Shares of Smith-Midland Corporation (SMID) have risen 0.8% since reporting second-quarter 2025 results. In contrast, the S&P 500 index has declined 0.2% over the same period. Looking over a longer horizon, the stock has jumped 16.3% in the past month, outperforming the S&P 500’s 2.5% growth. This relative strength highlights investor confidence in the company’s operational momentum amid broader market uncertainty.In its latest quarter, Smith-Midland reported revenues of $26.2 million, up 33% from $19.6 mill ...

PART I. FINANCIAL INFORMATION [Item 1. Financial Statements (Unaudited)](index=2&type=section&id=Item%201.%20Financial%20Statements%20%28Unaudited%29) The unaudited condensed consolidated financial statements for Smith-Midland Corporation as of June 30, 2025, reflect significant growth in revenue and net income, with total assets increasing and net income more than doubling to $7.5 million, though cash decreased slightly due to working capital and capital investments [Condensed Consolidated Balance Sheets](index=2&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of June 30, 2025, total assets increased to $81.2 million, primarily driven by a significant rise in accounts receivable, while total liabilities also grew, and stockholders' equity strengthened to $49.2 million reflecting strong net income | Balance Sheet Items (in thousands) | June 30, 2025 | December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | **Total Current Assets** | $47,447 | $35,849 | +$11,598 | | Accounts receivable, net (billed) | $30,312 | $19,420 | +$10,892 | | **Total Assets** | $81,176 | $67,991 | +$13,185 | | **Total Current Liabilities** | $16,485 | $15,010 | +$1,475 | | **Total Liabilities** | $31,931 | $26,252 | +$5,679 | | **Total Stockholders' Equity** | $49,245 | $41,739 | +$7,506 | [Condensed Consolidated Statements of Income (Loss)](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income%20%28Loss%29) For the six months ended June 30, 2025, the company reported significant year-over-year growth, with total revenue increasing 34% to $48.9 million and net income more than doubling to $7.5 million, driven by substantial increases in barrier rentals and product sales | Metric (in thousands, except EPS) | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | YoY Change | | :--- | :--- | :--- | :--- | | **Total Revenue** | $48,884 | $36,394 | +34.3% | | **Gross Profit** | $14,761 | $9,045 | +63.2% | | **Operating Income** | $9,905 | $4,182 | +136.8% | | **Net Income** | $7,498 | $3,129 | +139.6% | | **Diluted EPS** | $1.41 | $0.59 | +139.0% | - Barrier rentals were a key growth driver, increasing from **$2.3 million** to **$14.2 million** for the six months ended June 30, 2025, compared to the same period in 2024[17](index=17&type=chunk) [Condensed Consolidated Statements of Stockholders' Equity](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Stockholders%27%20Equity) Total stockholders' equity increased from $41.7 million at year-end 2024 to $49.2 million as of June 30, 2025, primarily due to the $7.5 million in net income earned during the first six months - Retained earnings grew from **$34.1 million** at December 31, 2024, to **$41.6 million** at June 30, 2025, driven by the **$7.5 million** net income for the six-month period[20](index=20&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) For the six months ended June 30, 2025, net cash provided by operating activities was $2.4 million, significantly impacted by an $11.1 million increase in accounts receivable, leading to an overall $0.4 million decrease in cash despite strong net income | Cash Flow Activity (in thousands) | Six Months Ended June 30, 2025 | | :--- | :--- | | Net cash provided by operating activities | $2,400 | | Net cash used in investing activities | ($2,515) | | Net cash used in financing activities | ($332) | | **Net decrease in cash** | **($447)** | | Cash at beginning of period | $7,548 | | Cash at end of period | $7,101 | - A significant use of cash in operations was the increase in billed accounts receivable, which consumed **$11.1 million**[23](index=23&type=chunk) [Notes to Condensed Consolidated Financial Statements](index=6&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) The notes detail the company's accounting policies, including revenue recognition and disaggregation, showing strong growth in Soundwall Sales and Barrier Rentals, and describe the company's debt structure and undrawn $5 million revolving line of credit Disaggregation of Revenue (Six Months Ended June 30, in thousands) | Revenue by Type | 2025 | 2024 | | :--- | :--- | :--- | | Soundwall Sales | $8,985 | $5,170 | | Easi-Set Building Sales | $4,985 | $2,540 | | **Total Product Sales** | **$22,548** | **$23,868** | | Barrier Rentals | $14,205 | $2,250 | | Royalty Income | $2,216 | $1,445 | | Shipping and Installation | $9,915 | $8,831 | | **Total Service Revenue** | **$26,336** | **$12,526** | | **Total Revenue** | **$48,884** | **$36,394** | - The company has several notes payable with fixed interest rates ranging from **2.90% to 4.09%**, and is subject to loan covenants requiring a tangible net worth of **$25 million** and limiting annual capital expenditures to **$5 million**[52](index=52&type=chunk)[53](index=53&type=chunk)[57](index=57&type=chunk) - The company has a **$5 million** revolving line of credit with a variable interest rate, which had no outstanding balance as of June 30, 2025[58](index=58&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=11&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management attributes the strong financial performance in the first half of 2025 to special barrier rental projects and increased sales, resulting in a 34% revenue growth to $48.9 million and a 140% surge in net income to $7.5 million, despite a cash decrease due to increased accounts receivable - The increase in revenue was mainly from special barrier project sales in Q1 and Q2 2025, increased soundwall sales, Easi-Set building sales, royalty income, and shipping and installation revenue[69](index=69&type=chunk) - Cost of sales as a percentage of revenue (excluding royalties) decreased from **78% to 72%** for the six-month period, primarily due to higher-margin special barrier projects[71](index=71&type=chunk) - The company's sales backlog was approximately **$54 million** as of August 1, 2025, compared to **$59 million** in the prior year[74](index=74&type=chunk)[115](index=115&type=chunk) [Results of Operations](index=13&type=section&id=Results%20of%20Operations) For the first six months of 2025, total revenue increased by $12.5 million to $48.9 million, primarily driven by a surge in barrier rentals and soundwall sales, leading to a 63% increase in gross profit and a doubling of operating income - Barrier rentals increased significantly due to two special barrier projects in Q1 and Q2 2025[85](index=85&type=chunk) - Soundwall sales were significantly higher due to increased production volumes at all three plants to execute on an increased backlog[77](index=77&type=chunk) - Utility sales decreased significantly compared to 2024, when there was a surge in demand to support data center growth in Northern Virginia[83](index=83&type=chunk) [Liquidity and Capital Resources](index=16&type=section&id=Liquidity%20and%20Capital%20Resources) As of June 30, 2025, cash decreased slightly to $7.1 million, primarily due to an $11.1 million increase in accounts receivable, with capital spending at $2.5 million for the first half and a full-year budget of $5 million, which the company believes is sufficient to fund operations - Cash decreased from **$7.5 million** to **$7.1 million**, primarily due to an increase in accounts receivable from **$19.4 million** to **$30.3 million**[104](index=104&type=chunk)[105](index=105&type=chunk) - Capital spending totaled **$2.5 million** for the first six months of 2025, with a full-year budget of approximately **$5 million**, focused on expanding the barrier rental fleet and manufacturing facilities[106](index=106&type=chunk) - The company has a **$5 million** revolving line of credit with no balance outstanding as of June 30, 2025[102](index=102&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=18&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) This section is not applicable to the company - This section is not applicable[116](index=116&type=chunk) [Item 4. Controls and Procedures](index=18&type=section&id=Item%204.%20Controls%20and%20Procedures) As of June 30, 2025, management concluded that disclosure controls and procedures were not effective due to material weaknesses in internal control over financial reporting, with remediation efforts underway including new personnel and enhanced policies - Management concluded that disclosure controls and procedures were not effective as of June 30, 2025, due to material weaknesses[116](index=116&type=chunk) - Identified material weaknesses include deficiencies in the control environment, risk assessment, lack of formal accounting policies, and inadequate IT general controls related to user access and segregation of duties[118](index=118&type=chunk)[119](index=119&type=chunk)[124](index=124&type=chunk) - Remediation efforts are underway, including hiring a new CFO, pursuing additional finance personnel, designing new entity-level controls, and enhancing policies and procedures[125](index=125&type=chunk) PART II. OTHER INFORMATION [Item 1. Legal Proceedings](index=20&type=section&id=Item%201.%20Legal%20Proceedings) The company is not currently involved in any litigation of a material nature - The Company is not presently involved in any litigation of a material nature[128](index=128&type=chunk) [Item 1A. Risk Factors](index=20&type=section&id=Item%201A.%20Risk%20Factors) Disclosure of risk factors is not required for this filing - Disclosure of risk factors is not required for this filing[129](index=129&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=20&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company reports no unregistered sales of equity securities or use of proceeds during the period - There were no unregistered sales of equity securities or use of proceeds during the period[129](index=129&type=chunk) [Item 3. Defaults Upon Senior Securities](index=20&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) The company reports no defaults upon senior securities - There were no defaults upon senior securities during the period[129](index=129&type=chunk) [Item 4. Mine Safety Disclosures](index=20&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This section is not applicable to the company - This section is not applicable[129](index=129&type=chunk) [Item 5. Other Information](index=20&type=section&id=Item%205.%20Other%20Information) The company reports no other information for this period - There is no other information to report for this period[129](index=129&type=chunk) [Item 6. Exhibits](index=20&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including CEO and CFO certifications and XBRL data files

Core Insights - Smith-Midland Corporation (SMID) shares have increased by 9.9% since the first quarter of 2025 results, outperforming the S&P 500's 0.1% rise during the same period [1] - The stock has rallied 27.2% over the past month, significantly exceeding the S&P 500's 3.7% increase [1] Financial Performance - For Q1 2025, Smith-Midland reported revenues of $22.7 million, a 35% increase from $16.8 million in Q1 2024, driven by service-related income from a large special barrier rental project [2] - Net income nearly tripled to $3.3 million, or 62 cents per diluted share, compared to $1.1 million, or 21 cents per diluted share, in the same quarter last year [3] - Gross profit rose from $3.9 million to $7 million, with gross margin expanding by 740 basis points to 30.7% [3] Business Line Performance - Despite overall revenue growth, product sales declined by 15% year over year to $9.1 million, reflecting a strategic shift towards higher-margin service offerings [4] - Service revenues more than doubled to $13.6 million from $6 million, largely due to the special barrier rental project contributing $8.4 million [6] - Easi-Set and Easi-Span building sales nearly doubled to $2.1 million, while barrier sales fell by 25% to $1.3 million [5] Management Commentary - The CEO described the quarter as a strong start to 2025, marking the fourth consecutive quarter with revenues above $20 million, attributing success to rising infrastructure demand and investment in higher-margin business lines [7] - Management emphasized the importance of federal, state, and local infrastructure spending in supporting business momentum and highlighted ongoing marketing efforts for proprietary products [9] Profitability Factors - The significant improvement in profitability was largely due to the high-margin barrier rental project, which helped reduce the cost of sales as a percentage of revenues to 72% from 79% in the prior year [10] - General and administrative expenses rose slightly to $1.6 million, while selling expenses increased to $1 million due to the addition of sales personnel [11] Financial Position - Smith-Midland ended the quarter with $9 million in cash, up from $7.5 million at the end of 2024, with total debt at $4.9 million [12] - The company maintained a modest capital expenditure of $595,000, reflecting investments in barrier production capacity [12] Future Outlook - Smith-Midland anticipates 2025 revenues to be consistent with 2024 levels, with several SlenderWall projects expected to commence production in the second half of the year [13] - The backlog as of May 2025 stood at approximately $52 million, down from $64.6 million a year earlier, but management expects recovery supported by marketing campaigns and expanded production capacity [14] Growth Investments - The company is actively investing in growth, particularly in manufacturing and rental fleet expansion, with a capital budget of $5 million for 2025 targeting equipment upgrades and facility expansions [15] - Smith-Midland's strategic shift towards service revenues and proprietary offerings positions it well for future growth despite some product sales softness [16]

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 March 31, 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 incorpo ...

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): November 14, 2024 SMITH-MIDLAND CORPORATION (Address of principal executive offices) (Exact Name of Registrant as Specified in Charter) 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 C ...

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]

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]