- Smith-Midland (SMID, Financial) received a Nasdaq deficiency notice due to delayed Form 10-K filing for 2024.
- The company has 60 days to submit a compliance plan and could gain an additional 180-day extension if approved.
- The projected revenue for 2024 is between $77-79 million, marking a 31% increase at the midpoint.
Smith-Midland Corporation (NASDAQ: SMID) has announced that it received a Nasdaq deficiency notice on April 17, 2025, as a result of not filing its Form 10-K for the fiscal year ended December 31, 2024, in a timely manner. The deficiency notice relates to non-compliance with Listing Rule 5250(c)(1), but it does not immediately impact the trading status of Smith-Midland shares on the Nasdaq exchange.
The company has been granted 60 calendar days to submit a compliance plan to Nasdaq. If accepted, Smith-Midland could receive an additional 180-day extension until October 13, 2025, to remedy the filing discrepancy. The delay is attributed to the additional time required for completing financial reporting processes, including an evaluation of internal controls, wherein material weaknesses are expected to be identified.
Despite the filing delay, Smith-Midland projects strong financial performance for the year 2024. The company anticipates full-year revenue to be in the range of $77 to $79 million, which corresponds to a significant 31% increase at the midpoint compared to the previous year. This optimistic outlook is driven by increased sales of Soundwall and utility products, along with heightened income from barrier rentals and shipping and installation services.
Smith-Midland continues to play a significant role in the construction, transportation, and utility industries with its innovative precast concrete products and systems. The company remains focused on meeting its regulatory obligations and delivering strong financial outcomes for its shareholders.
