Smith-Midland Q3 net income $2.9M ($0.54/sh) on revenue $21.5M; product sales up 11%

SMITH MIDLAND CORP

2025-Q3 EPS reported $1.96 revenue$70,335,000

Revenue $21.5M vs $23.6M YoY; product sales increased 11% to $11.9M.
Service revenue fell to $9.5M from $12.8M due to non-recurring barrier projects.
Net income $2.9M ($0.54 diluted) vs $3.2M ($0.59) a year ago; gross margin 26.8%.
Backlog $54.8M as of Nov 1 (vs $62.8M prior year); majority expected within 12 months.
Cash $13.4M, debt $4.6M; company sees tailwinds from infrastructure and data center demand.

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