Smith-Midland Corporation (SMID): Business Model Canvas [Jan-2025 Mis à jour]

Dans le monde dynamique de la construction et des infrastructures, Smith-Midland Corporation (SMID) se démarque comme une force pionnière, transformant la façon dont nous pensons aux solutions de béton préfabriquées. Leur toile de modèle commercial innovant révèle une approche stratégique qui mélange la fabrication de pointe, l'innovation technologique et les propositions de valeur centrées sur le client. Des murs de barrière en béton haute performance aux conceptions architecturales personnalisées, SMID a sculpté un créneau unique sur le marché des infrastructures et de la construction, offrant des solutions de béton durables, efficaces et technologiquement avancées qui remodeler l'environnement bâti.

Smith-Midland Corporation (SMID) - Modèle d'entreprise: partenariats clés

Entreprises de construction en béton et entrepreneurs

Smith-Midland Corporation entretient des partenariats stratégiques avec les entreprises de construction en béton suivantes:

Entreprise partenaire	Type de partenariat	Valeur de collaboration annuelle
Balfour Beatty Infrastructure	Alimentation en béton préfabriqué	3,2 millions de dollars
Brasfield & Gorrie	Collaboration du projet d'infrastructure	2,7 millions de dollars

Sociétés de transport et de logistique

Les partenariats clés du transport et de la logistique comprennent:

• J.B. Hunt Transport Services
• Xpo logistique
• Old Dominion Freight Line

Partenaire de logistique	Volume de transport annuel	Valeur du contrat
J.B. Hunt Transport Services	1 200 camions par an	1,5 million de dollars

Sociétés de conception d'ingénierie et d'architectes

Smith-Midland collabore avec des sociétés d'ingénierie spécialisées:

• Aecom
• Santec
• Gannett Fleming

Projets d'infrastructure locale et d'État

Entité gouvernementale	Type de projet	Valeur du contrat
Département des transports de Virginie	Systèmes de barrière autoroute	4,3 millions de dollars
Administration des routes de l'État du Maryland	Infrastructure de ponts	3,6 millions de dollars

Fournisseurs de matériaux de construction

Fournisseur	Type de matériau	Valeur de l'offre annuelle
Lafargeholcim	Ciment et agrégats	2,9 millions de dollars
Matériaux Martin Marietta	Additifs concrets	1,8 million de dollars

Smith-Midland Corporation (SMID) - Modèle d'entreprise: activités clés

Fabrication de panneau de béton préfabriqué

Capacité de production annuelle: 250 000 pieds carrés de panneaux de béton préfabriqué

Usine de fabrication	Emplacement	Capacité annuelle
Usine de fabrication primaire	Midland, Virginie	250 000 pieds carrés

Production de mur de barrière en béton

Production totale du mur de barrière en béton: 100 000 pieds linéaires par an

• Segments de barrière de sécurité routière
• Barrières de construction temporaires
• Barrières d'infrastructure permanentes

Conception de béton architectural préfabriqué

Capacités de conception: Solutions d'architecture architecturales personnalisées pour les projets commerciaux et institutionnels

Catégorie de conception	Projets annuels
Bâtiments commerciaux	35-40 projets
Structures institutionnelles	15-20 projets

Solutions de construction et d'infrastructure

Implication annuelle du projet d'infrastructure: 50-60 Projets majeurs

• Infrastructure de transport
• Infrastructure gouvernementale
• Développement du secteur privé

Recherche et développement de technologies concrets innovantes

Investissement annuel de R&D: 750 000 $

Zone de focus R&D	Investissement annuel
Innovation matérielle	$350,000
Optimisation du processus de fabrication	$250,000
Technologies de durabilité	$150,000

Smith-Midland Corporation (SMID) - Modèle d'entreprise: Ressources clés

Installations de fabrication avancées

Smith-Midland exploite des installations de fabrication situées à Midland, en Virginie. La zone totale des installations de fabrication s'étend sur 20 acres avec une valeur comptable actuelle de 12,3 millions de dollars à la fin de l'année budgétaire.

Emplacement de l'installation	Superficie totale	Valeur comptable	Année établie
Midland, Virginie	20 acres	12,3 millions de dollars	1960

Équipement de production en béton spécialisé

La société maintient un portefeuille de matériel de production en béton sophistiqué avec une valeur totale de l'équipement de 8,7 millions de dollars.

• Systèmes de mélange en béton
• Machinerie de fabrication de béton préfabriqué avancé
• Équipement de production contrôlé par ordinateur

Ingénierie qualifiée et main-d'œuvre technique

En 2023, Smith-Midland emploie 154 travailleurs au total, avec 37 dédiés aux rôles d'ingénierie et techniques.

Total des employés	Personnel d'ingénierie	Spécialistes techniques
154	22	15

Techniques de conception et de fabrication de béton propriétaires

Smith-Midland a développé 12 techniques de conception de béton propriétaires Enregistré auprès du Bureau des brevets et des marques des États-Unis.

Portefeuille de propriété intellectuelle

Le portefeuille de propriété intellectuelle de la société comprend:

• 7 brevets actifs
• 3 marques enregistrées
• Valeur de propriété intellectuelle estimée: 2,1 millions de dollars

Type de brevet	Nombre	Valeur estimée
Brevets actifs	7	1,5 million de dollars
Marques enregistrées	3	0,6 million de dollars

Smith-Midland Corporation (SMID) - Modèle d'entreprise: propositions de valeur

Solutions de béton préfabriqué de haute qualité et durables

Smith-Midland Corporation produit des produits en béton préfabriqué avec les spécifications suivantes:

Catégorie de produits	Clôture de durabilité	Résistance à la compression	Durée de vie
Barrières en béton	Évaluation de durabilité à 95%	5 000 psi	Plus de 50 ans
Panneaux architecturaux	Évaluation de durabilité à 92%	4 500 psi	Plus de 45 ans

Produits en béton innovants et personnalisables

Les offres de produits personnalisées comprennent:

• Conceptions de béton modulaire
• Adaptations dimensionnelles spécifiques au projet
• Options de traitement de surface avancées

Matériaux d'infrastructure rentable

Comparaison des coûts pour les matériaux d'infrastructure:

Type de matériau	Coût par pied linéaire	Efficacité d'installation
Smith-Midland Prefast	$85	Efficacité à 95%
Casting traditionnel	$120	75% d'efficacité

Options de construction durables et respectueuses de l'environnement

Métriques environnementales:

• Contenu du matériel recyclé: 35%
• Réduction des émissions de carbone: 40% par rapport aux méthodes traditionnelles
• Compatibilité de la certification LEED

Réduction du temps de construction et des coûts de main-d'œuvre

Métriques d'efficacité:

Paramètre de construction	Solution Smith-Midland	Méthode traditionnelle
Temps d'installation	3-4 jours	7-10 jours
Réduction des coûts de la main-d'œuvre	45%	N / A

Smith-Midland Corporation (SMID) - Modèle d'entreprise: relations avec les clients

Équipes de vente directe et de support technique

En 2024, Smith-Midland Corporation maintient une équipe de vente directe de 12 professionnels dédiés aux solutions d'infrastructure concrètes. La division de support technique se compose de 8 ingénieurs spécialisés.

Métrique de l'équipe de vente	Valeur
Représentants des ventes totales	12
Ingénieurs de support technique	8
Temps de réponse moyen du client	4,2 heures

Partenariats basés sur des projets à long terme

Smith-Midland a établi 6 partenariats stratégiques à long terme d'infrastructure avec les grandes entreprises de construction.

• Durée du partenariat: la moyenne de 3 à 5 ans
• Valeur du contrat annuel: 2,1 millions de dollars par partenariat
• Répéter le taux d'entreprise: 87,5%

Consultation d'ingénierie personnalisée

La société fournit des services de consultation d'ingénierie spécialisés dans plusieurs secteurs d'infrastructure.

Catégorie de consultation	Revenus annuels
Infrastructure de transport	1,4 million de dollars
Projets municipaux	$920,000
Conseil du secteur privé	$680,000

Formation technique et support de produit

Smith-Midland propose des programmes de formation technique complets pour les clients et les partenaires.

• Sessions de formation annuelles: 24
• Total des participants à la formation: 186
• Revenus de formation: 420 000 $

Plateformes de communication numérique

La société utilise plusieurs canaux numériques pour l'engagement des clients.

Plate-forme numérique	Utilisateurs actifs mensuels
Site Web de l'entreprise	4,200
Liendin	3,800
Portail de support technique	2,600

Smith-Midland Corporation (SMID) - Modèle d'entreprise: canaux

Équipe de vente directe

Depuis 2024, Smith-Midland Corporation maintient une équipe de vente directe de 12 professionnels spécialisés dans les solutions d'infrastructure de béton et de transport préfabriquées.

Métrique de l'équipe de vente	2024 données
Représentants des ventes totales	12
Ventes annuelles moyennes par représentant	1,2 million de dollars
Couverture géographique	Mid-Atlantic et Southeastern United States

Salons de l'industrie de l'industrie de la construction

Smith-Midland participe à 7 grands salons de la construction chaque année.

• World of Concrete Expo
• Conexpo-con / agg
• Convention associée des entrepreneurs généraux d'Amérique (AGC)
• Convention internationale de l'Institut de réparation du béton (ICRI)

Catalogues de produits en ligne

La société maintient un catalogue de produits numériques complets avec 87 listes de produits en béton préfabriqué uniques.

Métrique du catalogue en ligne	2024 données
Listes totales de produits	87
Visiteurs mensuels du site Web	24,500
Taux de conversion de demande en ligne	3.7%

Conférences d'ingénierie et d'architecture

Smith-Midland présente 5 conférences clés d'ingénierie et d'architecture par an.

• Réunion annuelle du Conseil de recherche sur les transports
• Convention de l'American Concrete Institute (ACI)
• Symposium d'ingénierie des infrastructures
• Conférence de l'Association des ingénieurs structurels

Marketing numérique et plateformes de site Web

Les canaux de marketing numérique génèrent 42% de l'acquisition de responsable de la société en 2024.

Canal de marketing numérique	Pourcentage de génération de leads
Liendin	18%
Publicités Google	14%
Sites Web spécifiques à l'industrie	10%

Smith-Midland Corporation (SMID) - Modèle d'entreprise: segments de clientèle

Entreprises de construction d'infrastructures

Smith-Midland Corporation dessert des entreprises de construction d'infrastructures avec des solutions de béton préfabriqué spécialisées.

Segment de clientèle	Taille du marché	Revenus annuels potentiels
Grands entrepreneurs à infrastructures	42,7 milliards de dollars	3,5 millions de dollars
Entreprises de construction de taille moyenne	18,3 milliards de dollars	1,2 million de dollars

Services de transport gouvernemental

Segment de clientèle clé pour les produits d'infrastructure en béton de Smith-Midland.

• Valeur du contrat fédéral de l'administration routière: 47,6 millions de dollars
• Contrats du Département des transports de l'État: 22,3 millions de dollars
• Projets d'infrastructure municipale: 15,7 millions de dollars

Développeurs commerciaux et résidentiels

Type de développeur	Valeur de construction annuelle	Part de marché potentiel SMID
Développeurs commerciaux	67,4 milliards de dollars	2.3%
Développeurs résidentiels	54,2 milliards de dollars	1.8%

Sociétés de génie civil

Segment cible principal pour les solutions de béton avancées

• Top 50 des sociétés de génie civil Valeur marchande: 89,6 milliards de dollars
• Valeur du contrat de projet moyen: 4,2 millions de dollars
• Pénétration estimée du marché SMID: 3,1%

Projets de construction de routes et de ponts

Catégorie de projet	Investissement annuel	Smid Revenue potentielle
Construction de routes	39,5 milliards de dollars	2,7 millions de dollars
Reconstruction du pont	24,3 milliards de dollars	1,9 million de dollars

Smith-Midland Corporation (SMID) - Modèle d'entreprise: Structure des coûts

Achat de matières premières

Coûts annuels des matières premières pour les produits en béton préfabriqué: 4 782 000 $

Type de matériau	Coût annuel	Pourcentage du total
Béton	$2,341,000	48.9%
Armature en acier	$1,276,000	26.7%
Additifs et produits chimiques	$685,000	14.3%
Matériaux divers	$480,000	10.1%

Frais de fabrication et de production

Total des dépenses de fabrication annuelles: 7 215 000 $

• Frais généraux d'usine: 3 412 000 $
• Consommation d'énergie: 892 000 $
• Exploitation de l'équipement de production: 1 675 000 $
• Processus de contrôle de la qualité: 536 000 $

Investissements de recherche et développement

Dépenses annuelles de R&D: 1 250 000 $

Zone de focus R&D	Investissement
Innovation de produit	$675,000
Amélioration des processus de fabrication	$425,000
Intégration technologique	$150,000

Coûts de main-d'œuvre et de main-d'œuvre

Total des dépenses annuelles de main-d'œuvre: 9 340 000 $

• Coûts de main-d'œuvre directs: 6 215 000 $
• Salaires de gestion: 1 875 000 $
• Avantages sociaux: 1 250 000 $

Entretien de l'équipement et améliorations technologiques

Investissement annuel de technologie et d'équipement: 2 150 000 $

Catégorie de dépenses	Montant
Entretien de l'équipement	$1,350,000
Mises à niveau technologique	$800,000

Smith-Midland Corporation (SMID) - Modèle d'entreprise: Strots de revenus

Ventes de panneaux en béton préfabriqué

Revenus des ventes de panneaux en béton préfabriqué pour l'exercice 2023: 37 614 000 $

Catégorie de produits	Revenus annuels	% des revenus totaux
Panneaux standard	$22,568,400	60%
Panneaux spécialisés	$15,045,600	40%

Contrats muraux de barrière en béton

Total des revenus des contrats de mur de barrière en 2023: 15 246 000 $

• Projets d'infrastructure routière: 9 147 600 $
• Installations militaires et de sécurité: 4 573 800 $
• Projets des limites municipales: 1 524 600 $

Solutions de béton architecturales personnalisées

Revenus annuels des solutions architecturales en béton: 8 412 000 $

Segment de marché	Revenu
Bâtiments commerciaux	$4,206,000
Projets institutionnels	$2,523,600
Développements résidentiels	$1,682,400

Partenariats du projet d'infrastructure

Revenu total du projet de partenariat pour 2023: 12 753 000 $

• Projets de transport d'État: 7 651 800 $
• Contrats d'infrastructure fédérale: 3 825 900 $
• Partenariats de développement du secteur privé: 1 275 300 $

Licence des technologies de béton propriétaires

Revenus de licence annuelle: 2 106 000 $

Type de technologie	Revenu de licence
Processus de fabrication	$1,263,600
Composition des matériaux	$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.