SMG Industries, Inc. Announces Preliminary Unaudited Revenue Results for the Third Quarter 2022

Rhea-AI Summary

SMG Industries (OTCQB: SMGI) reported preliminary unaudited revenues of approximately $18.8 million for Q3 2022, marking a 27% increase from Q3 2021's $14.7 million. For the nine months ended September 30, 2022, revenues reached $53.1 million, a 53% growth compared to the same period in 2021. The revenue surge was attributed to heightened volumes and pricing in the industrial division, along with new brokerage revenues from 5J Logistics Services. Full financial results are expected by November 15, 2022.

Positive

• Q3 2022 revenues increased by 27% year-over-year to $18.8 million.
• Revenue growth for the nine months ended September 30, 2022, was 53%, reaching $53.1 million.
• Increased volumes and pricing in the industrial division contributed to revenue growth.
• New operating revenues from 5J Logistics Services boosted overall financial performance.

Negative

• None.

SMG Reports Preliminary Unaudited Revenues of Approximately $18.8 Million for the Third Quarter Ended September 30, 2022, an Increase of Approximately 27% From the Third Quarter 2021

HOUSTON, TX, Oct. 19, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire – SMG Industries, Inc. (“SMG” or the "Company") (OTCQB:SMGI), a growth-oriented transportation services company focused on the domestic infrastructure logistics market, today announced that its preliminary unaudited results of consolidated revenues from operations for the third quarter ended September 30, 2022, was approximately $18.8 million, representing an increase of about 27% from $14.7 million reported in the comparable quarter in 2021. For the nine months ended September 30, 2022, preliminary unaudited results of consolidated revenues from operations was approximately $53.1 million, up about 53% from the comparable nine months ended September 30, 2021.

This increase in revenues for the third quarter ended September 30, 2022 resulted from increased volumes and pricing in the Company’s industrial division, and operating revenues from the Company’s 5J Logistics Services’ brokerage revenues not present during the 2021 comparable periods.

Mr. Matt Flemming, Chairman of SMG, stated, "The Company continued to experience volume and price growth in its industrial division and additional project work with its heavy haul transportation business. Continued efforts in diversification and growth drive our pursuit of accretive acquisitions.”

The Company currently anticipates announcing its full financial results along with management’s discussion and analysis within its Third Quarter 2022 Quarterly Report on Form 10-Q estimated to be filed on or before November 15, 2022.

About SMG Industries, Inc.:  SMG Industries is a growth-oriented transportation services company focused on the domestic infrastructure logistics market.  Through several of the Company’s wholly-owned subsidiaries branded as the “5J Transportation Group,” it offers specialized heavy haul, super heavy haul, flatbed, brokerage, and drilling rig mobilization services. 5J’s engineered permitted jobs can support up to 500-thousand-pound loads including infrastructure cargo associated with wind energy, power generation components, bridge beams, compressors, and refinery and construction equipment.  SMG Industries, Inc. headquartered in Houston, Texas has facilities in Floresville, Hempstead, Henderson, Houston, Odessa, Palestine, Victoria, Texas and Fort Mill, South Carolina. Read more at www.5J-Group.com and www.SMGIndustries.com 

Source:  SMG Industries, Inc. +1-713-955-3497

FAQ

What were SMGI's revenues in Q3 2022?

SMGI reported preliminary unaudited revenues of approximately $18.8 million for Q3 2022.

How much did SMGI's revenues grow compared to Q3 2021?

Revenues increased by approximately 27% from $14.7 million in Q3 2021.

What was the total revenue for SMGI for the nine months ended September 30, 2022?

SMGI's revenues for the nine months ended September 30, 2022, were approximately $53.1 million.

What factors contributed to SMGI's revenue growth in Q3 2022?

The revenue growth was driven by increased volumes and pricing in the industrial division and new brokerage revenues from 5J Logistics Services.

When will SMGI announce its full financial results?

SMGI anticipates announcing its full financial results on or before November 15, 2022.