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SMG Industries Inc., an oilfield service company, provides detergents, surfactants, and degreasers for the drilling rig operators, exploration and production companies, and distribution and supply companies in the United States. The company offers degreaser under the Miracle Blue name; aluminum brightener and descaler under the Luma Brite name; and emulsifier under the Wicked Green name used in oil remediation jobs. Additionally, SMGI sells equipment and parts, such as industrial and oilfield pressure washers, compressors, heaters, water pumps, and combination units, as well as spare parts for pressure washer water guns, hoses, and fittings. Moreover, SMG Industries is involved in the rental of rig wash equipment trailer units comprising pressure washers, heating equipment, water containment units, and related components to drilling rig operators, oil company operators, and other oilfield companies. Furthermore, it provides drilling rig wash and mechanical repair services for drilling rigs.
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.