# EDGAR Filing Document

**Accession Number:** 0000924719
**File Stem:** 0001654954-25-009549
**Filing Date:** 2025-8
**Character Count:** 12973
**Document Hash:** ef0c2785ae16b166b7a0752cae3ebb5d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001654954-25-009549.hdr.sgml**: 20250814

**ACCESSION NUMBER**: 0001654954-25-009549

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 15

**CONFORMED PERIOD OF REPORT**: 20250814

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250814

**DATE AS OF CHANGE**: 20250814

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SMITH MIDLAND CORP
- **CENTRAL INDEX KEY:** 0000924719
- **STANDARD INDUSTRIAL CLASSIFICATION:** CONCRETE PRODUCTS, EXCEPT BLOCK & BRICK [3272]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 541727060
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-13752
- **FILM NUMBER:** 251214509

**BUSINESS ADDRESS:**
- **STREET 1:** ROUTE 28
- **STREET 2:** P O BOX 300
- **CITY:** MIDLAND
- **STATE:** VA
- **ZIP:** 22728
- **BUSINESS PHONE:** 5404393266

**MAIL ADDRESS:**
- **STREET 1:** RT 28
- **STREET 2:** PO BOX 300
- **CITY:** MIDLAND
- **STATE:** VA
- **ZIP:** 22728

?xml version='1.0' encoding='ASCII'? smid_8k.htm

**UNITED STATES**

**SECURITIES AND EXCHANGECOMMISSION**

**Washington, D.C. 20549** 

**FORM 8-K** 

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the** 

**Securities Exchange Act of 1934**

**Date of Report (Date of Earliest Event Reported): <u>August 14, 2025</u>**

---

| |
|:---|
| **SMITH-MIDLAND CORPORATION** |
| (Exact Name of Registrant as Specified in Charter) |

---

---

| | | |
|:---|:---|:---|
| **Delaware**  | **1-13752** | **54-1727060** |
| (State or Other Jurisdiction <br>of Incorporation) | (Commission <br>File Number) | (I.R.S. Employer <br>Identification Number) |

---

**P.O. Box 300, 5119 Catlett Road**

**<u>Midland,</u> <u>Virginia</u> <u>22728</u>**

(Address of principal executive offices)

**<u>(540)</u> <u>439-3266</u>**

(Registrant's telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐&nbsp;&nbsp;&nbsp;&nbsp; Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐&nbsp;&nbsp;&nbsp;&nbsp; Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐&nbsp;&nbsp;&nbsp;&nbsp; Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐&nbsp;&nbsp;&nbsp;&nbsp; Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities Registered Pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| Title of each class  | Trading Symbol | Name of each exchange on which registered |
| Common Stock, $0.01 par value per share | SMID  | NASDAQ |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

**Item 2.02 Results of Operations and Financial Condition**

On August 14, 2025, Smith-Midland Corporation issued a press release announcing its financial results for the quarter ended June 30, 2025. A copy of the press release is attached hereto as Exhibit 99.1.

**ITEM 9.01 Financial Statements and Exhibits.**

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| | |
|:---|:---|
| Exhibit No  | Exhibit Description |
| [99.1](smid_ex991.htm) | [Press release, dated August 14, 2025](smid_ex991.htm) |
| 104  | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

The information filed as Exhibit 99.1 to this Form 8-K is being furnished in accordance with Item 2.02 and shall not be deemed to be "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of such section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

2<br>

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
| Date: August 14, 2025 | SMITH-MIDLAND CORPORATION | SMITH-MIDLAND CORPORATION |
|  | By: | /s/ Dominic L. Hunter |
|  |  | Dominic L. Hunter |
|  |  | Chief Financial Officer |

---

3<br>

## Exhibit 99.1

**EXHIBIT 99.1**

**Smith-Midland Reports Second Quarter 2025 Financial Results**

*Record Quarterly Revenue and Doubling of Net Income From Prior Year* 

MIDLAND, VA – August 14, 2025 - Smith-Midland Corporation (NASDAQ: SMID), a provider of innovative, high-quality proprietary and patented precast concrete products and systems, today announced its second quarter results for the period ended June 30, 2025.

**Second Quarter 2025 Summary (compared to prior-year quarter)**

· Revenue increased 33 percent to $26.2 million

· Gross margin increased 360 basis points to 29.7%

· Operating income of $5.5 million compared to $2.7 million

· Net income of $4.2 million, or $0.79 per diluted share, compared to $2.0 million and $0.37

· Continued listing in Russel 2000 and 3000 Indexes.

"Our second quarter represents another new quarterly revenue record, thanks to a special barrier rental project and higher SlenderWall and Soundwall sales, and net income was more than double the prior-year quarter," said Ashley Smith, Chairman and Chief Executive Officer of Smith-Midland. "We continue to benefit from the tailwinds across the industry, including greater infrastructure spending across the federal, state and local levels and the upcoming replacement cycle for barrier products to meet the MASH-TL3 standards. We also continue to see increased demand for our utility vaults and Easi-Set structures and, outside of special barrier projects, our growing barrier rental fleet. Overall, we remain optimistic on the near and long-term outlook for our business and confident in our ability to deliver long-term value to our shareholders," concluded Smith.

**Second Quarter 2025 Results**

The Company reported 2025 second quarter revenues of $26.2 million compared to $19.6 million in the second quarter of 2024. Product sales for the quarter were $13.4 million, compared to $13.1 million in the prior-year quarter. Service revenue, which includes barrier rentals, royalty income and shipping and installation, was $12.8 million, more than double the $6.5 million reported in the second quarter of 2024.

Gross profit increased to $7.8 million compared to $5.1 million in the prior year quarter due to the higher revenue base and mix. Gross margin for the quarter was 29.7%, a 360-basis point increase compared to the second quarter of 2024.

Operating income for the quarter was $5.5 million compared to $2.7 million in the prior-year quarter. The improvement was primarily due to the higher revenue base and mix. Net income for the second quarter was $4.2 million, or $0.79 per diluted share, compared to net income of $2.0 million, or $0.37 per diluted share basis in the second quarter of 2024.

**Product Sales**

Total product sales for the second quarter of 2025 were $13.4 million compared to $13.1 million in the prior-year quarter. Soundwall sales were $5.2 million compared to $2.2 million in the second quarter of 2024. The increase is primarily associated with increased production across all three facilities to execute and deliver on the Company's backlog. Easi-Set and Easi-Span Building Sales increased to $2.9 million compared to $1.5 million in the prior-year quarter due to increased demand for plant and site assembled buildings and restrooms. Barrier sales were $1.2 million compared to $1.1 million. The Company reported SlenderWall sales of $1.5 million in the second quarter of 2025 after no sales in the prior-year quarter. Utility product sales were $871,000 compared to $2.1 million in the second quarter of 2024 due to a surge in sales in the prior-year quarter related to data centers. Miscellaneous wall and product sales totaled $852,000, compared to $2.2 million in the second quarter of 2024. The Company did not report any architectural panel sales in the second quarter of 2025.

**Service Revenue**

Service revenue which is comprised of royalty income, barrier rental revenue, and shipping and installation totaled $12.8 million in the second quarter of 2025 compared to $6.5 million in the prior-year quarter. Barrier rental revenue was $5.8 million compared to $1.4 million in the second quarter of 2024. The increase is attributed to an increase in our core barrier rental fleet and a special barrier project that was installed and completed during the second quarter of 2025. Shipping and installation revenue was $5.6 million compared to $4.3 million in the prior-year quarter. The increase is primarily attributed to an increase in the shipping and installation of rental barrier, Easi-Set and SlenderWall projects. Royalty income increased 53 percent year over year to $1.3 million.

**Balance Sheet and Liquidity**

As of June 30, 2025, Smith-Midland's cash totaled $7.1 million compared to $7.5 million at the end of fiscal 2024. Account receivables totaled $31.5 million, and debt totaled $4.8 million as of June 30, 2025. Capital spending totaled $1.9 million in the second quarter of 2025.

**Macro Environment and Outlook**

Infrastructure initiatives across the United States continue to drive greater bidding activity and a subsequent increase in backlog for its portfolio of patented, proprietary, and custom products and several SlenderWall projects are scheduled to continue production in the second half of the year. Service revenue for the first half of 2025 included two special barrier rental projects that are not anticipated to recur in the second half of the year. The Company is increasing its inventory of rental barrier in 2025 and 2026 to meet the increasing demand for rental barrier in its market.

Inflationary pressures still remain, and the Company continues to manage its materials costs while attracting and retaining skilled labor. Backlog was approximately $54 million recorded as of August 2025 compared to $59 million in backlog one year prior. The majority of the backlog is anticipated to be fulfilled within 12 months; however, some projects may have a multi-year timeline The Company remains focused on long-term strategic growth initiatives to drive shareholder value.

**About Smith-Midland**

Smith-Midland develops, manufactures, licenses, rents, and sells a broad array of precast concrete products and systems for use primarily in the construction, transportation, and utility industries.

Smith-Midland Corporation has three manufacturing facilities in: Midland, VA, Reidsville, NC, and Columbia, SC, and a J-J Hooks® Safety Barrier rental firm, Concrete Safety Systems. Easi-Set Worldwide, a wholly owned subsidiary of Smith-Midland Corporation, licenses the production and sale of Easi-Set products, including J-J Hooks and SlenderWall®, and provides diversification opportunities to the precast industry worldwide. For more information, please call (540) 439-3266 or visit <u>www.smithmidland.com</u>.

**Forward-Looking Statements**

This announcement contains forward-looking statements, which involve risks and uncertainties. The Company's actual results may differ significantly from those discussed in the forward-looking statements. Factors that might cause such a difference include, but are not limited to, product demand, the impact of competitive products and pricing, capacity and supply constraints or difficulties, the uncertainties arising from the policies of the new Administration and DOGE, the risk of less government spending on infrastructure than anticipated, inflationary factors including potential recession, our material weaknesses in internal controls, general business and economic conditions, our debt exposure, our high level of accounts receivables, the effect of the Company's accounting policies and other risks detailed in the Company's Annual Report on Form 10-K and other filings with the Securities and Exchange Commission.

**Company Contact:**

Dominic L. Hunter

540-439-3266

<u>investors@smithmidland.com</u>

**Investor Relations:**

Steven Hooser or John Beisler

Three Part Advisors, LLC

214-872-2710