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Smith-Midland Reports First Quarter 2026 Financial Results

SMID
  • Smith-Midland Corporation (NASDAQ: SMID) reported first quarter 2026 results ending March 31, 2026, with revenue of $21.6 million compared to $22.7 million in the prior-year quarter.
  • Product sales increased 29 percent year-over-year to $11.8 million, driven by demand for Easi-Set, Easi-Span, utility vaults, SlenderWall, and architectural panels.
  • Gross profit decreased to $4.3 million from $7.0 million, with gross margin falling to 19.9% from 30.7% due to the absence of two high-margin special barrier rental projects that occurred in Q1 2025.
  • Operating income was $1.7 million compared to $4.4 million in the prior-year quarter, while net income was $1.3 million ($0.25 per diluted share) versus $3.3 million ($0.62 per diluted share).
  • Service revenue totaled $9.8 million, down from $13.6 million, primarily due to lower barrier rental revenue of $2.2 million compared to $8.4 million in the prior year.
  • Shipping and installation revenue rose to $6.8 million from $4.3 million, attributed to greater activity on products produced in 2025, while royalty income decreased 8 percent to $823,000.
  • Specific product sales included Soundwall at $3.4 million, Barrier sales at $1.9 million, Utility products at $1.4 million (a 42 percent increase), and SlenderWall/architectural panels at approximately $1.5 million with no prior-year sales.
  • As of March 31, 2026, the company held $13.2 million in cash, $29.9 million in accounts receivable, $4.3 million in debt, and $1.6 million in capital spending.
  • Backlog was recorded at approximately $48.1 million as of May 2025, down from $52.4 million one year prior, with most projects expected to be fulfilled within 12 months.
  • The company anticipates increased product sales for the full year 2026 compared to 2025, supported by ongoing infrastructure spending, special project opportunities for the America 250 events & World Cup, & MASH-TL3 regulatory compliance-driven barrier replacement cycles.