ACCESS Newswire·Nov 13, 2025, 7:25 PM ET

Smith-Midland Reports Third Quarter 2025 Financial Results

Smith-Midland Corporation reported third quarter 2025 revenue of $21.5 million, a decrease from $23.6 million in the prior-year quarter.
Product sales increased 11 percent to $11.9 million, driven by growth in Soundwall, Easi-Set, Easi-Span, SlenderWall, & barrier sales.
Service revenue declined to $9.5 million from $12.8 million due to the absence of high-margin special barrier rental projects that occurred in the prior year.
Gross margin for the quarter was 26.8 percent, down from 27.9 percent in the same period last year.
Operating income was $3.6 million, compared to $3.8 million in the third quarter of 2024.
Net income for the third quarter was $2.9 million, or $0.54 per diluted share, down from $3.2 million, or $0.59 per share, in the prior year.
Cash balances rose to $13.4 million as of September 30, 2025, compared to $7.5 million at the end of fiscal 2024.
Total debt stood at $4.6 million with accounts receivable totaling $26.9 million as of the end of the third quarter.
Backlog was approximately $54.8 million as of November 1, 2025, down from $62.8 million one year prior.
The company anticipates increased product sales volume for the remainder of 2025, though it noted risks from inflation, labor costs, & potential variations in government spending.