Business
SurgePays Announces Third Quarter 2022 Financial Results
Company to host conference call to discuss results and provide business outlook at 5:00 p.m. ET / 2:00 p.m. PT Q3 revenue increased 2.5X YoYSurpassed 2022
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. PT\nQ3 revenue increased 2.5X YoYSurpassed 2022 year-end goal of 200,000 Mobile Broadband subscribers ACP enrollment process fully integrated into SurgePays convenience store platform BARTLETT, Tenn., Nov. 14, 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 third quarter ended September 30, 2022. Third Quarter 2022 Operational and Financial Highlights Revenue of $36.2 million in the third quarter, an increase of 149% compared to the third quarter of 2021Gross profit of $1.9 million in the third quarter, an increase of 1% compared to the third quarter of 2021Net loss of $(1.5 million) in the third quarter compared to a net loss of $(1.7 million) in the year ago periodSurpasses Year end Goal of 200,000 subscribersAppoints Jeremy Gies, President of SurgePays Fintech to drive increases in the number of stores using SurgePays software and revenue per storeIntegrate ACP into SurgePays Fintech Platform to enable in store enrollments CEO Commentary and Outlook Chairman and CEO Brian Cox commented on third quarter results, “The third quarter for SurgePays was about disciplined growth while maintaining a velocity resulting in a 2.5X revenue increase and surpassing our 2022 year-end goal of 200,000 mobile broadband (wireless) subscribers. We continued our growth curve without dilutive capital raises through planning and discipline. In a turbulent economy, our team is successfully forging ahead focused on defined targets of subscribers, stores on our network, and revenue. “Once we hit 150,000 mobile broadband subscribers, we analyzed our efficiency in purchasing wireless equipment, margins, and retention. This evaluation has led to margin expansion in both our equipment and service provision. We have also implemented new protocols to enhance customer retention.” “By adding ACP enrollments to our SurgePays platform for convenience stores, we can accelerate our growth goals due to being the only company we are aware of offering ACP at the community stores where the underbanked most frequently shop. These stores accept SNAP(EBT), a qualifying program. At the register...