Smg Inds Inc Stock Price, News & Analysis

SMG Industries, Inc. (OTCQB:SMGI) has announced the hiring of experienced executives to enhance its growth in the transportation services sector. Mr. Steven H. Madden becomes Chief Transition Officer, while Mr. Allen R. Parrott is appointed Chief Financial Officer, bringing significant logistics and financial experience. Mr. Jimmy Frye, President of 5J Transportation Group, expands his role, and Mr. Jason Gassman joins as Corporate Controller. Former CEO Jeffrey Martini resigns after a successful tenure. This leadership transition aims to strengthen the Company's strategic direction and profitability.

SMG Industries (OTCQB:SMGI) reported a strong second quarter in 2021, with revenues soaring approximately 63% to $12,243,091, and a remarkable 67% increase over the six months to $19,845,419. The net loss from continuing operations significantly declined to $419,360 from $2,976,940 in the same quarter last year, largely driven by a $3,148,100 gain from PPP loan forgiveness. Total assets rose to $30,379,183 as of June 30, 2021. The Company remains focused on its growth strategy through acquisitions, aiming to enhance profitability and offset fixed costs.

SMG Industries, Inc. (OTCQB: SMGI) reported preliminary unaudited revenues of approximately $11.75 million for Q2 2021, reflecting a sequential increase of 55% from Q1 2021. This revenue growth is attributed to the resurgence of economic activity post-COVID-19 restrictions, higher freight demand from infrastructure and manufacturing sectors, and increased pricing. The new Houston terminal focused on flatbed freight contributed to an expanded customer base and a 10% increase in drivers. Full financial results are expected by August 16, 2021.

SMG Industries has launched a new subsidiary, 5J Transportation LLC, to enhance revenue streams by focusing on flatbed and industrial freight. This expansion includes a 46-acre terminal in Houston, Texas, and 38 new owner/operator drivers, representing a 15% increase in their workforce. The company anticipates an estimated $6 million in additional annual revenues from this facility due to its strategic location near the Port of Houston and increased customer capacity. Preliminary revenue results for Q2 2021 are expected on or before July 13, 2021.

SMG Industries (OTCQB:SMGI) reported Q1 2021 revenues of $7.6 million, up 74% from $4.36 million in Q1 2020, driven by the acquisition of 5J and increased market demand post-COVID-19. Despite the revenue growth, the company faced a net loss of $3.8 million due to significant depreciation expenses. Total assets rose to $27.2 million, and the firm is optimistic about the upcoming federal infrastructure spending. Management highlighted sequential revenue improvements across various services, indicating a positive trajectory moving forward.

SMG Industries, Inc. (OTCQB:SMGI) reported a staggering revenue increase to $26.6 million for the fiscal year 2020, a rise of approximately 5,100% from $508 thousand in 2019, following the acquisition of 5J Trucking. The company's total assets surged to $27.4 million from $6.4 million in the prior year. Despite these gains, SMGI recorded a net loss from continuing operations of $14.1 million due to acquisition expenses and impairments. The strategic pivot to transportation services aligns with a broader focus following the challenges of volatile oil prices and the COVID-19 pandemic.

SMG Industries Reports 2020 Revenue Surge

SMG Industries (OTCQB:SMGI) announced preliminary unaudited revenues of approximately $30.6 million for the year ending December 31, 2020, marking a remarkable 370% increase over 2019, bolstered by the acquisition of the 5J Transportation Group. The company's strategic pivot from oilfield services to heavy haul and infrastructure logistics aligns with anticipated federal spending on infrastructure. SMG anticipates releasing detailed audited results by March 31, 2021.