Every 10-Q that Smith-Midland Corporation (SMID) has filed with the SEC in the last 24 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-Q covers the quarterly report filed between annual reports, 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 lower results for the three and six months ended June 30, 2026, primarily due to the absence of large special barrier projects that boosted 2025. Total revenue fell to $23.4 million in the quarter from $26.2 million, and to $44.9 million for the first half from $48.9 million. Net income declined to $1.4 million for the quarter and $2.7 million year-to-date, versus $4.2 million and $7.5 million in the prior-year periods, with EPS at $0.26 and $0.51.
Profitability was pressured as cost of sales (excluding royalties) rose to 80% of revenue in Q2 and 82% year-to-date, from 74% and 73% a year earlier, reflecting loss of high-margin special barrier projects. Barrier rentals and royalty income dropped sharply, partly offset by strong growth in barrier sales, utility sales, and shipping and installation revenue. Despite this, the company remained profitable and generated $2.6 million of operating cash flow, ending the period with $10.7 million in cash and no borrowings on a $5.0 million credit line.
Sales backlog was approximately $57.4 million as of August 1, 2026, up from about $54 million a year earlier. Management continues to invest in capacity, with $3.6 million of capital expenditures in the first half and plans for up to $9.0 million in 2026. However, there are ongoing material weaknesses in internal control over financial reporting related to entity-level controls, journal entry review, and IT general controls; as a result, disclosure controls and procedures were not effective, even though management believes the financial statements are fairly presented.
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 Corporation (SMID) reported Q3 2025 results. Revenue was $21,451,000 versus $23,582,000 a year ago, and net income was $2,877,000 versus $3,150,000. Operating income held essentially flat at $3,854,000. Year to date, revenue rose to $70,335,000 from $59,977,000, driving net income of $10,375,000 versus $6,278,000, with EPS of $1.96.
Service revenue benefited from higher shipping/installation and royalties, while product sales were led by soundwall and Easi‑Set buildings. Barrier rentals decreased in the quarter due to a prior‑year special project but increased for the nine‑month period. Gross profit for the quarter was $5,759,000 as cost of sales ratio ticked up, while year‑to‑date margins improved.
Cash increased to $13,376,000 from $7,548,000 at year‑end, supported by $11,714,000 net cash from operating activities. Backlog was approximately $54.8 million as of November 1, 2025. Management disclosed that previously identified material weaknesses in internal control over financial reporting remain not remediated and outlined ongoing remediation actions.
Smith-Midland Corporation (SMID) reported significant revenue and profit gains in the first half of 2025 driven by special barrier projects, higher soundwall and Easi-Set building sales, and increased royalty and shipping revenue. Total revenue was $26,186 thousand for the quarter (up from $19,639 thousand) and $48,884 thousand for six months (up from $36,394 thousand). Net income was $4,171 thousand for the quarter and $7,498 thousand for six months, producing basic and diluted EPS of $0.79 and $1.41 for the quarter and six months, respectively. Cash was $7,101 thousand at June 30, 2025 while accounts receivable rose to $30,312 thousand from $19,420 thousand at year-end 2024. Backlog was approximately $54 million as of August 1, 2025 (down from ~$59 million a year earlier). Management disclosed material weaknesses in internal control over financial reporting and noted a ransomware incident in Q1 2025 that was addressed without payment.