史密斯-米德兰2025年季度报告

For the transition period from ________ to ________ Smith-Midland Corporation (Exact name of Registrant as specified in its charter) (State or other jurisdiction ofincorporation or5119 Catlett Road,P.O. Box 300 Midland,VA22728(Address, zip code of principal executive offices) (540)439-3266 and (2) has been subject to such filing requirements for the past 90 days.Yes☒ reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smallerreporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.Large accelerated☐Accelerated filer☐Non-accelerated filer☒Smaller reporting☒Emerging growth If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period forcomplying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date. Financial Statements (Unaudited) Condensed Consolidated Statements of Stockholders' Equity Non-Cash Investing Activity:Capital expenditures in accounts payable The accompanying notes are an integral part of the condensed consolidated financial statements. 7 1. INTERIM FINANCIAL REPORTINGBasis of Presentation The accompanying unaudited condensed consolidated financial statements were prepared in accordance with accounting principlesgenerally accepted in the United States of America (GAAP) for interim financial information, and with the instructions to Form 10-Q and Article 10 of Regulation S-X.Accordingly, we have condensed or omitted certain information and footnote disclosures that areincluded in our annual consolidated financial statements. These condensed consolidated financial statements should be read inconjunction with the audited consolidated financial statements and the related notes included in our Annual Report on Form 10-K forthe year ended December31, 2024.The condensed consolidated December31, 2024 balance sheet was derived from the auditedfinancial statements included in the Form 10-K. Dollar amounts in the footnotes are stated in thousands, except for per share data. periods presented. The results disclosed in the condensed consolidated statements of income are not necessarily indicative of theresults to be expected in any future periods.Recently Accounting Pronouncements In November 2024, the FASB issued ASU 2024-03,Disaggregation of Income Statement Expenses, requiring additional disclosuresabout specified categories of expenses included in certain expense captions presented on the face of the income statement. This standard will be effective for the Company for annual reporting periods beginning after December 15, 2026 and interim reportingperiods beginning after December 15, 2027, and may be applied either prospectively to financial statements issued for reporting periods after the effective date of this ASU or retrospectively to all prior periods presented in the financial statements. The Company iscurrently evaluating the impact of adopting this guidance on the Company’s consolidated financial statements. 8 The Company recognizes revenue to depict the transfer of goods or services to customers in an amount that reflects the considerationthe Company expects to be entitled to in exchange for goods or services provided. Revenue associated with contracts with customers creates or enhances an asset with no alternative use, which the Company has an enforceable right to receive compensation as definedunder the contract for performance completed. To determine the amount of revenue to recognize over time, the Company recognizes revenue over the contract terms based on the output method. The Company applied the "as invoiced" practical expedient as the amountof consideration the Company has the right to invoice corresponds directly with the value of the Company's performance to date. relative to the remaining value to be transferred. The Company also matches the costs associated with the units produced. If a contractis projected to result in a loss, the entire contract loss is recognized in the period when the loss was first determined and the amount of the loss is updated in subsequent reporting periods. Revenue recognition also includes an amount related to a contract asset or contractliability. If the recognized revenue is greater than the amount billed to the customer, a contract asset is recorded in accounts receivabletrade - unbilled. Conversely, if the amount billed to the customer is greater than the recognized revenue, a contract liability is recordedin customer deposits. Changes in the job performance, job conditions, and final contract settlements are factors that influence A portion of the work the Company performs requires financial assurances in the form of performance and payment bonds at the timeof execution of the contract