EXHIBIT 99.1

Smith-Midland Reports Third Quarter 2023 Financial Results

Revenue Increased 31% to $15.7 Million; Backlog Remains Strong Over $60 Million

MIDLAND, VA – November 9, 2023 – Smith-Midland Corporation (NASDAQ: SMID) a provider of innovative, high-quality, proprietary and patented precast concrete products and systems announced its third quarter results for the period ended September 30, 2023.

Third Quarter 2023 Summary

	·	Revenue increased 31 percent from the prior year quarter to $15.7 million
	·	Product sales increased 54 percent from the third quarter of 2022 to $10.9 million
	·	Gross margin of 22.9%, a 550 basis point increase from the prior year quarter
	·	Net income of $1.3 million compared to $5,000 in the third quarter of 2022
	·	Selected by Maryland Transportation Authority for $6.8 million architectural panel project for the Baltimore Harbor Tunnel
	·	Awarded $1.6 million contract for rental of J-J Hook barrier for I-64 Hampton Roads Express Lanes project

“Our strong third quarter results reflect the underlying strength of our business coupled with the favorable tailwinds within the industry from increased public and private infrastructure and construction spending. This quarter represents our fourth consecutive quarter of double-digit, year-over-year revenue growth, and our highest quarterly net income since the third quarter of 2021,” said Ashley Smith, Chairman and Chief Executive Officer of Smith-Midland. “Demand for our specialized, innovative product offerings remains high, and our success in converting the increased levels of bidding activity into secured contracts has expanded and continues to drive our strong backlog of $60.2 million.”

“We are highly optimistic about our prospects for next year thanks to our internal initiatives to increase our sales funnel and the multiple tailwinds across our industry. Overall, we are well-positioned to generate further top and bottom-line growth, and ultimately deliver long-term value to our shareholders.”

Third Quarter 2023 Results

The Company reported 2023 third quarter revenues of $15.7 million compared to revenues of $12.0 million in the third quarter of 2022. Product sales for the current quarter were $10.9 million, a 54 percent increase from the prior year quarter. Service revenue, which includes barrier rentals, royalty income and shipping and installation, was $4.8 million compared to $4.9 million in the third quarter of 2022.

Gross profit was $3.6 million compared to $2.1 million in the prior year quarter. Gross margin for the quarter increased to 22.9% compared to 17.4% in the previous year’s quarter, due primarily to greater proprietary product sales which carry higher margins than non-proprietary products.

Operating income for the quarter was $1.5 million compared to $4,000 in the prior year quarter. Net income for the third quarter was $1.3 million, or $0.24 per diluted share, compared to net income of $5,000, or $0.00 on a diluted share basis in the third quarter of 2022.

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Product Sales

Total product sales for the third quarter of 2023 were $10.9 million compared to $7.1 million in the prior year quarter. Soundwall sales were $2.4 million compared to $0.8 million in the third quarter of 2022 due to higher production volumes at the North Carolina and South Carolina plants related to larger soundwall projects than in the prior periods. SlenderWall sales were $2.3 million, compared to $11,000 in the third quarter of 2022, due to two projects being produced this year compared to the completion of a single project in 2022. Miscellaneous wall sales were $1.4 million, essentially unchanged from the prior year quarter. Barrier sales were $1.4 million compared to $0.8 million in the second quarter of 2022, due primarily to increased production at all three manufacturing facilities related to large barrier projects. Easi-Set and Easi-Span Building Sales were $1.2 million compared to $1.5 million in the prior year quarter.

Service Revenue

Service revenue which is comprised of royalty income, barrier rental revenue, and shipping and installation totaled $4.8 million, compared to $4.9 million in the third quarter of 2022. Shipping and installation revenue was $3.1 million compared to $2.7 million in the prior year’s third quarter. The increase is mainly attributable to higher shipping and installation activity for barrier rental projects. Royalty income was $0.8 million for both the third quarter of 2023 and the third quarter of 2022. Barrier rental revenue for the third quarter of 2023 was $0.8 million compared to $1.4 million in the prior year quarter, although the Company experienced increase project activity towards the end of the quarter.

Balance Sheet and Liquidity

As of September 30, 2023, cash totaled $5.8 million compared to cash totaling $6.7 million for the year ended December 31, 2022. Account receivables totaled $16.8 million and debt totaled $5.9 million as of September 30, 2023. Capital spending totaled $1.1 million for the third quarter of 2023.

Macro Environment and Outlook

The Company anticipates increased sales volume for the full year of 2023 compared to 2022. Infrastructure initiatives across the United States continue to drive greater bidding activity and a subsequent increase in backlog for its portfolio of patented, proprietary, and custom products. Inflationary pressures still remain, particularly across labor and materials costs, and the Company continues to manage these input costs while attracting and retaining skilled labor. Backlog was approximately $60.2 million as of November 1, 2023. The majority of the backlog is anticipated to be fulfilled within 12 months; however, some projects will have a multi-year timeline. The Company remains focused on long-term strategic growth initiatives to drive shareholder value.

About Smith-Midland

Smith-Midland develops, manufactures, licenses, rents, and sells a broad array of precast concrete products and systems for use primarily in the construction, transportation, and utility industries.

Smith-Midland Corporation has three manufacturing facilities located in Midland, VA, Reidsville, NC, and Columbia, SC, and a J-J Hooks^® Safety Barrier rental firm, Concrete Safety Systems. Easi-Set Worldwide, a wholly owned subsidiary of Smith-Midland Corporation, licenses the production and sale of Easi-Set products, including J-J Hooks and SlenderWall^®, and provides diversification opportunities to the precast industry worldwide. For more information, please call (540) 439-3266 or visit www.smithmidland.com.

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Forward-Looking Statements

This announcement contains forward-looking statements, which involve risks and uncertainties. The Company's actual results may differ significantly from the results discussed in the forward-looking statements. Factors which might cause such a difference include, but are not limited to, product demand, the impact of competitive products and pricing, capacity and supply constraints or difficulties, inflationary factors including potential recession, general business and economic conditions, our debt exposure, our high level of accounts receivables, the effect of the Company's accounting policies and other risks detailed in the Company's Annual Report on Form 10-K and other filings with the Securities and Exchange Commission.

Company Contact:

Stephanie Poe, CFO

540-439-3266

investors@smithmidland.com

Investor Relations:

Steven Hooser or John Beisler

Three Part Advisors, LLC

214-872-2710

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SMITH-MIDLAND CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except share data) 

ASSETS		September 30, 2023 (Unaudited)				December 31, 2022
Current assets
Cash		$	5,849			$	6,726
Accounts receivable, net
Trade - billed (less allowance for credit losses of approximately $792 and $781, respectively), including contract retentions			16,842				16,223
Trade - unbilled			1,244				990
Inventories, net
Raw materials			1,965				1,776
Finished goods			2,243				2,042
Prepaid expenses			1,274				706
Refundable income taxes			476				477
Total current assets			29,893				28,940
Property and equipment, net			27,412				25,124
Other assets			349				249
Total assets		$	57,654			$	54,313

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SMITH-MIDLAND CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except share data)

(continued)

LIABILITIES AND STOCKHOLDERS' EQUITY		September 30, 2023 (Unaudited)				December 31, 2022
Current liabilities
Accounts payable - trade		$	5,476			$	5,816
Accrued expenses and other liabilities			1,182				799
Deferred revenue			2,153				2,243
Accrued compensation			774				788
Accrued income taxes			235				146
Operating lease liabilities			42				77
Current maturities of notes payable			627				618
Customer deposits			2,436				737
Total current liabilities			12,925				11,224
Deferred revenue			3,552				2,174
Operating lease liabilities			13				45
Notes payable - less current maturities			5,260				5,730
Deferred tax liability			2,086				2,085
Total liabilities			23,836				21,258
Stockholders’ equity
Preferred stock, $.01 par value; authorized 1,000,000 shares, none issued and outstanding			—				—
Common stock, $.01 par value; authorized 8,000,000 shares; 5,348,189 and 5,345,189 issued and 5,257,413 and 5,256,413 outstanding, respectively			54				53
Additional paid-in capital			7,701				7,440
Treasury stock, at cost, 40,920 shares			(102	)			(102	)
Retained earnings			26,165				25,664
Total stockholders' equity			33,818				33,055
Total liabilities and stockholders' equity		$	57,654			$	54,313

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SMITH-MIDLAND CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)

(Unaudited)

(in thousands, except per share data)

		Three Months Ended September 30,								Nine months Ended September 30,
		2023				2022				2023				2022
Revenue
Product sales		$	10,898			$	7,076			$	29,842			$	19,714
Barrier rentals			784				1,369				2,604				4,816
Royalty income			822				833				1,827				2,031
Shipping and installation revenue			3,147				2,678				8,918				9,083
Total revenue			15,651				11,956				43,191				35,644
Cost of goods sold			12,074				9,874				35,662				28,683
Gross profit			3,577				2,082				7,529				6,961
Operating expenses
General and administrative expenses			1,187				1,229				4,420				3,797
Selling expenses			888				849				2,533				2,236
Total operating expenses			2,075				2,078				6,953				6,033
Operating income (loss)			1,502				4				576				928
Other income (expense)
Interest expense			(64	)			(69	)			(192	)			(187	)
Interest income			6				3				17				9
Gain on sale of assets			53				29				252				94
Other income			16				26				72				208
Total other income (expense)			11				(11	)			149				124
Income (loss) before income tax expense (benefit)			1,513				(7	)			725				1,052
Income tax expense (benefit)			247				(12	)			160				256
Net income (loss)		$	1,266			$	5			$	565			$	796
Basic and diluted earnings (loss) per common share		$	0.24			$	0.00			$	0.11			$	0.15
Weighted average number of common shares outstanding:
Basic			5,256				5,231				5,256				5,230
Diluted			5,299				5,286				5,294				5,281

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SMITH-MIDLAND CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY

(Unaudited)

(in thousands, except share data)

		Common Stock								Treasury Stock								Additional Paid-in				Retained
		Shares				Amount				Shares				Amount				Capital				Earnings				Total
Balance, December 31, 2022			5,345,189				53				(40,920	)			(102	)			7,440				25,664				33,055
Stock-Based Compensation Expense			—				—				—				—				85				—				85
Adoption of ASU 2016-13			—				—				—				—				—				(63	)			(63	)
Net income (loss)			—				—				—				—				—				80				80
Balance, March 31, 2023			5,345,189			$	53				(40,920	)		$	(102	)		$	7,525			$	25,681			$	33,157
Stock-Based Compensation Expense			—				—				—				—				86				—				86
Net income (loss)			—				—				—				—				—				(782	)			(782	)
Balance, June 30, 2023			5,345,189			$	53				(40,920	)		$	(102	)		$	7,611			$	24,899			$	32,461
Restricted Stock Issued			3,000
Stock-Based Compensation Expense			—				1				—				—				90				—				91
Net income (loss)			—				—				—				—				—				1,266				1,266
Balance, September 30, 2023			5,348,189			$	54				(40,920	)		$	(102	)		$	7,701			$	26,165			$	33,818
Balance, December 31, 2021			5,353,095			$	53				(40,920	)		$	(102	)		$	6,935			$	24,864			$	31,750
Stock-Based Compensation Expense			—				—				—				—				126				—				126
Net income (loss)			—				—				—				—				—				(119	)			(119	)
Balance, March 31, 2022			5,353,095			$	53				(40,920	)		$	(102	)		$	7,061			$	24,745			$	31,757
Stock-Based Compensation Expense			—				—				—				—				126				—				126
Net income (loss)			—				—				—				—				—				910				910
Balance, June 30, 2022			5,353,095			$	53				(40,920	)		$	(102	)		$	7,187			$	25,655			$	32,793
Stock-Based Compensation Expense			—				—				—				—				126				—				126
Net income (loss)			—				—				—				—				—				5				5
Balance, September 30, 2022			5,353,095			$	53				(40,920	)		$	(102	)		$	7,313			$	25,660			$	32,924

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SMITH-MIDLAND CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(in thousands)

		Nine Months Ended September 30,
		2023				2022
Cash flows from operating activities:
Net income (loss)		$	565			$	796
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization			1,795				2,127
(Gain) loss on sale of assets			(252	)			(94	)
Allowance for credit losses			(53	)			—
Stock-based compensation expense			261				379
Deferred taxes			—				(5	)
(Increase) decrease in
Accounts receivable - billed			(630	)			(3,163	)
Accounts receivable - unbilled			(254	)			161
Inventories, net			(390	)			(1,139	)
Prepaid expenses and other assets			(685	)			(104	)
Refundable income taxes			1				235
Increase (decrease) in
Accounts payable - trade			(340	)			2,506
Accrued expenses and other liabilities			383				(230	)
Deferred revenue			1,288				227
Accrued compensation			(14	)			(444	)
Accrued income taxes			89				(1,918	)
Deferred buy-back lease obligation			—				(2,851	)
Customer deposits			1,699				184
Net cash provided by (used in) operating activities			3,463				(3,333	)
Cash flows from investing activities:
Purchases of property and equipment			(4,131	)			(3,739	)
Deferred buy-back asset			—				1,909
Proceeds from the sale of property and equipment			252				103
Net cash provided by (used in) investing activities			(3,879	)			(1,727	)
Cash flows from financing activities:
Proceeds from long-term borrowings			—				2,805
Repayments of long-term borrowings			(461	)			(429	)
Net cash provided by (used in) financing activities			(461	)			2,376
Net increase (decrease) in cash			(877	)			(2,684	)
Cash
Beginning of period			6,726				13,492
End of period		$	5,849			$	10,808
Supplemental Cash Flow Information:
Cash payments for interest		$	192			$	187
Cash payments for income taxes		$	6			$	2,179
Capital expenditures included in accounts payable		$	2,625			$	1,340

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