Smith Midland Corp. Files Q2 2024 10-Q

TL;DR

SMID 10-Q filed. Q2 2024 financials out.

AI Summary

Smith Midland Corp. filed its 10-Q for the period ending June 30, 2024. The filing details financial performance and operational updates for the second quarter of 2024. Specific financial figures and operational metrics are provided within the report.

Why It Matters

This filing provides investors with a detailed look at Smith Midland Corp.'s financial health and operational performance for the second quarter of 2024, influencing investment decisions.

Risk Assessment

Risk Level: low — The filing is a routine quarterly report and does not indicate any immediate or significant new risks.

Key Numbers

• 0.01 — Weighted Average Grant Date Fair Value (Represents the average fair value of stock options granted.)
• 1,000,000 — Number of Shares (Likely related to stock options or grants.)
• 8,000,000 — Number of Shares (Likely related to stock options or grants.)
• 40,920 — Service Based Awards (Represents awards tied to employee service.)

Key Players & Entities

• SMITH MIDLAND CORP (company) — Filer
• 20240630 (date) — Period of Report
• 20240814 (date) — Filing Date
• 001-13752 (dollar_amount) — SEC File Number
• Summit Community Bank (company) — Mentioned entity

FAQ

Key Financial Figures

• $0.01 — ange on which registered Common Stock, $0.01 par value per share SMID NASDAQ I

Filing Documents

• smid_10q.htm (10-Q) — 754KB
• smid_ex311.htm (EX-31.1) — 9KB
• smid_ex312.htm (EX-31.2) — 9KB
• smid_ex321.htm (EX-32.1) — 4KB
• 0001654954-24-010647.txt ( ) — 3318KB
• smid-20240630.xsd (EX-101.SCH) — 26KB
• smid-20240630_lab.xml (EX-101.LAB) — 191KB
• smid-20240630_cal.xml (EX-101.CAL) — 40KB
• smid-20240630_pre.xml (EX-101.PRE) — 141KB
• smid-20240630_def.xml (EX-101.DEF) — 53KB
• smid_10q_htm.xml (XML) — 536KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION Page

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited) 3 Condensed Consolidated Balance Sheets 3 Condensed Consolidated Statements of Income (Loss) 5 Condensed Consolidated Statements of Stockholders' Equity 6 Condensed Consolidated Statements of Cash Flows 7 Notes to Condensed Consolidated Financial Statements 8

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 14

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 21

Controls and Procedures

Item 4. Controls and Procedures 21

OTHER INFORMATION

PART II. OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 22

Risk Factors

Item 1A. Risk Factors 22

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 22

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 22

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 22

Other Information

Item 5. Other Information 22

Exhibits

Item 6. Exhibits 23

Signatures

Signatures 24 2 Table of Contents P ART I — FINANCIAL INFORMATION I TEM 1. Financial Statements S mith-Midland Corporation and Subsidiaries Condensed Consolidated Balance Sheets (in thousands, except share and per share data) ASSETS June 30, 2024 (Unaudited) December 31, 2023 Current assets Cash $ 7,288 $ 9,175 Accounts receivable, net Trade - billed (less allowances of approximately $ 907 and $ 806 , respectively), including contract retentions 17,178 17,209 Trade - unbilled 927 525 Inventories, net Raw materials 2,679 2,329 Finished goods 3,988 2,821 Prepaid expenses 1,651 1,266 Total current assets 33,711 33,325 Property and equipment, net 29,884 27,680 Other assets 451 343 Total assets $ 64,046 $ 61,348 The accompanying notes are an integral part of the condensed consolidated financial statements. 3 Table of Contents Smith-Midland Corporation and Subsidiaries Condensed Consolidated Balance Sheets (in thousands, except share and per share data) (continued) LIABILITIES AND STOCKHOLDERS' EQUITY June 30, 2024 (Unaudited) December 31, 2023 Current liabilities Accounts payable - trade $ 5,399 $ 7,336 Accrued expenses and other liabilities 1,105 831 Deferred revenue 3,089 2,717 Accrued compensation 1,196 1,203 Accrued income taxes 841 473 Operating lease liabilities 24 43 Current maturities of notes payable 644 636 Customer deposits 2,581 2,779 Total current liabilities 14,879 16,018 Deferred revenue 5,567 4,424 Operating lease liabilities — 2 Notes payable - less current maturities 4,768 5,092 Deferred tax liability 1,650 1,651 Total liabilities 26,864 27,187 Stockholders' equity Preferred stock, $ 0.01 par value; authorized 1,000,000 shares, none issued and outstanding — — Common stock, $ 0.01 par value; authorized 8,000,000 shares; 5,345,759 and 5,349,599 issued and 5,304,839