Revenue: As of FY2025, the actual value is USD 93.45 M.EPS: As of FY2025, the actual value is USD 2.36.EBIT: As of FY2025, the actual value is USD 17.05 M.Smith-Midland Corporation operates as a single operating and reportable business segment, the Precast Concrete Segment, with the financial metrics reflecting the company’s overall performance.<h4>Segment Revenue</h4>Smith-Midland Corporation’s total revenue increased by $14,937 to $93,445 in 2025 from $78,508 in 2024, representing a 19% increase. Fourth quarter 2025 revenues were $23,110 compared to $18,528 in the fourth quarter of 2024.Product Sales: Soundwall Sales increased by 24% to $14,640 in 2025 from $11,825 in 2024. Architectural Sales decreased by 21% to $3,337 in 2025 from $4,205 in 2024. SlenderWall Sales totaled $3,568 in 2025, with no production in 2024. Miscellaneous Wall Sales decreased by 26% to $3,788 in 2025 from $5,104 in 2024. Barrier Sales increased by 12% to $4,356 in 2025 from $3,882 in 2024. Easi-Set and Easi-Span Building Sales increased by 72% to $11,482 in 2025 from $6,666 in 2024. Utility Sales decreased by 45% to $4,297 in 2025 from $7,751 in 2024. Miscellaneous Sales decreased by 55% to $2,808 in 2025 from $6,191 in 2024. Total Product Sales amounted to $48,276 in 2025, up 6% from $45,624 in 2024.Other Revenue Categories: Barrier Rentals increased by 64% to $19,705 in 2025 from $12,019 in 2024, mainly due to two special barrier projects. Royalty Income increased by 28% to $4,172 in 2025 from $3,261 in 2024. Shipping and Installation Revenue increased by 21% to $21,293 in 2025 from $17,604 in 2024. Total Service and Other Revenue amounted to $45,170 in 2025, up 37% from $32,884 in 2024.<h4>Operational Metrics</h4><ul><li>Net income was $12,506 in 2025, compared to $7,675 in 2024.</li><li>Cost of sales totaled $67,408 in 2025, an increase of $8,909 or 15% from $58,498 in 2024; as a percentage of revenue (excluding royalties), cost of sales decreased to 76% in 2025 from 78% in 2024.</li><li>Gross profit increased to $26,038 in 2025 from $20,010 in 2024.</li><li>General and administrative expenses decreased by $886 or 14% to $5,668 in 2025 from $6,554 in 2024, representing 6% and 8% of revenues, respectively, partly due to an arbitration settlement of $458 thousand.</li><li>Selling expenses decreased by $181 or 5% to $3,376 in 2025 from $3,557 in 2024 due to lower staffing levels.</li><li>Operating income increased by $7,095 or 72% to $16,994 in 2025 from $9,899 in 2024.</li><li>Income tax expense was $4,520 in 2025 with an effective tax rate of 26.5%, compared to $2,143 in 2024 with an effective tax rate of 21.7%, primarily due to increased state taxes.</li><li>Depreciation and amortization totaled $2,887 in 2025 and $2,664 in 2024, with depreciation expense for assets held for lease being $1,230 in 2025 and $1,094 in 2024.</li><li>Allowance for credit losses decreased to $539 at December 31, 2025, from $1,130 at December 31, 2024, mainly due to improved collection trends and reduced aged receivables; the provision for expected credit losses was -$346 in 2025, compared to $791 in 2024.</li><li>Inventory reserve was approximately $149 at December 31, 2025, compared to $173 at December 31, 2024.</li></ul><h4>Cash Flow</h4><ul><li>Net cash provided by operating activities was $14,301 in 2025, compared to $5,158 in 2024.</li><li>Net cash used in investing activities was -$9,318 in 2025, compared to -$6,150 in 2024.</li><li>Net cash used in financing activities was -$647 in 2025, compared to -$635 in 2024.</li><li>Net increase in cash was $4,336 in 2025, resulting in cash totaling $11,884 at December 31, 2025, up from $7,548 at December 31, 2024.</li></ul><h4>Unique Metrics</h4><ul><li>Sales backlog was approximately $53.1 million as of March 3, 2026, compared to $59.5 million around the same time in the prior year.</li><li>Debt obligations totaled $4,447 at December 31, 2025, with $648 scheduled to mature within twelve months.</li><li>Accounts receivable, net (trade - billed) increased to $27,228 at December 31, 2025, from $19,420 at December 31, 2024.</li><li>Accounts receivable, net (trade - unbilled) was $1,173 at December 31, 2025, compared to $1,327 at December 31, 2024.</li><li>Contract retentions, included in accounts receivable, were $1,135 at December 31, 2025, and $1,523 at December 31, 2024.</li><li>Inventories, net increased to $6,928 at December 31, 2025, from $6,677 at December 31, 2024.</li><li>Days Sales Outstanding (DSO) was 94 days in 2025, compared to 88 days in 2024.</li><li>Inventory turns were 8.5 in 2025, compared to 10.0 in 2024.</li><li>Capital spending increased from $6,629 in 2024 to $9,349 in 2025, primarily for barrier production and plant expansion.</li><li>401(k) match contributions totaled $253 in 2025 and $284 in 2024.</li><li>Stock compensation expense was $59 in 2025 and $45 in 2024.</li></ul><h4>Outlook / Guidance</h4>Smith-Midland Corporation anticipates similar product sales volumes in 2026 compared to 2025, with barrier rentals (excluding special projects) expected to be higher, though revenue from special barrier projects is likely to decrease. The company plans to invest over $12,000 in capital expenditures in 2026 for strategic growth, including continued barrier production and facility expansions. Funding from the Infrastructure Investment and Jobs Act is expected to promote revenue growth in highway and transportation markets.

Smith-Midland | 10-K: FY2025 Revenue: USD 93.45 M