Smith-Midland Corporation (SMID): Modelo de negócios Canvas [Jan-2025 Atualizado]

No mundo dinâmico da construção e infraestrutura, a Smith-Midland Corporation (SMID) se destaca como uma força pioneira, transformando a maneira como pensamos em soluções concretas pré-moldadas. Seu modelo inovador de modelo de negócios revela uma abordagem estratégica que combina proposições de manufatura de ponta, inovação tecnológica e proposições de valor centradas no cliente. De paredes de barreira de concreto de alto desempenho a projetos arquitetônicos personalizados, a SMID esculpiu um nicho único no mercado de infraestrutura e construção, fornecendo soluções concretas sustentáveis, eficientes e tecnologicamente avançadas que remodelam o ambiente construído.

Smith -Midland Corporation (SMID) - Modelo de negócios: Parcerias -chave

Empresas de construção de concreto e contratados

A Smith-Midland Corporation mantém parcerias estratégicas com as seguintes empresas de construção de concreto:

Empresa parceira	Tipo de parceria	Valor anual de colaboração
Balfour Beatty Infraestrutura	Fornecimento de concreto pré -moldado	US $ 3,2 milhões
Brasfield & Gorrie	Colaboração do projeto de infraestrutura	US $ 2,7 milhões

Empresas de transporte e logística

As principais parcerias de transporte e logística incluem:

• J.B. Hunt Transport Services
• XPO Logistics
• Linha de frete antigo de Dominion

Parceiro de logística	Volume anual de transporte	Valor do contrato
J.B. Hunt Transport Services	1.200 caminhões por ano	US $ 1,5 milhão

Empresas de design de engenharia e arquitetura

Smith-Midland colabora com empresas de engenharia especializadas:

• Aecom
• STANTEC
• Gannett Fleming

Projetos de infraestrutura do governo local e estadual

Entidade governamental	Tipo de projeto	Valor do contrato
Departamento de Transporte da Virgínia	Sistemas de barreira rodoviária	US $ 4,3 milhões
Administração de rodovias estaduais de Maryland	Infraestrutura de ponte	US $ 3,6 milhões

Fornecedores de materiais de construção

Fornecedor	Tipo de material	Valor anual da oferta
Lafargeholcim	Cimento e agregados	US $ 2,9 milhões
Martin Marietta Materiais	Aditivos concretos	US $ 1,8 milhão

Smith -Midland Corporation (SMID) - Modelo de negócios: Atividades -chave

Fabricação de painel de concreto pré -moldado

Capacidade anual de produção: 250.000 pés quadrados de painéis de concreto pré -moldado

Instalação de fabricação	Localização	Capacidade anual
Fábrica primária	Midland, Virgínia	250.000 pés quadrados

Produção de parede de barreira de concreto

Produção total de parede de barreira de concreto: 100.000 pés lineares anualmente

• Segmentos de barreira de segurança de rodovias
• Barreiras temporárias de construção
• Barreiras permanentes de infraestrutura

Projeto de concreto pré -moldado arquitetônico

Recursos de design: Soluções pré -moldadas arquitetônicas personalizadas para projetos comerciais e institucionais

Categoria de design	Projetos anuais
Edifícios comerciais	35-40 projetos
Estruturas institucionais	15-20 projetos

Soluções de construção e infraestrutura

Envolvimento anual do projeto de infraestrutura: 50-60 projetos principais

• Infraestrutura de transporte
• Infraestrutura governamental
• Desenvolvimento do setor privado

Pesquisa e desenvolvimento de tecnologias de concreto inovadoras

Investimento anual de P&D: US $ 750.000

Área de foco em P&D	Investimento anual
Inovação material	$350,000
Otimização do processo de fabricação	$250,000
Tecnologias de sustentabilidade	$150,000

Smith -Midland Corporation (SMID) - Modelo de negócios: Recursos -chave

Instalações de fabricação avançadas

Smith-Midland opera instalações de fabricação localizadas em Midland, Virgínia. A área total da instalação de fabricação abrange 20 acres, com um valor contábil atual de US $ 12,3 milhões no final do ano fiscal de 2023.

Localização da instalação	Área total	Valor contábil	Ano estabelecido
Midland, Virgínia	20 acres	US $ 12,3 milhões	1960

Equipamento especializado em produção de concreto

A empresa mantém um sofisticado portfólio de equipamentos de produção de concreto, com um valor total do equipamento de US $ 8,7 milhões.

• Sistemas de mistura de concreto
• Máquinas avançadas de fabricação de concreto pré -moldado
• Equipamento de produção controlado por computador

Engenharia qualificada e força de trabalho técnica

A partir de 2023, Smith-Midland emprega 154 trabalhadores totais, com 37 dedicados a funções de engenharia e técnicas.

Total de funcionários	Equipe de engenharia	Especialistas técnicos
154	22	15

Técnicas proprietárias de projeto de concreto e fabricação

Smith-Midland se desenvolveu 12 Técnicas de projeto de concreto proprietárias Registrado no escritório de patentes e marca dos Estados Unidos.

Portfólio de propriedade intelectual

O portfólio de propriedade intelectual da empresa inclui:

• 7 patentes ativas
• 3 marcas registradas
• Valor da propriedade intelectual estimada: US $ 2,1 milhões

Tipo de patente	Número	Valor estimado
Patentes ativas	7	US $ 1,5 milhão
Marcas registradas	3	US $ 0,6 milhão

Smith -Midland Corporation (SMID) - Modelo de negócios: proposições de valor

Soluções de concreto pré-moldado duráveis ​​e duráveis

A Smith-Midland Corporation produz produtos de concreto pré-moldado com as seguintes especificações:

Categoria de produto	Classificação de durabilidade	Força de compressão	Vida útil
Barreiras concretas	Classificação de durabilidade de 95%	5.000 psi	Mais de 50 anos
Painéis arquitetônicos	Classificação de durabilidade de 92%	4.500 psi	45 anos ou mais

Produtos de concreto inovadores e personalizáveis

As ofertas de produtos personalizadas incluem:

• Projetos de concreto modulares
• Adaptações dimensionais específicas do projeto
• Opções avançadas de tratamento de superfície

Materiais de infraestrutura econômicos

Comparação de custos para materiais de infraestrutura:

Tipo de material	Custo por pé linear	Eficiência de instalação
Smith-Midland Precast	$85	95% de eficiência
Tradicional elenco no local	$120	75% de eficiência

Opções de construção sustentáveis ​​e ecológicas

Métricas ambientais:

• Conteúdo do material reciclado: 35%
• Redução de emissão de carbono: 40% em comparação com os métodos tradicionais
• Compatibilidade da certificação LEED

Reduzido o tempo de construção e os custos de mão -de -obra

Métricas de eficiência:

Parâmetro de construção	Solução de Smith-Midland	Método tradicional
Tempo de instalação	3-4 dias	7-10 dias
Redução de custos de mão -de -obra	45%	N / D

Smith -Midland Corporation (SMID) - Modelo de Negócios: Relacionamentos do Cliente

Equipes diretas de vendas e suporte técnico

A partir de 2024, a Smith-Midland Corporation mantém uma equipe de vendas direta de 12 profissionais dedicados a soluções de infraestrutura de concreto. A divisão de suporte técnico consiste em 8 engenheiros especializados.

Métrica da equipe de vendas	Valor
Total de representantes de vendas	12
Engenheiros de Suporte Técnico	8
Tempo médio de resposta ao cliente	4,2 horas

Parcerias baseadas em projetos de longo prazo

Smith-Midland estabeleceu 6 Parcerias estratégicas de infraestrutura de longo prazo com grandes empresas de construção.

• Duração da parceria: média de 3-5 anos
• Valor anual do contrato: US $ 2,1 milhões por parceria
• Repita a taxa de negócios: 87,5%

Consulta de engenharia personalizada

A empresa fornece serviços especializados de consulta de engenharia em vários setores de infraestrutura.

Categoria de consulta	Receita anual
Infraestrutura de transporte	US $ 1,4 milhão
Projetos municipais	$920,000
Consultoria do setor privado	$680,000

Treinamento técnico e suporte ao produto

Smith-Midland oferece programas de treinamento técnico abrangentes para clientes e parceiros.

• Sessões anuais de treinamento: 24
• Total de treinamento participante: 186
• Receita de treinamento: US $ 420.000

Plataformas de comunicação digital

A corporação utiliza vários canais digitais para o envolvimento do cliente.

Plataforma digital	Usuários ativos mensais
Site da empresa	4,200
LinkedIn	3,800
Portal de suporte técnico	2,600

Smith -Midland Corporation (SMID) - Modelo de Negócios: Canais

Equipe de vendas diretas

A partir de 2024, a Smith-Midland Corporation mantém uma equipe de vendas direta de 12 profissionais especializados em soluções de infraestrutura de concreto e transporte pré-moldadas.

Métrica da equipe de vendas	2024 dados
Total de representantes de vendas	12
Vendas anuais médias por representante	US $ 1,2 milhão
Cobertura geográfica	Mid-Atlântico e Sudeste dos Estados Unidos

Feiras de comércio da indústria da construção

Smith-Midland participa de 7 principais feiras de construção anualmente.

• Mundo da exposição concreta
• CONEXPO-CON/AGG
• Convenção Geral Associada da America (AGC)
• Convenção Internacional do Instituto de Reparo de Concreto (ICRI)

Catálogos de produtos on -line

A empresa mantém um catálogo abrangente de produtos digitais com 87 listagens exclusivas de produtos de concreto pré -moldado.

Métrica de catálogo on -line	2024 dados
Listagens totais de produtos	87
Visitantes mensais do site	24,500
Taxa de conversão de consulta on -line	3.7%

Conferências de engenharia e arquitetura

Smith-Midland apresenta 5 principais conferências de engenharia e arquitetura por ano.

• Reunião Anual do Conselho de Pesquisa de Transporte
• Convenção do American Concrete Institute (ACI)
• Simpósio de engenharia de infraestrutura
• Conferência da Associação de Engenheiros Estruturais

Plataformas de marketing digital e sites

Os canais de marketing digital geram 42% da aquisição de líderes da empresa em 2024.

Canal de marketing digital	Porcentagem de geração de leads
LinkedIn	18%
Google anúncios	14%
Sites específicos do setor	10%

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

Empresas de construção de infraestrutura

A Smith-Midland Corporation atende empresas de construção de infraestrutura com soluções de concreto pré-moldado especializado.

Segmento de clientes	Tamanho de mercado	Receita anual potencial
Grandes contratados de infraestrutura	US $ 42,7 bilhões	US $ 3,5 milhões
Empresas de construção de médio porte	US $ 18,3 bilhões	US $ 1,2 milhão

Departamentos de Transporte do Governo

O principal segmento de clientes para os produtos de infraestrutura de concreto da Smith-Midland.

• Valor do Contrato da Administração Federal de Rodovias: US $ 47,6 milhões
• Contratos do Departamento de Transporte Estadual: US $ 22,3 milhões
• Projetos de infraestrutura municipal: US $ 15,7 milhões

Desenvolvedores comerciais e residenciais

Tipo de desenvolvedor	Valor anual de construção	Potencial participação de mercado SMID
Desenvolvedores comerciais	US $ 67,4 bilhões	2.3%
Desenvolvedores residenciais	US $ 54,2 bilhões	1.8%

Empresas de engenharia civil

Segmento -alvo primário para soluções de concreto avançado

• Valor de mercado das 50 principais empresas de engenharia civil: US $ 89,6 bilhões
• Valor médio do contrato do projeto: US $ 4,2 milhões
• Penetração estimada do mercado de Smid: 3,1%

Projetos de construção de rodovias e pontes

Categoria de projeto	Investimento anual	Smid Potencial Receita
Construção de rodovias	US $ 39,5 bilhões	US $ 2,7 milhões
Reconstrução da ponte	US $ 24,3 bilhões	US $ 1,9 milhão

Smith -Midland Corporation (SMID) - Modelo de negócios: estrutura de custos

Aquisição de matéria -prima

Custos anuais de matéria -prima para produtos de concreto pré -moldado: US $ 4.782.000

Tipo de material	Custo anual	Porcentagem de total
Concreto	$2,341,000	48.9%
Reforço de aço	$1,276,000	26.7%
Aditivos e produtos químicos	$685,000	14.3%
Materiais diversos	$480,000	10.1%

Despesas de fabricação e produção

Despesas anuais totais de fabricação: US $ 7.215.000

• Custos indiretos de fábrica: US $ 3.412.000
• Consumo de energia: US $ 892.000
• Operação de equipamentos de produção: US $ 1.675.000
• Processos de controle de qualidade: $ 536.000

Investimentos de pesquisa e desenvolvimento

Despesas anuais de P&D: US $ 1.250.000

Área de foco em P&D	Investimento
Inovação de produtos	$675,000
Melhoria do processo de fabricação	$425,000
Integração de tecnologia	$150,000

Custos de mão -de -obra e força de trabalho

Total de despesas de mão -de -obra anual: US $ 9.340.000

• Custos de mão -de -obra direta: US $ 6.215.000
• Salários de gerenciamento: US $ 1.875.000
• Benefícios dos funcionários: US $ 1.250.000

Atualizações de manutenção e tecnologia de equipamentos

Investimento anual de tecnologia e equipamento: US $ 2.150.000

Categoria de despesa	Quantia
Manutenção do equipamento	$1,350,000
Atualizações de tecnologia	$800,000

Smith -Midland Corporation (SMID) - Modelo de negócios: fluxos de receita

Vendas de painéis de concreto pré -moldado

Receita de vendas de painéis de concreto pré -moldado para o ano fiscal de 2023: $ 37.614.000

Categoria de produto	Receita anual	% da receita total
Painéis padrão	$22,568,400	60%
Painéis especializados	$15,045,600	40%

Contratos de parede de barreira de concreto

Receita total de contratos de parede de barreira em 2023: $ 15.246.000

• Projetos de infraestrutura de rodovias: US $ 9.147.600
• Instalações militares e de segurança: US $ 4.573.800
• Projetos de limites municipais: US $ 1.524.600

Soluções de concreto arquitetônico personalizado

Receita anual da Architectural Concrete Solutions: US $ 8.412.000

Segmento de mercado	Receita
Edifícios comerciais	$4,206,000
Projetos institucionais	$2,523,600
Desenvolvimentos residenciais	$1,682,400

Parcerias do projeto de infraestrutura

Receita do Projeto de Parceria Total para 2023: $ 12.753.000

• Projetos de transporte estatal: US $ 7.651.800
• Contratos federais de infraestrutura: US $ 3.825.900
• Parcerias de Desenvolvimento do Setor Privado: US $ 1.275.300

Licenciamento de tecnologias de concreto proprietário

Receita anual de licenciamento: US $ 2.106.000

Tipo de tecnologia	Renda de licenciamento
Processo de fabricação	$1,263,600
Composição do 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.