Short answer
SMITH MIDLAND CORP (SMID) filed its Q3 2025 10-Q quarterly report on Nov 14, 2025 for the quarter ended Sep 30, 2025. Quarterly revenue was $21M (down 9.0% year over year) with net income of $10M.
Q3 2025 key financials · XBRL
- Revenue
- $21M
- −9.0% YoY · −18.1% QoQ
- Net income
- $10M
- +229.2% YoY · +412.3% QoQ
- Operating margin
- 64.1%
- Gross margin
- 95.6%
- EPS (diluted)
- $0.55
- −6.8% YoY · −30.4% QoQ
Source: XBRL data from the SMITH MIDLAND CORP (SMID) Q3 2025 10-Q on SEC EDGAR. USD.
SMITH MIDLAND CORP Q3 2025 10-Q analysis
AI summary of MD&A and risk factor updates
Risk Factors
- No 10-Q Risk Factors section provided; quarterly filing text is truncated during MD&A forward-looking risk disclosures
- Customer concentration: one customer represented 18% of nine-month revenue and 16% of outstanding receivables
- Covenant risk: capital expenditures exceeded the $5,000 annual limit, requiring bank waivers as of September 30, 2025
- Liquidity risk: $5,000 revolving credit line matured January 1, 2026 with no balance outstanding
- Contract risk: performance estimates affect revenue and profit recognition on customized projects recognized over time
Generated from the filing text; verify against the original. 10-K vs 10-Q vs 8-K
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