Migration of former ACP Subscribers to Lifeline Well UnderwayBARTLETT, Tenn., Nov. 12, 2024 /PRNewswire/ -- SurgePays, Inc. (Nasdaq: SURG) ("SurgePays" or the "Company"), a bridging critical financial and connectivity gaps in underserved communities, today announced its financial results for the third quarter ended September 30, 2024.Management CommentaryChairman and CEO Brian Cox commented on the quarter's results, "We anticipated a challenging third quarter, and we seized it as an opportunity to reset, re ...

BARTLETT, Tenn., Nov. 5, 2024 /PRNewswire/ -- SurgePays, Inc. (NASDAQ: SURG) ("SurgePays" or the "Company"), a technology and telecommunications company, will release its third quarter 2024 financial results after the close of trading on Tuesday, November 12, 2024. On the same day, at 5:00 pm ET, management will host a conference call to discuss its financial results.The live webcast of the call can be accessed on the company's investor relations website at ir.surgepays.com, or by registering at the followi ...

Supports Enhanced Growth Across Core Business SegmentsBARTLETT, Tenn. and SAN SALVADOR, El Salvador, Oct. 31, 2024 /PRNewswire/ -- SurgePays, Inc. (Nasdaq: SURG) ("SurgePays" or the "Company"), a technology and telecommunications company, has officially opened its new, dedicated sales operations facility in San Salvador, El Salvador.The new facility marks a significant upgrade to the company's decade-long strategy of utilizing outsourced centers and reflects its focus on enhancing customer relationships to ...

Existing ACP Customers Can Now Opt-in to Lifeline Program BARTLETT, Tenn., Oct. 10, 2024 /PRNewswire/ -- SurgePays, Inc. (Nasdaq: SURG) ("SurgePays" or the "Company"), a technology and telecom company announced today that it has signed a Master Services Agreement (MSA) with TerraCom, Inc. ("TerraCom"), a wireless service provider and licensed Lifeline provider, effective October 3, 2024. SurgePays and TerraCom have agreed to finalize a stock purchase agreement to acquire the majority of TerraCom stock, subj ...

BARTLETT, Tenn., Aug. 22, 2024 /PRNewswire/ -- SurgePays, Inc. (Nasdaq: SURG) ("SurgePays" or the "Company"), a technology and telecom company focused on the underbanked and underserved communities, announces today that it is commencing its previously authorized stock repurchase program of up to $5 million in SurgePays' common stock. Chairman and CEO Brian Cox commented, "We recognize that the delay in ACP funding has adversely impacted our business and stock price. Therefore, we believe it's an opportunist ...

Surgepays (NASDAQ:SURG) stock is falling hard on Wednesday after the financial technology and telecom company announced its earnings for the second quarter of 2024. The bad news from this earnings report includes the company's diluted EPS of -66 cents. That's nowhere close to the -7 cents per share Wall Street was expecting. It's also significantly worse than then 40 cents per share from the same period of the year prior. Surgepays' revenue of $15.09 million also isn't helping matters today. This is below t ...

Financial Data and Key Metrics Changes - SurgePays reported revenues of $15.1 million for Q2 2024, a decrease of 58% compared to $35.9 million in the same quarter last year, primarily due to the lack of additional federal funding for the Affordable Connectivity Program (ACP) [14][8] - Gross profit swung to a loss of $3.4 million in Q2 2024 from a profit of $10 million in the same quarter last year, attributed to the end of ACP funding and the decision to maintain subscriber services [15][9] - SG&A expenses increased by 101% year-over-year, mainly due to additional non-cash stock compensation and contractor fees [16] Business Line Data and Key Metrics Changes - MVNO revenues were $12.5 million in Q2 2024, down from $30.2 million in the same quarter last year, reflecting the impact of the ACP funding cessation [8][14] - Surge Logics lead generation services did not contribute any sales in Q2 2024, compared to $2.8 million in the same quarter last year, due to operational changes [8][14] Market Data and Key Metrics Changes - The company has successfully acquired over 250,000 subscribers to its MVNO business, which previously accounted for over 90% of consolidated sales [4] - The transition to a non-subsidized MVNO business model is underway, with the launch of LinkUp Mobile aimed at retaining subscribers [5][6] Company Strategy and Development Direction - SurgePays aims to expand its offerings beyond prepaid wireless and fintech to include goods and services for convenience store partners, recognizing the importance of these locations for underbanked consumers [11] - A corporate stock buyback of up to $5 million has been announced to align interests with long-term investors [11] - The company is focused on achieving positive free cash flow by the end of the year through various initiatives, including growing the ACP revenue stream and scaling up third-party wholesale transactions [12] Management's Comments on Operating Environment and Future Outlook - Management expressed uncertainty regarding the renewal of the ACP program, indicating that optimism has waned as time progresses [20] - The company is positioning itself to transition customers to alternative plans while maintaining service continuity during the funding gap [22][29] - Management believes that the current challenges present opportunities for growth and innovation, particularly in the underbanked market segment [34][40] Other Important Information - The cash balance as of June 30, 2024, was $38.4 million, down from $42.9 million at the end of the first quarter, reflecting cash used to support operations during the transition [17] - The company is exploring unique market opportunities that could provide positive short-term cash flow [12] Q&A Session Summary Question: What is the outlook for the ACP funding renewal? - Management indicated that optimism regarding ACP renewal has decreased, with a threshold date set for August 1 to transition to Plan B if necessary [20][21] Question: How will the ClearLine customer engagement platform perform? - Management expressed confidence in ClearLine's technology and its potential to enhance customer engagement at convenience stores [24][25] Question: How dependent is the company on ACP for achieving cash flow positivity? - Management stated that the goal of being cash flow positive by year-end assumes the ACP is no longer available, focusing on alternative revenue streams [29] Question: Are there opportunities with carriers to mitigate costs? - Management noted that carriers may offer discounted rates to help maintain subscribers, but initial aggressive discounts have been scaled back [30][31] Question: Is the company considering other acquisitions? - Management confirmed ongoing evaluation of potential acquisitions that align with the company's growth strategy, emphasizing a focus on cash flow and market opportunities [33][37] Question: What feedback is the company receiving from the underserved market? - Management reported that the underbanked segment remains stable regardless of broader economic conditions, with opportunities for value-added prepaid wireless services [39][40]

SurgePays, Inc. (SURG) came out with a quarterly loss of $0.66 per share versus the Zacks Consensus Estimate of a loss of $0.17. This compares to earnings of $0.40 per share a year ago. These figures are adjusted for nonrecurring items. This quarterly report represents an earnings surprise of -288.24%. A quarter ago, it was expected that this company would post earnings of $0.27 per share when it actually produced earnings of $0.07, delivering a surprise of -74.07%. Over the last four quarters, the company ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2024 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________________ to ________________ Commission file number 001-40992 SURGEPAYS, INC. (Exact name of registrant as specified in its charter) | --- | |--------- ...

$5 Million Share Repurchase Authorized BARTLETT, Tenn., Aug. 13, 2024 /PRNewswire/ -- SurgePays, Inc. (NASDAQ: SURG) ("SurgePays" or the "Company"), a technology and telecom company focused on the underbanked and underserved, today announced its financial results for the second quarter ended June 30, 2024. Management Commentary Chairman and CEO Brian Cox commented on the quarter's results, "The second quarter of 2024 begins a transition phase for SurgePays. ACP funding has run out and there is no guarantee ...