Business
SurgePays Announces Fourth Quarter 2022 and Full Year Financial Results
Company to host conference call to discuss results and provide business outlook at 5:00 p.m. ET / 2:00 p.m. PTFull year revenue increased 138%; 4Q22 revenue
About this update from Surgepays, Inc.
[{"type":"text","content":"Company to host conference call to discuss results and provide business outlook at 5:00 p.m. ET / 2:00 p.m. PTFull year revenue increased 138%; 4Q22 revenue run rate of $144.8 millionFull year gross profit increased 118%; 4Q gross profit run rate of $26.8 million2022 net loss of ($681) thousand; 2022 EBITDA of $2.3 millionBARTLETT, TN / ACCESSWIRE / March 30, 2023 / 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 fourth quarter and full year ended December 31, 2022.Fourth Quarter 2022 and Full Year HighlightsRevenue of $36.2 million in the fourth quarter and $121.5 million for the full year 2022, increases of 155% and 138% over the prior year periods, respectively.Gross profit of $6.7 million in the fourth quarter and $13.5 million for the year 2022, increases of 272% and 118% over the prior year periods, respectively.Net gain of $3.0 million in the fourth quarter and $(0.7) million for the year 2022, compared to a net loss of $(6.6) million and $(13.5) million in the year ago period.Completed acquisitions of Torch Wireless and Shockwave CRM, allowing for enhanced wireless subscriber growth through convenience stores across the SurgePays network.Scaled operations center team to over 200 and logistics and fulfilment team to over 40.Secured a $25 million non-dilutive financing facility enabling purchase orders of over 300,000 devices.Management CommentaryCommenting on the year's results, Chairman and CEO, Brian Cox said, \"2022 was a tremendous year of growth for SurgePays, where we exceeded our run rate revenue and subscriber growth guidance and our own expectations while throttling sales to better manage cash flows. We have built a phenomenal team that is working on more than 35 key projects and integrations all designed to drive store and wireless subscriber counts. Mobile broadband and wireless subscriber growth through the Affordable Connectivity Program (\"ACP\") continues to be an engine of growth while unlocking big opportunities to propel our SurgePays Fintech revenue. To accelerate, support and sustain this growth trajectory, we've proactively more than doubled our team at our near shore operations center and significantly ramped up our dedicated logistics, distribution, and fulfill...