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Smith-Midland Corporation (SMID) investor relations material
Smith-Midland Corporation 17th Annual Southwest IDEAS Conference summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Industry trends and market drivers
Nationwide replacement of all highway concrete safety barriers is underway, driven by updated federal standards, with full compliance required by 2030 in Virginia and 2027 in California.
Infrastructure investment is a major tailwind, with global demand for new infrastructure projected at $68 trillion by 2040.
Population growth in the Mid-Atlantic and Southeast U.S. is fueling construction and infrastructure demand.
Off-site modular construction is gaining traction due to labor shortages and efficiency needs.
Product and service highlights
Four proprietary products, including J-J Hook barrier and SlenderWall panel, are market leaders in their segments.
Rental division for highway safety barriers has over 90% utilization, with recurring revenue and upfront payments.
Licensing of proprietary products is expanding, with over 40 precasters producing under license and royalty revenue growing 10% annually.
Custom precast products serve diverse markets, including security and architectural applications.
Financial performance and outlook
Q3 2025 revenue reached $11.9 million, up 11% year-over-year; trailing 12-month revenue was $88.9 million, a 33% increase.
Backlog stands at $54.8 million, with a strong sales pipeline and expanded sales team in the Southeast.
Earnings per share for the trailing 12 months rose to $2.23 from $1.45 the prior year.
Royalty revenue for the first nine months of 2025 was $3.2 million, up 33% from the prior year, and is expected to approach $5 million for the full year.
Deferred rental income on the balance sheet is about $10 million, reflecting future revenue from barrier rentals.
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