Surgepays Inc - SURG STOCK NEWS

SurgePays, Inc. provides a company update to address a recent report containing errors and misleading content. The company asserts that its controls and procedures are compliant and that it contracts a third-party compliance company. SurgePays expects to report a net income of over $6 million in the second quarter and remains focused on its growth strategy. The company also states that its accounting records are accurate and its financial results are correctly reported.

SurgePays, Inc. (Nasdaq: SURG) announced its financial results for the first quarter of 2023. Highlights include a 64% increase in revenue, gross profit of $7.7 million, net income of $4.5 million, and EBITDA of $5.0 million. The company expects total revenues of at least $190 million and positive operating cash flow in 2023.

SurgePays, Inc. (Nasdaq: SURG) is now available for trading on Upstream, the trading app for digital securities and NFTs. SurgePays also offers a free digital collectible NFT to commemorate the dual listing. Global shareholders can trade SurgePays shares by downloading Upstream and completing a simple KYC verification. Trading will commence when an existing shareholder places an offer for sale on Upstream. More details can be found at https://ir.surgepays.com/.

SurgePays reported substantial financial growth for the year ended December 31, 2022. Revenue increased by 138% to $121.5 million, while gross profit rose 118% to $13.5 million. The fourth quarter alone saw revenue of $36.2 million, marking 155% growth YoY. Despite a net loss of $681,000, EBITDA improved to $2.3 million. SurgePays completed strategic acquisitions and secured a $25 million non-dilutive financing facility, enhancing its operational capacity. For 2023, management forecasts revenues of at least $190 million and aims for over 500,000 wireless subscribers.

SurgePays, Inc. (SURG) reported preliminary financial results for Q4 2022, expecting revenues between $35 million and $36 million, contributing to a full year revenue projection of $120 million to $121 million, reflecting over 130% growth from 2021. The company is also positioned to achieve positive cash flow of $2 million to $3 million for the quarter. CEO Brian Cox emphasized significant growth driven by team efforts and expanding product lines for 2023, targeting revenue growth through subscriber and distribution partnerships.

SurgePays, Inc. (Nasdaq: SURG) has entered a Distribution Agreement with Capital Candy Co., a major distributor serving over 3,000 convenience stores in New England. This agreement enables SurgePays to provide its suite of prepaid telecom and fintech products, including Affordable Connectivity Program (ACP) applications, to Capital Candy's retailers. SurgePays President Jeremy Gies highlighted the partnership's potential for increased revenue and expansion into underbanked areas, emphasizing the efficiency of leveraging existing distribution networks for growth.