SMG Industries, Inc. (OTCQB: SMGI), a Transportation Services company focused on growth in the domestic logistics market, announced its financial results for the first fiscal quarter ended March 31, 2022.
Q1 revenue was $16,181,053, a roughly 112% increase from Q1 2021 where revenue was $7,602,328. The company attributes this growth to increased sales in the industrial transportation division and aspects of its subsidiary, 5J Transportation.
Gross profit was $1,455,948, compared to a gross loss of $1,098,180 in the same period last year.
Selling, general & administrative (SG&A) expenses improved from 19.9% in Q1 2021 to just 15.2% of sales for Q1 2022.
Net loss for Q1 2022 was $3,636,018 compared to $3,808,568 in Q1 2021. The net loss for this quarter included $1,357,401 in non-cash expenses for depreciation and $1,497,032 for deferred financing costs.
Total assets grew to $32,030,438 in the first quarter ending March 31, 2022.
Year-over-year quarterly growth was attributed to increased customer activity, which resulted in higher pricing and volumes. The company’s flatbed and brokerage divisions also contributed to revenue growth and diversification in SMG’s transportation services offering.
“Strategically, the Company’s asset rich equipment profile has assisted in its transportation diversification plans and motivates SMGI to source accretive acquisitions to increase our growth,” says SMG Chairman Matt Fleming.