Smith-Midland Reports Third Quarter 2025 Financial Results
Smith-Midland (NASDAQ:SMID) reported third quarter 2025 results for the period ended September 30, 2025. Revenue was $21.5 million versus $23.6 million a year earlier; product sales rose 11% to $11.9 million while service revenue fell to $9.5 million from $12.8 million. Gross margin was 26.8% and operating income was $3.6 million. Net income was $2.9 million, or $0.54 per diluted share. Cash increased to $13.4 million from $7.5 million at year-end 2024. Backlog was approximately $54.8 million as of November 1, 2025. The company expects higher product volume for the remainder of 2025 but noted some nonrecurring service projects reduced prior-year comparables.
Smith-Midland (NASDAQ:SMID) ha riportato i risultati del terzo trimestre 2025 per il periodo terminato il 30 settembre 2025. Le entrate sono state $21,5 milioni rispetto a $23,6 milioni dell'anno precedente; le vendite di prodotti sono aumentate dell'11% a $11,9 milioni mentre i ricavi dai servizi sono diminuiti a $9,5 milioni da $12,8 milioni. Il margine lordo è stato 26,8% e l'utile operativo è stato $3,6 milioni. L'utile netto è stato $2,9 milioni, o $0,54 per azione diluita. La liquidità è aumentata a $13,4 milioni da $7,5 milioni al 31 dicembre 2024. L'order backlog era approssimativamente $54,8 milioni al 1 novembre 2025. L'azienda si aspetta un volume di prodotti più elevato per il resto del 2025 ma ha osservato che alcuni progetti di servizi non ricorrenti hanno ridotto i confronti con l'anno precedente.
Smith-Midland (NASDAQ:SMID) reportó los resultados del tercer trimestre de 2025 para el periodo que terminó el 30 de septiembre de 2025. Los ingresos fueron $21,5 millones frente a $23,6 millones del año anterior; las ventas de productos subieron un 11% a $11,9 millones mientras que los ingresos por servicios cayeron a $9,5 millones desde $12,8 millones. El margen bruto fue 26,8% y el ingreso operativo fue $3,6 millones. El ingreso neto fue $2,9 millones, o $0,54 por acción diluida. La liquidez aumentó a $13,4 millones desde $7,5 millones al cierre de 2024. The backlog era aproximadamente $54,8 millones al 1 de noviembre de 2025. La empresa espera un mayor volumen de productos para lo que resta de 2025, pero señaló que algunos proyectos de servicios no recurrentes redujeron las comparaciones del año anterior.
Smith-Midland (NASDAQ:SMID)는 2025년 3분기 실적을 2025년 9월 30일로 종료된 기간에 대해 발표했습니다. 매출은 $21.5백만으로 전년 동기의 $23.6백만에 비해 감소했고; 제품 매출은 11% 증가하여 $11.9백만이 되었으며 서비스 매출은 $12.8백만에서 $9.5백만으로 감소했습니다. 총 이익률은 26.8%였고 영업이익은 $3.6백만이었습니다. 순이익은 $2.9백만, 주당 희석 이익은 $0.54였습니다. 현금은 2024년 말의 $7.5백만에서 $13.4백만으로 증가했습니다. 2025년 11월 1일 현재 잔고는 대략 $54.8백만이었습니다. 회사는 2025년 남은 기간 동안 제품 물량이 더 늘어날 것으로 예상하지만, 일부 비반복 서비스 프로젝트가 전년 동기와의 비교치를 감소시켰다고 언급했습니다.
Smith-Midland (NASDAQ:SMID) a publié les résultats du troisième trimestre 2025 pour la période se terminant le 30 septembre 2025. Le chiffre d'affaires s'est élevé à $21,5 millions contre $23,6 millions l'année précédente ; les ventes de produits ont augmenté de 11% pour atteindre $11,9 millions tandis que les revenus de services ont reculé à $9,5 millions contre $12,8 millions. La marge brute était de 26,8% et le résultat opérationnel de $3,6 millions. Le revenu net était $2,9 millions, soit 0,54 $ par action diluée. La trésorerie est passée à $13,4 millions contre $7,5 millions à la fin de 2024. Le carnet de commandes était d’environ $54,8 millions au 1er novembre 2025. L’entreprise s’attend à un volume produit plus élevé pour le reste de 2025 mais a indiqué que certains projets de services non récurrents ont réduit les comparables de l’année précédente.
Smith-Midland (NASDAQ:SMID) meldete die Ergebnisse des dritten Quartals 2025 für den Zeitraum zum 30. September 2025. Der Umsatz betrug $21,5 Millionen gegenüber $23,6 Millionen im Vorjahr; Produktverkäufe stiegen um 11% auf $11,9 Millionen, während der Serviceumsatz von $12,8 Millionen auf $9,5 Millionen zurückging. Die Bruttomarge lag bei 26,8% und das operative Ergebnis betrug $3,6 Millionen. Der Nettogewinn betrug $2,9 Millionen, bzw. $0,54 pro verwässerter Aktie. Die Zahlungsmittel stiegen auf $13,4 Millionen von $7,5 Millionen zum Jahresende 2024. Der Auftragsbestand betrug ungefähr $54,8 Millionen am 1. November 2025. Das Unternehmen erwartet für den Rest von 2025 ein höheres Produktvolumen, wies jedoch darauf hin, dass einige nicht wiederkehrende Serviceprojekte die Vorjahresvergleiche verringert haben.
Smith-Midland (NASDAQ:SMID) أبلغت عن نتائج الربع الثالث من 2025 للمدة المنتهية في 30 سبتمبر 2025. كانت الإيرادات $21.5 مليون مقابل $23.6 مليون في العام السابق؛ ارتفعت مبيعات المنتجات بنحو 11% إلى $11.9 مليون بينما انخفضت إيرادات الخدمات إلى $9.5 مليون من $12.8 مليون. الهامش الإجمالي كان 26.8% والدخل التشغيلي كان $3.6 مليون. صافي الدخل كان $2.9 مليون، أو 0.54 دولار للسهم المخفف. ارتفعت السيولة النقدية إلى $13.4 مليون من $7.5 مليون في نهاية 2024. كان الطلب الإجمالي نحو $54.8 مليون حتى 1 نوفمبر 2025. تتوقع الشركة حجم منتجات أعلى لبقية عام 2025 لكنها أشارت إلى أن بعض مشاريع الخدمات غير المتكررة قللت من المقارنات مع العام السابق.
- Product sales +11% year-over-year to $11.9M
- Cash balance increased to $13.4M from $7.5M
- Royalty income +13% year-over-year to $1.1M
- Service revenue down 25.8% to $9.5M from $12.8M
- Barrier rental revenue fell to $3.3M from $7.1M
- Backlog declined ~12.7% to $54.8M from $62.8M
Insights
Mixed quarter: stronger product sales offset by lower service revenue and slightly lower margins and earnings.
The company grew product sales by
Gross margin compressed to
Key dependencies and risks include the recurrence of high‑margin barrier rental projects, materials and labor cost pressure, and the pace of infrastructure spending that supports backlog; backlog fell to
Watch for: quarterly trends in service (barrier rental) revenue and margin recovery, SlenderWall sales ramp, changes in backlog conversion over the next 12 months, and capital spending impacts; near‑term horizon: remainder of
Product Sales Increased 11 Percent and Record Nine-Month Net Income
MIDLAND, VA / ACCESS Newswire / November 13, 2025 / Smith-Midland Corporation (NASDAQ:SMID), a provider of innovative, high-quality proprietary and patented precast concrete products and systems, today announced its third quarter results for the period ended September 30, 2025.
Third Quarter 2025 Summary (compared to prior-year quarter)
Revenue of
$21.5 million compared to$23.6 million Product sales increased 11 percent to
$11.9 million Gross margin of
26.8% compared to27.9% Operating income of
$3.6 million compared to$3.8 million Net income of
$2.9 million , or$0.54 per diluted share, compared to$3.2 million and$0.59
"Our third quarter results reflect continued strength in our core business and progress in the initiatives to drive product sales, which increased 11 percent versus the prior year. The previous year's results included special barrier rental projects, which typically carry higher margins compared to the core business," said Ashley Smith, Chairman and Chief Executive Officer of Smith-Midland. "The ongoing demand for new and upgraded highways will continue to drive spending at the federal and state level, along with data centers and other public infrastructure projects. Our barrier rental fleet continues to grow in preparation for increased MASH-TL3 safety standards and lower interest rates may spur new construction projects for our SlenderWall product. Overall, we believe the tailwinds in place over the near and long-term will lead to continued growth in our business and deliver long-term value to our shareholders," concluded Smith.
Third Quarter 2025 Results
The Company reported 2025 third quarter revenues of
Gross profit was
Operating income for the quarter was
Product Sales
Total product sales for the third quarter of 2025 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 September 30, 2025, Smith-Midland's cash totaled
Macro Environment and Outlook
Infrastructure initiatives across the United States continue to drive greater bidding activity and a anticipated increase in backlog for the Company's portfolio of patented, proprietary, and custom products and several SlenderWall projects commenced production in the third quarter of 2025. As a result, the Company anticipates increased product sales volume for the remainder of 2025 compared to 2024, but on which there can be no assurance. Service revenue for the first nine months of 2025 included multiple barrier rental projects that are not anticipated to recur in the remainder of the year. Shipping and installation and royalty income for the remainder of 2025 are expected to be higher compared to the same period last year.
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 the policies of the United States Government, the risk of less government spending on infrastructure than anticipated, inflationary factors including potential recession, our material weaknesses in internal controls, general business and economic conditions, our debt exposure, 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
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