Welcome to our dedicated page for Smith Midland SEC filings (Ticker: SMID), a comprehensive resource for investors and traders seeking official regulatory documents including 10-K annual reports, 10-Q quarterly earnings, 8-K material events, and insider trading forms.
Smith-Midland Corporation filings document a Nasdaq-listed precast concrete products company with common stock registered under the SMID symbol. Its 8-K reports furnish quarterly and annual operating results, preliminary financial information, and Regulation FD presentation materials covering operations and performance.
The filing record also includes shareholder-meeting disclosures on director elections, auditor ratification and advisory executive compensation votes. Its Form 12b-25 notice addresses the timing of an annual report and related financial reporting close, audit and internal control over financial reporting procedures.
Smith-Midland’s Q1 2026 results softened versus Q1 2025 as high-margin rental projects rolled off. Revenue declined to $21.6 million from $22.7 million, while net income fell to $1.3 million from $3.3 million, cutting diluted EPS to $0.25 from $0.62.
The main driver was a sharp drop in barrier rental revenue to $2.2 million from $8.4 million due to the absence of a large special barrier project that benefited the prior year. Cost of sales (excluding royalties) rose to 83% of revenue from 72%, compressing gross profit and reducing operating income to $1.7 million from $4.4 million.
Product sales grew 29% to $11.8 million on strength in buildings, utilities, and barrier sales, and shipping and installation revenue increased 45%. Cash improved to $13.2 million, with modest fixed-rate debt and an undrawn $5.0 million credit line. Sales backlog was about $48.1 million versus $52.4 million a year earlier. The company continues to report material weaknesses in internal control over financial reporting, though remediation efforts and added finance/IT staffing are underway.
Smith-Midland reported softer first quarter 2026 earnings as last year’s one-time rental projects did not repeat, though core product demand remained strong. Revenue was $21.6 million, down from $22.7 million a year earlier. Product sales rose 29% to $11.8 million, driven by Easi-Set and Easi-Span buildings, utility products, and about $1.5 million of SlenderWall and architectural panel sales.
Service revenue fell to $9.8 million from $13.6 million as barrier rental revenue dropped to $2.2 million from $8.4 million, reflecting the absence of two large, high-margin projects. Gross profit declined to $4.3 million from $7.0 million, with gross margin at 19.9% versus 30.7%. Operating income was $1.7 million compared to $4.4 million, and net income was $1.3 million, or $0.25 per diluted share, versus $3.3 million and $0.62.
Cash totaled $13.2 million and debt $4.3 million as of March 31, 2026. Backlog was approximately $48.1 million as of May 2025, down from $52.4 million one year earlier. The company expects higher full-year 2026 product sales than in 2025, supported by infrastructure spending and special project opportunities, but management cautions that second quarter 2026 results will not compare favorably to the prior-year quarter due to fewer large barrier rental projects.
Smith-Midland Corporation received a letter from Nasdaq stating it is not in compliance with Nasdaq listing rule 5250(c)(1) because its Form 10-Q for the quarter ended March 31, 2026 has not been filed on time. The notice currently has no immediate effect on the company’s Nasdaq Capital Market listing. The delay stems from the unanticipated resignation of a key accounting staff member, which disrupted the quarter-end close and review process. Smith-Midland has replaced this staff member and is working to complete management’s review and file the quarterly report as soon as practicable, while continuing to highlight broader business risks such as material weaknesses in internal controls and high accounts receivable.
Smith-Midland Corporation is holding its 2026 annual stockholder meeting on July 16, 2026 in Midland, Virginia to vote on three key items. Stockholders will elect five directors, approve the new 2026 Equity Incentive Plan authorizing 400,000 shares for restricted stock, RSUs and performance-based awards, and ratify BDO USA, P.C. as independent auditor for 2026.
The proxy details a five‑member board with three independent directors, active audit, compensation, and nominating committees, and an insider trading policy that bans short sales and most hedging without approval. It shows 5,306,554 shares outstanding as of May 22, 2026, with one institutional holder owning 34.7% and the founder family holding additional stakes. Executive pay for 2025 includes $628,280 for the CEO and $187,465 for the CFO, alongside a discussion of how compensation actually paid compares with rising net income of $12.5 million in 2025.
Smith-Midland Corporation notified the SEC that it cannot timely file its Quarterly Report on Form 10-Q for the quarter ended March 31, 2026 due to an unanticipated resignation of a key accounting staff member that disrupted the quarter-end close and review process. The company replaced the staff member but does not expect to meet the five-calendar-day extension under Rule 12b-25 and is working to file the Quarterly Report as soon as practicable.
The filing also states preliminary operational context: revenue for the quarter is expected to be slightly lower and net income is expected to be significantly lower versus the quarter ended March 31, 2025, driven by the absence of a high-margin special barrier project that occurred in the prior-year quarter. Numbers are preliminary and subject to adjustment.
Smith-Midland Corporation reported a strong 2025, with total revenue rising 19% to $93,446 thousand and net income increasing to $12,506 thousand from $7,675 thousand in 2024. Earnings reached $2.36 per share, reflecting higher barrier rentals, shipping and installation, and Easi-Set/Easi-Span building sales.
Barrier rental revenue grew 64% to $19,705 thousand, helped by large special projects, while Easi-Set/Easi-Span building sales rose 72% to $11,482 thousand. Cost of sales margin improved, and operating income climbed 72% to $16,994 thousand. Year-end cash was $11,884 thousand with modest debt and a sales backlog of about $53.1 million.
The company highlights risks including dependence on infrastructure spending, a decline in backlog versus the prior year, cyber incidents including a 2025 ransomware event with employee data exfiltration, substantial debt, and material weaknesses in internal control over financial reporting as of December 31, 2025.
Smith-Midland Corporation reported record 2025 results with strong growth in revenue and profit. Full-year revenue rose 19 percent to $93.4 million, while net income increased 63 percent to $12.5 million, or $2.36 per diluted share. Fourth quarter revenue grew 25 percent to $23.1 million, with net income of $2.1 million, or $0.40 per diluted share.
Growth was broad-based, led by higher Soundwall, SlenderWall, and Easi-Set/Easi-Span building sales, as well as significantly higher barrier rental and shipping and installation service revenue. Full-year gross margin improved to 27.9 percent, reflecting better absorption of fixed costs and special barrier rental projects.
The company ended 2025 with $11.9 million in cash and $4.4 million of debt, after $9.2 million in capital spending. Management expects 2026 product sales volumes to be similar to 2025, with higher recurring barrier rentals but lower revenue from special barrier projects, and reported a backlog of approximately $53.1 million as of March 2025.
Smith-Midland Corporation notified the SEC it cannot timely file its Annual Report on Form 10-K for the year ended December 31, 2025 and submitted a Rule 12b-25 notification to obtain additional time.
The company cites the need to complete its financial close, auditing procedures and management's assessment of internal control over financial reporting, noting that a material weakness determination will be made. Smith-Midland provided preliminary operating guidance: Q4 2025 revenue of $22–$24 million (versus $18.5 million a year earlier) and full-year 2025 revenue of $92–$94 million, which implies an 18% increase at the midpoint; the company anticipates record annual net income, subject to audit adjustments.