史密斯-米德兰公司2024年度报告

Commission File Number1-13752 P.O. Box 300,5119 Catlett RoadMidland,Virginia22728 Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submittedpursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company”, and "emerging growth company" in Rule 12b-2 of the Exchange Act.Large accelerated☐Accelerated filer☐Non-accelerated filer☒Smaller reporting company☒Emerging growth company complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness completed second fiscal quarter) was $77,253,882. For the sole purpose of making this calculation, the term “non-affiliate” has beeninterpreted to exclude directors, officers, and holders of 10% or more of the Company’s common stock. 2 known and unknown risks, uncertainties and other factors which could cause the Company’s actual results, performance (financial oroperating) or achievements expressed or implied by such forward looking statements not to occur or be realized. Such forward looking statements generally are based upon the Company’s best estimates of future results, performance or achievement, based upon currentconditions and the most recent results of operations. Forward-looking statements may be identified by the use of forward-looking terminology such as “may,” “will,” “expect,” “believe,” “estimate,” “anticipate,” “continue,” or similar terms, variations of thoseterms or the negative of those terms. Potential risks and uncertainties include, among other things, such factors as: while the Company had net income for the year 2024 and the years ended December 31, 2023 and 2022 there are no from operations for the quarter ended June 30, 2023, while we have expended significant funds in recent years to increase manufacturing capacity and the barrier rental fleet, andplan to continue to increase manufacturing capacity, there is no assurance that we will achieve significantly greater our cash decreased as of December 31, 2024 from December 31, 2023 reflecting the increase in capital expenditures and accounts receivables and there can be no assurance that the Company’s cash will not be further reduced, our accounts receivables has increased during 2024 and during 2023, and our ability to fully collect accounts receivablebalances cannot be assured, we identified material weaknesses in internal controls over financial reports related to (i) design and maintenance ofeffective controls over the financial reporting process; and (ii) certain business processes and the information controlenvironment. The Company is currently studying and taking remedial actions with respect to these weaknesses, our future revenue growth depends in part on future government spending on infrastructure, and there can be no assurance that such spending will occur or be in significant amounts, the continued availability of financing in the amounts, at the times, and on the terms required, to support our future businessand capital projects, cybersecurity incidents could disrupt business operations, result in the loss of critical and confidential information andadversely impact our reputation and results of operations; in this respect, we experienced a wire fraud incident in thesecond quarter of 2023, the extent to which we are successful in developing, acquiring, licensing, or securing patents for proprietary products, changes in economic conditions specific to any one or more of our markets (including the availability of public funds andgrants for construction), cement and aggregates, steel, and also with labor costs,changes in general economic conditions in our primary service areas, adverse weather, which inhibits the demand for our products, or the installation or completion of projects,our compliance with governmental regulations, and Exchange Commission.Investors and shareholders should carefully consider such risks, uncertainties and other information, disclosures and discussions whichcontain cautionary statements identifying important factors that could cause actual results to differ materially from those provided inthe forward-looking statements. We undertake no obligation to publicly update or revise any forward-looking statements, whether as aresult of new information, future events or otherwise. General Smith-Midland Corporation (the "Company") invents, develops, manufactures, markets, leases, licenses, sells, and installs a broad array of precast concrete products and systems for use primarily in the construction, highway, utilities and farming industries throughits six wholly-owned