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• They're like a Trex, but for engineered precast concrete products such as highway barriers, building panels, and utility vaults.
• Think of them as an Armstrong World Industries, but specializing in exterior and infrastructure precast concrete solutions.

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• SlenderWall: A patented, lightweight, energy-efficient concrete and steel exterior wall panel for use in building construction.
• Sierra Wall: Provides sound and sight barriers for use alongside highways around residential, industrial, and commercial properties.
• J-J Hooks highway safety barriers: Used on roadways to separate lanes of traffic in construction work zones or for traffic control.
• Easi-Set and Easi-Span Buildings: Precast and expandable precast buildings used for housing communications operations, traffic control systems, and mechanical and electrical stations.
• Easi-Set Utility Vaults: Designed to house equipment such as cable, telephone, or traffic signal equipment, and for underground storage.
• SoftSound Soundwall Panels: Panels designed to absorb highway noise.
• Beach Prisms: An erosion control module for seawalls and jetties.
• H2Out Secondary Drainage Systems: Systems designed for panelized exterior cladding.
• Product Licensing: The company licenses its proprietary precast concrete products in various international markets.

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Major Customers of Smith-Midland (SMID)

Smith-Midland primarily sells its precast concrete products to other companies and government entities, rather than directly to individuals. The company's major customers fall into the following categories:

• Contractors: These include contractors performing various public and private construction projects, such as commercial buildings, public and private roads and highways, airports, and municipal utilities. Specific company names of these contractors are not provided in the background information.
• Federal, State, and Local Transportation Authorities: These government agencies utilize Smith-Midland's products for infrastructure projects, including roadways and traffic control.

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Ashley B. Smith, Chairman of the Board, President & CEO

Ashley B. Smith began his full-time career with Smith-Midland in the Sales and Marketing Department and ran the licensing division, EASI-SET Worldwide, from 1988-1991. He became Vice President of Sales, then President and COO in 2008. He was appointed Chief Executive Officer on May 24, 2018, and became Chairman of the Board in January 2022. He is the son of former Chairman Rodney Smith and grandson of co-founder David Smith. Mr. Smith has been involved with the management and oversight of all Company divisions throughout his tenure and has served as a Board Director since 1994. He is a past chairman of the National Precast Concrete Association (NPCA) and a current member of the Board of Trustees of Bridgewater College.

Dominic L. Hunter, Chief Financial Officer

Dominic L. Hunter was appointed Chief Financial Officer, effective April 2025. He brings over two decades of financial leadership experience to Smith-Midland. His background includes significant positions such as Vice President at SRA International and CFO of O'Gara-Hess & Eisenhardt Armoring Company, a U.S. military contractor. Mr. Hunter is a graduate of the University of Virginia McIntire School of Commerce and a licensed Certified Public Accountant. He also served in the United States Army and the National Guard's 29th Infantry Division as an intelligence analyst.

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 since 2008 and President of Concrete Safety Systems, the barrier rental division, since 2015. Prior to these roles, he was the Utility Sales Manager for nine years and also worked as the Sales Manager for Smith-Carolina from 1990-1993. He is active in the local community, serving as a member of the Board of Directors for Leadership Fauquier, and is a past president and current board member of the Precast Concrete Association of Virginia. Mr. Smith holds a bachelor's degree in business administration from Bridgewater College and became a Director on the Smith-Midland Board in December 2023.

Ali Shahid, Vice President of Engineering

Ali Shahid joined Smith-Midland in January 2021 as Vice President of Engineering, overseeing design and documentation for both architectural precast and utilities divisions, and is involved with research and development. He holds a master's degree in Engineering from Rice University (1984). His career includes experience at Western American Concrete, Redco International, Pennoni (a consulting engineering firm), and Universal Concrete Products, where he was head of structural engineering.

Steve Demas, Vice President of Project Management

Steve Demas brings over 35 years of construction industry experience to Smith-Midland, having previously worked for the company as a project manager, and also for industry leaders Tindall Corporation and Shockey Precast. He returned to Smith-Midland in 2011 and has been in his current position since 2014. Mr. Demas possesses decades of precast concrete design, construction, and project management knowledge, along with expertise in lean manufacturing. He holds a bachelor's degree in Architecture and Urban Design from Hampton University and a Class A Contracting license.

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The key risks to Smith-Midland's business operations primarily stem from its deep ties to cyclical industries, dependence on raw material availability and pricing, and exposure to competitive pressures.

Key Risks:

1. Cyclical Nature of Construction and Infrastructure Spending: Smith-Midland's business is heavily reliant on activity within the construction, highway, and utilities industries. Demand for its precast concrete products, including highway safety barriers, sound walls, and utility vaults, is directly influenced by public and private construction contracts and federal, state, and local transportation authorities. Consequently, the company is susceptible to downturns in the broader economy, reductions in government infrastructure spending, or shifts in funding priorities, which could significantly impact its revenue and profitability.
2. Raw Material Price Volatility and Supply Chain Disruptions: As a manufacturer of precast concrete products, Smith-Midland's operational costs are sensitive to the prices and availability of key raw materials such as cement, aggregates, and steel. Fluctuations in these commodity prices, or disruptions in the supply chain that lead to "capacity and supply constraints or difficulties," could increase production costs, reduce profit margins, and potentially hinder the company's ability to meet demand.
3. Competition and Product Demand Fluctuation: Smith-Midland operates in a competitive environment, offering both proprietary products like SlenderWall and J-J Hooks, and more general precast concrete solutions. The company faces ongoing "competitive pressures" and risks related to "product demand." The emergence of new technologies, alternative materials, or more cost-effective solutions from competitors could negatively impact market share and pricing power, necessitating continuous innovation and effective sales strategies to maintain its market position.

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The emergence of 3D concrete printing technology in the construction industry poses a clear threat. This additive manufacturing method allows for the on-site or off-site creation of complex concrete structures, potentially reducing the need for traditional precast manufacturing, its associated logistics, and the costs of specialized formwork. As 3D concrete printing advances in terms of material strength, speed, and scalability, it could disrupt demand for Smith-Midland's range of precast concrete products, particularly custom-built utility vaults, architectural panels like SlenderWall, and modular building components.

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Smith-Midland Corporation (SMID) operates within several segments of the construction and infrastructure industries, primarily focusing on precast concrete products. The addressable markets for its main products and services, primarily in the U.S. and globally, are sized as follows:

• Precast Concrete Products (Overall Market): The U.S. precast concrete market was valued at approximately USD 21.3 billion in 2024 and is projected to reach USD 34.5 billion by 2032, growing at a Compound Annual Growth Rate (CAGR) of 6.4% from 2025 to 2032. Globally, the precast concrete market was valued at USD 150.3 billion in 2025 and is projected to reach USD 249.6 billion by 2035, with a CAGR of 5.8% from 2026 to 2035. This market encompasses various applications, including structural building components, transportation products, and underground utilities.
• SlenderWall (Exterior Wall Panels): As a specialized exterior wall panel system, SlenderWall addresses a portion of the broader exterior wall systems market. The global exterior wall systems market was valued at USD 295.99 billion in 2024 and is poised to grow to USD 596.63 billion by 2033, at a CAGR of 8.1% during the forecast period (2026–2033). The U.S. exterior wall systems market is projected to reach an estimated value of USD 55.45 billion by 2032.
• Sierra Wall and SoftSound (Sound and Noise Barriers): These products fall under the sound barriers market. The U.S. sound barriers market was valued at USD 1.1 billion in 2023 and is projected to grow at a 6.1% CAGR from 2024 to 2032. The global sound barriers market was estimated at USD 6.1 billion in 2025 and is projected to reach USD 11.2 billion by 2035, exhibiting a CAGR of 6.3%.
• J-J Hooks (Highway Safety Barriers): J-J Hooks are part of the highway safety and crash barrier systems market. The U.S. crash barrier systems market is expected to reach USD 2.23 billion by 2032. Globally, the crash barrier system market size was estimated at USD 7.93 billion in 2025 and is projected to reach USD 11.48 billion by 2034, growing at a CAGR of 4.20% from 2026 to 2034. The North America road safety barrier market held USD 696 million in 2025.
• Easi-Set and Easi-Span Buildings (Precast Buildings): These precast concrete buildings are part of the broader precast construction market and modular construction segment. The global precast construction market was valued at US$ 144.1 billion in 2024 and is estimated to reach US$ 261.1 billion by the end of 2035, growing at a CAGR of 5.4%. Within this market, modular construction is expected to capture approximately 46% of the total revenue share in 2026.
• Easi-Set Utility Vaults: These products are a component of the precast concrete market for infrastructure and utilities. The infrastructure sector accounts for a significant portion of the U.S. precast concrete market, with high-volume usage in projects such as underground utilities.
• Beach Prisms (Erosion Control Modules): Beach Prisms are a specialized precast concrete product for shoreline erosion control. While a specific market size for "Beach Prisms" or similar precast erosion control modules is not readily available as a standalone market, this product falls under the broader precast concrete market for infrastructure and coastal protection applications.

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1. Increased Infrastructure Spending: Smith-Midland anticipates continued momentum from infrastructure spending at federal, state, and local levels, which is expected to fund road projects and other precast concrete product needs. This includes the anticipated reach of funding from the Infrastructure and Jobs Act to state and local governments.
2. Growing Demand for Utility Vaults: The company is experiencing strong demand for its utility vaults, driven by the ongoing expansion of data centers and the associated need to support AI technology.
3. Expansion of Barrier Rental Fleet and MASH-TL3 Compliance: Smith-Midland is strategically growing its barrier rental fleet to meet increased safety standards, specifically MASH-TL3 compliance, which is expected to generate multiple opportunities as an upcoming barrier replacement cycle occurs.
4. Increased Sales and Production of Key Proprietary Products: The company expects revenue growth from enhanced sales efforts and increased demand for its proprietary precast concrete products. This includes significant increases in Soundwall sales due to increased production across facilities, as well as growing demand for Easi-Set and Easi-Span buildings for various applications. Additionally, there is a continued focus on increasing sales efforts for SlenderWall, with several projects anticipated for production.
5. North Carolina Plant Expansion: Smith-Midland is undergoing an expansion to double the size of its North Carolina plant, a strategic investment aimed at increasing production capacity to meet anticipated higher demand across its served sectors.

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Share Issuance

• Smith-Midland's outstanding common stock experienced only minor increases, moving from 5.2 million shares in 2021 to 5.3 million shares in 2025.
• As of May 2, 2025, the company had 5,304,606 shares of common stock outstanding, net of treasury shares.

Outbound Investments

• In the fourth quarter of 2021, Smith-Midland completed the financing for the acquisition of approximately 29.8 acres of real property in Midland, Virginia.

Capital Expenditures

• Smith-Midland has significantly invested in increasing its manufacturing capacity and expanding its barrier rental fleet in recent years, with plans to continue increasing manufacturing capacity.
• Capital spending for the third quarter of 2025 totaled $2.9 million.
• An increase in capital expenditures was a factor in the decrease of the company's cash position as of December 31, 2024, compared to December 31, 2023.