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

Core Insights - SurgePays, Inc. has completed its integration with AT&T, positioning the company for significant growth with projected revenue exceeding $200 million in the next 12 months and positive cash flow from operations anticipated before the end of 2025 [1][4][5] Financial Performance - For the year ended December 31, 2024, SurgePays reported revenues of $60.88 million, a decrease from $137.14 million in 2023, primarily due to the end of the federally funded ACP era [3][15] - The company incurred a net loss of $45.73 million in 2024, compared to a net income of $20.62 million in 2023, reflecting the challenges faced during the transition period [16][15] Operational Highlights - SurgePays has launched its retail prepaid wireless brand, LinkUp Mobile, with expectations of monthly SIM card shipments between 250,000 and 300,000, supported by a distribution network of nearly 9,000 stores [8] - The integration with AT&T, completed in April 2025, allows SurgePays to offer full access to 4G LTE and 5G services across North America [8] - The company has also initiated its MVNE wholesale business, providing wireless infrastructure services to other companies, which is expected to generate high-margin revenue [8] Strategic Initiatives - SurgePays is focusing on scaling its core MVNO and POS platforms, with an emphasis on customer acquisition and expanding wholesale MVNE relationships to enhance revenue and margins [5][4] - The company has retained a portion of its wireless subscriber base and is transitioning eligible customers to the Lifeline program following the end of ACP funding [8] Leadership and Management - SurgePays has strengthened its leadership team with key promotions, indicating a commitment to executing its growth strategy effectively [8]