Smith-Midland Reports Second Quarter 2026 Financial Results
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
Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Jun 09 | Q1 2026 earnings | Negative | -8.7% | Revenue and net income declined as high-margin rental projects did not repeat. |
| Apr 14 | FY 2025 earnings | Positive | -1.1% | Record annual revenue and net income were followed by a negative price reaction. |
| Mar 23 | FY 2025 preview | Positive | -1.0% | Preliminary revenue and net income outlook was positive despite a negative reaction. |
| Nov 13 | Q3 2025 earnings | Neutral | -0.7% | Product sales increased while revenue and service revenue declined year over year. |
| Aug 14 | Q2 2025 earnings | Positive | +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.
Tag-specific earnings events diverged from the reported tone in three of five cases, while the supplied average reaction was -2.12%.
AI-generated analysis. How Rhea-AI works. Not financial advice.
Company Reports Increasing Backlog to
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 TransportationAwarded
$1.7 Million data center project in LouisianaProducing 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
Second Quarter 2026 Results
The Company reported 2026 second quarter revenues of
Gross profit was
Operating income for the second quarter of 2026 was
Product Sales
Total product sales for the second quarter of 2026 were
Service Revenue
Service revenue, which is comprised of royalty income, barrier rental revenue, and shipping and installation totaled
Balance Sheet and Liquidity
As of June 30, 2026, Smith-Midland's cash totaled
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
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