Business
SurgePays Announces First Quarter 2023 Financial Results
Company to host conference call to discuss results at 5:00 p.m. ET / 2:00 p.m. PT Net income of $4.5 millionGross profit of $7.7 millionEPS of $0.32$5 million
About this update from Surgepays, Inc.
[{"type":"text","content":"Company to host conference call to discuss results at 5:00 p.m. ET / 2:00 p.m. PT\nNet income of $4.5 millionGross profit of $7.7 millionEPS of $0.32$5 million EBITDAGross profit margin increased to 22.1% BARTLETT, Tenn., May 11, 2023 (GLOBE NEWSWIRE) -- 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 first quarter ended March 31, 2023. First quarter 2023 Highlights Revenue of $34.8 million in the first quarter, an increase of 64% over the prior year period.Gross profit of $7.7 million in the first quarter, an increase of $5.1 million over the year-ago period.Net income of $4.5 million in the first quarter, compared to a net loss of $(1.2) million in the year-ago period.First quarter 2023 EBITDA of $5.0 million compared to a 1Q22 EBITDA loss of $(848) thousand. Management Commentary Commenting on the quarterly results, Chairman and CEO, Brian Cox said, “Hard work is paying off as financial results continue to exhibit the success of our multi-year strategy. As a microcap in this economic environment, to have a record-breaking quarter when our primary goal of this time frame was building for the growth later in 2023 is quite rewarding. Working diligently on efficiencies, development, and margin expansion, our team generated over $4.5 million in net income from operations and EBITDA of $5.0 million in the quarter. “The first quarter demonstrated the cash flow and profitability of our plan, and we believe this is only the beginning with the best yet to come as we push to scale growth under this model. We’ve succeeded and continue to succeed in making significant advances in the financial profile of the company. The majority of all our departments have been focused on ramping up the number of convenience stores on the SurgePays network. Our development, sales, training, and support teams have all been progressing on enabling in-store Affordable Connectivity Program (“ACP”) wireless subscriber activations. This allows store owners to earn revenue by helping those in their underserved community get connected. We are utilizing this great program as the enticing catalyst to build what is now over 25,000 stores to be onboarded with a staging target of less than 12 months. This will create one of the lar...