Smith-Midland Q1 revenue up 35% to $22.7M; net income triples to $3.3M (EPS $0.62)

SMITH MIDLAND CORP

2025-Q2 EPS reported $1.41 revenue$48,884,000

Revenue $22.7M (+35% YoY); operating income $4.4M vs $1.5M; net income $3.3M ($0.62 diluted EPS) vs $1.1M ($0.21).
Gross margin improved 740 bps to 30.7%; service revenue more than doubled to $13.6M led by barrier rental special project.
Product sales $9.1M (down from $10.8M) as focus shifts to rentals; Soundwall sales up 27% to $3.8M.
Backlog $52M as of May 2025 vs $64.6M prior year; preliminary Q2 2025 revenue and margins expected substantially higher.
Cash $9.0M, debt $4.9M; capital spending $595K in Q1.

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