SurgePays reports Q2 EPS 40c vs. (8c) last year

Reports Q2 revenue $35.9M, consensus $28.0M last year. Chairman and CEO Brian Cox said, “During the second quarter, we continued our multi-year strategy that yielded the best and most profitable quarter in the Company’s history. Our increased efficiencies and margin improvement created $6.0 million in net income, putting us over $10 million in net income for 2023. Becoming profitable and self-reliant enables us to make disciplined business decisions based on goals and modeling what we want to accomplish, not based on raising cash for survival. Most know that I do not lead the Company by 90-day cycles, but I am pleased to post back-to-back quarters in the black, knowing we have been focused inward to prepare for our real growth opportunity in the upcoming years. The proven business case for convenience stores is over a century old, so aligning our sales interests with these constant points of distribution positions us for stability, longevity, and tremendous growth both in reach and the products and services offered. We have been highly focused on utilizing our unique suite of underbanked products and services to grow our footprint in owner-operated convenience stores. We are testing customer-facing LCD screens at the register to promote our products, activate wireless subscribers and create customer engagement. This next step advancement is part of our strategy to solidify SurgePays as an innovative market leader in our space. Throughout the second quarter, we continued to scale growth and increase points of distribution, subscribers, and cash flow. Our development, sales intake, onboard training, compliance, and support teams have all been diligently working to originate in-store ACP wireless subscriber activations. We are utilizing access to this beneficial assistance program as the enticing catalyst to build what is now a pipeline of over 25,000 locations to be onboarded with a staging target of less than 12 months. We believe this onboarding will create one of the largest direct distribution networks of underbanked products and services in the country.”