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SurgePays, Inc. is a fintech company focused on serving the underbanked community through telecommunications, financial technology, and digital media services. The company operates in various segments including Mobile Virtual Network Operators, Comprehensive Platform Services, Lead Generation, and more. With a mission to provide services to the unbanked and underserved, SurgePays has established itself as a key player in the industry.
SurgePays (NASDAQ: SURG) has integrated its ClearLine software marketing platform with Clover's point-of-sale (POS) system, enhancing marketing capabilities for small and medium-sized businesses (SMBs). The integration enables merchants to engage customers through targeted offers, manage campaigns, automate marketing actions, and implement loyalty programs using Clover's POS terminals.
The strategic partnership allows Independent Sales Organizations (ISOs) to offer enhanced value to merchants by bundling ClearLine with existing Clover payment solutions. This integration, along with recent partnerships with PAX Technology and LANDI Global, significantly expands ClearLine's potential installed base from thousands to millions of users.
SurgePays (Nasdaq: SURG) announces a strategic integration with LANDI Global, incorporating LANDI M20 handheld devices into their merchant network. The partnership enhances SurgePays' portal with ClearLine Application integration, enabling merchants to offer advanced features including top-ups, bill payments, QR codes, and NFC-enabled interactions. The collaboration expands merchant capabilities through the ClearLine app and enhanced SurgePays app, providing access to Lifeline wireless programs and advanced marketing tools. This integration aims to streamline operations and improve customer engagement at the point of sale.
SurgePays (NASDAQ: SURG) has integrated its ClearLine point-of-sale marketing platform with PAX Technology's smart payment terminals. The integration enables merchants to transform existing PAX terminals into marketing tools without additional hardware investment. PAX Technology, with over 50 million terminals globally and 8% U.S. market share, provides a significant growth opportunity.
The ClearLine platform offers features including idle-time marketing content display, real-time customer interaction during payments, post-transaction prompts, dynamic QR codes on receipts, and comprehensive analytics for campaign tracking. This integration aims to enhance customer engagement at the point of sale while providing merchants with valuable marketing capabilities.
SurgePays (NASDAQ: SURG) has signed a multi-year mobile virtual network operator (MVNO) agreement with AT&T, enabling it to offer mobile wireless, voice, data, and messaging services on AT&T's network, which covers over 99% of Americans. The strategic partnership allows SurgePays to provide 4G LTE and 5G wireless services and empowers the company to support other aspiring MVNOs. Through its network of convenience stores and local outlets, SurgePays aims to serve underserved and rural communities with affordable prepaid wireless and financial products, leveraging its transaction platform for processing, activations, and top-ups.
SurgePays (NASDAQ: SURG) reported Q3 2024 financial results with sales of $4.8 million, down from previous quarters due to the end of Affordable Connectivity Program (ACP) funding. MVNO revenue decreased to $23,609 from $30.2 million year-over-year, while Prepaid Platform Services grew 69% to $4.7 million. The company reported a $7.8 million gross loss, compared to a $10.5 million profit in Q3 2023. SurgePays has migrated over 70,000 customers to the Lifeline program through a partnership with TerraCom, and their prepaid top-ups platform reached $2.2 million in monthly revenue. The company held $24 million in cash and investments as of September 30, 2024.
SurgePays (NASDAQ: SURG) announced it will release its third quarter 2024 financial results after market close on Tuesday, November 12, 2024. Management will host a conference call at 5:00 pm ET on the same day to discuss the results. The call will be accessible via webcast on the company's investor relations website and through telephone access. A replay will be available until November 26, 2024.
SurgePays (NASDAQ: SURG) has opened a new dedicated sales operations facility in San Salvador, El Salvador, transitioning from outsourced centers to enhance customer relationships. The state-of-the-art facility can support up to 250 employees and integrates sales operations, technology development, customer service, and back-office functions. The company has already transferred nearly 100 long-term employees to full-time corporate roles.
The facility currently processes over 3,000 new wireless subscribers daily and generates prepaid top-up sales exceeding $2.2 million monthly. This operational hub aims to support growth across four primary revenue channels: LinkUp Mobile wireless prepaid, government-subsidized wireless service, prepaid wireless top-up, and ClearLine point-of-sale technology.
SurgePays, Inc. (Nasdaq: SURG) has signed a Master Services Agreement (MSA) with TerraCom, Inc., effective October 3, 2024. This agreement allows SurgePays to offer the Lifeline program to its existing 280,000 ACP wireless subscribers. The company plans to finalize a stock purchase agreement to acquire the majority of TerraCom stock, subject to regulatory approval.
The Lifeline program provides government reimbursement ranging from $9.25 to $34.25 per month, depending on the state. SurgePays aims to transition from self-funding its wireless customers to having them funded by Lifeline, which is expected to help the company return to being free cash flow positive.
In addition to offering Lifeline, SurgePays is ramping up sales efforts on Linkup Mobile, Wireless Top-Up, and Clearline, pursuing multiple growth channels as it heads into 2025.
SurgePays (Nasdaq: SURG) has announced the commencement of its previously authorized $5 million stock repurchase program. The decision comes as a response to the adverse impact on the company's business and stock price due to delays in ACP funding. CEO Brian Cox believes this move will align interests with long-term investors and deliver shareholder value while maintaining a strong balance sheet.
The program allows for open market repurchases at management's discretion and will end after 6 months or when the maximum amount is purchased. SurgePays retains the right to discontinue the program at any time. No shares have been repurchased to date, and there's no guarantee of full implementation or any repurchases occurring.
SurgePays (NASDAQ: SURG) announced Q2 2024 financial results, marking a transition phase due to the end of ACP funding. Key points:
- Q2 sales: $15.1 million, down from $31.4 million in Q1 2024 and $35.9 million in Q2 2023
- Gross profit: ($3.4) million loss, compared to $10.0 million profit in Q2 2023
- Strategic decision to maintain subscriber base despite ACP funding end
- Initiatives to regain positive cash flow by year-end
- $5 million share repurchase program authorized until December 31, 2024
The company aims to expand its footprint among underbanked customers through various initiatives, including growing ACP revenue if refunded, offering alternative plans, scaling third-party transactions, and expanding product offerings beyond wireless services.
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