BARTLETT, Tenn., April 14, 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 reported its financial results for the year ended December 31, 2025.
Brian Cox, President and CEO of SurgePays, stated, “2025 was a year where we demonstrated the scalability of our platform and repositioned the business for more disciplined growth. We delivered steady sequential revenue growth through the first three quarters, increasing from approximately $10.6 million in Q1 to $11.5 million in Q2, and reaching $18.7 million in Q3. That third quarter demonstrated how quickly we can scale when capital is deployed into subscriber growth.”
Mr. Cox continued, “In Q3, we deployed capital into subscriber acquisition and saw a clear step-function increase in revenue. In Q4, we reduced that level of spend to prioritize capital efficiency. While revenue declined sequentially from Q3, it remained significantly higher than the fourth quarter of 2024. The key takeaway is that we have demonstrated both the ability to scale and discipline to manage that growth.”
“Equally important, we materially improved our cost structure. Total general and administrative expenses declined to approximately $20.1 million in 2025 from $27.5 million in 2024. Q4 included items that are not indicative of our current operating run rate, including legal and certain non-cash expenses. Since year end, we have taken additional actions to reduce operating expenses. Based on those actions, we estimate our current monthly cash burn at the end of the first quarter of 2026 to be approximately $250,000 to $300,000.”
Mr. Cox added, “Today, SurgePays is operating with multiple revenue channels, including government-subsidized wireless, LinkUp Mobile prepaid, wholesale MVNE relationships, and our point-of-sale fintech and data platforms. We are no longer dependent on a single program. With an established retail footprint of more than 9,000 locations, a customer acquisition engine through ProgramBenefits.com, and additional monetization initiatives such as our Managed Marketing Services platform, we are positioned to grow in a more controlled and capital efficient way.”
Full Year 2025 Operational Highlights:
- Repositioned the business following the conclusion of the Affordable Connectivity Program, expanding across multiple revenue channels, including wireless, wholesale, and fintech solutions.
- Generated $13.5 million in MVNO revenue, representing approximately 24% of total revenue for the year.
- Completed integration with the AT&T best-in-class network, strengthening network performance and service quality.
- Launched LinkUp Mobile nationwide, expanding prepaid wireless offerings and contributing to growth in the Point-of-Sale and Prepaid Services segment, which generated approximately $43.5 million, or approximately 76% of total revenue.
- Continued expansion of the Company’s retail distribution network, supporting wireless activations and fintech transactions across more than 9,000 locations.
- Advanced MVNE platform capabilities, supporting wholesale wireless enablement opportunities.
- Launched ProgramBenefits.com, establishing a scalable digital channel for customer acquisition and monetization beyond wireless services.
- Executed cost optimization initiatives, reducing general and administrative expenses by approximately 28% year over year.
Subsequent Operational Highlights:
- LinkUp Mobile surpassed 100,000 subscriber lines, reflecting continued momentum in the Company’s prepaid wireless business.
- Expanded digital acquisition initiatives through ProgramBenefits.com.
- Deployed the Company’s Managed Marketing Services platform, enabling in-store digital advertising and introducing an additional monetization layer.
- Initiated buy-one-get-one promotional campaign to drive subscriber growth and increase market penetration.
- Entered into a strategic partnership with Alpha Modus to expand distribution of fintech and consumer engagement solutions.
- Launched a fully integrated stored value and loyalty platform, enabling merchants to offer branded gift cards, store credit, and loyalty programs through the SurgePays point-of-sale system.
Full Year 2025 Financial Highlights:
- Revenue totaled approximately $57.0 million, compared to $60.9 million in 2024, reflecting the expected impact from the conclusion of the Affordable Connectivity Program in mid-2024 and the Company’s transition to a more diversified revenue model.
- Gross loss improved to approximately $(10.6) million, compared to $(14.3) million in 2024.
- Total general and administrative expenses declined to approximately $20.1 million, compared to $27.5 million in 2024.
- Operating loss improved to approximately $(30.7) million, compared to $(41.8) million in 2024.
Fourth Quarter and Full Year 2025 Financial Results Conference Call
Date: Tuesday, April 14, 2026
Time: 5:00 p.m. ET
Dial-in Number: 1-888-506-0062
Access Code: 395490
Webcast: https://ir.surgepays.com/company-events
Replay of the webcast will be available for a one year period.
About SurgePays, Inc.
SurgePays, Inc. (NASDAQ: SURG) is a wireless and fintech technology company focused on expanding access to essential mobile and financial services for subprime and underserved consumers. The Company operates a nationwide ecosystem that includes its own wireless brands and a proprietary point of sale platform inside thousands of retail locations. This infrastructure supports SIM activations, top-ups, financial transactions, and other digital services used daily by prepaid and underbanked customers.
SurgePays is building on this foundation by expanding into data driven marketing and digital partnerships that monetize verified consumer engagement and increase revenue per retail location. The Company’s strategy is to build an integrated platform that serves as the operating system for independent retailers while creating recurring revenue streams across wireless, fintech, digital marketing, and stored value programs.
Visit www.SurgePays.com for more information.
SurgePays Cautionary Note Regarding Forward-Looking Statements
This press release includes express or implied statements that are not historical facts and are considered forward-looking within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act. Forward-looking statements involve substantial risks and uncertainties and generally relate to future events or our future financial or operating performance. These statements may include projections, guidance, or other estimates regarding revenue, cash flow, business growth, market expansion, or customer acquisition, and statements regarding subscriber growth, distribution expansion, and operating scale.
In some cases, you can identify forward-looking statements by words such as “may,” “will,” “could,” “would,” “should,” “expect,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “project,” “potential,” “continue,” or similar terminology.
Although we believe the expectations reflected in these forward-looking statements are reasonable, they involve known and unknown risks and uncertainties that may cause actual results to differ materially from those described in the forward-looking statements. These risks include, but are not limited to, our ability to scale our prepaid wireless business, maintain retail distribution relationships, expand our merchant platform, and achieve anticipated subscriber growth.
Additional information regarding these and other risks can be found in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the fiscal year ended December 31, 2024. The forward-looking statements in this press release speak only as of the date they are made, and the Company undertakes no obligation to update them except as required by law.
Investor Contact:
Valter Pinto
Managing Director
KCSA Strategic Communications
212.896.1254
[email protected]
Consolidated Balance Sheets
December 31,
2025 December 31,
2024 Assets Current Assets Cash and cash equivalents$1,731,400 $11,790,389 Restricted cash - line of credit reserve 281,811 - Restricted cash - held in escrow - 1,000,000 Accounts receivable - net 4,045,162 3,000,209 Inventory 339,570 1,781,365 Prepaids and other 581,823 298,360 Total Current Assets 6,979,766 17,870,323 Property and equipment - net 403,517 591,088 Other Assets Note receivable - 176,851 Intangibles - net 819,153 1,472,962 Goodwill - 3,300,000 Operating lease - right of use asset - net 313,410 564,781 Total Other Assets 1,132,563 5,514,594 Total Assets$8,515,846 $23,976,005 Liabilities and Stockholders’ Equity (Deficit) Current Liabilities Accounts payable and accrued expenses$10,219,011 $3,929,195 Accounts payable and accrued expenses - related party 117,546 192,845 Operating lease liability 219,997 248,069 Notes payable 1,834,008 - Note payable - related party 2,730,796 1,689,367 Convertible notes payable - net 3,068,878 - Total Current Liabilities 18,190,236 6,059,476 Long Term Liabilities Note payable - related party - 1,866,288 Notes payable - SBA government 458,334 469,396 Operating lease liability 99,235 319,232 Convertible notes payable - net 5,170,860 - Total Long Term Liabilities 5,728,429 2,654,916 Total Liabilities 23,918,665 8,714,392 Stockholders’ Equity (Deficit) Common stock, $0.001 par value, 500,000,000 shares authorized 21,847,927 and 20,431,549 shares issued and 21,151,974 and 20,068,929 shares outstanding, at December 31, 2025 and December 31, 2024, respectively 21,852 20,435 Additional paid-in capital 83,246,736 76,842,878 Treasury stock - at cost (695,953 and 362,620 shares, respectively) (1,631,966) (631,967)Accumulated deficit (96,984,297) (60,915,427)Stockholders’ equity (deficit) (15,347,675) 15,315,919 Non-controlling interest (55,144) (54,306)Total SurgePays Inc. Stockholders’ Equity (Deficit) (15,402,819) 15,261,613 Total Liabilities and Stockholders’ Equity (Deficit)$8,515,846 $23,976,005
Consolidated Statements of Operations
For the Years Ended December 31, 2025 2024 Revenues, net$56,962,920 $60,881,173 Costs and expenses Cost of revenues 67,551,811 75,205,372 General and administrative expenses 20,071,121 27,458,152 Total costs and expenses 87,622,932 102,663,524 Loss from operations (30,660,012) (41,782,351) Other income (expense) Interest expense (including amortization of debt discount) (2,003,935) (554,200)Loss on lease termination - net - (194,863)Other income 7,140 636,868 Interest income 63,950 105,395 Realized gains - investments - 13,613 Dividends, interest and other income - investments - 355,549 Gain on investment in CenterCom - 33,864 Impairment loss - note receivable (176,851) - Impairment loss - CenterCom - (498,273)Impairment loss - internal use software development costs - (316,594)Impairment loss - goodwill (3,300,000) (866,782)Total other income (expense) - net (5,409,696) (1,285,423) Net income (loss) before provision for income taxes (36,069,708) (43,067,774) Provision for income tax benefit (expense) - (2,870,000) Net income (loss) including non-controlling interest (36,069,708) (45,937,774) Non-controlling interest (838) (208,550) Net income (loss) available to common stockholders$(36,068,870) $(45,729,224) Earnings per share - attributable to common stockholders Basic$(1.80) $(2.39)Diluted$(1.80) $(2.39) Weighted average number of shares outstanding - attributable to common stockholders Basic 20,085,138 19,119,181 Diluted 20,085,138 19,119,181
Consolidated Statements of Cash Flows
For the Years Ended December 31, 2025 2024 Operating activities Net loss - including non-controlling interest$(36,069,708) $(45,937,774)Adjustments to reconcile net loss to net cash used in operations Depreciation and amortization 859,970 942,450 Amortization of right-of-use assets 251,371 126,970 Amortization of debt discount/debt issue costs 759,926 - Amortization of internal use software development costs - 222,830 Impairment loss - CenterCom - 498,273 Impairment loss - internal use software development costs - 316,594 Impairment loss - goodwill - Clearline 2,500,000 866,782 Impairment loss - goodwill - Torch 800,000 - Impairment loss - note receivable 176,851 - Stock issued for services 641,430 411,740 Recognition of stock based compensation - unvested shares - related parties 939,990 6,752,706 Recognition of share based compensation - options 1,149,449 986,244 Recognition of share based compensation - options - related party 552,286 622,949 Realized gain in sale of investments - (13,613)Interest expense adjustment - SBA loans - 19,750 Right-of-use asset lease payment adjustment true up - (267,347)Gain on equity method investment - CenterCom - (33,864)Cash paid for lease termination - (212,175)Loss on lease termination - net - 194,863 Changes in operating assets and liabilities (Increase) decrease in Accounts receivable (1,044,953) 6,535,865 Inventory 1,441,795 7,265,229 Prepaids and other (283,463) (136,427)Deferred income taxes - net - 2,835,000 Increase (decrease) in Accounts payable and accrued expenses 6,355,272 (2,509,925)Accounts payable and accrued expenses - related party (75,299) (356,388)Accrued income taxes payable - (570,000)Deferred revenue - (20,000)Operating lease liability (248,069) 148,665 Net cash used in operating activities (21,293,152) (21,310,603) Investing activities Purchase of property and equipment (18,590) (518,189)Purchase of investments - net - (10,159,444)Proceeds from sale of investments - 10,173,057 Cash paid for acquisition of Clearline Mobile, Inc. - (2,500,000)Net cash used in investing activities (18,590) (3,004,576) Financing activities Proceeds from stock issued for cash 1,774,636 17,249,994 Proceeds from exercise of common stock warrants - 8,799,257 Cash paid as direct offering costs - common stock (123,197) (1,395,000)Proceeds from issuance of notes payable 6,628,811 - Repayments of notes payable (4,751,765) - Proceeds from issuance of convertible notes payable 8,450,000 - Cash paid as direct offering costs - convertibles note payable (608,000) - Repayments of loans - related party (824,859) (1,527,899)Repayments on notes payable - SBA government (11,062) (10,877)Treasury shares repurchased (share buy-backs) - (631,967)Net cash provided by financing activities 10,534,564 22,483,508 Net decrease in cash, cash equivalents and restricted cash (10,777,178) (1,831,671) Cash, cash equivalents and restricted cash - beginning of year 12,790,389 14,622,060 Cash, cash equivalents and restricted cash - end of year$2,013,211 $12,790,389 Supplemental disclosure of cash flow information Cash paid for interest$245,855 $470,208 Cash paid for income tax$- $- Supplemental disclosure of non-cash investing and financing activities Treasury stock reacquired in connection with convertible debt financing$999,999 $- Debt discount - convertible notes payable - original issue discount$245,000 $- Debt discount - convertible notes payable - issuance of common stock$271,880 $- Debt discount - convertible notes payable - issuance of warrants$1,084,927 $- Debt discount - convertible notes payable - stated interest$215,600 $- Debt discount - note payable - issuance of warrants$48,418 $- Stock issued in settlement of accounts payable$65,456 $- Reclassification of accrued interest - related party to note payable - related party$- $498,991 Exercise of warrants - cashless$- $41 Termination of ROU operating lease assets and liabilities$- $327,139 Right-of-use asset obtained in exchange for new operating lease liability$- $664,288