SurgePays, Inc. Reports Net Income of $4.5 Million in Q1 2023

SurgePays, Inc.(SURG), a leading provider of r etail and payment solutions, announced its financial results for the first quarter of 2023. The company reported a net income of $4.5 million, showcasing a significant improvement compared to the previous year. SurgePays also achieved strong revenue growth, generating $34.8 million in the first quarter. The company's consolidated balance sheets revealed a favorable increase in assets, while the consolidated statements of operations highlighted a positive income from operations. These results reflect SurgePays' continued efforts in expanding its product offerings and capturing market share.**

SurgePays, Inc. and its subsidiaries have released their unaudited consolidated financial statements for the period ending March 31, 2023. The company experienced a positive quarter, posting a net income of $4.5 million, a significant improvement compared to the previous year. SurgePays' revenue for the first quarter reached $34.8 million, demonstrating strong growth and the company's ability to expand its customer base and product portfolio.

Consolidated Balance Sheets

As of March 31, 2023, SurgePays, Inc. reported total assets of $40.6 million, representing a considerable increase from $34.0 million at the end of December 2022. The company's current assets, including cash, accounts receivable, inventory, and prepaids, amounted to $34.2 million, indicating a positive trend in its liquidity position. SurgePays also reported significant investments in property and equipment, with net values of $573,000 and $643,000 for March 2023 and December 2022, respectively.