SMITH MIDLAND CORP(SMID)— Stock Profile, AI Score & Financials
Materials · Nasdaq · AI-powered stock analysis, 32-signal quality score, SEC EDGAR financials, and institutional holdings. Updated .
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 56.3/100 on a 32-signal composite quality model, placing it at rank #1,190 of 2,962 stocks — the top half of the AI-ranked universe. SMID scores in the top quartile across balance sheet strength (95.0). Areas of concern include revenue scale (14.2) and institutional flow (19.2), 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, free cash flow of $-2.4M. 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.
AI Quality Score
56.3/100
AI Rank
#1,190
Revenue
$23.4M
Net Income
$1.4M
Free Cash Flow
$-2.4M
SMID key financials by period
SMITH MIDLAND CORP reported revenue, net income and margins by fiscal period, from SEC filings.
Period
Form
Revenue
Net income
Operating margin
FY 2025
10-K
$93.4M
$12.5M
18.2%
FY 2024
10-K
$78.5M
$7.7M
12.6%
FY 2023
10-K
$59.6M
$795.0K
1.9%
FY 2022
10-K
$50.1M
$800.0K
1.7%
FY 2021
10-K
$50.6M
$7.6M
12.2%
FY 2020
10-K
$43.9M
$2.7M
8.6%
Institutions holding SMID
Institutional investors reporting a position in SMITH MIDLAND CORP on SEC Form 13F.
AI-extracted from the 10-Q filed 2026-06-10 — Q1 2026 (quarter ended March 31, 2026). Every figure is machine-verified against the filing text on SEC EDGAR.
Biggest Revenue Drivers
Product Sales$11.8M+29% YoY
Increased customer demand for Easi-Set/Easi-Span buildings, utility products, and barrier sales; offset by lower soundwall sales due to timing of project production schedules.
Shipping and Installation Revenue$6.8M+45% YoY
Increased product sales including building, utility, and barrier products requiring installation and shipping services.
Biggest Revenue Drivers
Total revenue: $21.6M-5% YoY
Product Sales$11.8M+29% YoY
Increased customer demand for Easi-Set/Easi-Span buildings, utility products, and barrier sales; offset by lower soundwall sales due to timing of project production schedules.
Shipping and Installation Revenue$6.8M+45% YoY
Increased product sales including building, utility, and barrier products requiring installation and shipping services.
Barrier Rentals$2.2M-74% YoY
Absence of a large special barrier project that positively impacted Q1 2025; standard barrier rental activity expected to trend positively.
Royalty Income$0.8M-8% YoY
Large project generating higher royalties from one licensee in Q1 2025 did not recur in Q1 2026.
Largest Expense Items
Cost of Sales$17.3M+10% YoY
Cost of sales as percentage of revenue increased to 83% from 72%, due to reduction in high-margin special barrier project revenue and relative increase in lower-margin product sales.
General and Administrative Expenses$1.8M+11% YoY
Increased personnel-related costs, professional fees, and costs associated with internal control and financial reporting remediation activities.
Selling Expenses$0.8M-18% YoY
Lower commission expense associated with reduced barrier rental revenues.
Margins: Gross margin compressed significantly to 20% in Q1 2026 from 31% in Q1 2025, primarily due to the absence of high-margin special barrier projects and the mix shift toward lower-margin product sales. Operating margin fell to 8% from 19% as a result of revenue decline and cost of sales pressure.
Watch Items from the Filing
Two customers represented 16% and 10% of Q1 2026 revenue; two customers exceeded 10% of outstanding receivables as of March 31, 2026.
Company identified material weaknesses in internal controls over financial reporting related to control environment, risk assessment, and financial reporting processes; CFO turnover from July 2024 to April 2025 and accounting manager resignation in February 2026 delayed closing cycles.
Sales backlog declined to $48.1M as of May 11, 2026 from $52.4M a year prior; company expects Q2 2026 to lack special barrier project present in Q2 2025, anticipating significant revenue decline.
Company experienced ransomware incident in Q1 2025 with no ransom paid; continues addressing notifications and implementing network security improvements.
Accounts receivable, net increased to $28.1M from $27.2M; company expects to invest over $12M in capital expenditures during 2026 for manufacturing expansion and barrier production capacity.
AI-extracted and verified against SEC EDGAR filing text. Not investment advice.
