Filing Flows › Smith Midland (SMID) › Q1 2026 › vs Q1 2025
Smith Midland (SMID) Q1 2026 vs Q1 2025 (year over year)
Smith Midland's revenue fell $1.1M (-5%) from $22.7M in Q1 2025 to $21.6M in Q1 2026. The biggest changes: Service Revenue −$3.8M (-28%); Product Sales +$2.7M (+29%). Gross margin 19.9% against 30.7% (-10.8 pts).
Smith Midland, Q1 2026: revenue $21.6M (-5% year over year), operating margin 8.0%, net earnings $1.3M, operating cash flow $3.1M. The chart draws each line against Q1 2025, the increases inside each band.
Margins
| Q1 2026 | Q1 2025 | Change | |
|---|---|---|---|
| Gross margin | 19.9% | 30.7% | -10.8 pts |
| Operating margin | 8.0% | 19.3% | -11.3 pts |
| Net margin | 6.2% | 14.7% | -8.5 pts |
| Free cash flow margin | 7.0% | 7.1% | -0.2 pts |
Every line
| Line | Q1 2026 | Q1 2025 | Change | % |
|---|---|---|---|---|
| Product Sales | $11.8M | $9.1M | $2.7M | +29% |
| Service Revenue | $9.8M | $13.6M | −$3.8M | -28% |
| Revenue | $21.6M | $22.7M | −$1.1M | -5% |
| Gross profit | $4.3M | $7.0M | −$2.7M | -38% |
| Cost of revenue | $17.3M | $15.7M | $1.5M | +10% |
| Operating profit | $1.7M | $4.4M | −$2.7M | -61% |
| Operating expenses | $2.6M | $2.6M | −$13K | -0.5% |
| Pre-tax earnings | $1.8M | $4.3M | −$2.6M | -59% |
| Sales & marketing | $822K | $1.0M | −$182K | -18% |
| General & admin | $1.8M | $1.6M | $169K | +11% |
| Net earnings | $1.3M | $3.3M | −$2.0M | -60% |
| Income tax | $422K | $1.0M | −$598K | -59% |
| Depreciation & amortization | $951K | $671K | $280K | +42% |
| Share-based compensation | $15K | $4K | $11K | +275% |
| Working capital & other | $825K | −$1.8M | $2.6M | — |
| Operating cash flow | $3.1M | $2.2M | $913K | +41% |
| Free cash flow (OCF − capex) | $1.5M | $1.6M | −$122K | -8% |
| Capital expenditures | $1.6M | $595K | $1.0M | +174% |
Questions
How much did Smith Midland's revenue grow year over year in Q1 2026?
Smith Midland's revenue fell $1.1M (-5%) from $22.7M in Q1 2025 to $21.6M in Q1 2026.
What drove Smith Midland's revenue change in Q1 2026?
Service Revenue −$3.8M (-28%); Product Sales +$2.7M (+29%).