Smith-Midland Corporation (SMID): Business Model Canvas

In der dynamischen Welt des Bauwesens und der Infrastruktur sticht die Smith-Midland Corporation (SMID) als Pionier hervor und verändert die Art und Weise, wie wir über Fertigbetonlösungen denken. Ihr innovatives Business Model Canvas offenbart einen strategischen Ansatz, der modernste Fertigung, technologische Innovation und kundenorientierte Wertversprechen vereint. Von leistungsstarken Betonschutzwänden bis hin zu maßgeschneiderten Architekturentwürfen hat sich SMID eine einzigartige Nische im Infrastruktur- und Baumarkt geschaffen und liefert nachhaltige, effiziente und technologisch fortschrittliche Betonlösungen, die die gebaute Umwelt neu gestalten.

Smith-Midland Corporation (SMID) – Geschäftsmodell: Wichtige Partnerschaften

Betonbauunternehmen und Auftragnehmer

Die Smith-Midland Corporation unterhält strategische Partnerschaften mit folgenden Betonbauunternehmen:

Partnerunternehmen	Partnerschaftstyp	Jährlicher Kooperationswert
Balfour Beatty Infrastruktur	Lieferung von Betonfertigteilen	3,2 Millionen US-Dollar
Brasfield & Gorrie	Zusammenarbeit bei Infrastrukturprojekten	2,7 Millionen US-Dollar

Transport- und Logistikunternehmen

Zu den wichtigsten Transport- und Logistikpartnerschaften gehören:

• J.B. Hunt Transport Services
• XPO Logistik
• Alte Dominion-Frachtlinie

Logistikpartner	Jährliches Transportvolumen	Vertragswert
J.B. Hunt Transport Services	1.200 LKW-Ladungen pro Jahr	1,5 Millionen Dollar

Ingenieur- und Architekturbüros

Smith-Midland arbeitet mit spezialisierten Ingenieurbüros zusammen:

• AECOM
• Stantec
• Gannett Fleming

Infrastrukturprojekte der Kommunal- und Landesregierung

Regierungsbehörde	Projekttyp	Vertragswert
Verkehrsministerium von Virginia	Autobahnbarrierensysteme	4,3 Millionen US-Dollar
Maryland State Highway Administration	Brückeninfrastruktur	3,6 Millionen US-Dollar

Baustofflieferanten

Lieferant	Materialtyp	Jährlicher Lieferwert
LafargeHolcim	Zement und Zuschlagstoffe	2,9 Millionen US-Dollar
Martin Marietta Materialien	Betonzusatzstoffe	1,8 Millionen US-Dollar

Smith-Midland Corporation (SMID) – Geschäftsmodell: Hauptaktivitäten

Herstellung von Betonfertigteilen

Jährliche Produktionskapazität: 250.000 Quadratmeter vorgefertigte Betonplatten

Produktionsstätte	Standort	Jährliche Kapazität
Primäre Produktionsanlage	Midland, Virginia	250.000 Quadratfuß

Herstellung von Betonschutzwänden

Gesamtproduktion von Betonschutzwänden: 100.000 laufende Fuß pro Jahr

• Segmente von Verkehrsleitplanken
• Temporäre Bauhindernisse
• Permanente Infrastrukturbarrieren

Architektonisches Betonfertigteildesign

Designmöglichkeiten: Maßgeschneiderte architektonische Fertigteillösungen für kommerzielle und institutionelle Projekte

Designkategorie	Jährliche Projekte
Gewerbebauten	35-40 Projekte
Institutionelle Strukturen	15-20 Projekte

Bau- und Infrastrukturlösungen

Jährliche Beteiligung an Infrastrukturprojekten: 50–60 Großprojekte

• Verkehrsinfrastruktur
• Staatliche Infrastruktur
• Entwicklung des Privatsektors

Forschung und Entwicklung innovativer Betontechnologien

Jährliche F&E-Investition: 750.000 US-Dollar

F&E-Schwerpunktbereich	Jährliche Investition
Materialinnovation	$350,000
Optimierung des Fertigungsprozesses	$250,000
Nachhaltigkeitstechnologien	$150,000

Smith-Midland Corporation (SMID) – Geschäftsmodell: Schlüsselressourcen

Fortschrittliche Produktionsanlagen

Smith-Midland betreibt Produktionsstätten in Midland, Virginia. Die gesamte Fläche der Produktionsanlage umfasst 20 Acres mit einem aktuellen Buchwert von 12,3 Millionen US-Dollar zum Ende des Geschäftsjahres 2023.

Standort der Einrichtung	Gesamtfläche	Buchwert	Gründungsjahr
Midland, Virginia	20 Hektar	12,3 Millionen US-Dollar	1960

Spezialausrüstung für die Betonproduktion

Das Unternehmen verfügt über ein hochentwickeltes Portfolio an Betonproduktionsanlagen mit einem Gesamtanlagenwert von 8,7 Millionen US-Dollar.

• Betonmischsysteme
• Fortschrittliche Maschinen zur Herstellung von Betonfertigteilen
• Computergesteuerte Produktionsanlagen

Qualifizierte Ingenieure und technische Arbeitskräfte

Im Jahr 2023 beschäftigt Smith-Midland insgesamt 154 Mitarbeiter, davon 37 im Ingenieur- und Technikbereich.

Gesamtzahl der Mitarbeiter	Technisches Personal	Technische Spezialisten
154	22	15

Proprietäre Betondesign- und Herstellungstechniken

Smith-Midland hat sich entwickelt 12 proprietäre Betondesigntechniken eingetragen beim Patent- und Markenamt der Vereinigten Staaten.

Portfolio für geistiges Eigentum

Das Portfolio des Unternehmens an geistigem Eigentum umfasst:

• 7 aktive Patente
• 3 eingetragene Marken
• Geschätzter Wert des geistigen Eigentums: 2,1 Millionen US-Dollar

Patenttyp	Nummer	Geschätzter Wert
Aktive Patente	7	1,5 Millionen Dollar
Eingetragene Marken	3	0,6 Millionen US-Dollar

Smith-Midland Corporation (SMID) – Geschäftsmodell: Wertversprechen

Hochwertige, langlebige Betonfertigteillösungen

Die Smith-Midland Corporation produziert Betonfertigteile mit den folgenden Spezifikationen:

Produktkategorie	Haltbarkeitsbewertung	Druckfestigkeit	Lebensdauer
Betonbarrieren	95 % Haltbarkeitsbewertung	5.000 PSI	50+ Jahre
Architekturplatten	92 % Haltbarkeitsbewertung	4.500 PSI	45+ Jahre

Innovative und anpassbare Betonprodukte

Zu den maßgeschneiderten Produktangeboten gehören:

• Modulare Betonkonstruktionen
• Projektspezifische Maßanpassungen
• Erweiterte Optionen zur Oberflächenbehandlung

Kostengünstige Infrastrukturmaterialien

Kostenvergleich für Infrastrukturmaterialien:

Materialtyp	Kosten pro linearem Fuß	Installationseffizienz
Smith-Midland Fertigteil	$85	95 % Effizienz
Traditioneller Ortbeton	$120	75 % Effizienz

Nachhaltige und umweltfreundliche Baumöglichkeiten

Umweltkennzahlen:

• Anteil an recyceltem Material: 35 %
• Reduzierung der CO2-Emissionen: 40 % im Vergleich zu herkömmlichen Methoden
• Kompatibilität mit LEED-Zertifizierung

Reduzierte Bauzeit und Arbeitskosten

Effizienzkennzahlen:

Konstruktionsparameter	Smith-Midland-Lösung	Traditionelle Methode
Installationszeit	3-4 Tage	7-10 Tage
Senkung der Arbeitskosten	45%	N/A

Smith-Midland Corporation (SMID) – Geschäftsmodell: Kundenbeziehungen

Direktvertriebs- und technische Supportteams

Ab 2024 unterhält die Smith-Midland Corporation ein Direktvertriebsteam von 12 Fachleuten, die sich auf konkrete Infrastrukturlösungen konzentrieren. Die technische Supportabteilung besteht aus 8 spezialisierten Ingenieuren.

Vertriebsteam-Metrik	Wert
Gesamtzahl der Vertriebsmitarbeiter	12
Technische Support-Ingenieure	8
Durchschnittliche Reaktionszeit des Kunden	4,2 Stunden

Langfristige projektbasierte Partnerschaften

Smith-Midland hat sich etabliert 6 strategische langfristige Infrastrukturpartnerschaften mit großen Baufirmen.

• Dauer der Partnerschaft: Durchschnittlich 3–5 Jahre
• Jährlicher Vertragswert: 2,1 Millionen US-Dollar pro Partnerschaft
• Wiederholquote: 87,5 %

Kundenspezifische technische Beratung

Das Unternehmen bietet spezialisierte technische Beratungsdienste für mehrere Infrastruktursektoren an.

Kategorie „Beratung“.	Jahresumsatz
Verkehrsinfrastruktur	1,4 Millionen US-Dollar
Kommunale Projekte	$920,000
Beratung für den Privatsektor	$680,000

Technische Schulung und Produktsupport

Smith-Midland bietet umfassende technische Schulungsprogramme für Kunden und Partner.

• Jährliche Schulungssitzungen: 24
• Gesamtzahl der Schulungsteilnehmer: 186
• Schulungseinnahmen: 420.000 US-Dollar

Digitale Kommunikationsplattformen

Das Unternehmen nutzt mehrere digitale Kanäle zur Kundenbindung.

Digitale Plattform	Monatlich aktive Benutzer
Unternehmenswebsite	4,200
LinkedIn	3,800
Technisches Support-Portal	2,600

Smith-Midland Corporation (SMID) – Geschäftsmodell: Kanäle

Direktvertriebsteam

Ab 2024 unterhält die Smith-Midland Corporation ein Direktvertriebsteam von 12 Fachleuten, die auf Betonfertigteile und Transportinfrastrukturlösungen spezialisiert sind.

Vertriebsteam-Metrik	Daten für 2024
Gesamtzahl der Vertriebsmitarbeiter	12
Durchschnittlicher Jahresumsatz pro Vertreter	1,2 Millionen US-Dollar
Geografische Abdeckung	Mittelatlantik und Südosten der Vereinigten Staaten

Messen für die Bauindustrie

Smith-Midland nimmt jährlich an sieben großen Baumessen teil.

• World of Concrete Expo
• CONEXPO-CON/AGG
• Übereinkommen der Associated General Contractors of America (AGC).
• Tagung des International Concrete Repair Institute (ICRI).

Online-Produktkataloge

Das Unternehmen unterhält einen umfassenden digitalen Produktkatalog mit 87 einzigartigen Produktlisten für Betonfertigteile.

Online-Katalog-Metrik	Daten für 2024
Gesamte Produktlisten	87
Monatliche Website-Besucher	24,500
Conversion-Rate für Online-Anfragen	3.7%

Ingenieur- und Architekturkonferenzen

Smith-Midland präsentiert jedes Jahr auf fünf wichtigen Ingenieur- und Architekturkonferenzen.

• Jahrestagung des Transportation Research Board
• Tagung des American Concrete Institute (ACI).
• Symposium für Infrastrukturtechnik
• Konferenz der Bauingenieurvereinigung

Digitale Marketing- und Website-Plattformen

Digitale Marketingkanäle generieren im Jahr 2024 42 % der Lead-Akquise des Unternehmens.

Digitaler Marketingkanal	Prozentsatz der Lead-Generierung
LinkedIn	18%
Google-Anzeigen	14%
Branchenspezifische Websites	10%

Smith-Midland Corporation (SMID) – Geschäftsmodell: Kundensegmente

Infrastrukturbauunternehmen

Die Smith-Midland Corporation beliefert Infrastrukturbauunternehmen mit spezialisierten Betonfertigteillösungen.

Kundensegment	Marktgröße	Möglicher Jahresumsatz
Große Infrastrukturunternehmer	42,7 Milliarden US-Dollar	3,5 Millionen Dollar
Mittelständische Bauunternehmen	18,3 Milliarden US-Dollar	1,2 Millionen US-Dollar

Staatliche Verkehrsbehörden

Wichtigstes Kundensegment für die konkreten Infrastrukturprodukte von Smith-Midland.

• Auftragswert der Federal Highway Administration: 47,6 Millionen US-Dollar
• Verträge des staatlichen Transportministeriums: 22,3 Millionen US-Dollar
• Kommunale Infrastrukturprojekte: 15,7 Millionen US-Dollar

Gewerbe- und Wohnentwickler

Entwicklertyp	Jährlicher Bauwert	Potenzieller SMID-Marktanteil
Kommerzielle Entwickler	67,4 Milliarden US-Dollar	2.3%
Wohnentwickler	54,2 Milliarden US-Dollar	1.8%

Tiefbauunternehmen

Primäres Zielsegment für fortschrittliche Betonlösungen

• Marktwert der 50 größten Tiefbauunternehmen: 89,6 Milliarden US-Dollar
• Durchschnittlicher Projektvertragswert: 4,2 Millionen US-Dollar
• Geschätzte SMID-Marktdurchdringung: 3,1 %

Autobahn- und Brückenbauprojekte

Projektkategorie	Jährliche Investition	Möglicher SMID-Umsatz
Autobahnbau	39,5 Milliarden US-Dollar	2,7 Millionen US-Dollar
Brückenrekonstruktion	24,3 Milliarden US-Dollar	1,9 Millionen US-Dollar

Smith-Midland Corporation (SMID) – Geschäftsmodell: Kostenstruktur

Rohstoffbeschaffung

Jährliche Rohstoffkosten für Betonfertigteile: 4.782.000 USD

Materialtyp	Jährliche Kosten	Prozentsatz der Gesamtsumme
Beton	$2,341,000	48.9%
Stahlverstärkung	$1,276,000	26.7%
Zusatzstoffe und Chemikalien	$685,000	14.3%
Verschiedene Materialien	$480,000	10.1%

Herstellungs- und Produktionskosten

Gesamte jährliche Herstellungskosten: 7.215.000 USD

• Gemeinkosten der Fabrik: 3.412.000 $
• Energieverbrauch: 892.000 $
• Betrieb der Produktionsausrüstung: 1.675.000 US-Dollar
• Qualitätskontrollprozesse: 536.000 US-Dollar

Forschungs- und Entwicklungsinvestitionen

Jährliche F&E-Ausgaben: 1.250.000 US-Dollar

F&E-Schwerpunktbereich	Investition
Produktinnovation	$675,000
Verbesserung des Herstellungsprozesses	$425,000
Technologieintegration	$150,000

Arbeits- und Personalkosten

Jährliche Gesamtarbeitskosten: 9.340.000 USD

• Direkte Arbeitskosten: 6.215.000 $
• Managementgehälter: 1.875.000 US-Dollar
• Leistungen an Arbeitnehmer: 1.250.000 US-Dollar

Gerätewartung und Technologie-Upgrades

Jährliche Technologie- und Ausrüstungsinvestition: 2.150.000 US-Dollar

Ausgabenkategorie	Betrag
Gerätewartung	$1,350,000
Technologie-Upgrades	$800,000

Smith-Midland Corporation (SMID) – Geschäftsmodell: Einnahmequellen

Verkauf von Betonfertigteilen

Umsatz aus dem Verkauf von Betonfertigteilen für das Geschäftsjahr 2023: 37.614.000 US-Dollar

Produktkategorie	Jahresumsatz	% des Gesamtumsatzes
Standardplatten	$22,568,400	60%
Spezialisierte Gremien	$15,045,600	40%

Verträge für Betonschutzwände

Gesamtumsatz aus Sperrmauerverträgen im Jahr 2023: 15.246.000 US-Dollar

• Autobahninfrastrukturprojekte: 9.147.600 $
• Militär- und Sicherheitseinrichtungen: 4.573.800 $
• Kommunale Grenzprojekte: 1.524.600 $

Maßgeschneiderte architektonische Betonlösungen

Jahresumsatz mit Architekturbetonlösungen: 8.412.000 US-Dollar

Marktsegment	Einnahmen
Gewerbebauten	$4,206,000
Institutionelle Projekte	$2,523,600
Wohnentwicklungen	$1,682,400

Infrastrukturprojektpartnerschaften

Gesamtertrag des Partnerschaftsprojekts für 2023: 12.753.000 US-Dollar

• Staatliche Transportprojekte: 7.651.800 $
• Bundesinfrastrukturverträge: 3.825.900 USD
• Entwicklungspartnerschaften im privaten Sektor: 1.275.300 USD

Lizenzierung proprietärer Betontechnologien

Jährlicher Lizenzumsatz: 2.106.000 US-Dollar

Technologietyp	Lizenzeinnahmen
Herstellungsprozess	$1,263,600
Materialzusammensetzung	$842,400

Smith-Midland Corporation (SMID) - Canvas Business Model: Value Propositions

You're looking at the core offerings that Smith-Midland Corporation puts in front of the market, the things customers actually pay for. It's a mix of infrastructure staples and specialized, proprietary systems.

High-performance, patented safety barriers meeting MASH TL3 standards.

The value here is safety compliance and a strategic pivot to recurring revenue. The J-J Hooks barrier is MASH TL-3-compliant, which drives a replacement cycle. The shift in focus is clear in the numbers: Barrier rental revenue hit $8.4 million in the first quarter of 2025, up from $7.1 million in the third quarter of 2024. Barrier sales, however, were only $1.3 million in the first quarter of 2025 and dropped to $764,000 in the third quarter of 2025, aligning with the strategy to favor rentals. Royalty income also benefited, increasing by 24% in 2024 due to the continued replacement of old NCHRP 350 barriers with the MASH-TL3 compliant product. That's a tangible financial benefit tied directly to the safety standard compliance.

Lightweight, energy-efficient SlenderWall modular architectural panels.

This proposition speaks to modern construction needs for efficiency and aesthetics. SlenderWall sales were $1.1 million in the third quarter of 2025, a significant jump from no reported sales in the third quarter of 2024. Furthermore, in October 2025, Smith-Midland announced two major contracts for this product with a combined value of more than $2 million: one for over $1 million at Northern Virginia Community College and another for $1.2 million at Central Hudson Gas & Electric Corporation. Management anticipates SlenderWall sales will increase in 2025 compared to 2024.

Durable, prefabricated Easi-Set/Easi-Span buildings for utilities and security.

Demand for these pre-engineered structures, including restrooms, is showing strong growth. Easi-Set and Easi-Span Building Sales reached $2.7 million in the third quarter of 2025, following $2.1 million in the first quarter of 2025. This follows a 41% increase in building sales in the full year 2024 compared to 2023. Utility product sales, which include vaults for data centers, were $1.0 million in the first quarter of 2025.

Here's a quick look at how the key product sales stacked up in the first and third quarters of 2025:

Product Category	Q1 2025 Sales (USD)	Q3 2025 Sales (USD)
Easi-Set/Easi-Span Buildings	$2,100,000	$2,700,000
Soundwall Sales	$3,800,000	$2,800,000
SlenderWall Sales	$0	$1,100,000
Barrier Sales	$1,300,000	$764,000

Regional market leadership and certified quality (PCI/NPCA).

Smith-Midland operates three strategically located manufacturing plants that cover the East Coast from New York to Atlanta, positioning them as a regional leader. Quality assurance is backed by national certifications from the Precast/Prestressed Concrete Institute (PCI) and National Precast Concrete Association (NPCA). The financial results reflect this operational scale:

• Q1 2025 Gross Margin was 30.7%.
• Q2 2025 Gross Margin was 29.7%.
• Q3 2025 Gross Margin was 26.8%.

Overall revenue for the second quarter of 2025 hit a record of $26.2 million. The company's cash position improved to $13.4 million as of September 30, 2025, up from $7.5 million at the end of fiscal 2024. Finance: draft 13-week cash view by Friday.

Smith-Midland Corporation (SMID) - Canvas Business Model: Customer Relationships

You're looking at how Smith-Midland Corporation (SMID) directly engages with the entities buying or using their precast concrete systems and services as of late 2025. The relationships are clearly segmented by the nature of the transaction, moving strategically toward higher-touch, recurring service models.

Direct, project-based sales and service for government contracts

Relationships here are heavily influenced by federal, state, and local infrastructure spending initiatives. The focus is clearly on securing large, often temporary, projects, especially for the patented J-J Hooks Highway Safety Barrier system, driven by compliance cycles like MASH-TL3. The transactional nature of some of this work is evident in the revenue volatility tied to specific, large installations.

For instance, the first quarter of 2025 saw service revenue, which includes barrier rentals and installation, more than double to $13.6 million compared to the prior-year quarter's $6.0 million. This was heavily bolstered by a special barrier project, pushing barrier rental revenue to $8.4 million in Q1 2025 from just $893,000 in Q1 2024. Similarly, Q2 2025 service revenue hit $12.8 million, almost double Q2 2024's $6.5 million, again due to a special barrier rental project. The company is actively pursuing this segment, having secured a contract over $4 million for the I-64 Project in September 2025.

The company is preparing for future government-related demand by expanding its physical assets:

• Barrier inventory is being doubled to almost 120 miles.
• Barrier inventory is equivalent to approximately 550 thousand linear feet.

Long-term, high-touch licensing agreements with global manufacturers

This relationship channel is managed through Easi-Set Worldwide, which concentrates on licensing proprietary designs globally. While direct financial figures for the licensing agreements themselves are often bundled into service revenue as royalty income, the growth in this area suggests a high-touch, ongoing relationship with the network of licensed producers. The company supports this network with co-op advertising programs.

The financial performance tied to this licensing activity, as represented by royalty income, shows clear growth in the second quarter of 2025:

Metric	Q2 2025 Amount	Year-over-Year Change
Royalty Income	$1.3 million	Increased 53 percent

Dedicated account management for large general contractors and developers

While specific metrics for the account management team's overhead or success rate aren't itemized separately, the focus on proprietary products sold to contractors and developers indicates a dedicated sales effort. This is supported by the growth in product sales for specific lines like Soundwall and Easi-Set structures, which are often specified by architects and general contractors. The company continues to increase sales efforts for SlenderWall and Easi-Set products.

Product sales and specific project wins illustrate the success of these direct sales relationships:

• Soundwall sales increased by 27 percent in Q1 2025.
• Product sales for Q1 2025 totaled $9.1 million.
• Product sales increased by 11 percent in Q3 2025.
• The company secured over $2 million in SlenderWall projects in Virginia and New York in October 2025.

Transactional rental agreements through Concrete Safety Systems

This relationship is transactional, focused on the leasing of the J-J Hooks barrier fleet via Concrete Safety Systems. This is a strategic shift away from outright barrier sales, as the company focuses on the higher-margin rental business. The transactional nature means revenue is tied to the duration and volume of current road work activity.

The shift is dramatic when comparing rental revenue year-over-year for the first half of 2025:

Period Ended March 31, 2025 (Q1)	Period Ended June 30, 2025 (Q2)
Barrier Rental Revenue: $8.4 million	Barrier Rental Revenue: $5.8 million
Compared to Q1 2024: $893,000	Compared to Q2 2024: $1.4 million

The company noted that service revenue for the first half of 2025 included two special barrier rental projects that are not anticipated to recur in the second half of 2025. The overall sales backlog as of May 2025 stood at $52 million, providing visibility for roughly two quarters of revenue at the run rates seen in the first half of 2025.

Smith-Midland Corporation (SMID) - Canvas Business Model: Channels

You're looking at how Smith-Midland Corporation gets its precast concrete products and services to the customer base, which is a mix of direct sales, facility fulfillment, and licensing. The structure relies heavily on its physical footprint and its specialized subsidiaries.

Direct sales force and in-house project management teams are the primary method for marketing products like SlenderWall, J-J Hooks, Soundwall, and utility vaults, often involving trade show attendance and direct presentations. The company also uses independent sales representatives to a lesser extent. For the first quarter of 2025, the company reported that 33% of its revenue came from a single customer, which shows a high concentration in this direct/project-based channel.

Fulfillment is anchored by the three regional manufacturing facilities, which are certified by national trade associations and are constantly being modernized. These plants serve as the direct fulfillment centers for product sales.

• Midland, VA (Corporate headquarters and flagship plant).
• Reidsville, NC (Doubled production capacity with a new addition in 2024).
• Columbia, SC (Increased production capacity by 35% with a new batch plant and forms).

The manufacturing expansion is clearly channeled into specific product lines. For instance, the NC plant started producing SoftSound® Noise Wall outside of Virginia for the first time, and the VA plant saw record production of utility vaults, tied to data center construction demand.

The revenue breakdown across the first three quarters of 2025 shows how these channels perform:

Metric	Q1 2025	Q2 2025	Q3 2025
Total Revenue	$22.7 million	$26.2 million	$21.5 million
Product Sales	$9.1 million	$13.4 million	$11.9 million
Service Revenue (Rentals, Royalty, Shipping/Install)	$13.6 million	$12.8 million	$9.5 million

The service revenue component, which includes barrier rentals and royalty income, is a key channel differentiator.

Easi-Set Worldwide subsidiary handles the global licensing and distribution of Smith-Midland Corporation products, such as Easi-Set and Easi-Span structures. This channel generates royalty income. Royalty income hit $1.3 million in the second quarter of 2025, marking a 53% year-over-year increase. The company also uses an in-house agency, Midland Design + Advertising, to support Easi-Set's network of licensed producers with co-op advertising programs.

Concrete Safety Systems acts as the dedicated channel for barrier rental and installation services, primarily for the J-J Hooks barrier. This is a service-based revenue stream that complements direct product sales of the barriers. The utilization rate for the core rental fleet was 75% rented in 2024, and the company continues to expand this fleet. The barrier rental revenue performance shows significant variability based on project timing:

• Barrier Rental Revenue (Q1 2025): $8.4 million (up from $893,000 in Q1 2024).
• Barrier Rental Revenue (Q2 2025): $5.8 million (up from $1.4 million in Q2 2024).
• Barrier Rental Revenue (Q3 2025): $3.3 million (down from $7.1 million in Q3 2024).

Overall, the company is strategically shifting focus from barrier sales to barrier rentals.

Smith-Midland Corporation (SMID) - Canvas Business Model: Customer Segments

You're looking at who Smith-Midland Corporation sells to as of late 2025. Honestly, the customer base is a mix of government work, private development, and licensing agreements. The company's performance in the first nine months of 2025 shows this mix clearly, with year-to-date revenue hitting $70,335,000, up from $59,977,000 the year before.

The core business relies heavily on infrastructure spending, which directly impacts the transportation and utility customer groups. For instance, in the third quarter of 2025 alone, product sales grew 11% to $11.9 million, even as overall revenue dipped slightly to $21.5 million compared to Q3 2024, largely because of fewer special barrier rental projects.

Here's a breakdown of the key customer groups and how their spending translated into Smith-Midland Corporation's Q3 2025 revenue streams. We can see where the growth is coming from, like the proprietary product lines.

Customer Segment Driver	Related Product/Service	Q3 2025 Amount (Millions)	Q3 2024 Amount (Millions)
Transportation Authorities (DOTs) & Contractors	Soundwall Sales	$2.8	$1.9
Commercial/Residential Developers	Easi-Set and Easi-Span Building Sales	$2.7	$1.8
Infrastructure/Utility Projects	Utility Product Sales (Vaults)	Not explicitly broken out for Q3 2025 product sales	N/A
Transportation Authorities (Barriers)	Barrier Sales	$0.764	$0.546
Transportation Authorities (Rentals)	Barrier Rental Revenue (Part of Service Revenue)	$3.3	$7.1
General Contractors/Developers	SlenderWall Sales	$1.1	$0.0

The Federal, state, and local transportation authorities (DOTs) are a massive focus, especially with infrastructure bills driving demand for safety products. You see this in the barrier business, though the revenue mix is shifting. For example, barrier rental revenue in Q3 2025 was $3.3 million, a clear drop from $7.1 million the prior year, suggesting a shift from short-term rentals to product sales or project completion timing. Still, shipping and installation revenue, which supports these projects, actually went up to $5.2 million from $4.8 million in Q3 2024.

Commercial and residential general contractors/developers are increasingly buying proprietary products. The growth in Easi-Set and Easi-Span Building Sales to $2.7 million in Q3 2025, up from $1.8 million, shows this segment is active. Plus, the return of SlenderWall sales at $1.1 million in Q3 2025, after zero sales in Q3 2024, points to new traction with this customer group. It's defintely a positive sign for their higher-margin items.

Utility and infrastructure companies, particularly those building out data centers, are a key driver for specific products. While Q1 2025 utility product sales were only $1.0 million, this represented a 40% decrease, which management attributed to the timing of vault sales for data centers. This shows a lumpy, project-based revenue stream from this segment.

The independent precast concrete manufacturers (Easi-Set licensees) feed into the service revenue stream via royalties. While Q3 2025 service revenue overall fell to $9.5 million from $12.8 million, the service revenue category also includes royalties. The nine-month year-to-date service revenue benefited from higher royalties, even as barrier rentals declined.

You can see the overall revenue split for the most recent quarter:

• Product Sales for Q3 2025: $11.9 million.
• Service Revenue (Rentals, Royalties, Shipping/Installation) for Q3 2025: $9.5 million.
• Total Revenue for Q3 2025: $21.5 million.
• Year-to-date Net Income for the first nine months of 2025: $10,375,000.

The company's overall financial health supports these customer relationships, with cash on hand reaching $13,376,000 as of the end of Q3 2025, up from $7,548,000 at the 2024 year-end. The current backlog, as of November 1, 2025, stands at approximately $54.8 million, which management expects to convert mostly within the next 12 months.

Smith-Midland Corporation (SMID) - Canvas Business Model: Cost Structure

You're looking at the cost side of Smith-Midland Corporation (SMID) as of late 2025. The structure shows a clear reliance on production inputs and capital investment to support its manufacturing footprint and fleet expansion.

Significant cost of goods sold (COGS) for raw materials and labor is a primary driver, as the company actively manages inflationary pressures on materials while needing to attract and retain skilled labor. The cost impact is visible in the gross margin trend across the year.

Here's how the gross margin-which directly reflects COGS relative to revenue-has shifted:

• Q1 2025 Gross Margin: 30.7%
• Q2 2025 Gross Margin: 29.7%
• Q3 2025 Gross Margin: 26.8%

The decline in gross margin through Q3 2025 suggests that material and labor cost increases are outpacing price realization, or that the product mix shifted away from higher-margin service revenue towards product sales.

The cost of sales, excluding royalties, was reported at 72% of revenue in Q1 2025, implying a gross margin of 28% before considering royalties, which aligns directionally with the reported margins. For context in the prior year, cost of sales as a percentage of revenue (excluding royalties) was 78% in 2024.

Capital expenditures reflect the ongoing need to modernize and expand capacity, particularly for the barrier fleet driven by MASH-TL3 compliance needs. You see the spending spiking across the year:

Period	Capital Expenditures Amount
Q1 2025	$595,000
Q2 2025	$1.9 million
Last 12 Months (approximate)	$6.04 million (Capital Expenditures)

The prompt mentioned a Q3 2025 CapEx of $2.9 million, but that specific figure isn't confirmed in the latest reports I have access to; the LTM figure of $6.04 million gives a better sense of the recent investment pace.

Regarding Research and development (R&D) and patent maintenance costs, specific dollar amounts for 2025 R&D are not detailed in the recent earnings summaries. However, the entire business model is predicated on proprietary products like SlenderWall and J-J Hooks, meaning these costs are embedded within operating expenses to maintain the intellectual property moat.

Operating expenses cover the overhead for the physical footprint and corporate functions. Smith-Midland Corporation operates three manufacturing facilities in Midland, VA; Reidsville, NC; and Columbia, SC.

Here are the recorded operating expense trends:

• 2024 Total Operating Expense: $10,111 (in thousands)
• Q4 2024 Total Operating Expense: $2,580 (in thousands)

The company posted a Q3 2025 Operating Margin of 17.17% on Q3 2025 revenue of $21.5 million. That implies an operating expense level of approximately $17.84 million on an annualized basis, or about $4.46 million for the quarter, based on the reported margin.

Finance: draft 13-week cash view by Friday.

Smith-Midland Corporation (SMID) - Canvas Business Model: Revenue Streams

You're looking at how Smith-Midland Corporation actually brings in the cash, which is key for understanding their valuation. For the third quarter of 2025, the total top line came in at $21.5 million. This revenue is carved up across a few distinct channels, blending product sales with service and licensing income.

The core of the revenue engine is the sale of physical goods. This segment includes major proprietary products like Soundwall, Easi-Set buildings, and utility vaults. For Q3 2025, this stream generated $11.9 million.

Here's a look at the revenue breakdown for the quarter:

Revenue Stream	Q3 2025 Amount (Millions USD)
Product Sales (Soundwall, Easi-Set buildings, utility vaults)	$11.9
Service Revenue from barrier rentals	$3.3
Royalty Income from Easi-Set Worldwide licensing	$1.1
Shipping and installation services revenue	$5.2

That product sales figure, $11.9 million, represented a notable increase of 11% year-over-year, driven by demand for Soundwall and Easi-Set products. It's defintely the largest piece of the pie.

Service-related income is also substantial, though it can fluctuate based on project timing. You have two main service components:

• Service Revenue from barrier rentals: $3.3 million.
• Shipping and installation services revenue: $5.2 million.

To be fair, the search data suggests service revenue, specifically rentals, saw a decline compared to the prior year due to fewer special barrier rental projects. Still, the combined $8.5 million from services and shipping/installation is a significant portion of the total.

Finally, Smith-Midland Corporation captures passive income through its intellectual property. Royalty Income from Easi-Set Worldwide licensing contributed $1.1 million in Q3 2025. This licensing model provides diversification away from direct manufacturing and installation cycles.

When you look at the final profitability metrics from that $21.50 million revenue base, the company posted earnings per share (EPS) of $0.54 and achieved a net margin of 13.24% for the quarter. The return on equity (ROE) stood at a strong 27.32%.

Finance: draft 13-week cash view by Friday.