Smith-Midland Corporation reported significant financial growth in its latest quarterly filing, with total revenue reaching $26.2 million for the three months ended June 30, 2025, a 33% increase from $19.6 million in the same period last year. For the first half of 2025, revenue rose to $48.9 million, up from $36.4 million in the prior year. The company attributed this growth primarily to increased sales from special barrier projects, soundwall sales, and Easi-Set building sales, alongside higher royalty income and shipping and installation revenue. Net income for the second quarter was $4.2 million, compared to $2.0 million in the same quarter of 2024, while net income for the first half of 2025 was $7.5 million, up from $3.1 million in the previous year.
The company’s cost of sales as a percentage of revenue decreased to 72% for both the second quarter and the first half of 2025, down from 77% and 78%, respectively, in the same periods of 2024. This reduction is attributed to the higher margins associated with the special barrier projects executed during the first and second quarters of 2025. Operating income also saw a substantial increase, reaching $5.5 million for the second quarter and $9.9 million for the first half, compared to $2.7 million and $4.2 million in the respective periods of 2024.
In terms of operational developments, Smith-Midland's accounts receivable increased significantly to $30.3 million as of June 30, 2025, compared to $19.4 million at the end of 2024, reflecting higher billings due to increased revenue. The company’s cash position decreased slightly to $7.1 million from $7.5 million at the end of 2024, primarily due to cash absorbed by the increase in accounts receivable. The company’s inventory also rose to $7.2 million, indicating preparations for anticipated delivery schedules. As of August 2, 2025, the company reported a sales backlog of approximately $54 million, down from $59 million a year earlier, with expectations that most projects will be produced within the next 12 months.
Looking ahead, Smith-Midland anticipates that funding from the Infrastructure Investment and Jobs Act will begin to flow through state and local governments in the latter half of 2025, potentially boosting revenue in the highway, transportation, and infrastructure markets. The company is also focusing on increasing its marketing and sales efforts for its SlenderWall products and barrier rentals as part of its long-term strategic objectives. However, the company acknowledged risks related to its ability to maintain profitability, manage its substantial debt, and navigate market conditions, including inflation and potential changes in government spending on infrastructure.
About SMITH MIDLAND CORP
Smith-Midland Corporation designs, manufactures, and markets precast concrete products and systems for construction, highway, utilities, and farming industries. Its core offerings include innovative products like lightweight exterior wall panels, highway safety barriers, sound barriers, transportable buildings, utility vaults, and erosion control modules. Serving primarily U.S. government agencies and contractors, the company emphasizes proprietary technology, licensing, and efficient installation to provide durable, cost-effective infrastructure solutions.
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