Smith-Midland Corporation reported trailing 12-month revenue of $89.5 million as of the second quarter of 2026, with management guiding toward a repeat of 2025’s record $93 million in full-year revenue. The company, which operates three manufacturing facilities and a rental fleet spanning roughly 150 miles, cited strong demand for highway safety barriers amid an ongoing replacement cycle driven by updated Federal Highway Administration impact testing standards.
The rental business, which has expanded from about 10 miles to 150 miles over the past five years, maintains an 80% utilization rate and includes approximately 500 impact attenuators added in the last three to four years. CEO Ashley Smith described the precast division as a recurring cash generator, reinvesting proceeds into inventory growth. The company’s backlog stood at $57.4 million as of the latest quarter, up 19% from the first quarter and approaching a management target of about $100 million.
Smith-Midland’s product portfolio includes the J-J Hooks barrier, protected by patents and state approvals, with expansion underway in California and Nevada ahead of a January 1, 2027 deadline for MASH barrier conversions. The company also highlighted record activity for its SlenderWall product, with seven projects in development or design phases, and noted a rebound in utility vault revenue driven by data center construction in Northern Virginia, home to roughly 80% of U.S. data center and internet traffic.
A developing product, the Limited Deflection Barrier, aims to capture 80% to 90% of the market while reducing installation costs by about 80% relative to competitors. The barrier failed its initial impact test, underwent redesign, and is preparing for a subsequent test cycle. Contract cancellation rates remain rare, at less than 1%, while the company’s $10 million contract for Interstate 81 in Roanoke, Virginia, ranks among its largest single orders.
Management also referenced a projected $68 trillion global infrastructure investment need between 2025 and 2040, citing BlackRock CEO Larry Fink’s 2025 shareholder letter. The current U.S. infrastructure bill, set to expire in September 2026, has roughly 40% of its funds remaining unspent, according to federal data.
