Smith-Midland Corporation (SMID): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico de la construcción e infraestructura, Smith-Midland Corporation (SMID) se destaca como una fuerza pionera, transformando la forma en que pensamos sobre soluciones concretas prefabricadas. Su innovador lienzo de modelo de negocio revela un enfoque estratégico que combina la fabricación de vanguardia, la innovación tecnológica y las propuestas de valor centradas en el cliente. Desde paredes de barrera de concreto de alto rendimiento hasta diseños arquitectónicos personalizados, SMID ha tallado un nicho único en el mercado de infraestructura y construcción, ofreciendo soluciones de concreto sostenibles, eficientes y tecnológicamente avanzadas que reinician el entorno construido.

Smith -Midland Corporation (SMID) - Modelo de negocios: asociaciones clave

Empresas de construcción de concreto y contratistas

Smith-Midland Corporation mantiene asociaciones estratégicas con las siguientes empresas de construcción de concreto:

Empresa asociada	Tipo de asociación	Valor de colaboración anual
Infraestructura Balfour Beatty	Suministro de concreto prefabricado	$ 3.2 millones
Brasfield & Gorrie	Colaboración del proyecto de infraestructura	$ 2.7 millones

Empresas de transporte y logística

Las asociaciones clave de transporte y logística incluyen:

• Servicios de transporte de J.B. Hunt
• Logística XPO
• Old Dominion Freight Line

Socio de logística	Volumen de transporte anual	Valor de contrato
Servicios de transporte de J.B. Hunt	1.200 cargas de camiones por año	$ 1.5 millones

Firmas de ingeniería y diseño arquitectónico

Smith-Midland colabora con empresas de ingeniería especializadas:

• Aecom
• Stantec
• Gannett Fleming

Proyectos de infraestructura del gobierno local y estatal

Entidad gubernamental	Tipo de proyecto	Valor de contrato
Departamento de Transporte de Virginia	Sistemas de barrera de carreteras	$ 4.3 millones
Administración de Carreteras Estatales de Maryland	Infraestructura de puente	$ 3.6 millones

Proveedores de materiales de construcción

Proveedor	Tipo de material	Valor de suministro anual
Lafargeholcim	Cemento y agregados	$ 2.9 millones
Materiales de Martin Marietta	Aditivos concretos	$ 1.8 millones

Smith -Midland Corporation (SMID) - Modelo de negocios: actividades clave

Fabricación de panel de concreto prefabricado

Capacidad de producción anual: 250,000 pies cuadrados de paneles de hormigón prefabricados

Instalación de fabricación	Ubicación	Capacidad anual
Planta de fabricación primaria	Midland, Virginia	250,000 pies cuadrados

Producción de pared de barrera de concreto

Producción total de la pared de barrera de concreto: 100,000 pies lineales anualmente

• Segmentos de barrera de seguridad de carreteras
• Barreras de construcción temporales
• Barreras de infraestructura permanente

Diseño de concreto prefabricado arquitectónico

Capacidades de diseño: Soluciones prefabricadas arquitectónicas personalizadas para proyectos comerciales e institucionales

Categoría de diseño	Proyectos anuales
Edificios comerciales	35-40 proyectos
Estructuras institucionales	15-20 proyectos

Soluciones de construcción e infraestructura

Participación del proyecto de infraestructura anual: 50-60 proyectos principales

• Infraestructura de transporte
• Infraestructura gubernamental
• Desarrollo del sector privado

Investigación y desarrollo de tecnologías concretas innovadoras

Inversión anual de I + D: $ 750,000

Área de enfoque de I + D	Inversión anual
Innovación material	$350,000
Optimización del proceso de fabricación	$250,000
Tecnologías de sostenibilidad	$150,000

Smith -Midland Corporation (SMID) - Modelo de negocios: recursos clave

Instalaciones de fabricación avanzadas

Smith-Midland opera instalaciones de fabricación ubicadas en Midland, Virginia. El área total de la instalación de fabricación abarca 20 acres con un valor en libros actual de $ 12.3 millones a partir de 2023 fin de año fiscal.

Ubicación de la instalación	Área total	Valor en libros	Año establecido
Midland, Virginia	20 acres	$ 12.3 millones	1960

Equipo de producción de concreto especializado

La compañía mantiene una sofisticada cartera de equipos de producción de concreto con un valor total del equipo de $ 8.7 millones.

• Sistemas de mezcla de concreto
• Maquinaria de fabricación de hormigón prefabricado avanzado
• Equipo de producción controlado por computadora

Ingeniería especializada y fuerza laboral técnica

A partir de 2023, Smith-Midland emplea a 154 trabajadores totales, con 37 dedicados a los roles técnicos y de ingeniería.

Total de empleados	Personal de ingeniería	Especialistas técnicos
154	22	15

Técnicas de diseño y fabricación de concreto patentado

Smith-Midland se ha desarrollado 12 técnicas de diseño de concreto patentado Registrado en la Oficina de Patentes y Marcas de los Estados Unidos.

Cartera de propiedades intelectuales

La cartera de propiedades intelectuales de la compañía incluye:

• 7 patentes activas
• 3 marcas registradas
• Valor de propiedad intelectual estimada: $ 2.1 millones

Tipo de patente	Número	Valor estimado
Patentes activas	7	$ 1.5 millones
Marcas registradas	3	$ 0.6 millones

Smith -Midland Corporation (SMID) - Modelo de negocio: propuestas de valor

Soluciones de concreto prefabricadas de alta calidad y duraderos

Smith-Midland Corporation produce productos de concreto prefabricados con las siguientes especificaciones:

Categoría de productos	Calificación de durabilidad	Resistencia a la compresión	Esperanza de vida
Barrera de concreto	Calificación de durabilidad del 95%	5,000 psi	Más de 50 años
Paneles arquitectónicos	Calificación de durabilidad del 92%	4.500 psi	45+ años

Productos de concreto innovadores y personalizables

Las ofertas de productos personalizadas incluyen:

• Diseños de concreto modular
• Adaptaciones dimensionales específicas del proyecto
• Opciones avanzadas de tratamiento de superficie

Materiales de infraestructura rentables

Comparación de costos para materiales de infraestructura:

Tipo de material	Costo por pie lineal	Eficiencia de instalación
Prefabricado de Smith-Midland	$85	95% de eficiencia
Cast-in-lugar tradicional	$120	75% de eficiencia

Opciones de construcción sostenibles y respetuosas con el medio ambiente

Métricas ambientales:

• Contenido de material reciclado: 35%
• Reducción de la emisión de carbono: 40% en comparación con los métodos tradicionales
• Compatibilidad de la certificación LEED

Tiempo de construcción reducido y costos de mano de obra

Métricas de eficiencia:

Parámetro de construcción	Solución Smith-Midland	Método tradicional
Tiempo de instalación	3-4 días	7-10 días
Reducción de costos de mano de obra	45%	N / A

Smith -Midland Corporation (SMID) - Modelo de negocios: relaciones con los clientes

Equipos directos de ventas y soporte técnico

A partir de 2024, Smith-Midland Corporation mantiene un equipo de ventas directo de 12 profesionales dedicado a soluciones de infraestructura concreta. La división de soporte técnico consta de 8 ingenieros especializados.

Métrica del equipo de ventas	Valor
Representantes de ventas totales	12
Ingenieros de soporte técnico	8
Tiempo promedio de respuesta al cliente	4.2 horas

Asociaciones a largo plazo basadas en proyectos

Smith-Midland ha establecido 6 asociaciones estratégicas de infraestructura a largo plazo con las principales empresas de construcción.

• Duración de la asociación: promediando 3-5 años
• Valor anual del contrato: $ 2.1 millones por sociedad
• Repita la tasa comercial: 87.5%

Consulta de ingeniería personalizada

La compañía ofrece servicios especializados de consulta de ingeniería en múltiples sectores de infraestructura.

Categoría de consulta	Ingresos anuales
Infraestructura de transporte	$ 1.4 millones
Proyectos municipales	$920,000
Consultoría del sector privado	$680,000

Capacitación técnica y soporte de productos

Smith-Midland ofrece programas integrales de capacitación técnica para clientes y socios.

• Sesiones de capacitación anual: 24
• Participantes de la capacitación total: 186
• Ingresos de capacitación: $ 420,000

Plataformas de comunicación digital

La corporación utiliza múltiples canales digitales para la participación del cliente.

Plataforma digital	Usuarios activos mensuales
Sitio web de la empresa	4,200
LinkedIn	3,800
Portal de soporte técnico	2,600

Smith -Midland Corporation (SMID) - Modelo de negocios: canales

Equipo de ventas directas

A partir de 2024, Smith-Midland Corporation mantiene un equipo de ventas directo de 12 profesionales especializados en soluciones de infraestructura de concreto y de transporte prefabricadas.

Métrica del equipo de ventas	2024 datos
Representantes de ventas totales	12
Ventas anuales promedio por representante	$ 1.2 millones
Cobertura geográfica	Atlántico medio y sureste de los Estados Unidos

Ferias comerciales de la industria de la construcción

Smith-Midland participa en 7 principales ferias comerciales de construcción anualmente.

• Mundo de la exposición de concreto
• Conexpo-con/agg
• Convención de Contratistas Generales de América (AGC) asociados
• Convención del Instituto Internacional de Reparación de Concreto (ICRI)

Catálogos de productos en línea

La compañía mantiene un catálogo integral de productos digitales con 87 listados de productos concretos prefabricados únicos.

Métrica de catálogo en línea	2024 datos
Listados totales de productos	87
Sitio web Visitantes mensuales	24,500
Tasa de conversión de consulta en línea	3.7%

Conferencias de ingeniería y arquitectura

Smith-Midland se presenta en 5 conferencias clave de ingeniería y arquitectura por año.

• Reunión anual de la Junta de Investigación de Transporte
• Convención del American Concrete Institute (ACI)
• Simposio de ingeniería de infraestructura
• Conferencia de la Asociación de Ingenieros Estructurales

Plataformas de marketing digital y sitios web

Los canales de marketing digital generan el 42% de la adquisición de leads de la compañía en 2024.

Canal de marketing digital	Porcentaje de generación de leads
LinkedIn	18%
Ads de Google	14%
Sitios web específicos de la industria	10%

Smith -Midland Corporation (SMID) - Modelo de negocios: segmentos de clientes

Empresas de construcción de infraestructura

Smith-Midland Corporation atiende a empresas de construcción de infraestructura con soluciones de concreto prefabricadas especializadas.

Segmento de clientes	Tamaño del mercado	Ingresos anuales potenciales
Grandes contratistas de infraestructura	$ 42.7 mil millones	$ 3.5 millones
Empresas de construcción de tamaño mediano	$ 18.3 mil millones	$ 1.2 millones

Departamentos de transporte gubernamental

Segmento clave de clientes para productos de infraestructura de concreto de Smith-Midland.

• Valor del contrato de administración federal de la carretera: $ 47.6 millones
• Contratos del Departamento de Transporte Estatal: $ 22.3 millones
• Proyectos de infraestructura municipal: $ 15.7 millones

Desarrolladores comerciales y residenciales

Tipo de desarrollador	Valor de construcción anual	Cuota de mercado potencial de SMID
Desarrolladores comerciales	$ 67.4 mil millones	2.3%
Desarrolladores residenciales	$ 54.2 mil millones	1.8%

Empresas de ingeniería civil

Segmento objetivo principal para soluciones de concreto avanzado

• Top 50 empresas de ingeniería civil Valor de mercado: $ 89.6 mil millones
• Valor promedio del contrato del proyecto: $ 4.2 millones
• Penetración estimada del mercado SMID: 3.1%

Proyectos de construcción de carreteras y puentes

Categoría de proyecto	Inversión anual	Ingresos potenciales SMID
Construcción de carreteras	$ 39.5 mil millones	$ 2.7 millones
Reconstrucción de puentes	$ 24.3 mil millones	$ 1.9 millones

Smith -Midland Corporation (SMID) - Modelo de negocio: Estructura de costos

Adquisición de materia prima

Costos anuales de materia prima para productos de concreto prefabricados: $ 4,782,000

Tipo de material	Costo anual	Porcentaje de total
Concreto	$2,341,000	48.9%
Refuerzo de acero	$1,276,000	26.7%
Aditivos y productos químicos	$685,000	14.3%
Materiales diversos	$480,000	10.1%

Gastos de fabricación y producción

Gastos de fabricación anuales totales: $ 7,215,000

• Costos generales de fábrica: $ 3,412,000
• Consumo de energía: $ 892,000
• Operación del equipo de producción: $ 1,675,000
• Procesos de control de calidad: $ 536,000

Inversiones de investigación y desarrollo

Gastos anuales de I + D: $ 1,250,000

Área de enfoque de I + D	Inversión
Innovación de productos	$675,000
Mejora del proceso de fabricación	$425,000
Integración tecnológica	$150,000

Costos de mano de obra y de la fuerza laboral

Gastos laborales anuales totales: $ 9,340,000

• Costos laborales directos: $ 6,215,000
• Salarios de gestión: $ 1,875,000
• Beneficios de los empleados: $ 1,250,000

Mantenimiento de equipos y actualizaciones de tecnología

Inversión anual de tecnología y equipo: $ 2,150,000

Categoría de gastos	Cantidad
Mantenimiento del equipo	$1,350,000
Actualizaciones tecnológicas	$800,000

Smith -Midland Corporation (SMID) - Modelo de negocios: flujos de ingresos

Ventas de panel de concreto prefabricado

Ingresos de ventas de panel de concreto prefabricado para el año fiscal 2023: $ 37,614,000

Categoría de productos	Ingresos anuales	% de ingresos totales
Paneles estándar	$22,568,400	60%
Paneles especializados	$15,045,600	40%

Contratos de pared de barrera de concreto

Ingresos totales de los contratos de Barrier Wall en 2023: $ 15,246,000

• Proyectos de infraestructura de carreteras: $ 9,147,600
• Instalaciones militares y de seguridad: $ 4,573,800
• Proyectos de límites municipales: $ 1,524,600

Soluciones de concreto arquitectónicas personalizadas

Ingresos anuales de soluciones arquitectónicas de concreto: $ 8,412,000

Segmento de mercado	Ganancia
Edificios comerciales	$4,206,000
Proyectos institucionales	$2,523,600
Desarrollos residenciales	$1,682,400

Asociaciones del proyecto de infraestructura

Ingresos del proyecto de asociación total para 2023: $ 12,753,000

• Proyectos estatales de transporte: $ 7,651,800
• Contratos de infraestructura federal: $ 3,825,900
• Asociaciones de desarrollo del sector privado: $ 1,275,300

Licencias de tecnologías de concreto patentadas

Ingresos anuales de licencia: $ 2,106,000

Tipo de tecnología	Ingresos por licencias
Proceso de fabricación	$1,263,600
Composición de material	$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.