Q2 2024 Surgepays Inc Earnings Call Transcript
Key Points
- Surgepays Inc (SURG) has successfully acquired over 250,000 subscribers to its MVNO business.
- The company has launched a non-subsidized MVNO business, LinkUp Mobile, to mitigate the impact of the ACP funding uncertainty.
- Surgepays Inc (SURG) has hired Joe Gomez, a senior telecommunications industry executive, to enhance its MVNO operations.
- The company has announced a corporate stock buyback of up to $5 million to align interests with long-term investors.
- Surgepays Inc (SURG) has a strong balance sheet with $38.4 million in cash as of June 30, 2024, to support its transition and growth initiatives.
- Revenues for the second quarter decreased by 58% to $15.1 million compared to $35.9 million in the same quarter of 2023.
- Gross profit swung to a $3.4 million loss in the second quarter from a $10 million profit in the year-ago period.
- SG&A expenses increased by 101% year-over-year, primarily due to additional non-cash stock compensation for management.
- The company reported a net loss of $12.9 million and a loss per share of $0.66 for the second quarter.
- The ending of the federally funded ACP program has significantly impacted the company's financial performance and stock price.
Greetings. Welcome to SurgePays second quarter 2024 earnings conference call. (Operator Instructions) Please note, this conference is being recorded.
I will now turn the conference over to your host, Doug Lane, Investor Relations at SurgePays. Doug, you may begin.
Thank you, operator, and good afternoon, everyone. Welcome to the SurgePays Second Quarter 2024 Earnings Webcast and Conference Call. Today's date is August 13, 2024, and on the call today from SurgePays are Brian Cox, President and Chief Executive Officer; and Tony Evers, Chief Financial Officer. Before we begin, I'd like to remind everyone that this call may contain forward-looking statements as they are defined under the Private Securities Litigation Reform Act of 1995. These statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements.
For a discussion of such risks and uncertainties, please see SurgePays most recent filings with the SEC. All
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