SurgePays reports FY23 EPS $1.39, consensus $1.60

Reports Q4 revenue $137.1M, consensus $138.4M. Chairman and CEO Brian Cox commented on the year’s results, “2023 was an excellent year for SurgePays. Our management team has done an outstanding job executing our growth strategy and delivered record financial results. Compounding profits, execution, and momentum from 2023, in conjunction with our successful raise in January and subsequent warrants exercised, have put us in the best financial position ever, with over $40 million in cash. The cumulative impact of our team’s efforts has resulted in expanded opportunities and produced a year of solid profitability. We envision utilizing convenience stores and bodegas to become one of the largest distributors of unbanked financial technology and prepaid wireless services to the underbanked in the country. We believe we now have the product suite and war chest to make this vision a reality. Additionally, in 2023, we acquired Clearline Mobile to integrate our SurgePays software with customer-facing touchscreen tablets next to convenience store registers. We feel this technology, combined with the planned nationwide launch of Linkup Mobile in the second quarter of 2024, our own prepaid wireless company, gives us a competitive advantage that separates us from the competition in terms of our suite of products and services, in-store marketing strategy, and support team. Our focus is now on building in-house and indirect sales channels and distribution.”