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Smith-Midland Reports Fourth Quarter and Year End 2025 Financial Results

SMID
  • Smith-Midland Corporation (NASDAQ: SMID) reported fourth quarter and full-year 2025 results with record annual revenue & net income.
  • Fourth quarter 2025 revenue increased 25 percent to $23.1 million, while full-year 2025 revenue rose 19 percent to $93.4 million.
  • Full-year 2025 net income grew 63 percent to $12.5 million, or $2.36 per diluted share, compared to $7.7 million in 2024.
  • Gross margin for the full year improved 240 basis points to 27.9 percent, driven by higher revenue base & special barrier rental projects.
  • Product sales totaled $48.3 million for the year, with significant increases in Soundwall, Easi-Set, Easi-Span, & new SlenderWall categories.
  • Service revenue increased to $45.2 million, primarily due to higher barrier rentals, shipping, installation, & royalty income.
  • The company maintains $11.9 million in cash & $4.4 million in debt as of December 31, 2025, with capital spending reaching $9.2 million.
  • Management anticipates favorable 2026 outlooks driven by Infrastructure & Jobs Act funding, expanded rental fleets, & MASH-TL3 compliance opportunities.
  • Backlog stood at approximately $53.1 million as of March 2025, with the majority expected to be fulfilled within 12 months.