SurgePays Passes 50,000 Mobile Broadband Subscribers
- Achieves Single Day Record of 1,500 New Subscribers -
BARTLETT, Tenn., Feb. 14, 2022 (GLOBE NEWSWIRE) -- SurgePays, Inc. (Nasdaq: SURG) (“SurgePays” or the “Company”), a fintech company providing essential financial services and prepaid products to the underbanked and underserved, continued growth in its mobile broadband subscriber business SurgePhone Wireless LLC (“SurgePhone”), the Company’s wholly owned subsidiary.
Month Total Subscribers* Revenue Generated
August 800 $115,212
September 7,000 $1,057,294
October 13,000 $1,369,872
November 19,000 $1,680,790
December 30,000 $2,901,100
January 45,000 $3,794,710
*Rounded
Commenting on the growth in the mobile broadband business, Chairman and CEO Brian Cox stated, “Our mobile broadband channel continues to see red-hot growth exceeding our projections. I believe our hyper-growth skew will continue, considering there are 1,500 activations on some days, which equates to 3% growth in a 24-hour period. I realize the law of large numbers will kick in at some point, but I believe that doesn’t happen until 18-24 months out. It appears we will reach our target of 200,000 subscriber activations well ahead of schedule in 2022.”
“50,000 subscribers is a great milestone and it has been my experience that hitting the next 50,000 is much easier and much faster. We are no longer burning capital month over month, but we are pouring money back into growth to continue this trajectory. Additionally, since we have a solid base of customers we can leverage, we are now exploring additional revenue streams to attach to these devices and are in talks to deploy telehealth, digital wallets and streaming content to expand our gross revenue per subscriber. This is another example of us cornering the underbanked market at a grassroots level both at home and where these consumers shop.”
SurgePhone is a licensed mobile virtual network operator (MVNO) capable of utilizing both the AT&T and T-Mobile nationwide network infrastructure to provide data and voice to underserved consumers. SurgePhone operates both the SurgePhone wireless and LocoRabbit wireless brands.
Preliminary revenues are estimates prior to the completion of the Company’s financial closing procedures and review procedures by its external auditors and, therefore, may be subject to adjustment when the actual results are available.
