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.

Shares of Smith-Midland Corporation (SMID) have fallen 12.7% since the company released its latest quarterly results, underperforming the S&P 500 Index’s 3.2% decline over the same period. Over the past month, the stock has retreated 11.4%, lagging the S&P 500’s 1.2% decrease. This weaker-than-market performance reflects a reset in investor expectations following softer service-revenue comparisons and a pullback in barrier rental activity versus last year’s unusually strong period.Earnings & Revenue Perform ...

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UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2025 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________ to ________ Commission File Number 1-13752 Smith-Midland Corporation (Exact name of Registrant as specified in its charter) (State or other jurisdiction of inc ...

Financial Results - Smith-Midland Corporation announced its financial results for the quarter ended September 30, 2025[3]. - The press release was issued on November 13, 2025, detailing the company's performance[3]. - The report is part of the requirements under the Securities Exchange Act of 1934[6]. Company Information - The company is listed on NASDAQ under the symbol SMID[2]. - Dominic L. Hunter serves as the Chief Financial Officer of Smith-Midland Corporation[7].

Core Insights - Smith-Midland Corporation reported a revenue of $21.5 million for Q3 2025, a decrease from $23.6 million in the prior-year quarter [1] - Product sales increased by 11 percent to $11.9 million compared to the same quarter last year [1] - Gross margin decreased to 26.8% from 27.9% year-over-year [1] - Operating income fell to $3.6 million from $3.8 million in the prior-year quarter [1] - Net income was reported at $2.9 million, or $0.54 per diluted share, down from $3.2 million and $0.59 per diluted share in the previous year [1] Financial Performance - Revenue: $21.5 million in Q3 2025 vs. $23.6 million in Q3 2024 [1] - Product Sales: Increased by 11% to $11.9 million [1] - Gross Margin: 26.8% in Q3 2025 vs. 27.9% in Q3 2024 [1] - Operating Income: $3.6 million in Q3 2025 vs. $3.8 million in Q3 2024 [1] - Net Income: $2.9 million in Q3 2025 vs. $3.2 million in Q3 2024 [1]

Core Viewpoint - Smith-Midland Corporation is set to release its third quarter 2025 financial results on November 13, 2025, after market close, indicating a proactive approach to investor communication [1] Group 1: Financial Results - The company will announce its third quarter 2025 financial results on November 13, 2025 [1] Group 2: Investor Engagement - CEO Ashley Smith and CFO Dominic Hunter will present and conduct one-on-one investor meetings at the Southwest IDEAS Conference on November 20, 2025 [1]

Core Viewpoint - Smith-Midland Corporation (SMID) has received an "Outperform" recommendation due to multiple growth drivers that support sustained margin expansion and earnings visibility [1] Group 1: Growth Drivers - The transition towards a higher-margin rental-based model is supported by infrastructure tailwinds from the Infrastructure Investment and Jobs Act (IIJA) [1][6] - The company's barrier rental business is experiencing significant growth, driven by the national replacement cycle for highway barriers that meet MASH-TL3 standards [3][4] - Smith-Midland's backlog reached $54 million as of August 1, 2025, with most projects expected to complete within 12 months, benefiting from IIJA funding [6][8] Group 2: Financial Performance - Barrier rental revenues increased to $14.2 million in the first half of 2025, up from $2.3 million a year earlier, indicating strong demand and fleet utilization [4] - Gross margin expanded by 360 basis points year over year to 29.7% in Q2 2025, with operating income nearly doubling to $5.5 million [12] - The cost of sales decreased to 72% of revenues from 77% a year prior, reflecting improved operational efficiency [13] Group 3: Market Position and Strategy - The shift towards a recurring revenue base offers margin resilience and lower cyclicality compared to traditional one-time sales [5] - Federal and state spending programs are driving demand for Soundwall and Easi-Set modular building systems, which saw revenue increases of 137% and 95%, respectively, in the first half of 2025 [7] - The company is well-positioned to capture demand from data center expansions, particularly in Northern Virginia, enhancing its product diversification [9][10] Group 4: Future Outlook - Continued margin improvement is anticipated in the second half of 2025, with a trajectory towards double-digit EBITDA margins by fiscal 2026 [14] - The management team is addressing internal control weaknesses and maintaining a healthy balance sheet, positioning the company to outperform the broader construction sector through 2026 [16] - The evolution from a cyclical precast manufacturer to a recurring revenue infrastructure solutions provider presents a compelling growth story in the reindustrializing U.S. economy [16]

Core Insights - Smith-Midland Corporation has secured two significant contracts totaling over $2 million, utilizing its proprietary SlenderWall® architectural precast cladding system, which is designed to be lighter, stronger, and more energy-efficient than traditional precast options [1][6] Contract Details - The first contract is with Gilbane Building Company for a precast package exceeding $1 million for the Northern Virginia Community College's (NVCC) Medical Education Campus expansion, covering 34,000 square feet, with production underway and installation scheduled for November 2025 [2][3] - The second contract involves supplying SlenderWall panels for a $1.2 million project at Central Hudson Gas & Electric Corporation's training facility in Lake Katrine, New York, with production starting this summer and installation set for December 2025 [4] Product Features - SlenderWall offers advantages such as reduced material use, built-in insulation, and low-maintenance finishes, making it a sustainable choice for utility and infrastructure projects [5] - The system is noted for its superior energy efficiency, durability, and reduced environmental impact, aligning with the company's commitment to sustainable construction practices [6] Company Overview - Smith-Midland Corporation develops, manufactures, licenses, rents, and sells a variety of precast concrete products primarily for the construction, transportation, and utility industries [7] - The company operates three manufacturing facilities located in Midland, VA, Reidsville, NC, and Columbia, SC, and has a subsidiary, Easi-Set Worldwide, which licenses the production and sale of precast products [8]

Core Viewpoint - Smith-Midland Corporation has secured a contract worth over $4 million to supply J-J Hooks MASH barriers for the I-64 Hampton Roads Express Lanes project in Virginia, indicating strong demand for its precast concrete products [1] Company Summary - Smith-Midland Corporation specializes in innovative, high-quality proprietary and patented precast concrete products and systems [1] - The company’s concrete highway barrier rental division, Concrete Safety Systems (CSS), is involved in providing safety solutions for infrastructure projects [1] Industry Summary - The I-64 widening project aims to expand the highway from two to three lanes, reflecting ongoing infrastructure development in Central Virginia and Hampton Roads [1] - The project is expected to continue through 2026, highlighting a long-term demand for precast concrete products in highway construction [1]