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SURG

SurgePays, Inc.

SURG

SurgePays, Inc. • NASDAQ
$1.98 ▼ -0.50% (-0.01)
Market Cap $39.33 M
52w High $3.47
52w Low $1.05
Dividend Yield 0%
P/E -0.93
Volume 29.11K
Outstanding Shares 19.86M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $18.68M ▲ $4.354M ▲ $-7.489M ▼ -40.092% ▲ $-0.38 ▼ $-7.065M ▼
Q2-2025 $11.518M ▲ $4.156M ▼ $-7.083M ▲ -61.491% ▲ $-0.36 ▲ $-6.511M ▲
Q1-2025 $10.577M ▲ $4.638M ▼ $-7.635M ▲ -72.183% ▲ $-0.38 ▲ $-7.205M ▲
Q4-2024 $9.597M ▲ $7.146M ▲ $-19.813M ▼ -206.455% ▲ $-0.99 ▼ $-19.7M ▼
Q3-2024 $4.77M $6.448M $-14.275M -299.293% $-0.72 $-13.861M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $2.74M ▼ $14.495M ▼ $20.919M ▲ $-6.37M ▼
Q2-2025 $4.404M ▼ $15.215M ▼ $15.154M ▲ $116.116K ▼
Q1-2025 $5.398M ▼ $15.664M ▼ $7.883M ▼ $7.836M ▼
Q4-2024 $11.79M ▼ $23.976M ▼ $8.714M ▲ $15.316M ▼
Q3-2024 $23.72M $41.499M $8.224M $33.158M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-7.489M ▼ $-4.646M ▲ $0 $2.757M ▼ $-1.665M ▼ $-4.646M ▲
Q2-2025 $-7.083M ▲ $-6.119M ▲ $0 ▲ $5.126M ▲ $-993.321K ▲ $-6.119M ▲
Q1-2025 $-7.635M ▲ $-6.963M ▲ $-18.59K ▼ $-410.545K ▲ $-7.393M ▼ $-6.982M ▲
Q4-2024 $-19.985M ▼ $-7.898M ▲ $7.582M ▲ $-545.4K ▲ $-861.17K ▲ $-7.898M ▲
Q3-2024 $-14.275M $-13.323M $-10.587M $-873.724K $-24.783M $-13.841M

Revenue by Products

Product Q1-2021Q2-2021Q3-2021Q4-2021
Other
Other
 $0 ▲$0 ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has grown meaningfully over the past few years but appears to have stepped back in the most recent period. The company moved from persistent operating losses to a brief stretch of profitability, then slipped back into a noticeable loss again. That pattern tells a story of a business that has found ways to grow and briefly turn the corner, but hasn’t yet made profitability feel durable. Margins are thin and have been fragile. Gross profit turned negative again most recently, which suggests pricing pressure, higher costs, or a mix shift toward lower‑margin business. Net income and earnings per share are volatile, reflecting both the small size of the company and its history of reverse splits. Overall, the income statement shows a company in transition: it has demonstrated that it can make money, but consistency is still missing.

Balance Sheet

Balance Sheet The balance sheet has improved over time but remains lean and somewhat fragile. Total assets have grown from a very small base, signaling investment in the business but also highlighting how modest the company’s scale still is. Equity has moved from negative to clearly positive, which is a meaningful sign of balance sheet repair and reduced financial stress. Debt, which had been present in prior years, has now effectively been removed, lowering financial risk and interest burden. Cash levels are steady but not large, suggesting that while the company is no longer highly leveraged, it does not have a deep financial cushion if conditions worsen or growth investments take longer than expected to pay off.

Cash Flow

Cash Flow Cash generation has been uneven. The company has swung between small positive and negative operating cash flow, and in the latest period it is again using cash rather than generating it. Free cash flow largely mirrors this pattern, as capital spending needs have been light. This means the business has not yet proven it can reliably fund itself from its own operations. Periods of growth or restructuring appear to come with cash burn, which likely requires careful working capital management and, at times, external funding. The low capital intensity is a plus, but the inconsistency of cash inflows is a key watchpoint.

Competitive Edge

Competitive Edge SurgePays operates in a specialized niche: providing telecom, financial, and digital services to underbanked and underserved communities through small retailers like convenience stores and bodegas. This focus gives it customer insight and relationships that many larger, more generalist players lack. Its network of thousands of retail partners is a real asset and not easy to replicate quickly. The company’s platform lets store owners offer multiple services from one system, which can make SurgePays a sticky partner. Participation in government subsidy programs strengthens demand among low‑income consumers, but also introduces policy and regulatory risk. Competition is not just other niche players; large wireless carriers, fintechs, and payment providers all want a piece of this market. SurgePays’ edge rests on its physical footprint, integrated platform, and focus on a specific demographic, but it competes from a much smaller scale than many of its rivals.

Innovation and R&D

Innovation and R&D Innovation is a clear emphasis. The SurgePays Portal turns small stores into mini service hubs, blending telecom and financial services in one place. ClearLine, its AI‑driven in‑store advertising platform, adds a software layer that can create higher‑margin, recurring revenue if adoption grows. ProgramBenefits.com shows a push into data monetization, using verified benefit recipients as a base for targeted offers. The move into providing wireless infrastructure to other companies (acting as an enabler behind the scenes) also opens up business‑to‑business revenue streams that are more recurring in nature. These initiatives collectively show a strategy that leans heavily on technology, data, and partnerships rather than heavy physical investment. The upside is meaningful if the company can scale these platforms, but execution risk is high: each new product must gain enough users and partners to justify the development effort, and missteps could weigh on an already thin financial cushion.

Summary

Overall, SurgePays looks like a small but ambitious technology and telecom platform trying to build a defensible niche around underserved communities. It has shown it can grow revenue and briefly achieve profitability, but the recent slide back into losses and negative cash flow underlines how early and fragile its financial progress still is. The balance sheet is cleaner and less leveraged than in the past, which reduces financial risk, but resources remain limited. Strategically, the company’s distribution network, government‑program exposure, and integrated products give it a differentiated position, yet also tie its fortunes to regulatory decisions and intense competition. The main opportunity lies in scaling its newer, higher‑margin platforms—ClearLine, ProgramBenefits.com, and its enabling services—across a much larger footprint of retail locations and partners. The main risks are execution, policy changes, and the challenge of reaching sustainable, consistent profitability and cash generation before capital or market patience runs thin.

NEWS

November 12, 2025 · 9:20 AM UTC

SurgePays Revenue for the Third Quarter 2025 Increases 292% Year-Over-Year and 62% Sequentially

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November 6, 2025 · 4:09 AM UTC

GPO Plus, Inc. Increases Revenue Nearly 6X Since Entering the DSD Market, Now Scaling Phase Toward National Expansion

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November 3, 2025 · 8:45 AM UTC

SurgePays to Host Third Quarter 2025 Earnings Conference Call

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October 30, 2025 · 1:42 PM UTC

SurgePays Announces Free Wireless Service for SNAP/EBT Households Impacted by Government Shutdown

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October 30, 2025 · 8:45 AM UTC

SurgePays Unlocks New Revenue Channel with Launch of Growth Marketing & Data Partnerships Division

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