Smith-Midland 2026年季度报告

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the SecuritiesExchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), 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 SMITH-MIDLAND CORPORATIONForm 10-Q Index Smith-Midland Corporationand Subsidiaries(unaudited)Condensed Consolidated Balance Sheets(in thousands, except share and per share data) Smith-Midland Corporationand Subsidiaries Notes to Condensed Consolidated Financial Statements(Unaudited) 1. INTERIM FINANCIAL REPORTING Basis 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-Qand 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 in In the opinion of management, these condensed consolidated financial statements reflect all adjustments (which consist of normal,recurring adjustments) necessary for a fair presentation of the financial position and results of operations and cash flows for the Recent Accounting Pronouncements Effective January 1, 2026, the Company adopted ASU 2025-05, Financial Instruments—Credit Losses (Topic 326): Measurement ofCredit Losses for Accounts Receivable and Contract Assets. The Company elected the practical expedient permitting entities to assumethat current conditions as of the balance sheet date remain unchanged for the remaining life of certain short-term financial assets when Table of Contents Revenue Recognition The Company recognizes revenue in accordance with ASC 606,Revenue from Contracts with Customers for product sales, royaltyincome and shipping and installation revenue. Revenue from barrier rentals is accounted for under ASC 842,Leases. Revenueaccounted for (in thousands) under ASC 606 amounted to $19,372 and $14,273 during the quarters ended March 31, 2026 and 2025, Product Sales - Over Time 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 customersfor customized products is recognized over time when the Company’s performance (i) creates or enhances an asset that the customer To determine the amount of revenue to recognize over time, the Company measures progress toward complete satisfaction of itsperformance obligations using an output method based on units produced, which depicts the value transferred to the customer relative If a contract is projected to result in a loss, the entire contract loss is recognized in the period when the loss is first determined, and theamount of the loss is updated in subsequent reporting periods. Revenue recognition includes amounts related to contract assets andcontract liabilities. If recognized revenue exceeds amounts billed, a contract asset is recorded in Accounts receivable, trade —unbilled. Conversely, if amounts billed exceed recognized revenue, a contract liability is recorded in Customer deposits. Changes in Revenue recognized for product sales – over time (in thousands) are recorded in product sales under revenue in the consolidatedfinancial statements which amounted to $5,479 and $4,733 during the quarters ended March 31, 2026 and 2025, respectively. Product Sales - Point in Time For certain product sales that do not meet the criteria for recognition over time, the Company recognizes revenue at a point in time,generally upon shipment or delivery (as specified in the contract), when control of the product transfers to the customer and the Revenue recognized for product sales – point in time (in thousands) are recorded in product sales under revenue in the consolidatedfinancial statements which amounted to $6,307 and $4,379 during the quarters ended March 31, 2026 and 2025, respectively. Accounts Receivable and Contract Balances The timing of when we bill our customers is generally dependent upon advance billing terms, milestone billings based on thecompletion of certain phases of the work, or when services are provided or products are shipped. Accounts receivable, netincludes the following components on the consolidated balance sheets: Trade – billed represents amounts that have been invoiced to customers for which the Company has an unconditional rightto payment. Trade – bill