Connect with us

Technology

SurgePays Reports 2024 Financial Results and Issues Revenue Guidance of Over $200 Million in Next 12 Months

Published

3 weeks ago

on

Completed AT&T integration positions company for its most aggressive growth phase to date with projected positive cash flow from operations in 2025

BARTLETT, Tenn., March 25, 2025 /PRNewswire/ — SurgePays, Inc. (Nasdaq: SURG) (“SurgePays” or the “Company”), a wireless and point of sale technology company, today announced its financial results for the year ended December 31, 2024, and is issuing guidance of over $200 million in revenue over the next 12 months and positive cash flow from operations before the end of 2025, following the successful integration and official launch with AT&T.

Brian Cox, Chairman and CEO, commented, “We built the infrastructure. Now we are scaling. With AT&T integration complete and LinkUp Mobile launching nationally, SurgePays is positioned for the most aggressive revenue growth phase in our history.”

2024 Operational Highlights:

Nationwide Launch of LinkUp Mobile: SurgePays has begun its national rollout of its retail prepaid wireless brand, LinkUp Mobile. The Company expects monthly SIM card shipments of 250,000–300,000, driven by robust demand from its retail distribution network of nearly 9,000 convenience and community stores.AT&T Integration Complete: In November 2024, SurgePays signed a multi-year strategic agreement with AT&T to deliver full access to 4G LTE and 5G wireless services across North America. As of April 1, 2025, the integration is complete and live.MVNE Wholesale Business Launch: SurgePays now offers wireless infrastructure services, including SIM provisioning and billing, to other wireless companies as a Mobile Virtual Network Enabler (MVNE). This high-margin revenue channel is expected to scale rapidly.Lifeline Subscriber Retention: Following the end of ACP funding, SurgePays retained a portion of its wireless subscriber base and is transitioning eligible customers to the federally supported Lifeline program. Daily Lifeline enrollments are ongoing through the Company’s Torch Wireless brand.POS Platform Growth: SurgePays’ point-of-sale software platform, used in thousands of retail locations, grew prepaid wireless top-up revenue over 400% from Q1 to Q2 2024. The POS platform is a critical distribution and activation tool for both LinkUp Mobile and third-party services.Leadership Expansion: The Company strengthened its leadership team with the promotion of Mark Garner to Executive Vice President, and Allison Seyler to VP of Sales.

2024 Financial Results:

2024 marked the end of the federally funded ACP era. As expected, revenue and gross profit were impacted. However, strategic investments made during this transition — including AT&T integration, POS growth, and the development of our MVNE platform — have built the foundation for 2025’s goal to return to growth and profitability.

2025 Financial Guidance:

SurgePays expects first quarter 2025 revenue to remain consistent with Q4 2024. With the national launch of LinkUp Mobile and expanding MVNE partnerships, revenue is projected to exceed $200 million over the next 12 months and the Company anticipates achieving positive cash flow from operations before the end of 2025.

This guidance is based solely on the monetization of core MVNO and POS platforms already deployed. As these platforms scale — both through direct customer acquisition and wholesale MVNE relationships — we anticipate expanding both revenue and margins.

“We’ve earned the right to scale,” added Mr. Cox. “The heavy lifting is behind us. Now we are focused on execution, revenue acceleration, and delivering long-term value to shareholders.”

Fourth 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: Fourth Quarter Results Call.

Telephone access:
– U.S.: 888-506-0062
– International: 973-528-0011
– Participant Access Code: 937037

A telephone replay will be available approximately one hour following completion of the call until April 8, 2025.
Replay: 877-481-4010 (U.S.) or 919-882-2331 (Intl.)
Replay Passcode: 52151

About SurgePays, Inc.

SurgePays, Inc. is a wireless and point-of-sale (POS) technology company. SurgePays operates a unique ecosystem that blends prepaid wireless, government-subsidized mobile plans, and a point-of-sale software platform used in thousands of community retail stores. SurgePays is a platform — built for stores in underserved communities, built to scale, and built for growth. Please visit www.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 and generally relate to future events or our future financial or operating performance. These statements may include projections, guidance, or other estimates regarding revenue, cash flow, business growth, market expansion, or customer acquisition. 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 the expectations reflected in these forward-looking statements, such as regarding our revenue and profitability potential along with the statements under the heading 2025 Financial Guidance 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 actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by these forward-looking statements. 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, the assumption that revenue is projected to exceed $200 million over the next 12 months and the Company anticipates achieving positive cash flow from operations before the end of 2025, 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. These include, but are not limited to, our ability to scale our prepaid wireless business, transition ACP subscribers to Lifeline, maintain our MVNE partnerships, and achieve financial targets. 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 and the to-be-filed Annual Report on Form 10-K for the fiscal year ended December 31, 2024. 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

 

December 31,
2024

December 31,
2023

Assets

Current Assets

Cash and cash equivalents

$

11,790,389

$

14,622,060

Restricted cash – held in escrow

1,000,000

–

Accounts receivable – net

3,000,209

9,536,074

Inventory

1,781,365

9,046,594

Prepaids and other

298,360

161,933

Total Current Assets

17,870,323

33,366,661

Property and equipment – net

591,088

361,841

Other Assets

Note receivable

176,851

176,851

Intangibles – net

1,472,962

2,126,470

Internal use software development costs – net

–

539,424

Goodwill

3,300,000

1,666,782

Investment in CenterCom

–

464,409

Operating lease – right of use asset – net

564,781

387,869

Deferred income taxes – net

–

2,835,000

Total Other Assets

5,514,594

8,196,805

Total Assets

$

23,976,005

$

41,925,307

Liabilities and Stockholders’ Equity

Current Liabilities

Accounts payable and accrued expenses

$

3,929,195

$

6,439,120

Accounts payable and accrued expenses – related party

192,845

1,048,224

Accrued income taxes payable

–

570,000

Deferred revenue

–

20,000

Operating lease liability

248,069

43,137

Note payable – related party

1,689,367

4,584,563

Total Current Liabilities

6,059,476

12,705,044

Long Term Liabilities

Note payable – related party

1,866,288

–

Notes payable – SBA government

469,396

460,523

Operating lease liability

319,232

356,276

Total Long Term Liabilities

2,654,916

816,799

Total Liabilities

8,714,392

13,521,843

Stockholders’ Equity

Common stock, $0.001 par value, 500,000,000 shares authorized 20,431,549 shares issued and 20,068,929 shares outstanding, respectively, at December 31, 2024 14,403,261 shares issued and outstanding at December 31, 2023

20,435

14,404

Additional paid-in capital

76,842,878

43,421,019

Treasury stock – at cost (362,620 and 0 shares, respectively)

(631,967)

–

Accumulated deficit

(60,915,427)

(15,186,203)

Stockholders’ equity

15,315,919

28,249,220

Non-controlling interest

(54,306)

154,244

Total Stockholders’ Equity

15,261,613

28,403,464

Total Liabilities and Stockholders’ Equity

$

23,976,005

$

41,925,307

 

SurgePays, Inc. and Subsidiaries

Consolidated Statements of Operations

For the Years Ended December 31,

2024

2023

Revenues

$

60,881,173

$

137,141,832

Costs and expenses

Cost of revenues

75,205,372

101,499,341

General and administrative expenses

27,458,152

16,777,107

Total costs and expenses

102,663,524

118,276,448

Income (loss) from operations

(41,782,351)

18,865,384

Other income (expense)

Interest expense

(554,200)

(595,975)

Loss on lease termination – net

(194,863)

–

Other income

636,868

–

Interest income

105,395

–

Realized gains – investments

13,613

–

Dividends, interest, and other income – investments

355,549

–

Gain on investment in CenterCom

33,864

110,203

Impairment loss – CenterCom

(498,273)

–

Impairment loss – internal use software development costs

(316,594)

–

Impairment loss – goodwill

(866,782)

–

Total other income (expense) – net

(1,285,423)

(485,772)

Net income (loss) before provision for income taxes

(43,067,774)

18,379,612

Provision for income tax benefit (expense)

(2,870,000)

2,265,000

Net income (loss) including non-controlling interest

(45,937,774)

20,644,612

Non-controlling interest

(208,550)

26,709

Net income (loss) available to common stockholders

$

(45,729,224)

$

20,617,903

Earnings per share – attributable to common stockholders

Basic

$

(2.39)

$

1.45

Diluted

$

(2.39)

$

1.38

Weighted average number of shares outstanding – attributable to common stockholders

Basic

19,119,181

14,258,172

Diluted

19,119,181

14,922,881

 

SurgePays, Inc. and Subsidiaries

Consolidated Statements of Cash Flows

 

For the Years Ended December 31,

2024

2023

Operating activities

Net income (loss) – including non-controlling interest

$

(45,937,774)

$

20,644,612

Adjustments to reconcile net income (loss) to net cash provided by (used in) operations

Bad debt expense

–

90,009

Depreciation and amortization

942,450

935,039

Amortization of right-of-use assets

126,970

43,483

Amortization of internal use software development costs

222,830

129,060

Impairment loss – CenterCom

498,273

–

Impairment loss – internal use software development costs

316,594

–

Impairment loss – goodwill

866,782

–

Stock issued for services

411,740

1,290,024

Recognition of stock based compensation – unvested shares – related parties

6,752,706

529,534

Recognition of stock-based compensation

1,602,997

–

Recognition of share based compensation – options

–

576,625

Recognition of share based compensation – options – related party

6,196

37,176

Realized gain in sale of investments

(13,613)

–

Interest expense adjustment – SBA loans

19,750

–

Right-of-use asset lease payment adjustment true up

(267,347)

–

Gain on equity method investment – CenterCom

(33,864)

(110,203)

Cash paid for lease termination

(212,175)

–

Loss on lease termination – net

194,863

–

Changes in operating assets and liabilities

(Increase) decrease in

Accounts receivable

6,535,865

(395,718)

Inventory

7,265,229

2,139,648

Prepaids and other

(136,427)

(50,409)

Deferred income taxes – net

2,835,000

(2,835,000)

Increase (decrease) in

Accounts payable and accrued expenses

(2,509,925)

654,746

Accounts payable and accrued expenses – related party

(356,388)

(680,497)

Accrued income taxes payable

(570,000)

570,000

Installment sale liability – net

–

(13,018,184)

Deferred revenue

(20,000)

(223,110)

Operating lease liability

148,665

(39,490)

Net cash provided by (used in) operating activities

(21,310,603)

10,287,345

Investing activities

Purchase of property and equipment

(518,189)

–

Purchase of investments – net

(10,159,444)

–

Proceeds from sale of investments

10,173,057

–

Cash paid for acquisition of Clearline Mobile, Inc. assets

(2,500,000)

–

Capitalized internal use software development costs

–

(281,304)

Net cash used in investing activities

(3,004,576)

(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

(1,527,899)

(1,017,385)

Repayments on notes payable

–

(1,595,167)

Repayments on notes payable – SBA government

(10,877)

(14,323)

Treasury shares repurchased (share buy-backs)

(631,967)

–

Net cash provided (used in) by financing activities

22,483,508

(2,419,635)

Net increase (decrease) in cash, cash equivalents and restricted cash

(1,831,671)

7,586,406

Cash, cash equivalents and restricted cash – beginning of year

14,622,060

7,035,654

Cash, cash equivalents and restricted cash – end of year

$

12,790,389

$

14,622,060

Supplemental disclosure of cash flow information

Cash paid for interest

$

470,208

$

222,326

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

$

327,139

Right-of-use asset obtained in exchange for new operating lease liability

$

664,288

$

–

 

View original content to download multimedia:https://www.prnewswire.com/news-releases/surgepays-reports-2024-financial-results-and-issues-revenue-guidance-of-over-200-million-in-next-12-months-302411109.html

SOURCE SurgePays

Related Topics:
Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Technology

Unity Grammar School Earns Honorable Mention in Otis’ Asia Pacific Regional Made to Move Communities™ Challenge

Published

18 minutes ago

on

April 14, 2025

By

School awarded A$12,000 grant to advance STEM programming

SYDNEY, April 14, 2025 /PRNewswire/ — A team of students from Unity Grammar School has earned an Honorable Mention in the Otis Asia Pacific region in the Otis Made to Move Communities student challenge, a competition in which students apply principles of STEM (Science, Technology, Engineering and Maths) to propose solutions to real-world urban mobility issues.

Over the last several months, the high school students, with the guidance of Otis volunteer mentors, designed solutions leveraging AI technology aimed at enabling more inclusive mobility in their communities, and presented their ideas to Otis judges from the company’s Asia Pacific region. Otis is the world’s leading elevator and escalator manufacturing, installation and service company.

The students’ solution, an AI-driven Smart Traffic Light system, features a timer capable of detecting emergency vehicles, assisting individuals with vision impairment, and enhancing safety for both vehicles and pedestrians.

“We’d like to thank the Otis volunteers for their mentorship provided to our students throughout this competition,” said Laila Qadan, educator-in-charge from Unity Grammar. “It has been truly inspiring to see the students apply their knowledge of AI and STEM to develop a functional prototype for the competition, showcasing incredible dedication and effort throughout the process.”

“At Otis, we’re excited to support STEM education in Australia and highlight the critical role these skills play in shaping the future,” said Pedro Marcal, Managing Director of Otis Australasia. “It’s been incredibly rewarding to witness the innovation and creativity demonstrated by the students at Unity Grammar. We hope this experience has ignited the students’ lasting interest for STEM and inspired them to keep exploring solutions to real-world challenges.”

About the Made to Move Communities challenge

Launched in 2020, the Made to Move Communities challenge engages young minds to explore real-world challenges and develop innovative solutions with the potential to create more connected communities and improve mobility for all. This initiative brings together students, educators, and Otis colleagues as mentors with the goals of advancing STEM and leadership skills to help build the next generation of talent, ensuring future workforce readiness, and sustaining innovation.

Each year, the program focuses on a different theme that aligns with global priorities, such as sustainability, accessibility or technology. This year’s theme had students incorporate Artificial Intelligence into their proposals. Students are encouraged to think critically and creatively, applying STEM principles to address mobility-related issues. Through workshops, mentorship, and collaboration, participants gain valuable insights and skills that prepare them for future careers while making a positive impact on society. Participating schools also receive grants at the conclusion of the program to support ongoing STEM education in their schools.

This year, more than 250 students from dozens of schools participated in the challenge. To date, the Made to Move Communities program has reached more than 1,000 student participants, involved more than 950 Otis volunteer mentors, and delivered nearly 90 grants totalling over $1 million to support ongoing STEM education at participating schools.  

To learn more about the Made to Move Communities challenge, visit www.otis.com/mtmc.

About Otis

Otis gives people freedom to connect and thrive in a taller, faster, smarter world. The global leader in the manufacture, installation and servicing of elevators and escalators, we move 2.4 billion people a day and maintain approximately 2.4 million customer units worldwide – the industry’s largest Service portfolio. You’ll find us in the world’s most iconic structures, as well as residential and commercial buildings, transportation hubs and everywhere people are on the move. Headquartered in Connecticut, USA, Otis is 72,000 people strong, including 44,000 field professionals, all committed to manufacturing, installing and maintaining products to meet the diverse needs of our customers and passengers in more than 200 countries and territories. To learn more, visit www.otis.com and follow us on LinkedIn, Instagram and Facebook @OtisElevatorCo.

View original content to download multimedia:https://www.prnewswire.com/apac/news-releases/unity-grammar-school-earns-honorable-mention-in-otis-asia-pacific-regional-made-to-move-communities-challenge-302426410.html

SOURCE Otis Elevator

Continue Reading

Technology

Globe joins international telecom leaders in pioneering Green Network study from GSMA Intelligence

Published

18 minutes ago

on

April 14, 2025

By

MANILA, Philippines, April 14, 2025 /PRNewswire/ — As a company dedicated to environmental responsibility, Globe played a key role in GSMA Intelligence’s (GSMAi) Green Network Index (GNI) study, a pioneering initiative establishing new industry benchmarks for network sustainability.

Globe is one of only six telecom companies worldwide to participate in the inaugural project, proving its dedication to leading environmental sustainability efforts by actively engaging in research that drives greener networks and reduces greenhouse gas emissions in the industry.

“We recognize the importance of collaboration in shaping a more sustainable telecom sector. Our contribution to the GNI study reflects our commitment to integrating sustainable practices that strengthen both our industry and our journey toward Net Zero greenhouse gas emissions,” said Yoly Crisanto, Globe’s Chief Sustainability and Corporate Communications Officer.

Apple Evangelista, Globe’s Head of Sustainability and Social Responsibility, added: “Through the GNI, we are gaining valuable insights that will help us refine our approach to energy efficiency, renewable energy adoption, and overall network sustainability.”

Global support for greener telecom networks is growing. A majority of telecom operators, representing 70% of the industry’s revenues, have already aligned their commitments with the Science-Based Targets Initiative (SBTi) to reduce GHG emissions.

This was driven by rising energy costs, which account for 15-20% of a telco’s operational expenditures, emphasizing the need for energy efficiency. Moreover, environmental, social, and governance (ESG) reporting is gaining traction among credit-rating agencies and financial analysts, making a standardized metric for assessing sustainability across different geographies and network technologies essential.

In response, GSMAi developed the GNI, which consolidates various factors into a single comprehensive figure to improve comparability across telecom operators and guide companies in their green evolution.

“Tracking progress on mobile network operators’ energy sustainability is critical in driving meaningful change. Our Green Network Index helps operators to achieve that goal by enabling them to make informed decisions that support a greener, more sustainable future,” said Tim Hatt, Head of Research, GSMA Intelligence.

The GNI builds on GSMAi’s previous energy efficiency analysis and expands it into a system-wide index that considers energy and carbon efficiency, renewable energy usage, performance and availability, and vertical enablement.

By actively supporting GSMAi’s sustainability research and initiatives, Globe drives positive change in the telecom industry and strengthens its leadership in green network innovation.

The first round of the GNI Study can be downloaded on GSMAi’s website after registering for a free public account. This can be accessed through the following link:

https://www.gsmaintelligence.com/research/green-networks-index-round-one

To learn more about Globe, visit https://www.globe.com.ph/.

Sustainability at Globe

Globe is a Participant of the United Nations Global Compact and has committed to uphold the Ten Principles in the areas of human rights, labour, environment and anti-corruption. It also supports 10 out of the 17 UN Sustainable Development Goals, with particular focus on SDG 9 – Industry, Innovation and Infrastructure, and SDG 13 – Climate Action. As a Participant in the #RaceToZero campaign of United Nations Framework Convention on Climate Change (UNFCCC), Globe has validated and approved near-term and net-zero science-based greenhouse gas (GHG) emission reduction targets through the Science-Based Targets initiative (SBTi).

Learn more about Globe Sustainability by visiting the Globe Sustainability Website and the Globe Annual Integrated Report.

Follow us on @GlobeIcon on Facebook and @globe_icon on Instagram, and Globe Telecom on LinkedIn.

Email us at: globeofgood@globe.com.ph

 

View original content to download multimedia:https://www.prnewswire.com/apac/news-releases/globe-joins-international-telecom-leaders-in-pioneering-green-network-study-from-gsma-intelligence-302426450.html

SOURCE Globe Telecom, Inc.

Continue Reading

Technology

Pioneering Portable Power: BLUETTI Launches the Premium 200 V2 in Australia

Published

1 hour ago

on

April 14, 2025

By

BLUETTI Premium 200 V2 now available for delivery through Harvey Norman Online, Jaycar, and Sydney Tools.

SYDNEY, April 14, 2025 /PRNewswire/ — BLUETTI (bluetti.com), a technology pioneer in clean energy, today announced the launch of its Premium 200 V2, an energy-dense portable power station with a lifespan of over 17 years, at three Australian retailers, namely Harvey Norman Online, Jaycar, and Sydney Tools. Customers can purchase the new model online at exclusive introductory prices until April 18, 2025.

The Premium 200 V2 represents BLUETTI’s latest innovation in portable power technology, combining compact design with enhanced performance capabilities. It addresses the growing demand for reliable, portable power solutions in both emergency and recreational scenarios.

Compact Design with Robust Performance

The Premium 200 V2 holds 2073.6Wh capacity in a package the size of a small toolbox, 40% more compact than the last generation. Despite its compactness, it delivers 2,700W pure sine wave power to run most devices like coffee makers, fridges, and ovens. In the Powerlifting mode, users can even power high-wattage appliances like water heaters. It’s versatile for applications ranging from home outage backup to remote work sites and outdoor activities.

Industry-Leading Battery Longevity

The use of automotive-grade prismatic LiFePO4 battery makes the generator more compact and long-lasting. These premium battery cells have successfully passed 33 rigorous CNAS automotive battery tests and are rated for over 6,000 charge cycles. This translates to more than 17 years of reliable operation before capacity reduces to 80% of original specifications.

Advanced Charging Technology

The portable power generator incorporates BLUETTI’s proprietary TurboBoost fast-charging technology, enabling rapid recharging from empty to 80% in just 45 minutes. Solar recharging requires only 2.4 hours, while multi-chip protection prevents damage from accidental connection of incompatible solar panels. When paired with a Charger 1 alternator charger, the unit fully recharges during a 4.2-hour drive, six times faster than standard vehicle charging options.

Enhanced Energy Efficiency

Powered by BLUETTI’s unique AI-BMS (Battery Management System), the Premium 200 V2 provides comprehensive protection against electrical risks while delivering superior energy efficiency. Its idle power draw is just 10W, three times lower than industry standards. During low-light solar charging, the system automatically turns off to optimize battery life.

Availability and Pricing

The BLUETTI Premium 200 V2 is now available for purchase and delivery at Harvey Norman Online, Jaycar, and Sydney Tools. To celebrate this launch, we’re offering an exclusive Easter Power Deal from April 4 to April 18, 2025—don’t miss out!

BLUETTI in Australia

As a technology pioneer in clean energy, BLUETTI is committed to a sustainable future by providing green energy storage solutions for both indoor and outdoor use. In Australia, our reliable and innovative products have earned the trust of households, professionals, and off-grid adventurers. Looking ahead, BLUETTI will introduce more new products to the Australian market, including the EP2000 for home energy storage and the Apex 300. For partnership inquiries, please contact Tiger Han at tiger.han@bluetti.com.

View original content to download multimedia:https://www.prnewswire.com/apac/news-releases/pioneering-portable-power-bluetti-launches-the-premium-200-v2-in-australia-302427136.html

SOURCE BLUETTI

Continue Reading

Trending