Smith Midland Corp Stock Price, News & Analysis

Smith-Midland (NASDAQ:SMID) reported record-breaking financial results for Q4 and full-year 2024. Q4 revenue rose 13% to $18.5M, with product sales up 23% to $11M. Net income reached $1.4M ($0.26/share), up from $230K. For full-year 2024, revenue increased 32% to $78.5M, with net income of $7.7M ($1.45/share) compared to $795K in 2023. Gross margin improved by 760 basis points to 25.5%. The company saw strong performance in utility vault sales driven by data center demand, and barrier rental revenue increased to $12M from $6.3M. With a backlog of $59.5M as of March 2025, Smith-Midland expects continued growth in 2025, supported by Infrastructure Act funding and increased demand across multiple sectors.

Smith-Midland Corporation (NASDAQ:SMID) has secured a $2 million contract to manufacture SlenderWall precast concrete panels for the Naval Sea Systems Command (NAVSEA) Refueling and Complex Overhaul building in Newport News, VA. The company's SlenderWall system is an innovative architectural precast concrete cladding solution that combines multiple components into a single lightweight panel, including interior framing, insulation, and vapor barrier. The project will create a facility featuring office spaces, a fitness center, and counseling offices for sailors and shipbuilders during RCOH operations. The all-in-one system offers advantages like reduced installation time, lower costs, enhanced sustainability, and improved energy efficiency.

Smith-Midland (NASDAQ:SMID) has appointed Dominic L. Hunter as Chief Financial Officer, effective April 17, 2025. Hunter will oversee all financial functions including accounting, treasury, financial reporting, and investor relations, while contributing to the company's financial strategy and capital allocation.

Hunter brings over 20 years of financial leadership experience, including roles as Vice President at SRA International, a $1.7B publicly traded government contractor, and CFO of O'Gara-Hess & Eisenhardt Armoring Company. He is a University of Virginia McIntire School of Commerce graduate and licensed CPA. His background includes service as an intelligence analyst in the United States Army and National Guard's 29th Infantry Division.

Smith-Midland (NASDAQ:SMID) has received a Nasdaq deficiency notice on April 17, 2025, due to delayed filing of its Form 10-K for the year ended December 31, 2024. The company is currently non-compliant with Listing Rule 5250(c)(1), though this notice does not immediately affect its Nasdaq trading status.

The company has 60 calendar days to submit a compliance plan and may receive an additional 180-day extension until October 13, 2025, if Nasdaq accepts the plan. The delay stems from the need for additional time to complete financial reporting processes, including assessment of internal controls, where material weakness will be identified.

Despite the filing delay, Smith-Midland projects strong financial performance with 2024 full-year revenue expected between $77-79 million, marking a significant 31% annual increase at the midpoint. This growth is primarily attributed to increased Soundwall and utility sales, along with higher barrier rental and shipping/installation revenue.

Smith-Midland (NASDAQ:SMID) has secured a $5 million contract to produce SlenderWall and architectural precast concrete panels for FBI dormitory re-cladding project in Quantico, Virginia. The company's high-performance, lightweight precast concrete cladding system production will commence in June 2025 at their Virginia plant, with installation planned for October 2025.

The project involves collaboration between Smith-Midland's design-assist team and BL Harbert Construction to develop an efficient re-cladding system. The SlenderWall solution is engineered for durability, energy efficiency, and rapid installation, offering structural performance optimization and cost savings.

Smith-Midland (NASDAQ:SMID) announced a delay in filing its 2024 Form 10-K annual report, with an expected submission by April 15, 2025. The delay is attributed to the need for additional time to complete financial reporting processes and management's assessment of internal control, with potential material weakness to be disclosed.

On a positive note, the company released preliminary revenue guidance for 2024, projecting $77-79 million in full-year revenue. This represents a significant 31% increase year-over-year, driven primarily by higher Soundwall and utility sales, along with increased barrier rental and shipping/installation revenue.

Easi-Set Worldwide, a subsidiary of Smith-Midland (NASDAQ:SMID), has signed a new licensing agreement with Infrastructure Precast Inc. (ICast) of Kentucky. The agreement allows ICast to manufacture Easi-Set and Easi-Span precast concrete modular buildings for Kentucky, Middle Tennessee, and Southern Indiana markets.

ICast, which started in 2015 with three employees, has grown into an NPCA-certified company with over 50 staff members. The company is already licensed to produce Easi-Set J-J Hooks precast concrete barrier and manufactures various high-quality precast products for multiple industries.

Smith-Midland (NASDAQ:SMID) has secured over $8 million in contracts to rent J-J Hooks precast concrete barriers through its Concrete Safety Systems (CSS) division. The projects involve three separate installations for the Virginia Department of Transportation (VDOT) in Fairfax and New Kent Counties. The New Kent County project includes barrier installation for the I-64 corridor widening, extending through 2026. CSS crews can install up to 4,800 linear feet of barrier overnight. The J-J Hooks system, which meets Federal Highway Administration's MASH TL-3 standards, has been installed for over 16 million linear feet worldwide.

Smith-Midland (NASDAQ:SMID), a provider of innovative precast concrete products and systems, has announced its participation in the upcoming 16th Annual Southwest IDEAS Investor Conference. Ashley Smith, Chairman and CEO, will deliver a presentation on November 21, 2024, at 10:00am CT at The Statler in Dallas, TX. The presentation will be accessible via webcast through the conference website. Interested parties can contact Lacey Wesley for more information about the conference.