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The Company generates revenues primarily from the sale, leasing, licensing, shipping and installation of precast concrete products and systems for the construction, utility and farming industries.
−Removed: The Company's operating strategy has involved producing and marketing innovative and proprietary products, including SlenderWall™, a patent pending, lightweight, energy efficient concrete and steel exterior wall panel for use in building construction;
−Removed: J-J Hooks ® Barrier, a patented positive-connected highway safety barrier;
−Removed: Sierra Wall™, a patented sound barrier primarily for roadside use;
+Added: The Company’s operating strategy has involved producing and marketing innovative and proprietary products, including SlenderWall™, a proprietary, lightweight, energy efficient concrete and steel exterior wall panel for use in building construction;
+Added: J-J Hooks® Barrier, a proprietary, positive-connected highway safety barrier;
+Added: Sierra Wall™, a sound barrier primarily for roadside use;
transportable concrete buildings;
9 unchanged sentences
Total revenue increased by $14,937 to $93,445 in 2025 from $78,508 in 2024.
−Removed: The increase in sales is mainly from barrier rentals, shipping and installation, and utility product sales.
+Added: The increase in sales is mainly from barrier rentals (including special barrier projects in the first and second quarters), shipping and installation, and Soundwall, SlenderWall® and Easi-Set building product sales.
Fourth quarter 2025 revenues were $23,110 compared to $18,528 in the fourth quarter 2024.
−Removed: The increase in revenue for the fourth quarter 2024 as compared to the fourth quarter 2023 was primarily due to an increase in soundwall sales, architectural sales, utility sales, miscellaneous sales, Easi-Set building sales, and shipping and installation revenue.
+Added: The increase in revenue for the fourth quarter 2025 as compared to the fourth quarter 2024 was primarily due to an increase in architectural sales, miscellaneous sales, Easi-Set building sales, and shipping and installation revenue.
Cost of sales as a percentage of revenue, not including royalties, decreased to 76% in 2025 compared to 78% in 2024.
−Removed: Cost of sales as a percentage of revenue, not including royalties, decreased to 80% for the fourth quarter 2024 as compared to 85% for the fourth quarter 2023.
+Added: Cost of sales as a percentage of revenue, not including royalties, decreased slightly to 79% for the fourth quarter 2025 as compared to 80% for the fourth quarter 2024.
Operating income was $16,994 for 2025, as compared to $9,899 for 2024.
Operating expenses for 2025 was $9,044 compared to $10,111 in 2024.
−Removed: The increase is due to a minor increase in general and administrative expenses.
+Added: The decrease is due to a decrease in general and administrative expenses.
Total operating expense was $2,037 for the fourth quarter 2025 and $2,519 for the fourth quarter 2024.
−Removed: Income tax expense for 2024 was $2,143, or an effective tax rate of 21.7%, as compared to $528, or an effective tax rate of 40.0% for 2023, adversely affecting net income in 2023.
−Removed: The greater percentage in 2023 was mainly due to an increase in state tax liability for a true-up of state tax expense.
+Added: Income tax expense for 2025 was $4,520 or an effective tax rate of 26.5%, as compared to $2,143, or an effective tax rate of 21.7% for 2024.
+Added: The greater percentage in 2025 was mainly due to an increase in state taxes.
As of March 3, 2026, the Company’s sales backlog was approximately $53.1 million, as compared to approximately $59.5 million around the same time in the prior year.
It is estimated that most of the projects in the current sales backlog will be produced within 12 months, but a few will be produced over multiple years.
−Removed: The Company anticipates greater sales volumes throughout 2025, although no assurance can be provided.
−Removed: The Company also anticipates funding related to the Infrastructure Investment and Jobs Act to continue coming through the state and local governments in 2025 and beyond to further promote growth in the revenue backlog related to the highway and transportation markets, although no assurance can be provided.
+Added: The Company anticipates similar sales volumes throughout 2026 compared to 2025 for product sales, although no assurance can be provided.
+Added: Barrier rentals, exclusive of special barrier projects, is expected to be higher in 2026 than in 2025, although no assurance can be given;
+Added: given the high level of special barrier projects in 2025, it is likely for there to be a decrease in 2026 from this revenue source.
+Added: The Company also anticipates funding related to the Infrastructure Investment and Jobs Act to continue coming through the state and local governments in 2026 to further promote growth in the revenue backlog related to the highway and transportation markets, although no assurance can be provided.
State and local programs that support infrastructure spending, including gas tax increases, special tax districts, new funding mechanisms are increasing in number and size as these entities increase their role in infrastructure investment.
The Company continues to increase marketing and sales efforts towards SlenderWall® sales and barrier rentals, in line with long-term strategic objectives.
−Removed: In view of the policies of the new Administration and DOGE, including without limitation with respect to government spending cutbacks and tariffs, there can be no assurance of anticipated levels of infrastructure spending.
+Added: In view of economic conditions that include government spending cutbacks and tariffs, there can be no assurance of anticipated levels of infrastructure spending.
Results of Operations
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Shipping and Installation Revenue
−Removed: Total Service Revenue
+Added: Total Service and Other Revenue
Total Revenue
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Soundwall Sales – Soundwall panel sales increased by 24% in 2025 compared to 2024.
−Removed: The increase is due to higher production volumes at all three plants, as the Company increased production output to execute and deliver on the Company’s increased backlog.
+Added: The increase is due to higher production volumes at all three plants, as the Company increased production output to execute and deliver on the Company’s backlog.
The Company expects soundwall panel sales to be similar in 2026 as compared to 2025, although no assurance can be provided.
−Removed: Architectural Sales – Architectural panel sales increased by 272% in 2024 compared to 2023.
−Removed: The increase is related to production of two architectural projects that started production at the end of the first quarter of 2024.
+Added: Architectural Sales – Architectural panel sales decreased by 21% in 2025 compared to 2024.
+Added: The decrease is related to production of two architectural projects in 2024 that did not recur in 2025.
Architectural sales are expected to be similar in 2026, as compared to 2025, although no assurance can be provided.
−Removed: SlenderWall Sales – SlenderWall panel sales decreased by 100% in 2024 compared to 2023.
−Removed: A SlenderWall project was in production during the first half of 2023, and the Company did not have a SlenderWall project in production during 2024.
+Added: SlenderWall® Sales – SlenderWall® panel sales were $3.6 million in 2025 compared to no production in 2024.
+Added: SlenderWall® projects were produced in 2025 and 2023.
The Company continues to focus sales initiatives on SlenderWall® , but no assurance can be given as to the success of this endeavor.
−Removed: SlenderWall sales are expected to increase in 2025 compared to 2024, as several SlenderWall projects are anticipated to start in the first half of 2025.
+Added: SlenderWall® sales are expected to be similar in 2026 compared to 2025, although no assurance can be provided.
Miscellaneous Wall Sales – Miscellaneous wall sales are highly customized precast concrete products or retaining and lagging panels that do not fit other product categories.
−Removed: Miscellaneous wall sales decreased by 20% in 2024 when compared to 2023 due lower production volumes in the second and third quarter 2024.
+Added: Miscellaneous wall sales decreased by 26% in 2025 when compared to 2024 due lower production volumes throughout the 2025 calendar year based on the timing of contract awards.
Miscellaneous sales are expected to be similar in 2026 as compared to 2025, although no assurance can be provided.
−Removed: Barrier Sales – Barrier sales decreased by 50% in 2024 when compared to 2023.
−Removed: The decrease is due to the completion of large barrier projects in North Carolina and South Carolina during 2023.
−Removed: The decrease is consistent with the Company’s focus to shift from barrier sales to barrier rentals.
+Added: Barrier Sales – Barrier sales increased by 12% in 2025 when compared to 2024.
+Added: The increase is due to an increase in barrier customers in the North Carolina and South Carolina region in 2025.
Barrier sales are expected to trend lower in 2026 than previous years as the Company continues to shift from barrier sales to barrier rentals.
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Utility Sales – Utility products are mainly comprised of underground utility vaults used in infrastructure construction.
−Removed: Utility product sales increased by 171% in 2024 compared to 2023.
−Removed: The increase is related to the increase in the market for dry utility vaults to support the growth in data centers.
−Removed: Utility sales are expected to be similar during 2025 as compared to 2024, although no assurance can be provided.
+Added: Utility products sales decreased by 45% in 2025 compared to 2024.
+Added: The prior year sales reflected elevated demand in the Northern Virginia market driven by accelerated data center development.
+Added: Sales are expected to increase in 2026 relative to 2025 due to continued data center expansion and related demand for dry utility vaults, although no assurance can be provided.
Miscellaneous Product Sales – Miscellaneous products are products that are produced or sold that do not meet the criteria defined for other revenue categories.
Examples would include precast concrete slabs, blocks or small add-on items.
−Removed: For 2024, miscellaneous product sales increased by 120% when compared to 2023.
−Removed: The increase is mainly from the Virginia plant that started production on one large project for the production of precast beams and platforms.
−Removed: Miscellaneous product sales are expected to trend lower during 2025 as compared to 2024, although no assurance can be provided.
+Added: For 2025, miscellaneous product sales decreased by 55% when compared to 2024.
+Added: The decrease is mainly from the Virginia plant which had one large project in 2024 for the production of precast beams and platforms and no similar project in 2025.
+Added: Miscellaneous product sales are expected to increase in 2026 based on pipeline opportunities reflecting increased demand in the overall market as compared to 2025, although no assurance can be given.
Barrier Rentals – Barrier rentals increased by 64% in 2025 as compared to 2024.
−Removed: Revenue from the Company’s core rental barrier fleet increased by 52% in 2024 as compared to 2023.
−Removed: This increase is attributed to an increase in utilization of rental barrier.
−Removed: Barrier rental revenue also increased due to multiple special barrier projects occurring and completed during the third quarter 2024.
−Removed: As indicated above, the Company is continuing to shift its focus to barrier rentals compared to barrier sales with the significant increase in the rental fleet that occurred during prior years.
−Removed: Barrier rental revenue, excluding revenue from special barrier projects, is expected to trend higher in 2025 as compared to barrier rental revenue, excluding revenue from special barrier projects, in 2024, as funding is expected to increase related to the Infrastructure Investment and Jobs Act, although no assurance can be given.
+Added: This increase is mainly attributed to two special barrier projects, one in each of the first and second quarters of 2025 as well as an overall increase in utilization of rental barriers.
+Added: As indicated above, the Company is continuing to shift its focus to barrier rentals compared to barrier sales with the significant increase in the rental fleet.
+Added: Barrier rental revenue, excluding revenue from special barrier projects, is expected to trend higher in 2026 as compared to barrier rental revenue, excluding revenue from special barrier projects, in 2025, as funding is expected to continue related to the Infrastructure Investment and Jobs Act, although no assurance can be given.
+Added: While the Company is unable to predict the volume of special barrier projects in 2026, in view of substantial projects in the first half of 2025, it is anticipated that there will be a decrease in revenue in 2026 from this revenue source.
Royalty Income – Royalties increased by 28% in 2025 as compared to 2024.
−Removed: The increase in royalties is mainly due to the increase in barrier royalties during 2024 compared to 2023.
−Removed: As funding increases related to the Infrastructure Investment and Jobs Act, as anticipated, the Company expects 2025 royalties to continue to increase compared to 2024, although no assurance can be given.
+Added: The increase in royalties is mainly due to the increase in barrier royalties from existing licensees during 2025 compared to 2024.
+Added: As anticipated funding continues related to the Infrastructure Investment and Jobs Act as well as adoption by state Department of Transportation (DOT) agencies of MASH approved barrier systems, the Company expects 2026 royalties to continue to increase compared to 2025, although no assurance can be given.
Shipping and Installation – Shipping revenue results from shipping our products to the customers’ final destination and is recognized when the shipping services take place.
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Installation revenue results when attaching architectural wall panels to a building, installing an Easi-Set® building at a customers’ site, setting highway barrier, or setting any of our other precast products at a site specific to the requirements of the owner.
−Removed: Shipping and installation revenues increased by 48% for 2024 when compared to 2023.
−Removed: The increase is mainly attributed to the increase in shipping and installation of SlenderWall and architectural panels.
−Removed: This increase in shipping and installation revenue correlates with the increased production of SlenderWall panels that occurred, and for which revenue was previously recognized, throughout 2023.
+Added: Shipping and installation revenues increased by 21% in 2025 as compared to 2024.
+Added: The increase is attributed to the increase in barrier rental from the special barrier projects, and shipping and installation of SlenderWall® and soundwalls.
+Added: Shipping and installation revenue are expected to be similar in 2026 as compared to 2025, although no assurance can be provided.
Cost of Sales – Total cost of sales for the year ended December 31, 2025 was $67,408, an increase of $8,909, or 15%, from $58,498 for the year ended December 31, 2024.
Total cost of sales as a percentage of total revenue, not including royalties, decreased to 76% for the year ended December 31, 2025 from 78% for the year ended December 31, 2024.
−Removed: The decrease in cost of sales as a percentage of revenue, not including royalties, is mainly due to higher revenue levels in 2024 than in 2023 having a favorable effect on margins reflecting the absorption of fixed overhead costs.
−Removed: In addition, the decrease in cost of sales as a percentage of revenue, not including royalties, was due to production throughout 2024 related to contracts that factored in the rising inflationary costs experienced throughout 2022 and 2023, and a one-time expense related to panels the Company chose to remake for one specific customer related to defective steel from a supplier used in the initial product in 2023.
−Removed: General and Administrative Expenses – For the year ended December 31, 2024, the Company's general and administrative expenses increased by $564, or 9%, to $6,554 from $5,990 during the same period in 2023.
−Removed: General and administrative expenses for the year ended December 31, 2023 increased over the prior year due higher salary and wage rates, and an increase in the allowance for credit losses.
+Added: The decrease in cost of sales as a percentage of revenue, not including royalties, is primarily due to the increase in revenue from the special barrier projects that were performed in the first and second quarters of 2025 which have a higher margin and lower cost of sales when compared to product margin and product cost of sales, and higher revenue levels in 2025 than in 2024 having a favorable effect on margins reflecting the absorption of fixed overhead costs.
+Added: General and Administrative Expenses – For the year ended December 31, 2025, the Company’s general and administrative expenses decreased by $886, or 14%, to $5,668 from $6,554 during the same period in 2024.
General and administrative expenses were 6% and 8% of revenues for the years ended December 31, 2025 and 2024, respectively.
−Removed: Selling Expenses – Selling expenses for the year ended December 31, 2024 increased by $13, or 0%, to $3,557 from $3,544 for the year ended December 31, 2023.
+Added: Such expenses decreased due to lower staffing levels impacting salaries and wages and an arbitration settlement that included the recovery of $458 in previously reserved receivables which offset general and administrative expenses in the third quarter of 2025.
+Added: Salaries and wages are expected to increase in 2026 compared to 2025 as additional administrative staff are hired.
+Added: Selling Expenses – Selling expenses for the year ended December 31, 2025 decreased by $181, or 5%, to $3,376 from $3,557 for the year ended December 31, 2024 due to lower staffing levels.
The Company expects selling expenses to increase in future periods with the plan for additional sales associates and increased advertising spending aligning with the strategy to increase SlenderWall® sales and barrier rentals.
Operating Income – The Company had operating income for the year ended December 31, 2025 of $16,994 compared to operating income of $9,899 for the year ended December 31, 2024, an increase of $7,095, or 72%.
−Removed: The increase in operating income was mainly due to the increase in revenues, decrease in cost of sales as a percentage of revenue, and a relatively flat operating expenses as a percent of revenue.
+Added: The increase in operating income was mainly due to the increase in revenues, decrease in cost of sales as a percentage of revenue, and a decrease in operating expenses as a percent of revenue.
Income Tax Expense – The Company had income tax expense of $4,520 for the year ended December 31, 2025 compared to income tax expense of $2,143 for the year ended December 31, 2024.
The Company had an effective rate of 26.5% for the year ended December 31, 2025 compared to an effective rate of 21.7% for the same period in 2024.
−Removed: The decrease in the effective tax rate is attributed to the increase in the Company’s state tax liability for a true-up of state tax expense during 2023.
−Removed: Net Income – The Company had net income of $7,675 for the year ended December 31, 2024, compared to net income of $795 for the same period in 2023.
+Added: The increase in the effective tax rate is attributed to continued true-up of state tax expense during 2025.
+Added: Net Income – The Company had net income of $12,506 for the year ended December 31, 2025, compared to net income of $7,675 for the year ended December 31, 2024.
The basic and diluted earnings per share was $2.36 for 2025 compared to basic and diluted earnings per share of $1.45 for the year ended December 31, 2024.
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The Company had $4,447 of debt obligations at December 31, 2025, of which $648 is scheduled to mature within twelve months.
−Removed: During the twelve months ended December 31, 2024, the Company made repayments of outstanding debt in the amount $635.
+Added: For the year ended December 31, 2025, the Company made repayments of outstanding debt in the amount $647.
The Company has a mortgage note payable to Burke & Herbert Bank & Trust Company, formally Summit Community Bank (the “Bank”) for the construction of its North Carolina facility.
10 unchanged sentences
The loan matures on February 10, 2037.
−Removed: The Company additionally has one smaller installment loan with an annual interest rate of 2.90%, maturing in 2025, with a balance totaling $13.
+Added: The Company additionally had one smaller installment loan with an annual interest rate of 2.90%, maturing in 2025, with a nominal balance at December 31, 2025.
Under the loan covenants with the Bank, the Company is limited to annual capital expenditures of $5,000 and has received a waiver for 2025 from the Bank.
9 unchanged sentences
The loan is collateralized by a first lien position on all equipment purchased under the line.
−Removed: The commitment for the guidance line of credit matured on October 1, 2024.
−Removed: As of October 31, 2024, the Company had not purchased any equipment pursuant to the $1,500 commitment.
+Added: The commitment for the guidance line of credit matured on October 1, 2025 and, as of that date, the Company had not purchased any equipment pursuant to the $1,500 commitment.
At December 31, 2025, the Company had cash totaling $11,884 compared to cash totaling $7,548 at December 31, 2024.
2 unchanged sentences
Cash repayments on borrowings was $647.
−Removed: The decrease in cash is primarily the result of cash used for capital expenditures, specifically the expansion of the manufacturing facility in North Carolina.
+Added: The increase in cash is primarily the result of higher net income and cash provided by operating activities.
Capital spending, including financed additions, increased from $6,629 in 2024 to $9,349 in 2025.
−Removed: Capital expenditures in 2024 were primarily related to spending for the expansion of the North Carolina production facility and new manufacturing equipment.
−Removed: The Company anticipates capital spending for 2025 to be approximately $5,000, which includes forms for increased production capacity, and miscellaneous manufacturing equipment.
−Removed: Anticipated capital expenditures excludes acquisitions.
+Added: The 2025 expenditures were primarily for a ramp up in barrier production to expand the rental fleet, attenuators and plant expansion.
+Added: The 2024 expenditures were primarily for a new batch plant system for the South Carolina manufacturing facility, utility vault forms for increased production capacity, and crash cushions to expand the Company’s rental product offering.
+Added: The Company, which expects product sales to be similar in 2026 as compared to 2025, intends to invest over $12,000 in 2026 for long-term strategic growth which includes continued barrier production, expansion of the Virginia and North Carolina manufacturing facilities, soundwall forms for increased production capacity, and miscellaneous manufacturing equipment.
+Added: Anticipated capital expenditures exclude possible acquisitions.
The Company’s notes payable are financed at fixed rates of interest.
−Removed: This leaves the Company almost impervious to fluctuating interest rates.
+Added: This leaves the Company almost largely insulated from fluctuating interest rates.
Increases in such rates will only affect the interest paid by the Company if new debt is obtained, or an available line of credit is drawn upon, with a variable interest rate.
33 unchanged sentences
The failure to generate or obtain sufficient working capital during the winter may have a material adverse effect on the Company.
−Removed: Management believes that the Company's operations were affected by inflation in 2024 and 2023, particularly in the purchases of labor costs will increase in 2025, although no assurance can be given regarding future pricing or costs.
+Added: Management believes that the Company’s operations were affected by inflation in 2025 and 2024, particularly in the purchases of labor costs and raw materials, and no assurance can be given regarding future pricing or costs.
As of March 3, 2026, the Company’s sales backlog was approximately $53.1 million as compared to approximately $59.5 million at approximately the same time in 2025.
It is estimated that most of the projects in the sales backlog will be produced within 12 months, but a few will be produced over multiple years.
−Removed: The backlog remained consistent with the prior year level due to continued sales efforts for products to be produced at all three manufacturing facilities, as well as consistent sales efforts in barrier rentals.
−Removed: The Company expects the backlog to increase with continued bidding on large infrastructure and SlenderWall/architectural projects, although no assurance can be given.
+Added: The backlog was $6.4 million lower than the prior year primarily due to the completion of some large projects during the year and the timing of new contract awards.
+Added: Backlog levels may fluctuate based on the timing of infrastructure project awards.
+Added: Management expects, but there can be no assurance, backlog to increase in 2026 as bidding activity associated with infrastructure initiatives and products continues.
The risk exists that recessionary economic conditions may adversely affect the Company more than it has experienced to date.
14 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.