- Smith-Midland Corp. reported strong financial performance, with **revenue increasing 31.7%** to **$78.5 million** in **2024** from **$59.6 million** in **2023**, and a trailing twelve-month revenue of **$91 million** as of **June 2025**.  **[924719_tx_375180_7]**  **Q2 2025** revenue was a record **$26.2 million**, contributing to an **EPS of $0.79** for the quarter.  **[924719_tx_375180_7]** 
- The company expects continued growth driven by the **mandated replacement of all concrete barriers** by **2030** due to new crash test standards, with California requiring replacement by **January 1, 2026**.  **[924719_tx_375180_1]** **[924719_tx_375180_3]** **[924719_tx_375180_5]**  This transition significantly benefits its manufacturing and licensing divisions.  **[924719_tx_375180_1]** **[924719_tx_375180_4]** 
- Smith-Midland is expanding its **barrier rental fleet**, which is currently **90% utilized**.  **[924719_tx_375180_3]**  The company plans to add another **30 miles** of barrier, a **30% increase**, to its rental program in **2025 and 2026**.  **[924719_tx_375180_3]** 
- The licensing business, which earns a **6% royalty** on products, saw royalty revenue increase **15-20%** in the first half of **2025**, with full-year royalty revenue expected to be shy of **$5 million**.  **[924719_tx_375180_4]** **[924719_tx_375180_5]** **[924719_tx_375180_8]**

SMITH MIDLAND (SMID)