Business
SurgePays Announces First Quarter 2022 Financial Results
BARTLETT, Tenn., May 16, 2022 (GLOBE NEWSWIRE) -- SurgePays, Inc. (Nasdaq: SURG) (“SurgePays” or the “Company”), a technology and telecommunications company
About this update from Surgepays, Inc.
[{"type":"text","content":"BARTLETT, Tenn., May 16, 2022 (GLOBE NEWSWIRE) -- SurgePays, Inc. (Nasdaq: SURG) (“SurgePays” or the “Company”), a technology and telecommunications company focused on the underbanked and underserved, today announced its financial results for the first quarter ended March 31, 2022. First Quarter 2022 Financial Highlights Revenue of $21.1 million in the first quarter, an increase of 92% compared to the first quarter of 2021Gross profit of $2.6 million in the first quarter, an increase of 133% compared to the first quarter of 2021Net loss of $(1.2) million in the first quarter compared to a net loss of $(4.8) million in the year ago periodAdjusted EBITDA loss of $(873) thousand in the first quarter compared to a loss of ($4.0) million in 2020. Chairman and CEO Brian Cox commented on first quarter results, “The first quarter demonstrated the progress we’re making. Our actions were centered on maximizing the growth of our mobile broadband subscriber base. Revenue growth is being reflected in the quarterly results in a meaningful way. The cash flow we are generating is being instantly re-invested in the business to help accelerate growth in our mobile broadband subscribers which has now eclipsed 125,000 subscribers. “The Affordable Connectivity Program (ACP), helps lower income Americans bridge the digital divide with greater access to mobile broadband internet accessibility. The current administration has made this program permanent and recognizes the needs of the underbanked and underserved. The increased visibility and recognition of our market potential should also increase the relevance and understanding of our business model. As we have enhanced our offerings to include wireless broadband along with a comprehensive suite of value-driven financial service products for the underbanked, our ability to attract mobile broadband subscribers, increase store count and grow market share has significantly increased. We are on track and on target.” Business OutlookFor the full year 2022, the Company expects to achieve the following financial targets: Total revenues of at least $130 million.Adjusted EBITDA is expected to be at least $15 million.Greater than 200,000 subscribers in the mobile broadband business. Conference Call and Webcast InformationSurgePays will host a conference call today to review its results and discuss its performanc...