SMIDHIGH SIGNALFINANCIAL10-K

SMID delivered substantially higher profitability with operating income and net income both growing meaningfully, driven by solid revenue expansion and improved operational efficiency.

The company's ability to expand operating margins while growing the top line suggests strong execution and operational leverage in their specialty construction products business. The substantial improvement in profitability metrics, combined with healthy balance sheet growth, indicates SMID is capitalizing effectively on construction industry demand and their proprietary product positioning.

Comparing 2026-04-14 vs 2025-05-27View on EDGAR →
FINANCIAL ANALYSIS

SMID demonstrated strong financial performance with revenue growing 19% to $93.4M while profitability expanded substantially more, indicating improved operational efficiency. The balance sheet strengthened proportionally with total assets growing 29% to $87.7M and stockholders' equity increasing 30% to $54.3M. Higher accounts receivable and increased capital expenditures suggest the company is investing for growth while managing working capital to support expanded business activity.

FINANCIAL STATEMENT CHANGES
Operating Income
P&L
+71.7%
$9.9M→$17.0M

Operating leverage kicking in — revenue growth outpacing cost growth, a hallmark of scaling businesses.

Net Income
P&L
+62.9%
$7.7M→$12.5M

Net income grew 62.9% — bottom-line growth signals improving overall business health.

Capital Expenditure
Cash Flow
+50.5%
$6.2M→$9.3M

Capital expenditure jumped 50.5% — major investment cycle underway; assess returns on deployment.

Accounts Receivable
Balance Sheet
+40.2%
$19.4M→$27.2M

Receivables surged 40.2% — revenue recognized but not yet collected; watch for collection issues or channel stuffing.

Current Assets
Balance Sheet
+36%
$35.8M→$48.7M

Current assets grew 36% — improving short-term liquidity or inventory/receivables build.

Gross Profit
P&L
+30.1%
$20.0M→$26.0M

Gross profit expanding — improving pricing power or product mix shift toward higher-margin offerings.

Stockholders Equity
Balance Sheet
+30.1%
$41.7M→$54.3M

Equity base grew 30.1% — retained earnings accumulation or equity issuance strengthening the balance sheet.

Total Assets
Balance Sheet
+29%
$68.0M→$87.7M

Asset base grew 29% — expansion through organic growth, acquisitions, or capital deployment.

Total Liabilities
Balance Sheet
+27.3%
$26.3M→$33.4M

Liabilities increased 27.3% — monitor debt-to-equity ratio and interest coverage.

Revenue
P&L
+19%
$78.5M→$93.4M

Revenue growing 19% — solid top-line momentum, watch margins for quality of growth.

LANGUAGE CHANGES
NEW — 2026-04-14
PRIOR — 2025-05-27
ADDED
As of March 22, 2026, the Company had outstanding 5,306,554 shares of Common Stock, $.01 par value per share, net of treasury shares.
The settlement included the recovery of previously reserved receivables and is recognized in the third quarter of 2025.
There can be no assurance we will achieve favorable outcomes in any future litigation, arbitration, or similar proceedings, our ability to produce and install product on material construction projects that conforms to contract specifications and in a time frame that meets the contract requirements, the cyclical nature of the construction industry, our exposure to increased interest expense payments should interest rates change, and the other factors and information disclosed and discussed in other sections of this report and other filings with the Securities and Exchange Commission.
The Company s product lines include products that are proprietary and protected by patents, trademarks, crash tests, state and federal approvals, and other proprietary processes and systems, which are continually being developed and improved.
It is not certain at this time how tariffs and continued governmental cost cutting will affect our business.
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REMOVED
As of May 2, 2025, the Company had outstanding 5,304,606 shares of Common Stock, $.01 par value per share, net of treasury shares.
It is not certain at this time how the policies of the New Administration and DOGE, such as tariffs and cost cutting, will affect our business.
The Federal Highway Administration ("FHWA") requires that states use only positively connected barriers, which meet NCHRP-350 or MASH crash test requirements.
The United States has issued a "trade dress" registration for the "end taper" design feature.
7 H2Out Secondary Drainage System H2Out is the first "in the caulk joint" secondary drainage and street level leak detection product for panelized exterior cladding.
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