The following is a summary of the SurgePays, Inc. (SURG) Q2 2024 Earnings Call Transcript:

Financial Performance:

• SurgePays reported Q2 2024 revenue of $15.1 million, down 58% from $35.9 million in Q2 2023, primarily due to the discontinuation of ACP funding.

• Gross profits shifted to a loss of $3.4 million in Q2 2024 compared to a $10 million profit in the same quarter the previous year.

• Loss from operations amounted to $10.9 million in Q2 2024 reversing from a $6.2 million profit in Q2 2023.

Business Progress:

• During the transition phase, SurgePays launched non-subsidized MVNO business, LinkUp Mobile, and plans to grow ACP revenue, offer a subsidized sister program, and scale up third-party wholesale transactions.

• The company aims to become a key service provider at convenience stores, expanding outside wireless through solutions like ClearLine customer engagement platform.

• SurgePays announced a corporate stock buyback of up to $5 million over the next six months.

Opportunities:

• Potential for Congress to renew the ACP program, enabling re-engagement of existing customers.

• Expansion into non-subsidized MVNO services offering an alternative, sustainable revenue model.

• Development of the ClearLine platform to enhance customer engagement in convenience stores and offer additional services beyond wireless.

Risks:

• Economic difficulties and uncertainties about Congress refunding the ACP program, possibly necessitating further adjustments to business operations and customer retention strategies.

More details: SurgePays IR

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