SurgePays Passes 50,000 Mobile Broadband Subscribers
SurgePays, Inc. (Nasdaq: SURG) announced a record growth milestone, achieving 1,500 new subscribers in a single day. The Company’s subsidiary, SurgePhone Wireless, provides essential financial services and is witnessing rapid growth with subscriber totals reaching 45,000 by January 2022. Revenue projections show a significant increase, with estimates approaching $3.8 million for January alone. CEO Brian Cox expressed optimism about continuing the growth trajectory and exploring additional revenue streams. SurgePhone operates as an MVNO, utilizing AT&T and T-Mobile networks to serve the underbanked.
- Achieved record of 1,500 new subscribers in one day.
- Subscriber total reached 45,000 in January 2022, indicating strong growth.
- Projected revenues for January estimated at $3.8 million.
- Plans to explore additional revenue streams such as telehealth and digital wallets.
- None.
- Achieves Single Day Record of 1,500 New Subscribers -
BARTLETT, Tenn., Feb. 14, 2022 (GLOBE NEWSWIRE) -- SurgePays, Inc. (Nasdaq: SURG) (“SurgePays” or the “Company”), a fintech company providing essential financial services and prepaid products to the underbanked and underserved, continued growth in its mobile broadband subscriber business SurgePhone Wireless LLC (“SurgePhone”), the Company’s wholly owned subsidiary.
| Month | Total Subscribers* | Revenue Generated | |
| August | 800 | ||
| September | 7,000 | ||
| October | 13,000 | ||
| November | 19,000 | ||
| December | 30,000 | ||
| January | 45,000 | ||
*Rounded
Commenting on the growth in the mobile broadband business, Chairman and CEO Brian Cox stated, “Our mobile broadband channel continues to see red-hot growth exceeding our projections. I believe our hyper-growth skew will continue, considering there are 1,500 activations on some days, which equates to
“50,000 subscribers is a great milestone and it has been my experience that hitting the next 50,000 is much easier and much faster. We are no longer burning capital month over month, but we are pouring money back into growth to continue this trajectory. Additionally, since we have a solid base of customers we can leverage, we are now exploring additional revenue streams to attach to these devices and are in talks to deploy telehealth, digital wallets and streaming content to expand our gross revenue per subscriber. This is another example of us cornering the underbanked market at a grassroots level both at home and where these consumers shop.”
SurgePhone is a licensed mobile virtual network operator (MVNO) capable of utilizing both the AT&T and T-Mobile nationwide network infrastructure to provide data and voice to underserved consumers. SurgePhone operates both the SurgePhone wireless and LocoRabbit wireless brands.
Preliminary revenues are estimates prior to the completion of the Company’s financial closing procedures and review procedures by its external auditors and, therefore, may be subject to adjustment when the actual results are available.
For more information on SurgePays, please visit the Company’s investor relations website at ir.surgepays.com.
About SurgePays, Inc.
SurgePays, Inc. is a fintech company focused on the underbanked community. The Company's blockchain platform utilizes a suite of financial and prepaid products to convert corner stores into tech-hubs for underbanked neighborhoods. The neighborhood stores are profit partners that provide a multichannel distribution network for SurgePays to deliver consumer products, allow cash to digital currency conversions as well as capture data and build a loyal consumer base. Please visit www.SurgePays.com for more information.
About SurgePhone Wireless
SurgePhone, a wholly owned subsidiary of SurgePays, is a mobile virtual network operator (MVNO) company licensed by the FCC to provide subsidized mobile broadband services to consumers qualifying under the federal guidelines of the Affordable Communication Program (ACP). The ACP provides SurgePhone up to a
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