Smith-Midland reports record annual revenue $78.5M, net income $7.7M

SMITH MIDLAND CORP

2025-Q1 EPS reported $0.62 revenue$22,698,000

FY 2024 revenue up 32% to $78.5M; net income of $7.7M ($1.45 diluted EPS) vs $795K ($0.15) in FY 2023.
Q4 2024 revenue rose 13% to $18.5M; net income of $1.4M ($0.26 diluted EPS) vs $230K ($0.04) a year ago.
Gross margin improved 760 bps to 25.5% for FY 2024, driven by higher volumes and fixed cost absorption.
Backlog was $59.5M as of March 2025, roughly flat year-over-year; most expected to ship within 12 months.
Preliminary Q1 2025 revenue, gross margin and net income each expected substantially above Q1 2024.

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