Smith-Midland (SMID) Q2 2025 earnings summary

Executive summary

• Net income for Q2 2025 was $4.17M, up from $1.98M in Q2 2024; six-month net income was $7.50M, up from $3.13M year-over-year.

• Total revenue for Q2 2025 rose to $26.19M from $19.64M in Q2 2024, driven by special barrier projects, soundwall, and building sales.

• Cost of sales as a percentage of revenue decreased to 72% in Q2 2025 from 77% in Q2 2024, reflecting higher-margin projects.

• Operating income for Q2 2025 was $5.52M, up from $2.67M in Q2 2024; six-month operating income was $9.91M, up from $4.18M.

• Basic and diluted EPS for Q2 2025 was $0.79, up from $0.37 in Q2 2024.

Financial highlights

• Revenue for the six months ended June 30, 2025 was $48.88M, up from $36.39M year-over-year.

• Gross profit for Q2 2025 was $7.79M, up from $5.13M in Q2 2024.

• General and administrative expenses for Q2 2025 decreased to $1.51M from $1.67M in Q2 2024, representing 6% of revenue.

• Cash at June 30, 2025 was $7.10M, down from $7.55M at December 31, 2024.

• Accounts receivable increased to $30.31M at June 30, 2025 from $19.42M at year-end 2024.

Outlook and guidance

• Sales backlog as of August 2025 was $54M, down from $59M a year earlier; most projects expected to be produced within 12 months.

• Anticipates Infrastructure Investment and Jobs Act funding to support future growth, but no assurance provided.

• Expects soundwall, building, and barrier rental sales to trend similarly or higher in the second half of 2025.

• Raw material costs expected to slightly increase for the remainder of 2025.

• Capital expenditures for 2025 projected at $5M, focused on expanding production and facilities.