SMG Reports Preliminary Unaudited Revenues of Approximately $20.5 Million for Q1, 2023, an Increase of Approximately 27% From Q1, 2022
HOUSTON, TX - (NewMediaWire) - May 04, 2023 - SMG Industries, Inc. ("SMG" or the "Company") (OTCQB: SMGI), a growth-oriented transportation services company focused on the domestic infrastructure logistics market, is pleased to announce its preliminary unaudited results of consolidated revenues from operations for the first quarter ended March 31, 2023. The Company recorded approximately $20.5 million in revenues for the first quarter 2023, representing an increase of about 27%, compared to $16.18 million in the first quarter of 2022.
The substantial increase in revenues during the first quarter 2023 demonstrates the effectiveness of SMG's strategic investments in revenue diversification and expansion into new transportation market segments attracting additional customers. Building on a record revenue year in 2022, the Company currently foresees ongoing growth trends throughout the year in engineered super heavy haul, brokerage and flatbed, while concurrently positioning itself to leverage its acquisition strategy for further growth and revenue diversification.
Mr. Matt Flemming, Chairman of SMG, expressed his satisfaction with the results, stating, "The continued growth of our core and new revenue lines underscores the focus in developing additional lines of business compared to the previous year. As we progress this year, we believe our expanding revenue streams provide increased stability and open up valuable opportunities for market exposure in-line with our acquisition strategy."
As stated in a previous release, SMG has initiated discussions for the listing of its common stock on a national stock exchange and is actively working towards satisfying the associated listing requirements. The Company plans to announce its complete financial results, along with management's discussion and analysis, within its Quarterly Report on Form 10-Q for the first quarter ended March 31, 2023, anticipated to be filed on or before May 15, 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, drilling rig mobilization and driveaway services. 5J’s engineered permitted jobs can support up to 500-thousand-pound loads including infrastructure cargo associated with bridge beams, wind energy, power generation components, compressors, and refinery and construction equipment. SMG Industries is headquartered in Houston, Texas and 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.
Stan Abiassi – Market Street Capital, Inc.
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