Smith-Midland Reports Second Quarter 2026 Financial Results

Q: How did Smith-Midland (NASDAQ: SMID) perform in the second quarter of 2026?

Smith-Midland reported Q2 2026 revenue of $23.4 million and net income of $1.4 million. Earnings per diluted share were $0.26. According to Smith-Midland, this compares to $26.2 million revenue and $4.2 million net income, or $0.79 per share, in Q2 2025.

Q: What were the key revenue trends for Smith-Midland (SMID) in Q2 2026 by segment?

In Q2 2026, product sales were $11.2 million and service revenue was $12.2 million. According to Smith-Midland, barrier sales rose to $2.8 million, utility product sales reached $2.0 million, while barrier rental revenue declined to $3.2 million from $5.8 million a year earlier.

Q: How large was Smith-Midland’s backlog as of August 1, 2026, and what does it include?

Smith-Midland reported a backlog of approximately $57.4 million as of August 1, 2026. According to Smith-Midland, this backlog increased from $54 million a year earlier and is expected to be mostly fulfilled within 12 months, with some projects extending over multiple years.

Q: What major contracts did Smith-Midland (SMID) secure after the Q2 2026 period?

After Q2 2026, Smith-Midland secured a $10 million I-81 project with the Virginia Department of Transportation. According to Smith-Midland, it also won a $1.7 million data center project in Louisiana and is producing nearly $1 million in utility vaults for a Virginia data center.

Q: How did profitability and margins change for Smith-Midland in Q2 2026 versus Q2 2025?

Q2 2026 gross profit was $5.4 million with a 23.2% margin, versus $7.8 million and 29.7% a year earlier. According to Smith-Midland, operating income declined to $2.0 million from $5.5 million, and net income fell to $1.4 million from $4.2 million.

Q: What is Smith-Midland’s cash, debt, and capital spending position as of June 30, 2026?

As of June 30, 2026, Smith-Midland held $10.7 million in cash and had $4.1 million in debt. According to Smith-Midland, capital spending totaled $1.9 million during the second quarter, reflecting ongoing investment in its production facilities and rental fleet.

Smith-Midland (NASDAQ: SMID) reported second quarter 2026 revenue of $23.4 million, down from $26.2 million a year earlier, with gross profit of $5.4 million versus $7.8 million and gross margin of 23.2% compared to 29.7%.

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Rhea-AI Summary

Smith-Midland (NASDAQ: SMID) reported second quarter 2026 revenue of $23.4 million, down from $26.2 million a year earlier, with gross profit of $5.4 million versus $7.8 million and gross margin of 23.2% compared to 29.7%. Operating income was $2.0 million, and net income was $1.4 million ($0.26 per diluted share), down from $4.2 million ($0.79 per share) in Q2 2025.

Product sales were $11.2 million and service revenue $12.2 million. Barrier sales rose to $2.8 million, while utility product sales increased 126% to $2.0 million. According to Smith-Midland, backlog reached $57.4 million as of August 1, 2026, up from $54 million a year earlier, supported by new awards including a $10 million I-81 contract with the Virginia Department of Transportation and additional data center projects. Cash stood at $10.7 million and debt at $4.1 million as of June 30, 2026.

Positive

Backlog $57.4m as of August 1, 2026, up from $54m year earlier
New awards post-quarter exceed $12.7m, including $10m I-81 contract
Utility product sales $2.0m, up 126% year-over-year in Q2 2026
Shipping and installation revenue $8.0m vs. $5.6m in prior-year quarter

Negative

Revenue $23.4m vs. $26.2m in Q2 2025
Gross margin 23.2% vs. 29.7% in prior-year quarter
Net income $1.4m ($0.26/share) vs. $4.2m ($0.79/share)
Barrier rental revenue $3.2m vs. $5.8m due to non-recurring 2025 project

News Explained

As of August 1, 2026, Smith-Midland’s $57.4 million backlog was mostly expected to be fulfilled within 12 months, but some projects may take multiple years, limiting what the headline backlog figure establishes about near-term activity.

Argus Aug 17 session

+1.17% close to close Open Argus

Details

News Market Reaction – SMID

On Aug 17, the first trading day after this news, SMID closed 1.17% above the previous close.

Data tracked by StockTitan Argus for the Aug 17 session.

Key Figures

Revenue: $23.4 million Gross Profit: $5.4 million Operating Income: $2.0 million +5 more

Revenue: $23.4 million; Q2 2026 vs. $26.2 million in Q2 2025
Gross Profit: $5.4 million; Q2 2026 vs. $7.8 million in Q2 2025
Operating Income: $2.0 million; Q2 2026 vs. $5.5 million in Q2 2025
Net Income: $1.4 million; Q2 2026 vs. $4.2 million in Q2 2025
Diluted EPS: $0.26 per diluted share; Q2 2026 vs. $0.79 in Q2 2025
Gross Margin: 23.2%; Q2 2026 vs. 29.7% in Q2 2025
Backlog: Approximately $57.4 million; Recorded as of August 1, 2026 vs. $54 million one year prior
VDOT Contract: $10 million; I-81 project secured after the end of Q2 2026

Previous Earnings Reports

5 past events · Latest: Jun 09

Same Type 5 events

Jun 09
Q1 2026 earnings

24h Move

-8.7%

Revenue and net income declined as high-margin rental projects did not repeat.
Apr 14
FY 2025 earnings

24h Move

-1.1%

Record annual revenue and net income were followed by a negative price reaction.
Mar 23
FY 2025 preview

24h Move

-1.0%

Preliminary revenue and net income outlook was positive despite a negative reaction.
Nov 13
Q3 2025 earnings

24h Move

-0.7%

Product sales increased while revenue and service revenue declined year over year.
Aug 14
Q2 2025 earnings

24h Move

+0.8%

Revenue, net income, gross margin, and barrier rentals all increased materially.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

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08/14/2026 - 04:05 PM

Company Reports Increasing Backlog to $57.4 Million

MIDLAND, VA / ACCESS Newswire / August 14, 2026 / Smith-Midland Corporation (NASDAQ:SMID), a provider of innovative, high-quality proprietary and patented precast concrete products and systems, today announced its second quarter results for the period ended June 30, 2026.

Second Quarter 2026 Summary (compared to prior-year second quarter)

Revenue of $23.4 million compared to $26.2 million
Gross Profit of $5.4 million compared to $7.8 million
Operating income of $2.0 million compared to $5.5 million
Net income of $1.4 million, or $0.26 per diluted share, compared to $4.2 million and $0.79

Announcements Subsequent to end of Second Quarter

Secured $10 Million contract for I-81 project with Virginia Department Of Transportation
Awarded $1.7 Million data center project in Louisiana
Producing nearly $1 million in utility vaults for a data center project in Virginia

"Our second quarter results benefited from tailwinds related to the ongoing barrier replacement cycle and continued demand for data centers, although total revenue and net income were lower due to a challenging comparison from last year's large special barrier project," said Ashley Smith, Chairman and Chief Executive Officer of Smith-Midland. "Our backlog as of August 1, 2026 increased by 19% over the backlog in the prior quarter and 6% on a year-over-year basis thanks to several recent project awards, including the third largest contract in the history of the company. We believe this momentum can continue through the second half of 2026 as we expect increased production volume for Soundwall panels and Easi-Set and Easi-Span buildings. We also plan to invest in our business through additional barriers for our rental fleet and expansion of our Virginia and North Carolina production facilities. Overall, we remain confident in the outlook for our business, including growing our core precast operations, and our ability to deliver long-term value to our shareholders," concluded Smith.

Second Quarter 2026 Results

The Company reported 2026 second quarter revenues of $23.4 million compared to $26.2 million in the second quarter of 2025. Product sales for the quarter were $11.2 million, compared to $13.4 million in the prior-year quarter. Service revenue, which includes barrier rentals, royalty income and shipping and installation, was $12.2 million compared to $12.8 million in the second quarter of 2025.

Gross profit was $5.4 million compared to $7.8 million in the prior year quarter. Gross margin for the second quarter of 2026 was 23.2% compared to 29.7% for the second quarter of 2025. The decrease was primarily due to a higher-margin special barrier rental project in the second quarter of 2025 that did not recur in the current-year quarter.

Operating income for the second quarter of 2026 was $2.0 million compared to $5.5 million in the prior-year quarter. Net income for the second quarter was $1.4 million, or $0.26 per diluted share, compared to net income of $4.2 million, or $0.79 per diluted share basis in the second quarter of 2025.

Product Sales

Total product sales for the second quarter of 2026 were $11.2 million compared to $13.4 million in the prior-year quarter. Barrier sales were $2.8 million compared to $1.2 million, reflecting the replacement of barrier to comply with new MASH TL-3 standards. Soundwall sales were $2.5 million compared to $5.2 million in the second quarter of 2025. Easi-Set and Easi-Span Building Sales were $2.2 million compared to $2.9 million in the prior-year quarter due to production timing. Utility product sales were $2.0 million, a 126 percent increase compared to the prior-year quarter, reflecting increased demand in utility and infrastructure-related markets including data centers. Miscellaneous wall and product sales totaled $1.3 million, compared to $1.7 million in the second quarter of 2025. The Company reported approximately $594,000 of SlenderWall and architectural panel sales in the second quarter of 2026, compared to $1.5 million in the second quarter of the prior year.

Service Revenue

Service revenue, which is comprised of royalty income, barrier rental revenue, and shipping and installation totaled $12.2 million in the second quarter of 2026 compared to $12.8 million in the prior-year quarter. Barrier rental revenue was $3.2 million compared to $5.8 million in the second quarter of 2025. The decrease is attributed to a special barrier project that was installed and completed during the second quarter of 2025 that did not recur in the prior year. Shipping and installation revenue was $8.0 million compared to $5.6 million in the prior-year quarter. The increase is primarily attributed to greater shipping and installation activity of products that were produced in prior years. Royalty income was $929,000 compared to $1.3 million in the second quarter of last year.

Balance Sheet and Liquidity

As of June 30, 2026, Smith-Midland's cash totaled $10.7 million compared to $11.9 million at the end of fiscal 2025. Account receivables totaled $24.6 million, and debt totaled $4.1 million as of June 30, 2026. Capital spending totaled $1.9 million in the second quarter of 2026.

Macro Environment and Outlook

The Company anticipates increased product sales for the full year of 2026 compared to 2025, but on which there can be no assurance. Infrastructure initiatives across the United States continue to drive greater bidding activity and a subsequent increase in backlog for its portfolio of patented, proprietary, and custom products. Inflationary pressures still remain, and the Company continues to manage its materials costs while attracting and retaining skilled labor. Backlog was approximately $57.4 million recorded as of August 1, 2026 compared to $54 million in backlog one year prior. The majority of the backlog is anticipated to be fulfilled within 12 months; however, some projects may have a multi-year timeline. The Company remains focused on long-term strategic growth initiatives to drive shareholder value.

About Smith-Midland

Smith-Midland develops, manufactures, licenses, rents, and sells a broad array of precast concrete products and systems for use primarily in the construction, transportation, and utility industries.

Smith-Midland Corporation has three manufacturing facilities in; Midland, VA, Reidsville, NC, and Columbia, SC, and a J-J Hooks® Safety Barrier rental firm, Concrete Safety Systems. Easi-Set Worldwide, a wholly owned subsidiary of Smith-Midland Corporation, licenses the production and sale of Easi-Set products, including J-J Hooks and SlenderWall®, and provides diversification opportunities to the precast industry worldwide. For more information, please call (540) 439-3266 or visit www.smithmidland.com.

Forward-Looking Statements

This announcement contains forward-looking statements, which involve risks and uncertainties. The Company's actual results may differ significantly from those discussed in the forward-looking statements. Factors that might cause such a difference include, but are not limited to, product demand, the impact of competitive products and pricing, capacity and supply constraints or difficulties, the uncertainties arising from governmental policies, the risk of less government spending on infrastructure than anticipated, inflationary factors including potential recession, our material weaknesses in internal controls, cyber security risks, general business and economic conditions, our high level of accounts receivables, the effect of the Company's accounting policies and other risks detailed in the Company's Annual Report on Form 10-K and other filings with the Securities and Exchange Commission.

Company Contact:

Dominic L. Hunter
540-439-3266
investors@smithmidland.com

Investor Relations:

Steven Hooser or John Beisler
Three Part Advisors, LLC
214-872-2710

SOURCE: Smith-Midland

View the original press release on ACCESS Newswire

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How did Smith-Midland (NASDAQ: SMID) perform in the second quarter of 2026?

Smith-Midland reported Q2 2026 revenue of $23.4 million and net income of $1.4 million. Earnings per diluted share were $0.26. According to Smith-Midland, this compares to $26.2 million revenue and $4.2 million net income, or $0.79 per share, in Q2 2025.

What were the key revenue trends for Smith-Midland (SMID) in Q2 2026 by segment?

In Q2 2026, product sales were $11.2 million and service revenue was $12.2 million. According to Smith-Midland, barrier sales rose to $2.8 million, utility product sales reached $2.0 million, while barrier rental revenue declined to $3.2 million from $5.8 million a year earlier.

How large was Smith-Midland’s backlog as of August 1, 2026, and what does it include?

Smith-Midland reported a backlog of approximately $57.4 million as of August 1, 2026. According to Smith-Midland, this backlog increased from $54 million a year earlier and is expected to be mostly fulfilled within 12 months, with some projects extending over multiple years.

What major contracts did Smith-Midland (SMID) secure after the Q2 2026 period?

After Q2 2026, Smith-Midland secured a $10 million I-81 project with the Virginia Department of Transportation. According to Smith-Midland, it also won a $1.7 million data center project in Louisiana and is producing nearly $1 million in utility vaults for a Virginia data center.

How did profitability and margins change for Smith-Midland in Q2 2026 versus Q2 2025?

Q2 2026 gross profit was $5.4 million with a 23.2% margin, versus $7.8 million and 29.7% a year earlier. According to Smith-Midland, operating income declined to $2.0 million from $5.5 million, and net income fell to $1.4 million from $4.2 million.

What is Smith-Midland’s cash, debt, and capital spending position as of June 30, 2026?

As of June 30, 2026, Smith-Midland held $10.7 million in cash and had $4.1 million in debt. According to Smith-Midland, capital spending totaled $1.9 million during the second quarter, reflecting ongoing investment in its production facilities and rental fleet.

What outlook did Smith-Midland (SMID) provide for full-year 2026 product sales?

Smith-Midland anticipates increased product sales for full-year 2026 compared to 2025, though it gives no assurance. According to Smith-Midland, U.S. infrastructure initiatives are driving greater bidding activity and backlog, while the company manages inflationary pressures and focuses on long-term strategic growth.

Smith-Midland Reports Second Quarter 2026 Financial Results