SurgePays, Inc. - SURG STOCK NEWS

SurgePays, Inc. announced the closure of a $25 million senior secured credit facility from Affordable Connectivity Financing V LLC, with $15 million available at closing. This non-dilutive Installment Sale Agreement allows for repayment over the subscriber life, supporting SurgePays' goal of cash flow positive growth. CEO Brian Cox highlighted the company's revenue increase of 2.5X to over $36 million in Q3, expecting significant positive impacts on cash flow and balance sheet as they expand their subscriber base.

SurgePays reported impressive Q3 2022 results with a 149% year-over-year revenue increase, totaling $36.2 million. The company surpassed its 2022 target of 200,000 mobile broadband subscribers, achieving a 2.5X growth in revenue. Gross profit rose slightly by 1% to $1.9 million, while net loss improved to $(1.5 million) from $(1.7 million) a year prior. The company has integrated the ACP enrollment process into its platform, aiming to boost store count and enhance customer retention.

SurgePays, Inc. (Nasdaq: SURG) announced its third quarter 2022 earnings conference call scheduled for November 14, 2022, at 5:00pm ET. The call will focus on the company's operations as a technology and telecommunications provider targeting the underbanked and underserved markets. SurgePays aims to enhance access to mobile broadband and financial services for low-income consumers through its SurgePhone and fintech platform. Investors can access the live webcast through their investor relations site.

SurgePays (Nasdaq: SURG) announced its application for a dual listing of its common stock on Upstream, a platform for digital securities and NFTs. This move aims to connect with a global, digital-focused investor base, allowing trades via USDC and traditional payment methods. According to CEO Brian Cox, this listing will enhance accessibility for underbanked communities and improve liquidity. SurgePays, known for serving underserved markets through technology and telecommunications, plans to incorporate a Web3 community-building strategy with Upstream.

SurgePays, Inc. (Nasdaq: SURG) has appointed Jeremy Gies as the new President of its subsidiary, SurgePays Fintech, Inc., to enhance its convenience store (c-store) operations. With over 25 years of experience in telecom and fintech, Gies aims to grow the national c-store network, focusing on onboarding stores to the SurgePays platform and increasing sales. CEO Brian Cox highlights the opportunity for store owners to earn additional revenue through SurgePays services, particularly with the rollout of the FCC’s Affordable Connectivity Program.

SurgePays (SURG) has surpassed its 2022 subscriber goal, achieving over 220,000 subscribers in its mobile broadband service, SurgePhone Wireless. The achievement aligns with the company’s efforts to assist the underbanked through the Affordable Connectivity Program (ACP). CEO Brian Cox emphasizes the ongoing growth strategy targeting 500,000 subscribers, accomplished without diluting shareholder equity. SurgePays aims to enhance financial and social conditions for underserved communities via its technology and telecommunications offerings.

SurgePays, Inc. (Nasdaq: SURG) announced that CEO Brian Cox will present and host meetings at two upcoming conferences: the Microcap Rodeo Windy City Roundup on October 12-13 in Chicago, and LD Micro Main Event XV on October 25-27 in Los Angeles. Registration is required for participation in both events. SurgePays is committed to supporting the underbanked and underserved communities through its technological and telecommunications solutions, including mobile broadband services and financial products aimed at transforming local stores into tech-hubs.

SurgePays (Nasdaq: SURG) announced that CEO Brian Cox will present at the H.C. Wainwright Annual Global Investment Conference on September 12 at 11:30 a.m. ET. The event will take place at the Lotte New York Plaza Hotel from September 12-14, 2022. SurgePays focuses on providing technology and telecommunications solutions for the underbanked and underserved populations, offering mobile broadband and financial services through local stores. The presentation will be web-streamed, and 1x1 meetings are available for qualified investors.

SurgePays reported a 146% increase in revenue for Q2 2022, totaling $28.0 million, alongside a 65% growth in gross profit to $2.2 million. Despite this, the company experienced a net loss of $973,000, wider than the $214,000 net loss the previous year. EBITDA loss stood at $86,000. The company anticipates total revenues of at least $130 million for 2022 and expects to exceed 200,000 mobile broadband subscribers. SurgePays aims to leverage its recent CRM acquisition to enhance efficiency and customer service.