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SMG Industries Inc. (SMGI) delivers essential oilfield services and integrated logistics solutions to energy and transportation sectors. This news hub provides investors and industry professionals with direct access to official announcements, strategic developments, and operational updates from the company.
Track SMGI's latest financial results, product innovations, and market expansions through verified press releases and curated news coverage. Key updates include earnings reports, equipment launches, logistics partnerships, and regulatory filings – all critical for assessing the company’s position in industrial chemicals and transportation services.
Discover updates across SMGI’s core operations: oilfield chemical innovations for drilling efficiency, equipment rental program expansions, and logistics network enhancements. Our centralized repository eliminates the need to monitor multiple sources, providing reliable information for informed decision-making.
Bookmark this page for streamlined access to SMGI’s evolving business landscape. Check regularly for new developments impacting the company’s performance in energy services and industrial supply chain solutions.
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.
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