Benzinga | Jan 11, 2022 08:37AM EST

SurgePays Announces 30,000 SurgePhone Wireless Subscribers In Dec.

SurgePays, Inc. (NASDAQ:SURG) ("SurgePays" or the "Company"), a fintech company providing essential financial services and prepaid products to the underbanked and underserved, announced over 70% month over month revenue growth in its mobile broadband subscriber business SurgePhone Wireless LLC ("SurgePhone"), the Company's wholly owned subsidiary.

Month Total Subscribers* Revenue GeneratedAugust 800 $115,212September 13,000 $1,057,294October 15,000 $1,369,872November 22,000 $1,680,790December 30,000 $2,901,100

*Rounded

Commenting on the growth in the mobile broadband business, Chairman and CEO Brian Cox stated, "Our mobile broadband channel has gone from zero to nearly $3,000,000 in monthly revenue in less than six months. We are positioned for continued hyper-growth in 2022 with a goal of achieving over 200,000 subscriber activations. We believe the infrastructure we have built positions us to serve the underbanked market at a grassroots level better than any company in the sector."

"Our SurgePays FinTech software enables community stores to become the financial tech-hubs for underbanked and underserved neighborhoods and now our mobile broadband devices are providing essential internet access in the homes of our target customers. We are cornering the underbanked market both at home and where these consumers shop."

In August 2021, SurgePhone began a limited launch of its mobile broadband rollout and generated $115,212 in revenue in four states. As of December 31, 2021, total subscribers increased to approximately 30,000 in seven states.

SurgePhone is a licensed mobile virtual network operator (MVNO) capable of utilizing both the AT&T and T-Mobile nationwide network infrastructure to provide data and voice to underserved consumers. SurgePhone operates both the SurgePhone wireless and LocoRabbit wireless brands.

Preliminary revenues are estimates prior to the completion of the Company's financial closing procedures and review procedures by its external auditors and, therefore, may be subject to adjustment when the actual results are available.

For more information on SurgePays, please visit the Company's investor relations website at ir.surgepays.com.