SurgePays Reports Losses, Projects $200M Revenue

SurgePays, Inc. reported a significant decline in revenue for 2024, attributed to the cessation of the federally funded Affordable Connectivity Program (ACP), resulting in a net loss of $45.7 million compared to a net income the previous year. Despite the challenging financial results, including a fourth-quarter loss that exceeded expectations, the company anticipates more than $200 million in revenue over the next year, driven by a new partnership with AT&T and the national rollout of its LinkUp Mobile brand. This projection led to a 106% rise in after-hours trading. SurgePays is focusing on strategic investments such as the development of its point-of-sale platform and its Mobile Virtual Network Enabler (MVNE) business, which are expected to drive growth and return to profitability in 2025. The company also expanded its leadership team and made strategic moves to diversify its revenue streams. Overall, SurgePays is positioning itself for aggressive growth despite recent financial setbacks.