Filing Flows › Smith Midland (SMID) › Q1 2026 › vs Q4 2025
Smith Midland (SMID) Q1 2026 vs Q4 2025 (quarter over quarter)
Smith Midland's revenue fell $1.5M (-7%) from $23.1M in Q4 2025 to $21.6M in Q1 2026. The biggest changes: Product Sales −$2.0M (-15%); Service Revenue +$492K (+5%). Gross margin 19.9% against 23.9% (-3.9 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 Q4 2025, the increases inside each band.
Margins
| Q1 2026 | Q4 2025 | Change | |
|---|---|---|---|
| Gross margin | 19.9% | 23.9% | -3.9 pts |
| Operating margin | 8.0% | 14.0% | -6.0 pts |
| Net margin | 6.2% | 9.2% | -3.0 pts |
| Free cash flow margin | 7.0% | -5.9% | +12.9 pts |
Every line
| Line | Q1 2026 | Q4 2025 | Change | % |
|---|---|---|---|---|
| Product Sales | $11.8M | $13.8M | −$2.0M | -15% |
| Service Revenue | $9.8M | $9.3M | $492K | +5% |
| Revenue | $21.6M | $23.1M | −$1.5M | -7% |
| Gross profit | $4.3M | $5.5M | −$1.2M | -22% |
| Cost of revenue | $17.3M | $17.6M | −$324K | -2% |
| Operating profit | $1.7M | $3.2M | −$1.5M | -47% |
| Operating expenses | $2.6M | $2.3M | $292K | +13% |
| Pre-tax earnings | $1.8M | $3.3M | −$1.6M | -47% |
| Sales & marketing | $822K | $813K | $9K | +1% |
| General & admin | $1.8M | $1.5M | $283K | +19% |
| Net earnings | $1.3M | $2.1M | −$792K | -37% |
| Income tax | $422K | $1.2M | −$773K | -65% |
| Depreciation & amortization | $951K | $972K | −$21K | -2% |
| Share-based compensation | $15K | $46K | −$31K | -67% |
| Working capital & other | $825K | −$562K | $1.4M | — |
| Operating cash flow | $3.1M | $2.6M | $543K | +21% |
| Free cash flow (OCF − capex) | $1.5M | −$1.4M | $2.9M | — |
| Capital expenditures | $1.6M | $4.0M | −$2.3M | -59% |
Questions
How much did Smith Midland's revenue grow quarter over quarter in Q1 2026?
Smith Midland's revenue fell $1.5M (-7%) from $23.1M in Q4 2025 to $21.6M in Q1 2026.
What drove Smith Midland's revenue change in Q1 2026?
Product Sales −$2.0M (-15%); Service Revenue +$492K (+5%).