SurgePays reports Q2 EPS (66c), consensus (7c)

Reports Q2 revenue $15.1M, consensus $15.15M. Chairman and CEO Brian Cox commented on the quarter’s results, “The Q2 of 2024 begins a transition phase for SurgePays. ACP funding has run out and there is no guarantee it will return. Fortunately, in the first quarter we shored up our balance sheet and began implementing growth initiatives outside of the ACP program to continue to pursue our strategic goal of being one of the country’s largest providers of prepaid wireless and underbanked financial technology services. Q2 sales of $15.1M were about as expected, but were well below the Q1 revenues of $31.4M and the year ago Q2 2023 revenues of $35.9M due to the ending of the government’s ACP funding in mid-May, which we knew was coming. Both the Q1 of 2024 and the Q2 of 2023 had full ACP funding.”