Filing Flows › Smith Midland (SMID) › Q2 2025
Smith Midland (SMID) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 14, 2025
Smith Midland (SMID) reported revenue of $26.2M for the second quarter 2025 (Q2 2025), +33% from a year earlier and +15% from the quarter before. Operating margin was 21.1%, net earnings $4.2M (15.9% of revenue).
Smith Midland, Q2 2025: revenue $26.2M (+33% year over year), operating margin 21.1%, net earnings $4.2M, operating cash flow $183K. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $26.2M | +15% | +33% |
| Gross profit | $7.8M | +12% | +52% |
| Operating profit | $5.5M | +26% | +106% |
| Net earnings | $4.2M | +25% | +111% |
| Operating cash flow | $183K | -92% | -93% |
What changed
Revenue was $26.2M in Q2 2025, up 33% year over year and up 15% from the previous quarter. Product Sales was the largest line at 51% of revenue. Product Sales added $320K year over year (up 2%), 5% of the total change. Service Revenue declined 52%.
Gross margin was 29.7%, up 3.6 points from a year earlier. Operating profit was $5.5M, a 21.1% margin (up 7.5 points year over year). Of the extra revenue versus a year earlier, 43% reached operating profit, above the 14% margin then. Operating expenses fell 8% while revenue rose 33%. Net earnings were $4.2M, up 111% year over year. The effective tax rate was 23.9%.
Operating cash flow was $183K (down 93% year over year), 4% of net earnings. Non-cash charges added back $631K of depreciation and amortization and $4K of share-based compensation. Working capital and other items used $4.6M. Capital expenditures of $1.9M exceeded it, leaving free cash flow of −$1.7M.
Questions
What was Smith Midland's revenue in the second quarter 2025?
Smith Midland (SMID) reported revenue of $26.2M for the second quarter 2025 (Q2 2025), +33% from a year earlier and +15% from the quarter before.
Was Smith Midland profitable in the second quarter 2025?
Operating profit was $5.5M (21.1% of revenue) and net earnings $4.2M.
Source: Smith Midland 10-Q on SEC EDGAR.