Smith-Midland Q2 Revenue Falls 11% but Backlog Jumps 19% to $57.4M
SMID is trading near its 52-week low of $25.595 (10% above the low).
Summary
Smith-Midland reported Q2 2026 revenue of $23.4M and net income of $1.4M, down from $26.2M and $4.2M a year ago, but backlog rose 19% sequentially to $57.4M, including a $10M Virginia DOT contract.
Key Events · Earnings and Guidance · SMID
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Q2 Revenue and Earnings Decline
Revenue fell 11% to $23.4M and net income dropped 67% to $1.4M ($0.26/share) versus $4.2M ($0.79/share) a year ago, driven by the absence of a high-margin special barrier rental project.
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Backlog Surges 19% Sequentially
Backlog reached $57.4M as of August 1, 2026, up from $48.2M at the end of Q1 and $54M a year ago, reflecting strong demand across product lines.
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Major New Contract Awards
Secured a $10M contract for the I-81 project with Virginia DOT (third largest in company history), a $1.7M data center project in Louisiana, and nearly $1M in utility vaults for a Virginia data center.
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Balance Sheet Remains Solid
Cash totaled $10.7M and debt $4.1M as of June 30, 2026, providing liquidity for planned investments in rental fleet expansion and production facilities.
Analysis · SMID · Manufacturing
Smith-Midland's Q2 results show a continued earnings decline from last year's special barrier project, but the 19% sequential backlog increase and a $10M Virginia DOT contract signal strengthening demand. The company's cash position remains adequate at $10.7M against $4.1M debt, and management expects higher product sales for the full year. The material weakness in internal controls remains a risk, but the backlog momentum and new project awards are the key takeaways.
How filings like this one have moved
In the 30 days to Oct 1, 2026, 30.1% of the 1612 measured filings Wiseek scored 7 moved their stock by 5% or more by the next session's close. The median move was -0.53%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, SMID was trading at $28.21 on NASDAQ in the Manufacturing sector, with a market capitalization of approximately $149.7M. The 52-week trading range was $25.60 to $43.66. This filing was assessed with neutral market sentiment and an importance score of 7 out of 10.