Smith-Midland regains Nasdaq compliance with 10-K filing

Published 04/06/2025, 21:06
Smith-Midland regains Nasdaq compliance with 10-K filing

MIDLAND, VA - Smith-Midland Corporation (NASDAQ:SMID), a manufacturer of precast concrete products, announced today that it has regained compliance with Nasdaq’s listing rules following the filing of its overdue Annual Report on Form 10-K for the fiscal year ended December 31, 2024. The company, currently valued at $155 million, has demonstrated strong financial health with a current ratio of 2.39 and moderate debt levels, according to InvestingPro data.

The compliance notice from Nasdaq, dated May 29, 2025, came after the company submitted its 10-K on May 27, 2025. Prior to this, Smith-Midland had received a notification from Nasdaq on May 29, 2025, regarding non-compliance due to the delayed filing of its Quarterly Report on Form 10-Q for the quarter ended March 31, 2025. The delay was attributed to additional time needed to complete the financial reporting process, which was affected by the late filing of the 10-K. The stock has experienced significant volatility, with InvestingPro data showing a 41.5% decline over the past six months, despite maintaining profitable operations with a 25.5% gross margin.

Smith-Midland expects to file the outstanding 10-Q in the near future and has indicated that revenues and net income for the quarter ended March 31, 2025, are anticipated to be higher than the corresponding quarter of the previous year. However, the company has noted that these figures are preliminary and may be subject to adjustment. Based on current market analysis, InvestingPro indicates the stock is slightly undervalued, with additional insights available through their comprehensive financial analysis tools.

The company, with manufacturing facilities in Virginia, North Carolina, and South Carolina, and a rental firm, Concrete Safety Systems, is known for its Easi-Set products, including J-J Hooks and SlenderWall®. Smith-Midland also highlighted potential risks that could impact future results, such as product demand, competitive pressures, government spending on infrastructure, and economic conditions.

This announcement is based on a press release statement from Smith-Midland Corporation.

In other recent news, Smith-Midland Corporation has announced a projected revenue increase for 2024, estimating a 31% rise to between $77 and $79 million. This growth is attributed to higher sales in their Soundwall and utility products, along with increased revenue from barrier rentals and shipping and installation services. However, the company is facing a Nasdaq non-compliance notice for failing to file its annual report on time, with plans to address this within 60 days. Smith-Midland has also secured a $5 million contract to supply SlenderWall panels for the FBI’s dormitories in Quantico, Virginia, with production starting in June 2025. Additionally, the company has appointed Dominic L. Hunter as its new Chief Financial Officer to strengthen its financial strategy. Hunter brings extensive experience, having previously held significant financial leadership roles. These developments reflect Smith-Midland’s ongoing efforts to enhance its financial and operational strategies.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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