SurgePays, Inc. operates as a financial technology and telecommunications enterprise dedicated to serving the underbanked communities across the United States. A core ...
SurgePays, Inc. (NASDAQ: SURG) operates as a publicly traded holding company with operating subsidiaries focused on financial technology and telecommunications. The company’s core positioning centers on serving underbanked communities across the United States by combining (1) prepaid and financial services and (2) connectivity solutions with a blockchain-powered software platform. From ...SurgePays, Inc. (NASDAQ: SURG) operates as a publicly traded holding company with operating subsidiaries focused on financial technology and telecommunications. The company’s core positioning centers on serving underbanked communities across the United States by combining (1) prepaid and financial services and (2) connectivity solutions with a blockchain-powered software platform.
From a business perspective, SurgePays aims to turn everyday retail touchpoints—described as corner stores and bodegas in its materials—into local “technology hubs.” The blockchain-enabled platform is intended to underpin the company’s suite of financial and prepaid offerings, which are designed to be accessible to customers who may be underserved by traditional banking channels. In telecommunications, SurgePays provides voice and SMS messaging services for subsidized retail prepaid and low-income subscribers, alongside prepaid wireless offerings. The company also offers subsidized mobile broadband connectivity across multiple U.S. states, reflecting a geographically distributed service model.
Product and service scope extends beyond consumer prepaid. SurgePays also supports law firms in the mass tort industry with services that include marketing business intelligence, plaintiff generation, and caseload management solutions. This diversification indicates an operational capability in data, marketing/lead generation workflows, and case-related administrative processes.
Operationally, SurgePays references a bilingual operations center that performs functions such as sales support, customer service, IT infrastructure design, graphic media, database programming and software development, revenue assurance, and lead generation—suggesting that parts of its delivery model are vertically integrated rather than purely outsourced.
Cost and financial considerations: the provided financial snapshot indicates negative profitability metrics on a trailing-twelve-month basis (e.g., negative margins and negative return figures), which typically implies ongoing investment and/or net losses during the period referenced. Reported liquidity and working-capital figures also appear strained in the snapshot. However, the long-term narrative from investor materials emphasizes growth initiatives and product expansion efforts tied to its telecom and fintech platform.
Key people: the CEO is Kevin Brian Cox, referenced as leading the company and associated with its growth efforts. The company was incorporated in Nevada on August 18, 2006 (commonly used as the founding/incorporation anchor in investor and SEC materials).
Overall, SurgePays’ strategy blends fintech (including blockchain-powered tooling), prepaid financial products, and subsidized connectivity, while supplementing revenue streams with marketing and data-driven services for mass tort law firms.
YoYYoY means Year-over-Year. It compares the latest annual value with the previous annual value to show long-term trend strength.
QoQQoQ means Quarter-over-Quarter. It compares the latest quarter with the immediately previous quarter to show short-term momentum changes.
RevenueThe total money that came through the front door from selling things, before paying a single bill. Think of it as the grand total of every credit card swipe from customers. (YoY compares this year to last year's performance, while QoQ compares the current three months to the previous three).
$57.0M
-6.4%
+1.4%
Net IncomeThe absolute bottom line. If the company paid every single supplier, employee, banker, and tax collector, this is the actual money left in their pocket at the end of the day.
$-36.1M
+21.1%
+110.7%
Gross MarginThe basic markup. If they sell a $100 pair of sneakers, this percentage tells you how much of that price tag is profit right after paying for the rubber and shoelaces, but before paying for things like store rent or TV commercials.
-18.6%
+21.0%
+94.6%
Operating MarginThe 'day job' efficiency score. Out of every dollar a customer spends, this shows how many cents the company keeps after making the product AND paying for all the everyday corporate overhead (like salaries, marketing, and keeping the lights on).
-59.9%
+12.7%
+55.4%
Net MarginThe final take-home percentage. When you strip away every conceivable cost, tax, and interest payment, this is the exact number of cents the company truly gets to keep from every dollar in sales.
-63.3%
+15.7%
+110.5%
Free Cash FlowThe holy grail of corporate cash. It's the spendable, physical money left over after the business pays for its daily operations AND buys the big, expensive upgrades (like new factories or servers) it needs to survive. This is the 'free' money they can use to pay dividends or buy back stock.
$-21.3M
+2.4%
+100.0%
FCF MarginThe ultimate cash conversion rate. It shows how good the company is at turning regular sales directly into cold, hard, spendable cash. A high percentage means the business is an absolute cash-printing machine.
-37.4%
-4.3%
+100.0%
Debt / EquityThe financial risk gauge. It compares how much of the company's empire was built using borrowed money (loans) versus the owners' own money (shareholders). A high number means they are heavily leveraged and playing a riskier game; a low number means they are playing it safe.
-88.2%
-394.1%
-32.7%
Current RatioThe 12-month survival check. It simply compares the cash they have right now (plus things they can quickly turn into cash) against the immediate bills they absolutely must pay this year. A score above 1 means they have enough in the wallet to cover the upcoming bills without panicking.
0.38x
-87.0%
-41.3%
Total AssetsThe absolute size of the company's empire. It bundles together absolutely everything of value they own—from the cash in the register and the inventory in the warehouse, to the software patents in the vault and the factories on the ground.
Operator: Greetings. Welcome to the SurgePays Fourth Quarter 2025 Earnings Conference Call. [Operator Instructions] Please note, this conference is being recorded. I will now turn the conference over to your host, Valter Pinto, Investor Relations at SurgePays. You may begin.
Valter Pinto: Thank you, operator, and good afternoon, everyone. Welcome to the SurgePays 2025 Fourth Quarter and Full Year Financial Results Conference Call. Today's date is April 14, 2026. And on the call today from the company are Brian Cox, President and CEO; and Chelsea Pullano, Interim Chief Financial Officer. Before we begin, I'd like to remind everyone that this call may contain forward-looking statements as they are defined under the Private Securities Litigation Reform Act of 1995. These statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements. For a discussion of such risks and uncertainties, please see SurgePays' most recent filings with the SEC. All forward-looking statements made today reflect our current expectations only, and we undertake no obligation to update any statements to reflect the events that occur after this call. Copies of today's press release are accessible on SurgePays' Investor Relations website, ir.surgepays.com. And SurgePays' Form 10-K for the year ended December 31, 2025, will also be available on SurgePays' Investor Relations website. And now I'd like to turn the call over to President and CEO, Brian Cox.
Kevin Cox: Thank you, Valter. Good afternoon, everyone, and thank you for joining us. Today, I will walk through our 2025 performance and what we proved operationally and how that directly translates into our outlook for 2026. For the full year 2025, we generated approximately $57 million in revenue, including $16.2 million in the fourth quarter. As you review our results, it's important to understand the progression of the year. We saw steady growth from Q1 through Q3, with revenue increasing from approximately $10.6 million in Q1 to $11.5 million in Q2 and then reaching $18.7 million in Q3. That third quarter was an inflection point that demonstrated the scalability of our platform when capital is deployed into subscriber growth. Q4 of 2025 is best understood in the context of what we demonstrated in Q3. In Q3, we deployed capital into subscriber acquisition and saw a clear step-function and increase in revenue. That quarter proved the scalability of our model when capital is applied. In Q4, we made the decision to pull back on that level of spend and focus on capital discipline and efficiency. As a result, revenue in Q4 declined sequentially from Q3 but remained significantly higher than Q4 of 2024. That is the key point. We proved we can scale, and we demonstrated discipline in how we manage that growth. Just as importantly, Q4 included items that are not indicative of our current operating run rate, including legal and certain …