Smith-Midland Corporation (SMID)

Smith-Midland's stock experienced a decline of 18.36% over six months and 28.97% over the last year. In Q3 2025, product sales increased, but overall revenue declined due to fewer special barrier rental projects, although a record nine-month net income was achieved. The company secured over $2 million in SlenderWall projects and a $4 million barrier rental contract. Smith-Midland received a NASDAQ non-compliance notice due to a delayed 10-K filing, which was later resolved. The company reported its highest annual revenue and net income in company history for the full year 2024.

Demand for Smith-Midland's products is influenced by infrastructure initiatives and projects, with consistent demand for products like utility vaults and soundwalls. Service revenue from special barrier rental projects can fluctuate. Barrier sales are expected to trend lower as the company shifts towards barrier rentals, while product sales are expected to increase. Lower interest rates may spur new construction projects.

Smith-Midland Corporation specializes in the design, manufacture, and installation of precast concrete products and systems. Their product portfolio includes SlenderWall, J-J Hooks, Easi-Set and Easi-Span Buildings, SoftSound Soundwall Panels, Easi-Set Utility Vaults, Sierra Wall, Beach Prisms, and H2Out. The company also licenses its products and provides installation and construction services.

Smith-Midland's manufacturing spans the East Coast, with plants in Virginia, North Carolina, and South Carolina. They license products internationally in locations such as the United States, Canada, New Zealand, Australia, Belgium, Mexico, and Trinidad. Their construction services cover five Mid-Atlantic states: Virginia, Maryland, Delaware, Pennsylvania, and Washington D.C.

Smith-Midland has a reputation for innovative, high-quality precast concrete products and superior service. The company emphasizes integrity, lean manufacturing, safety, and quality control, and achieved Gold Status in the ABC Safety Award Program. A NASDAQ deficiency notice due to a delayed 10-K filing was resolved, indicating a commitment to compliance.

Institutional investors hold a significant stake in Smith-Midland, with 145 owners holding 3,491,389 shares. Hedge funds possess 35% of the company's shares, and the general public holds 28%. Rodney Smith is a significant individual shareholder, and CEO Ashley Smith owns 3.3% of the company's shares.