Business
SurgePays Announces Record Second Quarter 2023 Financial Results
Historic Net Income and Earnings Per Share Net income of $6.0 millionRevenue of $35.9 millionEPS of $0.42$6.4 million EBITDAGross profit margin increased to
About this update from Surgepays, Inc.
[{"type":"text","content":"Historic Net Income and Earnings Per Share\nNet income of $6.0 millionRevenue of $35.9 millionEPS of $0.42$6.4 million EBITDAGross profit margin increased to 27.9% BARTLETT, Tenn., Aug. 10, 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 second quarter ended June 30, 2023. Second Quarter 2023 Financial Highlights Net income of $6.0 million in the second quarter 2023, compared to a net loss of $(1.0) million in the second quarter 2022.Revenue of $35.9 million in the second quarter 2023, an increase of 28% over the second quarter 2022.Gross profit of $10.0 million in the second quarter 2023, an increase of $7.8 million over the second quarter 2022. Gross profit margin expanded to 27.9% in the second quarter 2023.Second quarter 2023 EBITDA of $6.4 million compared to a second quarter 2022 EBITDA loss of $(86) thousand. Management Commentary Commenting on the quarterly results, Chairman and CEO Brian Cox said, “During the second quarter, we continued our multi-year strategy that yielded the best and most profitable quarter in the Company’s history. Our increased efficiencies and margin improvement created $6.0 million in net income, putting us over $10 million in net income for 2023. Becoming profitable and self-reliant enables us to make disciplined business decisions based on goals and modeling what we want to accomplish, not based on raising cash for survival. Most know that I do not lead the Company by 90-day cycles, but I am pleased to post back-to-back quarters in the black, knowing we have been focused inward to prepare for our real growth opportunity in the upcoming years. “The proven business case for convenience stores is over a century old, so aligning our sales interests with these constant points of distribution positions us for stability, longevity, and tremendous growth both in reach and the products and services offered. We have been highly focused on utilizing our unique suite of underbanked products and services to grow our footprint in owner-operated convenience stores. We are testing customer-facing LCD screens at the register to promote our products, activate wireless subscribers and create customer engagement. This next step advancement is part of our...