Technology
SurgePays Announces Third Quarter 2024 Financial Results
Published
2 days agoon
By
Migration of former ACP Subscribers to Lifeline Well Underway
BARTLETT, Tenn., Nov. 12, 2024 /PRNewswire/ — SurgePays, Inc. (Nasdaq: SURG) (“SurgePays” or the “Company”), a bridging critical financial and connectivity gaps in underserved communities, today announced its financial results for the third quarter ended September 30, 2024.
Management Commentary
Chairman and CEO Brian Cox commented on the quarter’s results, “We anticipated a challenging third quarter, and we seized it as an opportunity to reset, recalibrate, and accelerate. With every team member intensely focused, we’re advancing toward becoming cash flow positive as quickly as possible. We are aligning sales, integration, and strategy to generate new revenue streams across each of our business segments. This quarter wasn’t a setback but a setup, priming us for long-term, sustainable growth.
“In the third quarter of 2024, SurgePays reported $4.8 million in sales, aligning with expectations for our first full quarter without Affordable Connectivity Funding (ACP) since mid-2021. Our Mobile Virtual Network Operator (MVNO) revenue was $23,609 compared to $30.2 million in the same quarter last year, reflecting the anticipated funding shift. Meanwhile, sales in our Prepaid Platform Services segment surged 69% to $4.7 million, showcasing significant growth momentum.
“Gross profit (exclusive of depreciation and amortization) swung to a $7.8 million loss in the third quarter from a $10.5 million profit in the year-ago period due to our strategic decision to utilize our strong balance sheet to protect our previous ACP subscriber base and distribution network. With ACP funding ending, our immediate focus was on how to retain and preserve these hard-earned customers within the SurgePays ecosystem. We chose to temporarily self-fund our MVNO operations, prioritizing customer continuity while facilitating a seamless transition to Lifeline, another government-subsidized program. By maintaining connectivity for our low-income customers, we made a socially responsible and strategic choice that positions us well for potential long-term economic returns. We expect this decision to be both customer-centered and financially astute in the long run.
“Our recent Master Services Agreement with TerraCom, Inc., a licensed Lifeline provider, represents a pivotal step. This partnership allows us to migrate up to 280,000 subscribers to Lifeline, establishing a steady alternative subsidy channel. In tandem, our sales teams are now actively engaging new customers, reigniting growth initiatives, and leveraging our SurgePays platform’s point-of-sale capabilities at convenience stores. While ACP remains uncertain, our subsidized revenue channel is robustly supported by the Lifeline program. The team and platform built for ACP is now enrolling thousands of Lifeline customers daily without distracting from our core business focus. This department has been overwhelmed and has had to hire additional employees for the sales onboarding team. Our team has now enrolled over 70,000 customers in the Lifeline program, and we believe our Lifeline subscribers potential can far outpace our highest ACP subscriber count.
“Meanwhile, our retail prepaid brand, LinkUp Mobile, has proved to be a more significant opportunity than initially anticipated, and to capture maximum market share, we moved decisively to secure a direct carrier connection. We anticipate this partnership will enable us to quickly generate hundreds of thousands of new subscribers and establish LinkUp Mobile as a formidable presence in the prepaid space.
“Our SurgePays Prepaid Top-ups platform is experiencing exponential growth as a critical element in store readiness for LinkUp Mobile activations. As a prerequisite to LinkUp activations, stores join our platform, which also facilitates prepaid reloads. This channel’s monthly revenue growth has surged nearly 400% in just five months, reaching over $2.2 million in monthly revenue — a trend we expect will continue as market demand intensifies.
“Our ClearLine Point of Sale (POS) SaaS platform is emerging as a high-potential asset within SurgePays. This advanced platform redefines the in-store customer experience by transforming POS terminals and customer-facing screens into interactive engagement tools. ClearLine’s patent-pending application supports in-store marketing campaigns, loyalty enrollment, and QR code interactions, effectively replacing traditional posters with smart TVs for dynamic QR-code advertising and instant coupon redemptions. By enhancing revenue per store and elevating customer satisfaction, ClearLine offers retailers actionable insights, driving growth and loyalty. Following years of development, ClearLine is now ready for market deployment, and as it gains traction, we anticipate it will contribute meaningfully to consolidated revenues by Q1 2025.
“While we continue investing across our four business channels, we’re also laying a robust foundation for rapid, sustainable growth. Recently, we opened a dedicated sales and operations center in El Salvador, a project over a year in the making and a strategic move in anticipation of growth across all our verticals. Nearly 100 experienced team members, previously outsourced, are now full-time SurgePays employees, bringing continuity and expertise essential for our ambitious expansion and product launches.
This new facility marks a pivotal evolution from our longstanding outsourcing strategy, which enhances customer relationships and maximizes sales opportunities.
“At SurgePays, we’re driven by four pillars of success: team, product, distribution, and funding. With what I believe is the most seasoned team in prepaid wireless, a market-leading product suite, proprietary distribution channels, and $24 million in cash, cash equivelants, and investments as of September 30, 2024, we’re positioned to execute our growth strategy with precision. Over the next few months, we expect each of our four business segments to create a momentum that drives continuous growth and improvement, generating synergistic and scalable recurring revenue.”
Third Quarter 2024 Results Conference Call
SurgePays management will host a webcast today at 5 p.m. ET / 2 p.m. PT to discuss these results.
The live webcast of the call can be accessed on the company’s investor relations website at ir.surgepays.com, or by registering at the following link: Third Quarter Results Call .
Telephone access to the call will be available at 877-545-0320 (in the U.S.) or by dialing 973-528-0002 (outside the U.S.). Participant access code is 801757.
A telephone replay will be available approximately one hour following completion of the call until November 26, 2024. To access the replay, please dial 877-481-4010 (in the U.S.) or 919-882-2331 (outside the U.S.). Replay passcode is 51609.
Share Repurchase Authorization
During the third quarter, SurgePays’ board of directors authorized the company to repurchase up to $5 million of common stock in the open market within six months from implementation of the program. The company repurchased $485,131 of treasury shares in the third quarter.
About SurgePays, Inc.
SurgePays, Inc. is a technology and telecom company focused on the underbanked and underserved communities. SurgePays’ technology-layered platform empowers clerks at over 8,000 convenience stores to provide a suite of prepaid wireless and financial products to underbanked customers. SurgePays prepaid wireless companies provide services to over 250,000 low-income subscribers nationwide. The company ranks as the 345th fastest-growing tech company in North America according to the 2023 Deloitte Technology Fast 500. Please visit SurgePays.com for more information.
Cautionary Note Regarding Forward-Looking Statements
This press release includes express or implied statements that are not historical facts and are considered forward-looking within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act. Forward-looking statements involve substantial risks and uncertainties. Forward-looking statements generally relate to future events or our future financial or operating performance and may contain projections of our future results of operations or of our financial information or state other forward-looking information. In some cases, you can identify forward-looking statements by the following words: “may,” “will,” “could,” “would,” “should,” “expect,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “project,” “potential,” “continue,” “ongoing,” “attempting,” or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words.
Although we believe that the expectations reflected in these forward-looking statements such as regarding our market potential along with the statements under the heading Management Commentary are reasonable, these statements relate to future events or our future operational or financial performance and involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by these forward-looking statements including but not limited to, our plans to expand our prepaid wireless company and the stock buyback program, our ability to retain our subscribers on a free monthly plan subsidized by a sister program, our ability to obtain a company that has the license to subsidize our subscribers through a sister program and our expanded service and offerings . Furthermore, actual results may differ materially from those described in the forward-looking statements and will be affected by a variety of risks and factors that are beyond our control, including, without limitation, whether the ACP is funded again, our ability to obtain a company that has the license to subsidize our subscribers through a sister program, statements about our future financial performance, including our revenue, cash flows, costs of revenue and operating expenses; our anticipated growth; and our predictions about our industry. The forward-looking statements contained in this release are also subject to other risks and uncertainties, including those more fully described in our filings with the Securities and Exchange Commission (“SEC”), including in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023. The forward-looking statements in this press release speak only as of the date on which the statements are made. We undertake no obligation to update, and expressly disclaim the obligation to update, any forward-looking statements made in this press release to reflect events or circumstances after the date of this press release or to reflect new information or the occurrence of unanticipated events, except as required by law.
SurgePays, Inc. and Subsidiaries
Consolidated Balance Sheets
September 30, 2024
December 31, 2023
(Unaudited)
Assets
Current Assets
Cash and cash equivalents
$ 13,651,559
$ 14,622,060
Investments
10,068,506
–
Accounts receivable – net
1,513,996
9,536,074
Inventory
8,363,138
9,046,594
Prepaids and other
312,679
161,933
Total Current Assets
33,909,878
33,366,661
Construction-in-process
518,189
–
Property and equipment – net
158,092
361,841
Other Assets
Note receivable
176,851
176,851
Intangibles – net
1,636,339
2,126,470
Internal use software development costs – net
372,303
539,424
Goodwill
4,166,782
1,666,782
Investment in CenterCom
498,273
464,409
Operating lease – right of use asset – net
62,786
387,869
Deferred income taxes – net
–
2,835,000
Total Other Assets
6,913,334
8,196,805
Total Assets
$ 41,499,493
$ 41,925,307
Liabilities and Stockholders’ Equity
Current Liabilities
Accounts payable and accrued expenses
$ 3,173,968
$ 6,439,120
Accounts payable and accrued expenses – related party
462,376
1,048,224
Accrued income taxes payable
100,000
570,000
Deferred revenue
–
20,000
Operating lease liability
50,415
43,137
Note payable – related party
1,647,491
4,584,563
Total Current Liabilities
5,434,250
12,705,044
Long Term Liabilities
Note payable – related party
2,303,989
–
Notes payable – SBA government
472,135
460,523
Operating lease liability
13,132
356,276
Total Long Term Liabilities
2,789,256
816,799
Total Liabilities
8,223,506
13,521,843
Stockholders’ Equity
Common stock, $0.001 par value, 500,000,000 shares authorized
19,931,549 shares issued and 19,650,779 shares outstanding,
respectively, at September 30, 2024
14,403,261 shares issued and outstanding at December 31, 2023
19,935
14,404
Additional paid-in capital
74,725,651
43,421,019
Treasury stock – at cost (280,770 and 0 shares, respectively)
(485,131)
–
Accumulated deficit
(41,102,720)
(15,186,203)
Stockholders’ equity
33,157,735
28,249,220
Non-controlling interest
118,252
154,244
Total Stockholders’ Equity
33,275,987
28,403,464
Total Liabilities and Stockholders’ Equity
$ 41,499,493
$ 41,925,307
SurgePays, Inc. and Subsidiaries
Consolidated Statements of Operations
(Unaudited)
For the Three Months Ended September 30,
For the Nine Months Ended September 30,
2024
2023
2024
2023
Revenues
$ 4,769,697
$ 34,160,834
$ 51,284,531
$ 104,823,710
Costs and expenses
Cost of revenues
12,602,057
23,680,247
54,377,300
76,622,912
General and administrative expenses
6,448,402
3,389,015
20,312,185
10,201,663
Total costs and expenses
19,050,459
27,069,262
74,689,485
86,824,575
Income (loss) from operations
(14,280,762)
7,091,572
(23,404,954)
17,999,135
Other income (expense)
Interest expense
(112,814)
(130,335)
(362,119)
(478,928)
Loss on lease termination – net
(194,862)
(194,862)
Other income
239
–
637,107
–
Interest income
183,537
183,537
Unrealized gains – investments
38,292
38,292
Dividends, interest and other income – investments
86,626
86,626
Gain on investment in CenterCom
–
51,894
33,864
95,636
Total other income (expense) – net
1,018
(78,441)
422,445
(383,292)
Net income (loss) before provision for income taxes
(14,279,744)
7,013,131
(22,982,509)
17,615,843
Provision for income tax benefit (expense)
–
–
(2,970,000)
–
Net income (loss) including non-controlling interest
(14,279,744)
7,013,131
(25,952,509)
17,615,843
Non-controlling interest
(4,397)
(71,170)
(35,992)
19,209
Net income (loss) available to common stockholders
$ (14,275,347)
$ 7,084,301
$ (25,916,517)
$ 17,596,634
Earnings per share – attributable to common stockholders
Basic
$ (0.73)
$ 0.50
$ (1.37)
$ 1.24
Diluted
$ (0.73)
$ 0.49
$ (1.37)
$ 1.19
Weighted average number of shares outstanding – attributable
to common stockholders
Basic
19,689,010
14,291,263
18,940,689
14,205,127
Diluted
19,689,010
14,507,984
18,940,689
14,740,201
SurgePays, Inc. and Subsidiaries
Consolidated Statements of Changes in Stockholders’ Equity
For the Three and Nine Months Ended September 30, 2024
(Unaudited)
Additional
Total
Common Stock
Paid-in
Accumulated
Treasury Stock
Non-Controlling
Stockholders’
Shares
Amount
Capital
Deficit
Shares
Amount
Interest
Equity
December 31, 2023
14,403,261
$ 14,404
$ 43,421,019
$ (15,186,203)
$ –
$ –
$ 154,244
$ 28,403,464
Stock issued for cash
3,080,356
3,081
17,246,913
–
–
–
–
17,249,994
Cash paid as direct offering costs
–
–
(1,395,000)
–
–
–
–
(1,395,000)
Exercise of warrants – cash
1,860,308
1,861
8,797,396
–
–
–
–
8,799,257
Exercise of warrants – cashless
40,238
41
(41)
–
–
–
–
–
Stock issued for services
47,386
48
411,692
–
–
–
–
411,740
Recognition of stock based compensation – unvested
shares – related parties
–
–
1,497,417
–
–
–
–
1,497,417
Recognition of stock-based compensation – related party
–
–
6,196
–
–
–
–
6,196
Non-controlling interest
–
–
–
–
–
–
(12,164)
(12,164)
Net income
–
–
–
1,224,595
–
–
–
1,224,595
March 31, 2024
19,431,549
19,435
69,985,592
(13,961,608)
–
–
142,080
56,185,499
Recognition of stock based compensation – unvested
shares – related parties
–
–
2,981,577
–
–
–
–
2,981,577
Non-controlling interest
–
–
–
–
–
–
(19,431)
(19,431)
Net loss
–
–
–
(12,865,765)
–
(12,865,765)
June 30, 2024
19,431,549
19,435
72,967,169
(26,827,373)
–
–
122,649
46,281,880
Recognition of stock based compensation – unvested
shares – related parties
500,000
500
1,758,482
–
–
–
–
1,758,982
Treasury shares repurchased (share buy-backs)
–
–
–
–
280,770
(485,131)
–
(485,131)
Non-controlling interest
–
–
–
–
–
–
(4,397)
(4,397)
Net loss
–
–
–
(14,275,347)
–
–
–
(14,275,347)
September 30, 2024
19,931,549
$ 19,935
$ 74,725,651
$ (41,102,720)
280,770
$ (485,131)
$ 118,252
$ 33,275,987
Per TB/ISL
19,931,549
$ 19,935
$ 74,725,651
$ (41,102,720)
$ (485,131)
$ 118,252
Difference
–
–
–
(0)
–
0
33,275,987
SurgePays, Inc. and Subsidiaries
Consolidated Statements of Cash Flows
(Unaudited)
For the Nine Months Ended September 30,
2024
2023
Operating activities
Net income (loss) – including non-controlling interest
$ (25,952,509)
$ 17,615,843
Adjustments to reconcile net income (loss) to net cash provided by (used in) operations
Depreciation and amortization
693,880
701,279
Amortization of right-of-use assets
70,857
32,426
Amortization of internal use software development costs
167,121
96,795
Stock issued for services
411,740
874,284
Recognition of stock based compensation – unvested shares – related parties
6,237,976
–
Recognition of share based compensation – options – related party
6,196
27,882
Interest expense adjustment – SBA loans
19,750
–
Right-of-use asset lease payment adjustment true up
(148,584)
–
Gain on equity method investment – CenterCom
(33,864)
(95,637)
Cash paid for lease termination
(212,175)
–
Loss on lease termination – net
194,862
–
Changes in operating assets and liabilities
(Increase) decrease in
Accounts receivable
8,022,078
(544,063)
Inventory
683,456
(3,363,165)
Prepaids and other
(150,746)
(86,355)
Deferred income taxes – net
2,835,000
–
Increase (decrease) in
Accounts payable and accrued expenses
(5,765,152)
1,048,750
Accounts payable and accrued expenses – related party
(86,857)
(726,163)
Accrued income taxes payable
(470,000)
–
Installment sale liability – net
–
(7,097,838)
Deferred revenue
(20,000)
(125,110)
Operating lease liability
84,257
(29,230)
Net cash provided by (used in) operating activities
(13,412,714)
8,329,698
Investing activities
Advances made for construction-in-process costs
(518,189)
–
Capitalized internal use software development costs
–
(281,304)
Purchase of investments – net
(10,068,506)
–
Net cash used in investing activities
(10,586,695)
(281,304)
Financing activities
Proceeds from stock issued for cash
17,249,994
–
Proceeds from exercise of common stock warrants
8,799,257
207,240
Cash paid as direct offering costs
(1,395,000)
–
Repayments of loans – related party
(1,132,074)
(1,017,385)
Repayments on notes payable
–
(1,531,478)
Repayments on notes payable – SBA government
(8,138)
(10,976)
Treasury shares repurchased (share buy-backs)
(485,131)
–
Net cash provided (used in) by financing activities
23,028,908
(2,352,599)
Net increase (decrease) in cash and cash equivalents
(970,501)
5,695,795
Cash and cash equivalents – beginning of period
14,622,060
7,035,654
Cash and cash equivalents – end of period
$ 13,651,559
$ 12,731,449
Supplemental disclosure of cash flow information
Cash paid for interest
$ 372,579
$ 209,840
Cash paid for income tax
$ –
$ –
Supplemental disclosure of non-cash investing and financing activities
Reclassification of accrued interest – related party to note payable – related party
$ 498,991
$ –
Exercise of warrants – cashless
$ 41
$ –
Termination of ROU operating lease assets and liabilities
$ 309,826
Right-of-use asset obtained in exchange for new operating lease liability
$ 98,638
$ –
Goodwill (ClearLine Mobile, Inc.)
$ 2,500,000
$ –
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SOURCE SurgePays
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In addition to recent growth, EDC remains committed to maintaining the highest industry standards through its CSIA certification, which ensures adherence to best practices in control system integration. Several certifications, including UL508A recertification and certifications from Rockwell Automation, Siemens, and Ignition, further emphasize EDC’s dedication to safety, technical proficiency, and continuous improvement.
About Electronic Drives and Controls, Inc.
Founded in 1968, Electronic Drives and Controls, Inc. (EDC) is a CSIA Certified control system integrator with deep domain expertise in the coating and laminating, and converting industries. The company’s large field service team specializes in AC and DC drives, PLCs and factory automation. Family owned and operated for more than 50 years, EDC’s team of engineers and technicians has a vast experience integrating new control systems and breathing life into older equipment. EDC has the engineering capability to design, build, start-up and service projects from the sophisticated to the simple and the service support team on call 24/7/365 to keep it all running at peak efficiency from day one and for years to come. In addition to the company’s certification as a Siemens Solution Partner and a Rockwell Automation Recognized System Integrator, EDC is a factory authorized/factory trained service center for over 40 drive brands. For more information, visit the company’s website, LinkedIn, Twitter, Facebook, and YouTube.
Media Contact
Georgia Whalen, Rivergate Marketing, (978) 697-2664, Gwhalen@rivergatemarketing.com, www.electronicdrives.com/home/
View original content to download multimedia:https://www.prweb.com/releases/electronic-drives-and-controls-celebrates-impressive-growth-and-strong-demand-for-industrial-automation-solutions-302305739.html
SOURCE Electronic Drives and Controls, Inc. (EDC)
Technology
Allstate Financial Services Selects Covr to Provide Life Insurance, Long-Term Care, and Disability Insurance Solutions
Published
8 minutes agoon
November 14, 2024By
Covr’s Digitally Enabled Insurance Platform Will Simplify the Buying Process
HARTFORD, Conn., Nov. 14, 2024 /PRNewswire/ — Covr, a leading digital insurance provider, has partnered with Allstate Financial Services, LLC to offer a streamlined suite of life, long-term care (LTC), and disability income insurance solutions through Covr’s digital platform. This partnership provides Allstate Financial Services customers with a simple, connected experience, featuring an intuitive, paperless process that makes it easier than ever to purchase insurance tailored to their diverse needs.
Covr’s platform offers an easy-to-use, self-guided experience to efficiently compare and recommend insurance products. Additionally, Allstate Financial Services will offer a range of products through Covr’s platform, including guaranteed issue life insurance through Gerber Life and disability insurance through Assurity, Ameritas, MassMutual, Mutual of Omaha and Principal. Traditional long-term care will also be available through Mutual of Omaha.
“We are extremely pleased to add Allstate’s network of 7,000+ representatives to our insurance platform,” said Michael Kalen, CEO of Covr. “Their business owners and individual customer base fits perfectly with our portfolio of simplified life, LTC, and disability income solutions for agents and their customers.”
“We’re committed to expanding solutions that better meet our customers’ protection needs,” said Scott Delaney, President and CEO, Allstate Financial Services. “With Covr’s digital platform, our representatives can deliver a more connected experience and offer a broader range of insurance options tailored to each customer’s unique needs.”
Allstate representatives will collaborate closely with Covr’s sales team to ensure ongoing support. Allstate Financial Services will also benefit from Covr’s top-tier case management services, providing end-to-end support throughout the entire insurance process.
View original content to download multimedia:https://www.prnewswire.com/news-releases/allstate-financial-services-selects-covr-to-provide-life-insurance-long-term-care-and-disability-insurance-solutions-302306004.html
SOURCE Covr Financial Technologies
Typeform Delivers New Solutions to Empower B2C Businesses to Better Engage Customers
Electronic Drives and Controls Celebrates Impressive Growth and Strong Demand for Industrial Automation Solutions
Allstate Financial Services Selects Covr to Provide Life Insurance, Long-Term Care, and Disability Insurance Solutions
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