Smith-Midland Q2 revenue record $26.2M, net income doubles to $0.79 EPS

SMITH MIDLAND CORP

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

Revenue $26.2M (+33% YoY); net income $4.2M ($0.79 diluted EPS) vs. $2.0M ($0.37) prior year.
Gross margin improved 360 bps to 29.7%; operating income $5.5M vs. $2.7M.
Service revenue $12.8M (more than double YoY) driven by barrier rental ($5.8M) and a special project.
Product sales $13.4M; Soundwall $5.2M (+136% YoY), SlenderWall $1.5M (vs. $0).
Backlog ~$54M as of August 2025; special barrier projects not expected to repeat in H2 2025.

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