SMID revenue up 19% to $93.4M, net income +63% to $12.5M; material control weaknesses persist

Filed April 14, 2026 · Period ending December 31, 2025 · Compared to 10-K May 27, 2025 · ~2 min read

Key Changes

• high

  Material weaknesses in internal controls persist for a second consecutive year across all five COSO components. Management shifted from listing planned remediation actions to describing completed implementations, yet controls remain ineffective.

  Controls & Procedures verify on EDGAR →
• high

  Net income rose 63% to $12.5M on 19% revenue growth to $93.4M, driven by two special barrier projects in Q1-Q2 2025 and higher product sales. Management anticipates lower barrier revenue in 2026 given the high level of special projects in 2025.

  MD&A: Results of Operations verify on EDGAR →
• high

  Backlog declined 11% to $53.1M from $59.5M a year earlier due to project completions and timing of new awards. Management expects backlog to increase in 2026 as infrastructure bidding activity continues.

  MD&A: Backlog verify on EDGAR →