SurgePays soars after rosy outlook

Surgepays

26/03/2025 14:11

** Shares of SurgePays Inc SURG.O last up 69% at $2.33 on Weds after optimistic rev outlook, in wake of partnership with AT&T T.N

** SURG shares more than double to $2.95 on the session to highest level since Aug, and on course for biggest daily pct advance since Mar 2021

** Bartlett, Tennessee-based wireless and point of sale technology co late Tues guided for at least $200 mln in rev over the next 12 months, after recording rev of ~$61 mln in 2024

** Co said expects to achieve positive cash flow from operations before the end of this year

** While the end of ACP - federally funded program that aimed to help low-income U.S. households afford internet connectivity - pressured its financials in 2024, it expects the integration with AT&T to help catalyze a return to profitability in 2025, it said

** SurgePays forged partnership with the telecom giant in Nov

** The co has about 20.2 mln shares outstanding and ~14.2 mln shares of public float, per LSEG data

** Nearly 50 mln shares have changed hands on Weds vs stock's 10-DMA volume of about 1.4 mln shares

** Stock closed at $3.86 a year ago and ended 2023 at $6.45

 (Lance Tupper is a Reuters market analyst. The views expressed are his own)

 ((lance.tupper@tr.com 1-646-279-6380))