Here are the 10-K annual reports from Smith-Midland Corporation (SMID) in our archive since June 2025, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-K covers the audited annual report, with the full financial statements, so if you follow SMID and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full SMID filings page.
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.