Smg Inds Inc - SMGI STOCK NEWS

SMG Industries Inc. reports pro forma financial results following the acquisition of the Barnhart family of companies, with revenues of $152,771,088 and a net loss of $5,156,039 for fiscal year 2022. The company expects cost synergies and integration benefits from the acquisition, aiming to conclude the integration by the end of 2023. SMG also highlights revenue synergies and growth prospects, focusing on diversification in its end market customer base. The next quarterly report will include the financial results from the Barnhart acquisition.

SMG Industries Inc. reported financial results for Q2 2023, with revenues increasing by 21% compared to the same period last year. Gross profit improved to $2.9 million, and net loss improved to $1.8 million. The company completed the acquisition of the Barnhart Transportation family of companies, creating a pro forma combined company with enhanced scale and growth potential.

Great Rock Capital has closed a $31.7 million senior secured term loan facility with SMG Industries, Inc. The loan was used to finance the strategic acquisition and merger of the Barnhart Transportation group of companies. SMGI is a growth-oriented transportation services company focused on the domestic infrastructure logistics market.

SMG Industries, Inc. (OTCQB:SMGI) reported a record revenue of $71 million for the fiscal year ended December 31, 2022, marking a 36% increase from $52 million in 2021. This growth was primarily driven by increased volumes and improved pricing within the Industrial Division, alongside the successful launch of its brokerage business, 5J Logistics Services. The company achieved a positive Adjusted EBITDA of $4.8 million, a significant turnaround from the previous year. Key revenue contributions included super heavy haul projects and diverse end-market penetration. Additionally, SMG plans to pursue growth through accretive acquisitions and is exploring a national stock exchange listing to enhance shareholder value.

SMG Industries reported preliminary unaudited revenues of approximately $70.95 million for the fiscal year ended December 31, 2022, marking a 36% increase from $52.11 million in 2021. This growth was attributed to higher volumes and pricing in its industrial division, particularly in super heavy haul projects and increased production hauling work.

The company also highlighted the success of its new 5J Logistics Services division, which contributed significantly to revenue growth. Chairman Matt Flemming expressed optimism about the company’s future, pointing towards an upcoming update on its acquisition strategy. Full financial results are expected by March 31, 2023.