Business
SMG Industries, Inc. Reports Record Revenues of $19.3 Million for the Third Quarter and Significantly Expanding EBITDA
SMG Industries, Inc. Reports Record Revenues of $19.3 Million for the Third Quarter and Significantly Expanding EBITDA.
About this update from Smg Industries, Inc.
[{"type":"text","content":"\n A Record $53.5 Million for the Nine Months Ended September 30, 2022 with Year to Date 2022 Revenues Up 55% from the Comparable Period in 2021  HOUSTON, TX, Nov. 15, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire -- SMG Industries, Inc. (the “Company”) (OTCQB:SMGI), a growth-oriented transportation services company focused on the domestic infrastructure logistics market, today reported financial results for its third quarter ended September 30, 2022.  Third Quarter 2022 Financial Highlights: ·         Revenues increased approximately 31% to $19,331,484 for the three months ended September 30, 2022, compared to the three months ended September 30, 2021, ·         Revenues increased approximately 55% to $53,589,434 for the nine months ended September 30, 2022 compared to the year ago period,·         Adjusted Gross Margins, a non-GAAP measure, improved to $2,651,029 after adjusting for depreciation (a non-cash expense) within cost of sales of $1,389,753, for the three months ended September 30, 2022, ·         Positive Adjusted EBITDA, a non-GAAP measure, was $903,380 for the three months ended September 30, 2022, a significant improvement from the negative EBITDA of ($118,892) results in the quarter ended September 30, 2021,·         Net loss was $2,773,725 for the three months ended September 30, 2022, an improvement of $838,313 compared to a net loss of $3,612,038 for the three months ended September 30, 2021, ·         Total Assets were $24,620,400 at September 30, 2022, and·         The Company continues to move forward with its “buy and build” and maximize equipment utilization growth strategy seeking to expand its lines of business and target transportation services companies for acquisition. Sales for the quarter ended September 30, 2022 increased to $19,331,484, an increase of 30.9% from $14,772,939 for the quarter ended September 30, 2021. Sales for the nine months ended September 30, 2022 increased to $53,589,434, an increase of 54.8% from $34,618,358 for the n...