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Smith-Midland (NASDAQ: SMID) announced receiving a Nasdaq letter indicating compliance with the Annual Report on Form 10-K for the year ended December 31, 2023. The 10-K was filed on May 23, 2024. The company recently received a non-compliance notice from Nasdaq due to a delayed filing of the Quarterly Report on Form 10-Q for Q1 2024. This delay was due to extended time needed for financial reporting processes. The 10-Q is expected to be filed soon. Preliminary estimates suggest increased revenue and significantly higher net income for Q1 2024 compared to Q1 2023.
Smith-Midland (NASDAQ: SMID) reported its highest ever quarterly and annual revenue for the fourth quarter and full year ending December 31, 2023. Q4 2023 revenue rose 13% to $16.4 million with product sales up 10% and service revenue up 17%. The company achieved an operating income of $542,000 and a net income of $230,000, or $0.04 per diluted share. For the full year, revenue increased 19% to $59.6 million. Operating income was up 31% to $1.1 million, while net income remained flat at $795,000, or $0.15 per diluted share, impacted by a significant state liability. Key highlights include a $3.8 million contract for J-J Hooks barriers and the addition of five new licensees in the U.S.