SurgePays, Inc. (OTCMKTS: SURG) is making a powerful move up the charts in recent weeks since reversing off $0.046 lows. Currently over $0.15 per share and rising the stock is moving up in a hurry after many months of slow decline. SURG has a long history of big moves running to highs well over $1 in early 2018.
SURG is getting noticed by investors as the Company reports recored revenues of $12.8 million for the quarter ending September 30, 2020 up 161% from the $4.9 million they reported for the same period last year. Revenue for the nine months ending September 30, 2020 was approximately $43.1 million compared to $12.3 million for the same period in 2019, an increase of $30.8 million or 251%.
SurgePays, Inc. (OTCMKTS: SURG) previously Surge Holdings Inc, operating out of Bartlett, Tennasee, is focused on meeting the needs of underserved markets in financial technology, telecommunications, and digital media. It offers prepaid wireless and underbanked financial products and services, along with popular consumer goods.
SurgePhone Wireless offers discounted talk, text, and 4G LTE data wireless plans at prices that average 30% – 50% lower than competitors. Available nationwide, SurgePhone Wireless utilizes ad impression revenue to help offset and, in many cases, eliminate the monthly wireless plans for low income customers (free service for the customer is paid for by ad revenue). True Wireless is licensed to provide subsidized wireless service to qualifying low income customers in 5 states. Utilizing all 4 major USA wireless backbones, True Wireless provides discounted and free wireless service to over 25,000 veterans and other customers who qualify for certain federal programs such as SNAP (EBT) and Medicaid. The SurgePhone Android Volt 5XL provides a large screen smartphone option to those unable to afford a more expensive phone.
SurgePays Visa was launched late in the third quarter of 2019. The Company belives this card could be life enhancing by serving as a virtual checking account for the unbanked, underbanked, credit challenged or those unable to access traditional financial services. The SurgePays card will offer safety, security and convenience of using the card anywhere that accepts Visa and customers will be able to load their card via direct deposit or loading cash directly at 110,000 locations nationwide. The Company also offers SurgePays Portal; a multi-purpose software interface for convenience stores, bodegas and other corner merchants providing goods and services to the underbanked community. Surge Logics is a full-service digital advertising agency, specializing in lead generation, Pay Per Call, landing page optimization and managed ad spending.
Through the launch of Surge Intake Logistics a proprietary CRM software solution that delivers signed retainer services to clients, InTake is proving to be a direct benefit to clients that do not have the staff and infrastructure to handle the volume of leads Surge Logics generates. Surge Logics has taken this a step further to provide qualified leads utilizing a strategic partnership with Centercom to be first in class for online lead generation.
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SURG recently announced the Company has been named to the Deloitte Technology Fast 500 2020 North America for the second year running. Technology Fast 500 provides a ranking of the fastest-growing technology, media, telecommunications, life sciences, and energy tech companies–both public and private–in North America. The 2020 Technology Fast 500 award winners are selected based on percentage fiscal year revenue growth during the period from 2016 to 2020. In order to be eligible for Technology Fast 500 recognition, companies must own proprietary intellectual property or proprietary technology and it must be sold to customers in products or services that contribute to a majority of the company’s operating revenues. Companies must have base-year operating revenues of at least $50,000 USD, and current-year operating revenues of at least $5 million USD. Additionally, companies must be in business for a minimum of four years and be headquartered within North America. The rankings are compiled from applications submitted directly to the Technology Fast 500 website, and public company database research conducted by Deloitte LLP.
Earlier this month SURG announced financial results from the third quarter ending September 30, 2020: Revenue for the quarter ending September 30, 2020 was approximately $12.8 million compared to $4.9 million for the quarter ending September 30, 2019, an increase of $7.9 million or 161%. Revenue for the nine months ending September 30, 2020 was approximately $43.1 million compared to $12.3 million for the same period in 2019, an increase of $30.8 million or 251%.
Brian Cox, CEO stated: “The third quarter of 2020 continued to exceed expectations with regard to revenue, product diversification, and penetration, as the Company continued its strong growth. Concurrently, we are sharpening our focus to ensure that the Company operates efficiently and ensure that both our customers and our stockholders have a clear understanding of our business and of our path forward. We are very excited for the future of SurgePays and believe that the next few quarters will continue to demonstrate dynamic growth and progress. We believe SurgePays as a brand is better representative of our focus on our fintech software platform that processes third-party prepaid wireless activations and top-ups, gift card activation and loads, and wireless SIM activation, providing a more precise direction as a public company as we implement our growth strategies and continue to work towards a listing on a major exchange. The SurgePays system drives value and growth by enabling retailers to instantly add credit to any prepaid wireless customer’s account for any carrier, providing the merchant commissioned transactions, increased foot traffic, and customer loyalty. Moreover, our platform offers an innovative supply-chain marketplace for convenience store, bodega and tienda owners to order many top selling products for their stores at a deeper wholesale discount than traditional distribution due to utilizing the Direct Store Delivery (DSD) model.”
$SURG SurgePays Announces Third Quarter 2020 Financial Results And Provides Corporate Update https://t.co/aRu9bLXQEY
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SURG is quickly emerging as an exciting story in small caps; the Company is operating a number of revenue generating divisions including SurgePhone Wireless offering discounted talk, text, and 4G LTE data wireless plans at prices that average 30% – 50% lower than competitors. SURG sales growth is increidble; the Company recently reported recored revenues of $12.8 million for the quarter ending September 30, 2020 up 161% from the $4.9 million they reported for the same period last year. Revenue for the nine months ending September 30, 2020 was approximately $43.1 million compared to $12.3 million for the same period in 2019, an increase of $30.8 million or 251%. We will be updating on SURG when more details emerge so make sure you are subscribed to Microcapdaily so you know what’s going on with SURG.
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Disclosure: we hold no position in SURG either long or short and we have not been compensated for this article.