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

Rhea-AI Summary

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.

Positive

• Preliminary revenues of approximately $70.95 million for FY 2022, up 36% from 2021.
• Increased volumes and pricing in the industrial division contributed to revenue growth.
• Successful launch of the 5J Logistics Services line of business supporting revenue increases.

Negative

• None.

SMG Reports Preliminary Unaudited Revenues of Approximately $70.95 Million for the Fiscal Year Ended December 31, 2022, an Increase of Approximately 36% From 2021

HOUSTON, TX, Jan. 23, 2023 (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 year ended December 31, 2022 was approximately $70.95 million, representing an increase of about 36% from $52.11 million reported for the prior year ended December 31, 2021.

This increase in revenues year over year in 2022 compared to 2021 resulted from increased volumes and pricing in the Company’s industrial division, including super heavy haul projects and additional production hauling work. The Company also saw its new 5J Logistics Services line of business enjoy greater pricing and the contribution of operating revenues as it expanded both its footprint and customer base, not present during the 2021 comparable periods.

Mr. Matt Flemming, Chairman of SMG, stated, "The Company benefited from higher activity levels and increased pricing relative to the year ago period from its customers in its industrial division. Additionally, the heavy haul division transporting infrastructure including bridge beams, compressors and refinery components contributed to the increase in revenues during 2022. The Company’s asset-light brokerage business finished its first full fiscal year and made strong inroads into retail and industrial customers. The Company looks forward to updating shareholders further on its previously announced acquisition strategy supporting its diversification and growth.”

The Company currently anticipates announcing its full financial results along with management’s discussion and analysis within its Annual Report on Form 10-K for 2022 estimated to be filed on or before March 31, 2023.

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 the preliminary revenues of SMGI for 2022?

SMGI reported preliminary unaudited revenues of approximately $70.95 million for the fiscal year ended December 31, 2022.

How much did SMGI's revenues increase from 2021 to 2022?

SMGI's revenues increased by approximately 36% from $52.11 million in 2021 to $70.95 million in 2022.

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

Revenue growth was driven by increased volumes and pricing in the industrial division, particularly in super heavy haul projects.

When will SMGI announce its full financial results for 2022?

SMGI anticipates announcing its full financial results on or before March 31, 2023.

What is the 5J Logistics Services line of business within SMGI?

The 5J Logistics Services line of business is a new division that contributed significantly to SMGI's revenue growth by expanding its customer base and service offerings.