$SMID

SMITH MIDLAND CORP

CIK:0000924719|SEC Filings

Condensed Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenue
Product sales	$ 11,202	$ 13,436	$ 22,988	$ 22,548
Barrier rentals	3,212	5,781	5,413	14,205
Royalty income	929	1,326	1,752	2,216
Shipping and installation revenue	8,020	5,643	14,782	9,915
Total revenue	23,363	26,186	44,935	48,884
Cost of sales	17,944	18,400	35,213	34,123
Gross profit	5,419	7,786	9,722	14,761
Operating expenses
General and administrative expenses	2,483	1,514	4,236	3,098
Selling expenses	951	754	1,773	1,758
Total operating expenses	3,434	2,268	6,009	4,856
Operating income	1,985	5,518	3,713	9,905
Other income (expense)
Interest expense	(66)	(62)	(113)	(117)
Interest income	51	6	116	13
Other income (expense)	(155)	20	(140)	28
Total other income (expense)	(170)	(36)	(137)	(76)
Income before income tax expense	1,815	5,482	3,576	9,829
Income tax expense	434	1,311	856	2,331
Net income	$ 1,381	$ 4,171	$ 2,720	$ 7,498
Basic and diluted earnings per common share	$ 0.26	$ 0.79	$ 0.51	$ 1.41
Weighted average number of common shares outstanding:
Basic	5,307	5,305	5,307	5,305
Diluted	5,307	5,305	5,307	5,305

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net income	$ 2,720	$ 7,498
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	1,986	1,302
(Gain) loss on sale of property and equipment	(1)	0
Allowance for credit losses	332	198
Stock compensation	15	10
Deferred taxes	4	(10)
(Increase) decrease in
Accounts receivable - billed	4,111	(11,091)
Accounts receivable - unbilled	(612)	87
Inventories	(1,606)	(508)
Prepaid expenses and other assets	287	(828)
Income tax receivable	(1,167)
Increase (decrease) in
Accounts payable - trade	205	781
Accrued expenses and other liabilities	127	7
Deferred revenue	(81)	3,698
Accrued compensation	(449)	24
Accrued income taxes	(1,602)	134
Customer deposits	(1,624)	1,098
Net cash provided by (used in) operating activities	2,645	2,400
Cash flows from investing activities:
Purchases of property and equipment	(3,555)	(2,515)
Net cash provided by (used in) investing activities	(3,555)	(2,515)
Cash flows from financing activities:
Repayments of long-term borrowings	(311)	(332)
Net cash provided by (used in) financing activities	(311)	(332)
Net increase in cash	(1,221)	(447)
Cash
Beginning of period	11,884	7,548
End of period	10,663	7,101
Supplemental Cash Flow Information:
Cash payments for interest	113	117
Cash payments for income taxes	3,621	2,175
Non-Cash Investing Activities
Capital expenditures in accounts payable	$ 86	$ 570

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets
Cash	$ 10,663	$ 11,884
Accounts receivable, net
Trade - billed (less allowances of approximately $871 and $539, respectively), including contract retentions	22,785	27,228
Trade - unbilled	1,785	1,173
Inventories, net
Raw materials	1,979	1,710
Finished goods	6,555	5,218
Prepaid expenses	1,127	1,511
Income tax receivable	1,190	23
Total current assets	46,084	48,747
Property and equipment, net	40,008	38,478
Other assets	601	504
Total assets	86,693	87,729
Current liabilities
Accounts payable - trade	5,647	5,482
Accrued expenses and other liabilities	1,044	907
Deferred revenue	1,505	1,128
Accrued compensation	1,715	2,164
Accrued income taxes	0	1,602
Operating lease liabilities	21	20
Current maturities of notes payable	661	648
Customer deposits	757	2,381
Total current liabilities	11,350	14,332
Deferred revenue	13,305	13,763
Operating lease liabilities	59	70
Notes payable - less current maturities	3,475	3,799
Deferred tax liability	1,465	1,461
Total liabilities	29,654	33,425
Stockholders' equity
Preferred stock, $.01 par value; authorized 1,000,000 shares, none issued and outstanding	0	0
Common stock, $.01 par value; authorized 8,000,000 shares; 5,347,882 and 5,347,474 issued and 5,306,962 and 5,306,554 outstanding as of June 30, 2026 and December 31, 2025, respectively	54	54
Additional paid-in capital	7,791	7,776
Treasury stock, at cost, 40,920 shares	(102)	(102)
Retained earnings	49,296	46,576
Total stockholders' equity	57,039	54,304
Total liabilities and stockholders' equity	$ 86,693	$ 87,729