secwatch.observer — SEC 8-K summary
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Issuer:     SMITH MIDLAND CORP (SMID)
CIK:        0000924719
Form:       8-K
Filed at:   2023-10-11T23:59:59+00:00
Accession:  0001654954-23-012805
Event type: earnings
Sentiment:  negative
Materiality: 0.75
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/924719/000165495423012805/0001654954-23-012805-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/924719/000165495423012805/smid_8k.htm
  HTML page:      https://secwatch.observer/filing/0001654954-23-012805

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