AI-extracted from the 10-Q filed 2026-08-14 — Q2 FY2026 (quarter ended June 30, 2026). Every figure is machine-verified against the filing text on SEC EDGAR.
Smith-Midland's Q2 2026 revenue fell 11% to $23.4M and net income fell to $1.4M as prior-year special barrier projects did not recur, though shipping/installation and barrier sales grew.
Biggest Revenue Drivers
Product sales$11.2M-17% YoY
Lower soundwall, SlenderWall and Easi-Set sales from production timing, partly offset by barrier and utility sales growth.
Shipping and installation revenue$8.0M+42% YoY
Several large multi-year jobs concluded their delivery cycles in 2026.
Biggest Revenue Drivers
Total revenue: $23.4M-11% YoY
Product sales$11.2M-17% YoY
Lower soundwall, SlenderWall and Easi-Set sales from production timing, partly offset by barrier and utility sales growth.
Shipping and installation revenue$8.0M+42% YoY
Several large multi-year jobs concluded their delivery cycles in 2026.
Barrier rentals$3.2M-44% YoY
Decrease mainly attributed to a special barrier project in Q2 2025 that did not recur in 2026.
Royalty income$0.9M-30% YoY
A large licensee project in the prior-year period did not recur.
Largest Expense Items
Cost of sales$17.9M-2% YoY
Cost of sales rose to 80% of revenue (ex-royalties) from 74%, due to the absence of higher-margin special barrier projects.
Selling expenses$0.95M+26% YoY
Increase due to additional sales associate positions and selling expenses.
Margins: Gross profit fell to $5.4M from $7.8M as cost of sales rose to 80% of revenue (ex-royalties) from 74%, driven by the non-recurrence of higher-margin special barrier projects. The company expects cost of sales to improve with higher-margin backlog.
Watch Items from the Filing
For the six months ended June 30, 2026, one customer accounted for 10% of revenue, and one customer's receivable balance exceeded 17% of total receivables.
Management identified material weaknesses in internal control over financial reporting that have not been remediated; disclosure controls were concluded not effective as of June 30, 2026.
Sales backlog was approximately $57.4M as of August 1, 2026, up from about $54M a year earlier.
Days sales outstanding rose to 105 days for the six months ended June 30, 2026, from 96 days a year earlier.
Cash fell to $10.7M from $11.9M at year-end, with capital spending of $3.6M in the first half and up to $9.0M planned for 2026.
AI-extracted and verified against SEC EDGAR filing text. Not investment advice.
Officers, directors and 10% owners with a Form 4 filed in the last 24 months, most recent first. From SEC EDGAR.
Smith Matthew IReporting ownerGrant or award · Sep 2, 2026
Hunter Dominic LChief Financial OfficerGrant or award · Jan 5, 2026
Gerhardt RichardReporting ownerGrant or award · Dec 19, 2025
Van de Water ReadReporting ownerGrant or award · Dec 19, 2025
Bruner James RussellReporting ownerGrant or award · Dec 19, 2025
About SMITH MIDLAND CORP (SMID): stock profile, AI score and financials
SMITH MIDLAND CORP (SMID) stock profile, AI quality score, and SEC EDGAR financial data, a Materials sector company. 13F Pro's AI-powered ranking engine scores SMID at 57.6/100 on a composite quality score built from its SEC filings, placing it at rank #1,084 of 2,925 stocks — the top half of the AI-ranked universe. SMID scores in the top quartile across balance sheet strength (95.0), earnings quality (75.0). Areas of concern include revenue scale (14.4) and institutional flow (18.3), which score below median versus the broader universe. Based on the latest XBRL financial filings (Q2 2026), SMITH MIDLAND CORP reports quarterly revenue of $23.4M, net income of $1.4M, an operating margin of 8.5%. Top institutional holders of SMID by reported 13-F value include THOMPSON DAVIS, NEEDHAM INVESTMENT MANAGEMENT, BlackRock, based on the most recent SEC filings. SMID trades on the Nasdaq exchange and files with the SEC under CIK 924719. 13F Pro's AI research platform runs 10 specialized AI analysts — value, growth, momentum, macro, and activist specialists — that debate SMID daily and publish AI-generated analysis with cited SEC sources. The platform aggregates historical XBRL financial facts, 10-Q and 10-K filings, insider Form 4 transactions, and institutional 13-F holdings for SMITH MIDLAND CORP directly from SEC EDGAR.