cents from 24 cents year-over-year, driven by higher service revenues and improved gross margins [3] Other Key Business Metrics - Service revenues surged by 170% year-over-year to $12.8 million, with barrier rental revenues increasing to $7.1 million from $784,000 [4] - Shipping and installation revenue grew by 53% year-over-year to $4.8 million, supported by higher volumes of SlenderWall and architectural panels [4] - Royalty income increased by 16.5% year-over-year, reflecting greater barrier production by licensees [4] Product Sales Insights - Total product sales were $10.8 million, slightly down from $10.9 million in the prior-year quarter, but utility sales more than doubled to $2.4 million [5] - Architectural wall sales quintupled to $1.6 million, while barrier sales declined by 61.5% year-over-year to $546,000, aligning with the company's strategic shift to rentals [5] Margins & Efficiency - Gross margin improved to 27.9% in the third quarter of 2024 from 22.9% in the prior-year quarter, aided by better fixed-cost absorption [6] - Gross profit rose to $6.6 million from $3.6 million year-over-year, with operating income increasing to $3.8 million from $1.5 million [7] Management Commentary - CEO Ashley Smith emphasized record revenues and net income, attributing success to strong sector tailwinds and a focus on high-margin projects [8] - The Infrastructure Investment and Jobs Act is seen as a demand driver for products like utility vaults and barrier systems [8] Guidance & Outlook - The company anticipates continued growth into 2025, supported by a backlog of $62.8 million as of November 1, 2024, up from $60.2 million a year ago [9] - Management expects to fulfill most of the backlog within 12 months while managing inflationary pressures on labor and material costs [9] Other Developments - In the third quarter of 2024, the company was awarded a provisional patent and crash-tested the J-J Hook MASH 16 Low-Profile Barrier, reinforcing its innovation pipeline [10] - Capital expenditure for the quarter was $2 million, primarily for expanding production capacity [10]

Financial Performance - The Company reported net income of $3,150 for Q3 2024, up from $1,266 in Q3 2023, and $6,278 for the first nine months of 2024, compared to $565 for the same period in 2023[49]. - Total revenue increased to $23,582 for Q3 2024, up from $15,651 in Q3 2023, and $59,977 for the first nine months of 2024, compared to $43,191 in the same period of 2023[49]. - Operating income for Q3 2024 was $3,848, compared to $1,502 in Q3 2023, and $8,031 for the first nine months of 2024, compared to $576 in the same period of 2023[51]. - Operating income for the three month period ended September 30, 2024, was $3,848, compared to $1,502 for the same period in 2023, and for the nine month period, it was $8,031 compared to $576 for the same period in 2023[72]. - Net income for the three and nine months ended September 30, 2024, was $3,150 and $6,278, respectively, compared to $1,266 and $565 for the same periods in 2023[75]. Sales and Revenue Growth - The Company's sales backlog was approximately $62.8 million as of November 1, 2024, compared to $60.2 million at the same time last year[53]. - Barrier rentals revenue increased significantly to $7,053 in Q3 2024 from $784 in Q3 2023, and $9,303 for the first nine months of 2024, compared to $2,604 in the same period of 2023[57]. - Architectural panel sales increased to $1,601 in Q3 2024 from $315 in Q3 2023, and $3,893 for the first nine months of 2024, compared to $1,044 in the same period of 2023[59]. - Utility sales rose to $2,383 in Q3 2024 from $891 in Q3 2023, and $6,112 for the first nine months of 2024, compared to $1,787 in the same period of 2023[57]. - Building and restroom sales increased slightly for the three and nine month periods ended September 30, 2024, compared to the same periods in 2023, due to increased building sales at all manufacturing plants[63]. - Utility sales increased significantly for the three and nine month periods ended September 30, 2024, compared to the same periods in 2023, driven by a surge in demand for utility vaults in the Northern Virginia market[64]. - Miscellaneous product sales increased for the three and nine month periods ended September 30, 2024, compared to the same periods in 2023, primarily from the Virginia plant's large project for precast beams and platforms[65]. - Barrier rentals increased significantly for the three and nine month periods ended September 30, 2024, attributed to higher utilization and multiple special barrier projects[66]. - Royalties increased for the three and nine month periods ended September 30, 2024, compared to the same periods in 2023, due to higher barrier production volumes by licensees[67]. - Shipping and installation revenues increased for the three and nine month periods ended September 30, 2024, compared to the same periods in 2023, mainly due to increased shipping and installation of SlenderWall and architectural panels[68]. Cost Management - Cost of sales as a percentage of revenue decreased to 75% for Q3 2024 from 81% in Q3 2023, and to 77% for the first nine months of 2024 from 86% in the same period of 2023[50]. - The Company anticipates raw material prices to slightly increase for the remainder of 2024[92]. Internal Controls and Compliance - Management identified material weaknesses in internal controls over financial reporting, specifically in the allowance for credit losses and journal entries[93]. - The Company has designed and implemented enhanced control activities to address the material weakness related to the allowance for credit losses[97]. - Management is exploring potential functionalities in the general ledger system to improve the review and posting of journal entries[98]. - The material weaknesses will not be considered remediated until controls operate effectively for a sufficient period of time[97]. - Management concluded that disclosure controls and procedures were not effective as of September 30, 2024[93]. - The Company did not maintain proper segregation of duties within its general ledger system related to journal entries[95]. - Management is committed to the remediation of the identified material weaknesses[96]. - There were no other changes in the Company's internal control over financial reporting that materially affected the controls during the quarter ended September 30, 2024[99]. Future Outlook - Future revenue growth is anticipated to be supported by funding from the Infrastructure Investment and Jobs Act, although no assurance can be provided[53]. - The Company expects capital expenditures of approximately $6,000 for the full year 2024, which includes expansion of the North Carolina manufacturing facility and other equipment[85]. - The Company's average days sales outstanding (DSO) decreased to 85 days for the nine months ended September 30, 2024, compared to 116 days for the same period in 2023[86].

Financial Results Announcement - Smith-Midland Corporation announced its financial results for the quarter ended September 30, 2024[4]. - The press release detailing the financial results was issued on November 14, 2024[4]. Regulatory Compliance - The company is registered under the Securities Exchange Act of 1934, indicating compliance with regulatory requirements[3]. - The financial results are not deemed "filed" under the Securities Exchange Act, limiting liability under Section 18[5]. Report Details - The report includes an interactive data file embedded within the Inline XBRL document[7]. - The Chief Executive Officer, Ashley B. Smith, signed the report, confirming its authenticity[9].

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