Financial Performance - The Company reported a net income of $795,000 for 2023, a slight decrease from $800,000 in 2022, while total revenue increased by $9,449,000 to $59,580,000, representing a 19% growth [79]. - The Company reported a net income of $795 million for the year ended December 31, 2023, a slight decrease from $800 million in 2022, with earnings per share remaining stable at $0.15 [102]. - The effective tax rate for 2023 was 40.0%, significantly higher than 15.4% in 2022, due to increased state tax liabilities [101]. Sales and Revenue Growth - Sales backlog as of March 12, 2024, was approximately $60.8 million, up from $52.4 million the previous year, with expectations for increased sales volumes throughout 2024 [83]. - Soundwall sales increased by 86% in 2023 compared to 2022, driven by higher production volumes at manufacturing plants [86]. - SlenderWall sales surged by 257% in 2023, attributed to consecutive project productions throughout the year [88]. - Barrier rental revenue from special projects increased by 157% in 2023, indicating a strategic shift towards barrier rentals over sales [94]. Costs and Expenses - Total cost of sales for 2023 was $48,928,000, an increase of $8,266,000 or 20% from $40,662,000 in 2022, with cost of sales as a percentage of revenue rising to 86% [97]. - General and administrative expenses rose by 8% to $5,990,000 in 2023, primarily due to increased insurance costs and audit fees [98]. - Selling expenses increased by 16% to $3,544,000 in 2023, reflecting the hiring of additional sales personnel and increased advertising spending [99]. Cash Flow and Balance Sheet - Cash balance increased to $9,175 million at December 31, 2023, compared to $6,726 million in 2022, primarily due to cash flow from operations [109]. - The Company's accounts receivable balance rose to $17,209 million at December 31, 2023, up from $16,223 million in 2022, reflecting increased revenue [114]. - Inventory increased to $5,150 million at December 31, 2023, from $3,818 million in 2022, with annual inventory turns improving from 14.1 to 15.0 [115]. - The Company made debt repayments totaling $627 million during the twelve months ended December 31, 2023, with total debt obligations at $5,789 million [103]. Capital Expenditures and Future Outlook - Capital expenditures decreased from $5,264 million in 2022 to $5,010 million in 2023, with anticipated spending for 2024 projected at approximately $5,000 million [110]. - The Company anticipates funding from the Infrastructure Investment and Jobs Act to begin in the latter half of 2024, which may enhance revenue growth in highway and transportation markets [83]. - The Company expects inflation to impact raw material and labor costs in 2024, following similar trends observed in 2023 [120]. Operational Efficiency - The Company is committed to lean business practices to enhance production efficiency and quality, aiming for continuous improvement [123]. - The Company is in compliance with loan covenants, maintaining a tangible net worth of $10,000 million as of December 31, 2023 [107].

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, 2023 ☐ 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 ...

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 June 30, 2023 Delaware 54-1727060 (I.R.S. Employer Identification No.) 5119 Catlett Road, P.O. Box 300 Midland, VA 22728 (Address, zip code of principal executive offices) (540) 439-3266 (Registrant's telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act: For the t ...

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, 2023 ☐ 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 EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the Fiscal Year Ended December 31, 2022 or ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Commission File Number 1-13752 Smith-Midland Corporation (Exact Name of Registrant as Specified in its Charter) (State or Other Jurisdiction of Incorporation or Organization) Delaware 54-1727060 (I.R.S. Em ...

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, 2022 ☐ 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 ...

For the transition period from ________ to ________ Commission File Number 1-13752 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 June 30, 2022 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Smith-Midland Corporation (Exact name of Registrant as specified in its charter) (State or other jurisdiction of incorpor ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q For the quarterly period ended March 31, 2022 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________ to ________ Delaware 54-1727060 ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 1-13752 Smith-Midland Corporation (Exact name of Registrant as specified in its charter) (State or other jur ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the Fiscal Year Ended December 31, 2021 or ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Commission File Number 1-13752 Smith-Midland Corporation (Exact Name of Registrant as Specified in its Charter) (State or Other Jurisdiction of Incorporation or Organization) Delaware 54-1727060 (I.R.S. Em ...

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, 2021 ☐ 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 ...