SurgePays, Inc.

Listed Company

SURGCIK 0001392694NasdaqNon-AcceleratedSmaller ReportingTelephone Communications (No Radiotelephone)NevadaFY ends Dec 31

Period

FY 2025

Revenue

$56.96M

Net Income

$-36.07M

Total Assets

$8.52M

Equity

$-15.35M

Shares Out

25.12M

Op. Cash Flow

$-21.29M

Business

SurgePays, Inc. is a financial technology and telecommunications company that provides connectivity and financial access through integrated digital and retail solutions. The company offers prepaid and subsidized wireless services, SIM provisioning and billing as an MVNE/MVNO, point-of-sale transaction processing, prepaid wireless top-ups, and in-store digital engagement software. Its operations are organized into two primary segments: MVNO Telecommunications and Comprehensive Platform Services, supported by subsidiaries offering fintech, wireless, and POS technologies. SurgePays distributes services nationwide through convenience stores, bodegas, neighborhood retailers and online channels.

Summary from filing dated 2025-03-25

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenues, net	57	61	137	122	51
Cost of revenues	68	75	101	108	45
General and administrative expenses	20	27	17	13	12
Impairment loss - note receivable	176,851	—	—	—	—
Impairment loss - CenterCom	—	498,273	—	—	—
Impairment loss - internal use software development costs	—	316,594	—	—	—
Impairment loss - goodwill	3	866,782	—	—	—
Total costs and expenses	91	104	118	121	57
Loss from operations	−34	−43	19	633,785	−6
Interest expense (including amortization of debt discount)	−2	−554,200	—	—	—
Loss on lease termination - net	—	−194,863	—	—	—
Other income	7,140	636,868	—	336,726	377,743
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	—	—	—
Total other income (expense) - net	−2	396,226	−485,772	—	—
Net loss before provision for income taxes	−36	−43	18	−553,228	—
Provision for income tax benefit (expense)	—	−3	2	—	—
Net loss including non-controlling interest	−36	−46	21	−553,228	−14
Non-controlling interest	−838	−208,550	26,709	127,535	—
Net loss available to common stockholders	−36	−46	21	−680,763	−14
Basic (per share)	−1.8	−2.39	1.45	−0.05	−3.09
Diluted (per share)	−1.8	−2.39	1.38	−0.05	—
Basic (shares)	20	19	14	12	4
Diluted (shares)	20	19	15	12	—

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2024 2024-09-30	FY 2024 2024-07-31	FY 2023 2023-12-31
Cash and cash equivalents	2	12	—	—	15
Restricted cash - line of credit reserve	281,811	—	—	—	—
Restricted cash - held in escrow	—	1	—	—	—
Accounts receivable - net	4	3	—	—	10
Inventory	339,570	2	—	—	9
Prepaids and other	581,823	298,360	—	—	161,933
Total Current Assets	7	18	—	—	33
Property and equipment - net	403,517	591,088	—	—	361,841
Note receivable	—	176,851	—	—	176,851
Intangibles - net	819,153	1	—	—	2
Goodwill	—	3	—	—	2
Operating lease - right of use asset - net	313,410	564,781	565,650	—	387,869
Total Other Assets	1	6	—	—	8
Total Assets	9	24	—	—	42
Operating lease liability	219,997	248,069	—	—	43,137
Convertible notes payable - net	3	—	—	—	—
Total Current Liabilities	18	6	—	—	13
Notes payable	—	—	—	—	—
Operating lease liability	99,235	319,232	—	—	356,276
Convertible notes payable - net	5	—	—	—	—
Total Long Term Liabilities	6	3	—	—	816,799
Total Liabilities	24	9	—	—	14
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	—	—	14,404
Additional paid-in capital	83	77	—	—	43
Treasury stock - at cost (695,953 and 362,620 shares, respectively)	−2	−631,967	—	−631,967	—
Accumulated deficit	−97	−61	—	—	−15
Stockholders equity (deficit)	−15	15	—	—	28
Non-controlling interest	−55,144	−54,306	—	—	154,244
Total SurgePays Inc. Stockholders Equity (Deficit)	−15	15	—	—	28
Total Liabilities and Stockholders Equity (Deficit)	9	24	—	—	42

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	859,970	942,450	935,039	933,384	759,383
Amortization of right-of-use assets	251,371	126,970	43,483	55,316	158,085
Amortization of debt discount/debt issue costs	759,926	—	—	—	4
Amortization of internal use software development costs	—	222,830	129,060	—	—
Stock issued for services	641,430	411,740	1	103,500	—
Recognition of stock based compensation - related parties	939,990	7	529,534	—	—
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	−110,203	89,082	−28,676
Cash paid for lease termination	—	−212,175	—	—	—
Accounts receivable	−1	7	−395,718	−6	−3
Inventory	1	7	2	−7	−4
Prepaids and other	−283,463	−136,427	−50,409	—	—
Deferred income taxes - net	—	3	−3	—	—
Accrued income taxes payable	—	−570,000	570,000	—	—
Deferred revenue	—	−20,000	−223,110	−33,140	−167,050
Operating lease liability	−248,069	148,665	−39,490	−49,352	−153,583
Net cash used in operating activities	−21	−21	10	793,272	−15
Purchase of property and equipment	−18,590	−518,189	—	−11,402	−51,408
Purchase of investments - net	—	−10	—	—	—
Proceeds from sale of investments	—	10	—	—	—
Cash paid for acquisition of Clearline Mobile, Inc.	—	−3	—	−800,000	—
Net cash used in investing activities	−18,590	−3	−281,304	−1	−376,724
Proceeds from stock issued for cash	2	17	—	—	—
Proceeds from exercise of common stock warrants	—	9	207,240	473	—
Cash paid as direct offering costs - common stock	−123,197	−1	—	—	—
Proceeds from issuance of notes payable	7	—	—	7	1
Repayments of notes payable	−5	—	−2	−5	−1
Proceeds from issuance of convertible notes payable	8	—	—	—	3
Cash paid as direct offering costs - convertibles note payable	−608,000	—	—	—	—
Repayments of loans - related party	−824,859	−2	−1	—	−2
Repayments on notes payable - SBA government	−11,062	−10,877	−14,323	−11,754	—
Treasury shares repurchased (share buy-backs)	—	−631,967	—	—	—
Net cash provided by financing activities	11	22	−2	1	21
Net decrease in cash, cash equivalents and restricted cash	−11	−2	8	752,158	6
Cash paid for interest	245,855	470,208	222,326	523,005	866,684
Cash paid for income tax	—	—	—	—	—
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	—	—	—	—
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	—	126,418	—
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	—	—	515,848

Filings

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