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Here are 1-2 brief analogies to describe Smith-Midland (SMID):

• Trex for precast concrete infrastructure and building components.
• Dolby Laboratories for patented precast concrete product designs and systems.

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• SlenderWall Architectural Precast Panels: A lightweight, composite precast concrete exterior cladding system used for building facades and architectural accents.
• Easi-Set Precast Buildings: Pre-engineered, modular precast concrete buildings providing durable, secure, and fire-resistant solutions for equipment enclosures, storage, and utility shelters.
• Easi-Set Sound Walls: Precast concrete noise barrier systems designed to reduce sound pollution along highways, railways, and industrial sites.
• J-J Hooks Highway Safety Barrier: Proprietary precast concrete highway safety barriers that interlock without bolts, providing robust crash protection and traffic management.
• Utility & Infrastructure Products: A range of precast concrete products for underground utilities and infrastructure, including vaults, manholes, and custom structures.

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Smith-Midland (SMID) primarily sells its precast concrete products and services to other companies and governmental entities (Business-to-Business, or B2B).

According to Smith-Midland's Annual Report on Form 10-K for the fiscal year ended December 31, 2023, no single customer accounted for more than 10% of total revenue for the past three fiscal years (2021, 2022, or 2023). Therefore, Smith-Midland does not have "major customers" that are individually identifiable by name and symbol in its public filings due to customer concentration.

However, the company broadly serves the following categories of customers for its direct sales:

• Governmental Agencies: State Departments of Transportation (DOTs), municipalities, and various federal agencies utilize Smith-Midland's precast concrete products for public infrastructure projects such as highways, bridges, utility installations, and public buildings.
• General Contractors and Subcontractors: These companies purchase precast concrete solutions for a wide range of commercial, industrial, and institutional construction projects.
• Commercial and Industrial Developers: Developers of business parks, industrial facilities, and large commercial complexes often specify and purchase Smith-Midland's products, including precast buildings, utility vaults, and sound walls.

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Ashley B. Smith, Chief Executive Officer, President, and Chairman of the Board

Ashley B. Smith became the Chief Executive Officer of Smith-Midland effective May 24, 2018, having previously served as President and Chief Operating Officer since 2008. He also assumed the role of Chairman of the Board in January 2023. Smith is the grandson of company co-founder David Smith and the son of former Chairman Rodney Smith, with whom he began his full-time career in the Sales and Marketing Department over 30 years ago. He managed the EASI-SET Worldwide licensing division from 1988 to 1991 and has been involved in the management and oversight of all company divisions throughout his tenure. Smith has been a Board Director since 1994. He is a past chairman of the National Precast Concrete Association and serves on the Board of Trustees of Bridgewater College.

Dominic L. Hunter, Chief Financial Officer

Dominic L. Hunter was appointed Chief Financial Officer of Smith-Midland, effective April 17, 2025. He brings over 20 years of financial leadership experience from a diverse range of organizations, including multinational public companies, privately held firms, non-profits, and startups. His executive background includes serving as Vice President at SRA International, a publicly traded government contractor with revenues of $1.7 billion, and as CFO of O'Gara-Hess & Eisenhardt Armoring Company, a U.S. military contractor known for manufacturing armored vehicles for U.S. Presidents. Hunter also served as an intelligence analyst in the United States Army and the National Guard's 29th Infantry Division. He is a Certified Public Accountant and a graduate of the University of Virginia McIntire School of Commerce.

Matthew I. Smith, Vice President of Sales & Marketing, President of Concrete Safety Systems

Matthew I. Smith has served as the Vice President of Sales and Marketing for Smith-Midland since 2008 and as President of Concrete Safety Systems, the company's barrier rental division, since 2015. Prior to these roles, he worked as the company's Utility Sales Manager for nine years and as Sales Manager for Smith-Carolina from 1990-1993. He joined the Smith-Midland Board of Directors in December 2023. Matthew is active in the local community, holding positions on the Board of Directors for Leadership Fauquier and as a Fauquier County Planning Commissioner. He is also a past president and current board member of the Precast Concrete Association of Virginia.

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The key risks to Smith-Midland (SMID) are primarily tied to the cyclical nature of its industry, internal control issues, and customer concentration.

1. Cyclical Nature of the Construction Industry and Dependence on Government Spending: Smith-Midland's business is highly susceptible to fluctuations in the broader construction and building materials industry, as well as government infrastructure spending. Factors such as economic conditions, inflation in raw materials, seasonality, and adverse weather can significantly impact demand for the company's precast concrete products, affecting production schedules, sales, and net income.
2. Material Weaknesses in Internal Control over Financial Reporting: The company has identified material weaknesses in its internal control over financial reporting. This has led to delays in filing its annual reports (10-K) and quarterly reports (10-Q) with the SEC, resulting in non-compliance notices from Nasdaq. While remediation efforts, including the hiring of new personnel and improvements to policies, are underway, these weaknesses pose a significant operational and regulatory risk.
3. High Customer Concentration: Smith-Midland faces a risk due to high customer concentration. Should key customers reduce their orders, it could lead to a substantial impact on the company's revenue and overall financial performance.

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• 3D Concrete Printing: This emerging technology enables the on-site creation of concrete structures and elements directly from digital models, potentially reducing the need for factory-produced precast components in some applications. While still maturing for large-scale infrastructure, advancements are rapidly making it more viable for various construction projects, offering benefits like design flexibility, reduced labor, and faster construction times for certain products.
• Mass Timber Construction: Materials like Cross-Laminated Timber (CLT) and Glued Laminated Timber (Glulam) are gaining significant traction as sustainable, lightweight, and rapidly constructible alternatives to concrete and steel in multi-story buildings, bridges, and other structures. As building codes adapt and supply chains mature, mass timber poses a direct threat by offering a competitive option in market segments traditionally served by precast concrete.

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Smith-Midland Corporation (SMID) operates primarily in the precast concrete products and systems industry within the United States. The company's main products and services, including various precast concrete offerings, contribute to several addressable markets.

Precast Concrete Market

The overall U.S. precast concrete market represents a significant addressable market for many of Smith-Midland's products, such as J-J Hooks highway safety barriers, Easi-Set and Easi-Span precast buildings and utility vaults, SoftSound absorptive sound walls, and other custom transportation and utility products.

• In 2023, the U.S. precast concrete market was estimated at approximately USD 19.77 billion. This market is projected to grow to approximately USD 29.74 billion by 2030, exhibiting a Compound Annual Growth Rate (CAGR) of 6.0% from 2024 to 2030. Other estimates place the U.S. precast concrete market size at USD 21.3 billion in 2024 and USD 21.7 billion in 2025. Another analysis suggests the U.S. precast concrete market was valued at USD 25.85 billion in 2024 and is projected to reach USD 47.19 billion by 2035, growing at a CAGR of 5.62% from 2025 to 2035. The North America precast concrete market, which the U.S. dominated in 2022, was valued at US$ 36.26 billion in 2022 and is expected to reach US$ 60.31 billion by 2030, with a CAGR of 6.5% from 2022 to 2030.

Lightweight Precast Wall Panel Market (for SlenderWall)

Smith-Midland's SlenderWall lightweight construction panel is a key offering in the architectural precast sector, specifically within the lightweight precast wall panel market.

• The U.S. lightweight precast wall panel market is projected to grow from USD 2.5 billion in 2024 to USD 5.5 billion by 2035, with a CAGR of 7.43% from 2025 to 2035. More broadly, the U.S. exterior wall systems market is projected to reach an estimated value of USD 55.45 billion by 2032.

For other specific products like J-J Hooks (highway safety barriers), SoftSound (sound walls), Easi-Set and Easi-Span buildings, and various utility products, their addressable markets are primarily encompassed within the broader U.S. precast concrete market. The company also generates revenue through licensing its proprietary products and offering barrier rental services in the Mid-Atlantic region, which are integral to the utilization of its precast concrete offerings.

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Smith-Midland Corporation (SMID) is expected to experience future revenue growth over the next 2-3 years driven by several key factors:

1. Increased Infrastructure Spending: The company anticipates continued growth supported by funding from the Infrastructure Investment and Jobs Act. This legislation is expected to fuel ongoing road repair activities, a primary driver for Smith-Midland's barrier rental business and other infrastructure-related products and services.
2. Growth in Barrier Rental Business: Smith-Midland's high-margin highway barrier rental business has been a significant contributor to revenue growth. The company is actively expanding its barrier inventory to support future demand, indicating a strategic focus on this profitable segment.
3. Rising Demand for Utility Products driven by Data Centers: Sales of utility products, particularly those serving the rapidly expanding data center market, have shown substantial year-over-year increases. This trend is expected to continue as data center development remains strong.
4. Expansion of Proprietary Products (SlenderWall and Soundwall):
   • SlenderWall: Smith-Midland is focused on expanding the product offering and capabilities of its SlenderWall system, including a new long-span design to meet larger building specifications and enter new markets. Recent contract wins for SlenderWall projects also point to continued growth.
   • Soundwall: Increased sales of Soundwall, often used for highway projects, have been identified as a key growth driver, with the company securing large contracts in this area.
5. Market Share Expansion in the Southeast: The company is strategically expanding its production facilities to enhance its market share in the Southeast region. This regional focus, particularly strong growth in states like North Carolina, is expected to contribute to overall revenue growth.

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Share Repurchases

• Smith-Midland's shares outstanding decreased by 0.71% in one year, as of November 2025.

Share Issuance

• No significant share issuances by the company for fundraising purposes were explicitly reported between 2020 and 2025.

Capital Expenditures

• Capital spending totaled $1.9 million in the second quarter of 2025.
• Capital expenditures were $6.6 million in 2024, an increase from $5.0 million in 2023.
• The company plans to expand its barrier inventory, with intentions to double its stock of barriers to approximately 550,000 linear feet, expecting future growth. These investments also support the expansion of existing manufacturing facilities and ongoing product innovation.