SurgePays Smartphone Rent-to-Own Program Scales 95x in 60 Days
Rhea-AI Summary
SurgePays (NASDAQ: SURG) reported rapid growth from its smartphone rent-to-own program with Low Weekly Payments after a three-month pilot in 32 affiliated dealers. According to the company, retail sales rose from $1,500 in April to $29,699 in May and $142,725 in June, averaging about $4,438 per dealer in June.
The program targets subprime consumers via Low Weekly Payments’ rent-to-own model, where LWP buys the phone and customers make low weekly payments until they own the device. SurgePays said the strong momentum is driving plans for a broader rollout across its multi-thousand-dealer network and active discussions on forming a new joint venture with LWP to scale the offering and support joint dealer recruitment. No definitive JV terms have yet been finalized.
Positive
- June pilot sales reached $142,725 across 32 dealers, about $4,438 per dealer
- Program sales scaled 95x in 60 days, from $1,500 in April to $142,725 in June
- Planned expansion from 32 pilot locations to SurgePays’ multi-thousand-dealer network
Negative
- Planned joint venture with LWP is only in discussions; no definitive terms or timing disclosed
Key Figures
Historical Context
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Jul 16 | Conference appearance | Neutral | -0.1% | Executive scheduled to discuss prepaid distribution and debut a dealer compensation model |
| Jul 01 | Carrier agreement | Positive | +38.1% | Minimum spend commitments removed and wholesale pricing changes expected to lower subscriber costs |
| Jun 05 | AI services agreement | Positive | -13.1% | BrandRap engaged to build an AI decisioning engine targeting higher subscriber revenue |
| May 15 | Quarterly earnings | Negative | -6.9% | Revenue growth accompanied by deeper losses and substantial going-concern uncertainty |
| May 12 | Wallet pilot | Positive | -2.7% | Alpha Cash pilot launched with activation bounties and a multiyear revenue share |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Historical reactions were mixed, with positive operating or product announcements sometimes followed by gains and sometimes by declines.
Key Terms
rent-to-own financial
rto financial
kyc regulatory
subprime financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
June sales top
Company Advances Discussions on Joint Venture to Roll Program Out to 9,000 Retail Network
BARTLETT, Tenn., July 29, 2026 (GLOBE NEWSWIRE) -- SurgePays, Inc. (NASDAQ: SURG) ("SurgePays" or the "Company"), a wireless and fintech technology company connecting subprime and underserved consumers to essential mobile and financial services, today announced an expanded relationship with All Prepaid, LLC, dba LowWeeklyPayments ("LWP" or "Low Weekly Payments"), a Florida-based smartphone rent-to-own (RTO) platform serving subprime consumers, following a three-month pilot across 32 independent retail dealers. The companies are actively exploring a new joint venture to scale this early success across SurgePays' broader multi-thousand dealer network.
Deployed inside 32 SurgePays-affiliated dealer locations, the SurgePays + LWP program scaled sharply over its first three months, generating retail sales of:
- April:
$1,500 - May:
$29,699 - June:
$142,725
The month over month acceleration from initial dealer onboarding in April to
LWP operates a rent-to-own device model built around a unique approval matrix that the Company believes delivers materially higher approval rates than other device-financing options currently available to the subprime segment. Under the program, LWP purchases the phone and rents the device to the customer under a low weekly payment structure until the phone is paid off, at which point the customer owns the device outright.
Inside SurgePays’ dealer network, the LWP program is designed to convert customers who typically transact in cash and cannot qualify for traditional credit-based device financing. The LWP program is available as a standalone RTO option that works with the customer’s existing carrier or combined with a new service offering such as LinkUp Mobile, giving dealers a way to serve a broader set of buyers than a service-only or device-only offering could reach.
"We anticipated good results, but we were pleasantly surprised at how fast this program took off. June revenue reached
“Our mission at Low Weekly Payments is to give hard-working consumers a fair, transparent path to the technology they need to participate in the modern economy,” said Enrique Hirlemann, Co-Founder and Chief Executive Officer of All Prepaid LLC. “Our unique approval matrix and KYC were built specifically for this customer, and it lets us approve buyers that other RTO programs and traditional device financing companies simply turn away. We buy the phone, the customer takes it home the same day, and they own it outright once the low weekly payments are complete. SurgePays’ national dealer footprint and its focus on the same subprime customer which we built LWP to serve made this a natural pairing. We are excited about the venture we are exploring together to scale this program revenue significantly.”
The next phase contemplates a broader rollout of the SurgePays + LWP program across the Company’s independent retail dealer footprint, along with joint go-to-market resources aimed at signing new dealers who want access to the LWP RTO service offering. The companies are in active discussions regarding the structure of a potential new joint venture intended to maximize this success at scale and will provide further updates if and when definitive terms are reached.
About SurgePays, Inc.
SurgePays, Inc. (NASDAQ: SURG) is a wireless and fintech technology company connecting subprime and underserved consumers to essential mobile and financial services. The Company operates a nationwide retail network and proprietary technology platform that enables the distribution of wireless services, financial products, and essential services to consumers who primarily transact in person. By combining physical distribution with data-driven technology, SurgePays is building a scalable platform designed to increase engagement and drive recurring revenue across multiple product categories. For more information, please visit www.surgepays.com.
About Low Weekly Payments
All Prepaid, LLC, dba LowWeeklyPayments ("LWP"), is a Florida limited liability company headquartered in Doral, Florida that operates a rent-to-own platform focused on making quality smartphones accessible to underbanked and subprime consumers. Under the LWP program, the Company purchases the phone and rents the device to the customer under a low weekly payment structure until the phone is paid off, at which point the customer owns the device outright. LWP’s unique approval matrix is designed to deliver materially higher approval rates than traditional programs, enabling retail dealers to convert customers who would otherwise be turned away at the counter. For more information, please visit www.AllPrepaidRTO.com.
Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations, and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy, and other future conditions, including with respect to the performance of the Company’s program with Low Weekly Payments, the potential expansion of that program across the Company’s dealer network, the possibility and structure of a new joint venture with Low Weekly Payments, and the Company’s ability to recruit additional dealers. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks, and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements are discussed or identified in our filings with the Securities and Exchange Commission, including the risk factors contained in our most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q. All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by these cautionary statements. You are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date of this press release. We undertake no obligation to update these statements as a result of new information or future events, except as required by law.
Investor Relations Contact SurgePays, Inc. ir@surgepays.com Company Contact SurgePays, Inc. 3124 Brother Blvd., Suite 104 Bartlett, TN 38133 www.surgepays.com