Smith-Midland Q2 revenue up 11% to $14.7M but net loss of $782K due to panel rework and wire fraud

SMITH MIDLAND CORP

Revenue $14.7M (+11% YoY); product sales $10.7M (+58% YoY) driven by Soundwall and SlenderWall.
Net loss of $782K ($0.15 loss per share) vs net income of $910K ($0.17 EPS) in Q2 2022.
Gross margin fell to 12.2% from 24.4% due to $400K cost for remaking architectural panels and lower-margin product mix.
Cybersecurity incident caused $342K wire fraud loss; $67K recovered from insurance; further recovery expected.
Record backlog of $60.9M as of Aug 1, 2023, with preliminary Q3 2023 revenue growth exceeding 20% YoY.

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

SMITH MIDLAND CORP reported the second quarter of 2023 results: revenue $14.7 million, net income loss per share of $0.15, EPS $0.15.

Period: the second quarter of 2023
Revenue: $14.7 million
Net income: loss per share of $0.15
EPS: $0.15
Result: reported results

Exact text from the filing

Financial Officer 3 --- EX-99.1 (EX-99.1) --- smid_ex991.htm EXHIBIT 99.1 Smith-Midland Reports Second Quarter 2023 Financial Results Revenue Increased 11% from Prior Year to $14.7 Million; Record Backlog of $60.9 Million Announces Preliminary Third Quarter Year-over-Year Revenue Growth in Excess of 20% MIDLAND, VA – October 11, 2023 – Smith-Midland Corporation

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Source: SEC EDGAR

accession 0001654954-23-012805

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