Business
SurgePays Announces Record Third Quarter 2023 Financial Results
Net Income and Expanding Profitability Highlight Strength of the Company Net income of $7.1 millionRevenue of $34.2 millionEPS of $0.49$7.5 million
About this update from Surgepays, Inc.
[{"type":"text","content":"Net Income and Expanding Profitability Highlight Strength of the Company\nNet income of $7.1 millionRevenue of $34.2 millionEPS of $0.49$7.5 million EBITDAGross profit margin increased to 30.7% BARTLETT, Tenn., Nov. 14, 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 third quarter ended September 30, 2023. Third quarter 2023 Financial Highlights Net income of $7.1 million in the third quarter 2023, compared to a net loss of $(1.5) million in the third quarter 2022.Third quarter 2023 EBITDA of $7.5 million compared to a third quarter 2022 EBITDA loss of $(0.8) million.Revenue of $34.2 million in the third quarter 2023, compared to $36.2 million third quarter 2022.Gross profit of $10.5 million in the third quarter 2023, an increase of $8.6 million over the third quarter 2022. Gross profit margin expanded to 30.7% in the third quarter 2023. Management Commentary Commenting on the quarterly results, Chairman and CEO Brian Cox said, “We delivered the Company’s highest ever net income during a period where we made some tough but necessary decisions to accomplish our long-term objectives. Year to date, we have achieved over $17 million of net income and our profitability margins have continued to expand. Sales and profitability in our core business is growing. At the end of the third quarter, we had over $12 million of cash on the balance sheet and minimal debt.” Mr. Cox continued, “Becoming profitable and self-reliant enables us to make disciplined but aggressive business decisions based on long term goals and growth objectives. The Company’s core competency is to bring financial and wireless services to the underbanked and underserved populations in the United States, where they live and shop. Our goal is to build the largest direct distribution network of underbanked products and services to convenience stores. Our product suite gives us a competitive advantage in offering owner-operated and chain stores compelling reasons to utilize our technology-layered software platform. We are gaining strength and momentum by developing new products and services while growing our nationwide network of stores. For example, we partnered with ClearLine Mobile to integrate point of sale c...