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 - 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].

Group 1 - The focus is on income-producing asset classes such as REITs, ETFs, Preferreds, and 'Dividend Champions' that offer premium dividend yields up to 10% [1] - iREIT®+HOYA Capital is highlighted as a premier income-focused investing service on Seeking Alpha, emphasizing sustainable portfolio income, diversification, and inflation hedging [1] - Small-Cap stocks, both domestically and internationally, are showing better valuation numbers, prompting investors to consider these opportunities [1]

Smith-Midland Corporation (SMID) reported robust financial results for the second quarter of 2024, highlighted by record-breaking revenues and a significant turnaround in profitability. Total revenues jumped 34% year over year, the highest quarterly figure in the company's history, driven by strong demand across multiple product lines and ongoing infrastructure projects. The results reflect SmithMidland's successful execution of growth strategies and operational efficiencies, positioning the company for con ...

Financial Results Announcement - Smith-Midland Corporation announced its financial results for the quarter ended June 30, 2024[3]. - The press release was issued on August 14, 2024, detailing the company's performance[3]. - The financial results include key metrics that will be detailed in the attached press release[3]. - The report was signed by CEO Ashley B. Smith, indicating official approval of the financial results[6]. Company Information - The company is listed on NASDAQ under the trading symbol SMID[2]. - The company is not classified as an emerging growth company[2]. Regulatory Compliance - The report is filed in accordance with the Securities Exchange Act of 1934[4]. - The financial statements and exhibits are included as part of the filing[3]. - The filing does not include any new or revised financial accounting standards[2]. - The information provided is not deemed "filed" under the Exchange Act, limiting its liability[3].

Zacks Investment Research has recently initiated the coverage of Smith-Midland Corporation (SMID) with a "Neutral" recommendation. The company, a leader in precast concrete products, has demonstrated solid revenue growth, improved operational efficiency and strategic market expansion. Yet, it faces significant risks that warrant a balanced outlook. However, potential investors should be aware of the challenges highlighted in the report. Rising costs for key raw materials, such as cement and steel, could squ ...

EX-99.1 2 smid_ex991.htm PRESS RELEASE EXHIBIT 99.1 Smith-Midland Reports First Quarter 2024 Financial Results Highest Quarterly Revenue of $16.8 Million; Backlog of $64.6 Million MIDLAND, VA – June 11, 2024 – Smith-Midland Corporation (NASDAQ: SMID) a provider of innovative, high-quality proprietary and patented precast concrete products and systems today announced its first quarter results for the period ended March 31, 2024. First Quarter 2024 Summary (compared to prior-year quarter) "We are off to a str ...

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, 2024 ☐ 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 ...