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Smith-Midland Announces Delayed Filing of 2025 Form 10-K

SMID
  • Smith-Midland Corporation (NASDAQ: SMID) filed Form 12b-25 with the SEC to notify the late submission of its 2025 Form 10-K.
  • The company expects to file the annual report on or before April 15, 2026, due to delays in finalizing the financial reporting close.
  • Delays include time needed for management's assessment of internal controls over financial reporting, which will disclose material weaknesses, as well as gathering information for auditing procedures.
  • Fourth quarter 2025 revenues are projected at $22 to $24 million, up from $18.5 million in the prior year, driven by higher product sales & shipping/installation revenue.
  • Net income for the fourth quarter of 2025 is anticipated to exceed that of the same period in 2024.
  • Full-year 2025 revenue is forecast between $92 to $94 million, representing an 18% increase from 2024 at the midpoint.
  • The company anticipates record annual net income for 2025, subject to final adjustments.
  • Smith-Midland operates three manufacturing facilities in Midland, VA; Reidsville, NC; and Columbia, SC, along with its J-J Hooks Safety Barrier rental firm, Concrete Safety Systems.
  • Subsidiary Easi-Set Worldwide licenses Easi-Set products including J-J Hooks & SlenderWall globally.
  • The announcement includes forward-looking statements warning that actual results may differ due to risks such as material weaknesses in internal controls, cyber security threats, debt exposure, & accounts receivable levels.