Filing Flows › Smith Midland (SMID) › Q1 2025
Smith Midland (SMID) Q1 2025 earnings results (first quarter 2025)
10-Q filed Jul 10, 2025
Smith Midland (SMID) reported revenue of $22.7M for the first quarter 2025 (Q1 2025), +35% from a year earlier and +22% from the quarter before. Operating margin was 19.3%, net earnings $3.3M (14.7% of revenue).
Smith Midland, Q1 2025: revenue $22.7M (+36% year over year), operating margin 19.3%, net earnings $3.3M, operating cash flow $2.2M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $22.7M | +22% | +35% |
| Gross profit | $7.0M | +59% | +78% |
| Operating profit | $4.4M | +135% | +191% |
| Net earnings | $3.3M | +138% | +190% |
| Operating cash flow | $2.2M | — | — |
| Free cash flow | $1.6M | — | — |
What changed
Revenue was $22.7M in Q1 2025, up 35% year over year and up 22% from the previous quarter. Service Revenue was the largest line at 60% of revenue. Service Revenue added $7.6M year over year (up 126%), 128% of the total change. Product Sales declined 15%.
Gross margin was 30.7%, up 7.4 points from a year earlier. Operating profit was $4.4M, a 19.3% margin (up 10.3 points year over year). Of the extra revenue versus a year earlier, 48% reached operating profit, above the 9% margin then. Operating expenses grew 8% against revenue growth of 35%. The fastest-growing cost line was Sales & marketing (+18%). Net earnings were $3.3M, up 190% year over year. The effective tax rate was 23.5%.
Operating cash flow was $2.2M, 67% of net earnings. Non-cash charges added back $671K of depreciation and amortization and $4K of share-based compensation. Working capital and other items used $1.8M. Capital expenditures of $595K left free cash flow of $1.6M.
Questions
What was Smith Midland's revenue in the first quarter 2025?
Smith Midland (SMID) reported revenue of $22.7M for the first quarter 2025 (Q1 2025), +35% from a year earlier and +22% from the quarter before.
Was Smith Midland profitable in the first quarter 2025?
Operating profit was $4.4M (19.3% of revenue) and net earnings $3.3M.
Source: Smith Midland 10-Q on SEC EDGAR.