SMITH MIDLAND (SMID) Company Report

Smith-Midland (SMID) reported Q3 2025 revenue of $11.9 million, an 11% increase over Q3 2024, and trailing 12-month revenue of $88.9 million (into September), a 33% increase over the prior year.
The company's trailing 12-month Earnings Per Share (EPS) reached $2.23, up from $1.45 in 2024.
A significant market tailwind is the ongoing replacement of concrete highway barriers across the United States due to new Federal Highway Administration standards, which is driving demand for SMID's proprietary J.J. Hook barrier.
SMID's rental division for highway safety barriers operates at over 90% utilization and benefits from a model where 100% of rental revenue is paid upfront, contributing to a deferred income of approximately $10 million on its balance sheet.
Royalty revenue from licensing proprietary products, which carries a 100% gross margin, increased 33% to $3.2 million in the first nine months of 2025 compared to the same period in 2024, with expectations to reach nearly $5 million for the full year 2025.

Nov 20, 2025, 8:00 PM

Smith-Midland Reports Strong Q3 and Trailing 12-Month Performance Driven by Infrastructure Demand and Barrier Replacement

SMID

Revenue Acceleration/Inflection

New Projects/Investments

Guidance Update

Smith-Midland reported Q3 2025 revenue of $11.9 million, an 11% increase over Q3 2024.
For the trailing 12 months into September, revenue reached $88.9 million, a 33% increase over the prior year, with Earnings Per Share (EPS) of $2.23 compared to $1.45 in 2024.
Royalty revenue, which has a 100% gross margin, increased 33% to $3.2 million in the nine months into 2025, up from $2.4 million in the same period of 2024, and is expected to be just under $5 million for the full year 2025.
The company's rental division is experiencing high demand, operating at over 90% utilization of its fleet, and has approximately $10 million in deferred income on its balance sheet from upfront payments.
A major growth driver is the mandated replacement of all concrete highway safety barriers across the United States due to new Federal Highway Administration standards, with states like California requiring replacement of old-style barriers by the end of 2027.

Nov 20, 2025, 8:00 PM

Smith-Midland Reports Strong Q3 2025 Revenue and Growth Driven by Barrier Replacement and Licensing

SMID

Revenue Acceleration/Inflection

New Projects/Investments

Guidance Update

Smith-Midland (SMID) reported Q3 2025 revenue of $11.9 million, an 11% increase over Q3 2024, contributing to $88.9 million in trailing 12-month revenue (into September 2025), a 33% increase over the prior year. The company also reported trailing 12-month EPS of $2.23, up from $1.45 in 2024, and a backlog of $54.8 million.
The company's rental division, which rents highway safety barriers, is operating at over 90% utilization of its 100-mile fleet and is producing 60 pieces of barrier daily to meet demand. This growth is significantly driven by new Federal Highway Administration standards requiring the replacement of old-style barriers, with deadlines such as 2030 in Virginia and the end of 2027 in California.
Smith-Midland's licensing business, particularly for its proprietary J-J Hook barrier, is experiencing substantial growth, with royalty revenue increasing 33% to $3.2 million for the nine months into 2025 and projected to reach just under $5 million for the full year 2025. The company anticipates capturing 60-80% of the new barrier market in California and 80-100% in Texas due to the efficiency of its J-J Hook design.

Nov 20, 2025, 8:00 PM

Smith-Midland Corp. Reports Strong Financial Growth and Outlines Key Business Tailwinds

SMID

Revenue Acceleration/Inflection

New Projects/Investments

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. Q2 2025 revenue was a record $26.2 million, contributing to an EPS of $0.79 for the quarter.
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. This transition significantly benefits its manufacturing and licensing divisions.
Smith-Midland is expanding its barrier rental fleet, which is currently 90% utilized. The company plans to add another 30 miles of barrier, a 30% increase, to its rental program in 2025 and 2026.
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.

Aug 27, 2025, 5:40 PM

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SMITH MIDLAND (SMID)