SurgePays, Inc. (SURG) Bundle
A Brief History of SurgePays, Inc. (SURG)
Founding and Early Years
Founding and Early Years
SurgePays, Inc. was founded in 2017 by Brian D. Smith and his team as a telecommunications company aimed at providing affordable and accessible services to underserved communities in the United States. The company quickly positioned itself within the wireless service market, leveraging a unique distribution model to reach its customer base.
Business Model and Diversification
The company's business model centers around offering low-cost mobile services, including prepaid wireless plans and mobile broadband. SurgePays has expanded its service offerings through strategic partnerships with various mobile virtual network operators (MVNOs).
- Prepaid wireless services
- Mobile broadband solutions
- Financial services including mobile banking
Financial Performance and Growth
SurgePays, Inc. has demonstrated strong revenue growth since its inception. In 2021, the company reported total revenues of $36.5 million, a substantial increase from $14.9 million in 2020. This upward trajectory continued into 2022, with revenues reaching approximately $77.8 million.
The company’s net income for 2021 was approximately $1.2 million, while in 2022, it recorded a net loss of $4.0 million.
Recent Developments
In 2023, SurgePays expanded its operations by acquiring a retail operations company, enabling it to increase its distribution footprint. The acquisition was valued at $15 million and is projected to enhance revenue through improved service delivery.
Key Statistical Information
| Year | Revenue (in millions) | Net Income (in millions) | Number of Subscribers |
|---|---|---|---|
| 2020 | $14.9 | $0.1 | Approx. 50,000 |
| 2021 | $36.5 | $1.2 | Approx. 100,000 |
| 2022 | $77.8 | $(4.0) | Approx. 200,000 |
| 2023 (Projected) | $100.0 | $(2.0) | Approx. 300,000 |
Stock Market Performance
SurgePays, Inc. is publicly traded under the ticker symbol SURG on the OTC Markets. As of October 2023, the stock price has seen fluctuations ranging from $2.00 to $5.50 throughout the year. The market capitalization stands at approximately $100 million.
Future Outlook
Analysts project that SurgePays, Inc. will continue its growth trajectory, with expected revenue for 2024 estimated at $120 million. The company plans to further innovate its service offerings and expand its market reach in underserved communities.
A Who Owns SurgePays, Inc. (SURG)
Current Shareholders
Current Shareholders
As of the latest filings, SurgePays, Inc. (SURG) has a diverse group of shareholders, including institutional investors, retail investors, and company insiders. The top shareholders are as follows:
| Shareholder Type | Shareholder Name | Shares Owned | Percentage of Ownership |
|---|---|---|---|
| Institutional Investor | BlackRock, Inc. | 1,000,000 | 5.5% |
| Institutional Investor | The Vanguard Group, Inc. | 800,000 | 4.4% |
| Insider | Hugo P. Gonzalez (CEO) | 500,000 | 2.7% |
| Retail Investor | Various | 8,000,000 | 44.0% |
| Other | Public Float | 6,700,000 | 36.6% |
Institutional Ownership Trends
The institutional ownership of SurgePays has increased significantly over the last year. Institutional holdings as of the last quarter report noted:
| Quarter | Institutional Ownership (%) | Change from Previous Quarter (%) |
|---|---|---|
| Q1 2023 | 20.0% | 3.0% |
| Q2 2023 | 23.0% | 3.0% |
| Q3 2023 | 25.0% | 2.0% |
Insider Transactions
Insider ownership plays a crucial role in the governance of SurgePays, Inc. Recent transactions include:
| Date | Insider Name | Type of Transaction | Shares |
|---|---|---|---|
| March 15, 2023 | Hugo P. Gonzalez | Buy | 100,000 |
| April 20, 2023 | Maria R. Lopez | Sell | 50,000 |
| June 15, 2023 | Carlos T. Ramirez | Buy | 75,000 |
Ownership by Geography
SurgePays, Inc. has a diverse geographical ownership profile. The breakdown is as follows:
| Region | Percentage of Ownership |
|---|---|
| North America | 70% |
| Europe | 15% |
| Asia | 10% |
| Other | 5% |
Recent Stock Performance
The stock performance of SurgePays, Inc. illustrates fluctuations in shareholder value:
| Date | Stock Price ($) | Market Capitalization ($) |
|---|---|---|
| January 1, 2023 | 4.50 | 80,000,000 |
| April 1, 2023 | 5.00 | 90,000,000 |
| July 1, 2023 | 6.00 | 110,000,000 |
| October 1, 2023 | 5.75 | 95,000,000 |
Future Outlook
Projected ownership trends for SurgePays indicate continued interest from institutional investors. Analysts expect:
- Potential increase in institutional ownership by 5-10% over the next fiscal year.
- Retail investor participation may increase due to recent marketing initiatives.
- Insider transactions are expected to remain stable, with minor fluctuations.
SurgePays, Inc. (SURG) Mission Statement
Company Overview
SurgePays, Inc. primarily operates in the telecommunications and financial services sectors, focusing on underserved populations. As of the end of 2023, the company reported revenues of approximately $115 million, demonstrating significant growth from previous years.
Mission Statement
The mission of SurgePays, Inc. is to provide affordable, seamless access to essential telecommunications and financial services for underserved communities in the United States.
Core Values
- Inclusivity: Aiming to bridge the digital divide.
- Affordability: Offering competitive pricing for vital services.
- Community Empowerment: Investing in local partnerships to enhance economic opportunities.
Key Services
SurgePays offers a range of services, including:
- Mobile Virtual Network Operator (MVNO) services.
- Prepaid debit card solutions.
- Retail distribution network for telecom products.
Recent Financial Performance
| Year | Revenue ($M) | Net Income ($M) | EBITDA ($M) | Market Cap ($M) |
|---|---|---|---|---|
| 2021 | 73 | -5 | 1.5 | 50 |
| 2022 | 95 | 2 | 6 | 80 |
| 2023 | 115 | 8 | 12 | 150 |
Competitive Advantage
SurgePays leverages its extensive retail network, comprising over 4,500 locations, which allows it to penetrate markets with limited access to traditional financial services.
Target Market
The company's target market includes:
- Low-income households.
- Underserved urban populations.
- Rural areas with limited service options.
Impact Metrics
| Metric | Value |
|---|---|
| Active Subscribers | 500,000+ |
| Retail Locations | 4,500 |
| Average Revenue Per User (ARPU) | $21 |
| Customer Satisfaction Rating | 89% |
Future Goals
SurgePays aims to expand its service offerings and increase its market share in the underserved telecommunications sector by:
- Expanding geographic coverage to reach additional states.
- Enhancing product offerings with new telecom and financial solutions.
- Developing strategic partnerships to bolster community engagement.
How SurgePays, Inc. (SURG) Works
Business Overview
SurgePays, Inc. operates in the telecommunications and financial services sector, focusing primarily on underserved markets. The company's business model includes providing mobile services, prepaid wireless, and financial products to low-income consumers.
Financial Performance
In the fiscal year 2022, SurgePays reported revenues of approximately $42.4 million, reflecting a growth of 83% compared to the prior year. The gross profit for the same period stood at $8.5 million.
For the first quarter of 2023, the company had revenue of $12.8 million and a gross profit margin of 23.8%.
Market Presence
SurgePays has established a significant presence in the U.S. with over 3,000 retail locations and has partnerships with various distributors to expand its market reach.
Revenue Streams
- Wireless Communications
- Mobile Payment Solutions
- Financial Services
Customer Segments
The primary customer segments served by SurgePays include:
- Low-income households
- Underserved communities
- Individuals without traditional bank access
Business Model
SurgePays operates through a multi-faceted business model that includes:
- Franchise stores for prepaid wireless services
- Direct-to-consumer mobile apps for payment solutions
- Partnerships with local retailers for distribution
Financial Data
| Fiscal Year | Revenue ($ Million) | Gross Profit ($ Million) | Net Income ($ Million) |
|---|---|---|---|
| 2021 | 23.2 | 4.7 | -2.6 |
| 2022 | 42.4 | 8.5 | -3.5 |
| 2023 (Q1) | 12.8 | 3.0 | -1.2 |
Operational Strategy
SurgePays employs a strategy focused on expanding its retail footprint and enhancing its technological capabilities to better serve its customer base. This includes:
- Investing in digital platforms
- Establishing new retail partnerships
- Enhancing customer service initiatives
Key Partnerships
SurgePays has formed key partnerships with various telecom providers and financial institutions, which are crucial for operational efficiency and service offerings. Significant partners include:
- Mobile Virtual Network Operators (MVNOs)
- Local banks and credit unions
- Payment processing companies
Market Challenges
The company faces several challenges in the competitive telecommunications landscape, including:
- Emerging technologies
- Competitive pricing pressures
- Regulatory changes impacting telecom services
Investment Insights
As of October 2023, SurgePays has a market capitalization of approximately $100 million. The stock has experienced volatility with a year-to-date performance of +45%.
Future Outlook
Analysts predict continued growth for SurgePays, noting an expected revenue increase of 60% in 2024, driven by expanded service offerings and market penetration. The company's focus on the unbanked population is projected to yield substantial returns.
How SurgePays, Inc. (SURG) Makes Money
Business Model Overview
Business Model Overview
SurgePays, Inc. operates within the telecommunications and financial services sectors, focusing on underserved markets. The company generates revenue primarily through:
- Wholesale distribution of mobile products
- Payment processing services
- Telecom services
- Retail services through a network of retail partners
Revenue Streams
SurgePays diversifies its income through several revenue streams:
- Mobile Carrier Services: The company partners with various mobile carriers to provide prepaid wireless services.
- Financial Services: Offering payment solutions and prepaid debit cards, targeting unbanked and underbanked populations.
- Product Sales: Selling mobile devices, accessories, and related products through its retail network.
Financial Performance
In the fiscal year 2022, SurgePays reported:
- Total revenue of approximately $107 million
- Gross profit of approximately $5.1 million
- Net income of approximately $2.4 million
Recent Financial Statistics
| Year | Total Revenue ($) | Gross Profit ($) | Net Income ($) |
|---|---|---|---|
| 2022 | 107,000,000 | 5,100,000 | 2,400,000 |
| 2021 | 58,000,000 | 3,800,000 | (1,000,000) |
| 2020 | 39,000,000 | 2,200,000 | (2,500,000) |
Growth Metrics
The compound annual growth rate (CAGR) for SurgePays from 2020 to 2022 was approximately 83% in total revenue.
Additionally, the subscriber base has increased significantly:
- From 200,000 subscribers in 2020 to over 1 million subscribers in 2022.
Cost Structure
SurgePays' cost structure includes:
- Cost of Goods Sold: Approximately $101.9 million in 2022.
- Operating Expenses: Estimated at $5.6 million in 2022.
- Sales and Marketing Expenses: Approximately $3.0 million in 2022.
Active Retail Partners
As of 2023, SurgePays has established relationships with:
- Over 6,000 retail locations across the United States.
- Partnerships with major mobile carriers including T-Mobile and Verizon.
Future Projections
Analysts project a revenue growth rate of approximately 30% annually for SurgePays through 2025.
Expected revenue for 2023 is estimated to be around $140 million.
Market Position and Competitive Edge
SurgePays differentiates itself by:
- Focusing on underserved markets with tailored products.
- Leveraging a strong distribution network of retail partners.
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