Smith-Midland Reports First Quarter 2026 Financial Results
Rhea-AI Summary
Smith-Midland (NASDAQ:SMID) reported first quarter 2026 revenue of $21.6 million, down from $22.7 million, as high-margin barrier rental projects did not repeat.
Product sales rose 29% to $11.8 million, net income was $1.3 million ($0.25/share), cash was $13.2 million, and backlog was about $48.1 million as of May 2025.
AI-generated analysis. How Rhea-AI works. Not financial advice.
Positive
- Product sales up 29% year-over-year to $11.8 million
- Net income of $1.3 million, or $0.25 per diluted share
- SlenderWall and architectural panel sales of approximately $1.5 million versus none prior year
- Shipping and installation revenue increased to $6.8 million from $4.3 million
- Cash balance rose to $13.2 million from $11.9 million
- Low debt level reported at $4.3 million as of March 31, 2026
Negative
- Total revenue declined to $21.6 million from $22.7 million
- Service revenue fell to $9.8 million from $13.6 million
- Barrier rental revenue dropped to $2.2 million from $8.4 million
- Gross margin decreased to 19.9% from 30.7%
- Operating income declined to $1.7 million from $4.4 million
- Net income decreased from $3.3 million to $1.3 million
- Backlog fell to approximately $48.1 million from $52.4 million year earlier
- Company expects Q2 2026 revenue and operating income to compare unfavorably to Q2 2025
News Market Reaction – SMID
On the day this news was published, SMID declined 8.67%, reflecting a notable negative market reaction. Argus tracked a peak move of +6.6% during that session. Argus tracked a trough of -4.4% from its starting point during tracking. Our momentum scanner triggered 8 alerts that day, indicating moderate trading interest and price volatility. This price movement removed approximately $16M from the company's valuation, bringing the market cap to $171.61M at that time.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Peers on Argus
SMID gained 10.2% while peers were mixed: LOMA up 4.92%, RETO up 12.25%, but CPAC, CAPT, and CAPS down, including CAPT off 30.9%. Moves do not show a unified sector trend.
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Apr 14 | Full-year 2025 results | Positive | -1.1% | Reported record 2025 revenue and net income with improved gross margin. |
| Mar 23 | Preliminary 2025 results | Positive | -1.0% | Issued preliminary Q4 and full-year 2025 guidance implying record net income. |
| Nov 13 | Q3 2025 earnings | Positive | -0.7% | Showed strong product growth and solid margins despite lower service revenue. |
| Aug 14 | Q2 2025 earnings | Positive | +0.8% | Reported exceptional Q2 2025 growth, higher margins, and robust backlog. |
| Jul 10 | Q1 2025 earnings | Positive | +7.5% | Delivered strong Q1 2025 growth in revenue, earnings, and margins. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Earnings releases have generally been positive fundamentally, but price reactions have often been muted or negative, with a slight positive average move overall.
Over the past year, Smith-Midland’s earnings reports have highlighted strong growth, particularly in 2025 when revenue reached $93.4M and net income $12.5M. Quarterly updates repeatedly showed rising product sales and solid margins, while service revenue fluctuated with nonrecurring barrier projects. Despite these positive fundamentals, shares often reacted only modestly, including small declines after record results. Today’s Q1 2026 report, with higher product sales but lower service revenue and margins, continues the theme of mix shifts away from prior special barrier projects.
Historical Comparison
Past earnings headlines moved SMID about 1.11% on average. Today’s 10.2% reaction to Q1 2026 results is a much larger swing than typical earnings responses.
Earnings updates have shown Smith-Midland moving from record 2025 annual performance into 2026 with continued product sales growth but more normalized service revenue as large barrier projects roll off, shifting the revenue mix and margins.
Regulatory & Risk Context
AI-generated analysis. How Rhea-AI works. Not financial advice.
Company Reports 29 Percent Year-Over-Year Increase in Product Sales and Continued Growth in Core Operations.
MIDLAND, VA / ACCESS Newswire / June 9, 2026 / Smith-Midland Corporation (NASDAQ:SMID), a provider of innovative, high-quality proprietary and patented precast concrete products and systems, today announced its first quarter results for the period ended March 31, 2026.
First Quarter 2026 Summary (compared to prior-year first quarter)
Revenue of
$21.6 million compared to$22.7 million Product sales increased 29 percent to
$11.8 million Gross Profit of
$4.3 million compared to$7.0 million Operating income of
$1.7 million compared to$4.4 million Net income of
$1.3 million , or$0.25 per diluted share, compared to$3.3 million and$0.62
"The Company's 2026 first quarter results reflected continued growth in our core manufacturing and infrastructure related businesses. While our reported earnings were lower than the prior year quarter, it is important to note that the first quarter of 2025 benefited from two significant, high-margin special barrier rental projects that occur on an irregular basis." said Ashley Smith, Chairman and Chief Executive Officer of Smith-Midland. "Product sales increased 29 percent from the prior-year quarter, thanks to continued strong demand for our Easi-Set and Easi-Span buildings, utility vaults and our SlenderWall and architectural panels. We expect this demand to sustain throughout 2026 as infrastructure spending continues at the federal, state and local levels. We also have multiple special project opportunities related to the upcoming America 250 events and the World Cup and continue to prepare for the upcoming barrier replacement cycle driven by MASH-TL3 regulatory compliance and our growing rental fleet. Overall, we remain confident in our ability to meet customer demand across the multiple sectors we serve and deliver long-term value to our shareholders," concluded Smith.
First Quarter 2026 Results
The Company reported 2026 first quarter revenues of
Gross profit was
Operating income for the quarter was
Product Sales
Total product sales for the first quarter of 2026 were
Service Revenue
Service revenue which is comprised of royalty income, barrier rental revenue, and shipping and installation totaled
Balance Sheet and Liquidity
As of March 31, 2026, Smith-Midland's cash totaled
Macro Environment and Outlook
The Company anticipates increased product sales for the full year of 2026 compared to 2025, but on which there can be no assurance. Infrastructure initiatives across the United States continue to drive greater bidding activity and a potential subsequent increase in backlog for its portfolio of patented, proprietary, and custom products. Inflationary pressures still remain, and the Company continues to manage its materials costs while attracting and retaining skilled labor. Backlog was approximately
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 www.smithmidland.com.
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 United States Government, the risk of less government spending on infrastructure than anticipated, inflationary factors including potential recession, our material weaknesses in internal controls, cyber security risks, general business and economic conditions, 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
investors@smithmidland.com
Investor Relations:
Steven Hooser or John Beisler
Three Part Advisors, LLC
214-872-2710
shooser@threepa.com; jbeisler@threepa.com
SOURCE: Smith-Midland
View the original press release on ACCESS Newswire