SURG

MKT CAP:$11M

SurgePays, Inc.

Market Cap

$11M

Technology·Software - Application·🇺🇸 United States·NASDAQ

Technology·Software App·🇺🇸·NASDAQ

Stock Price

$0.69-$1.02 (-59.59%)

Apr 22, 2026

Company Details

SurgePays, Inc., a financial technology and telecommunications company, provides services to the underbanked community in the United States. Its blockchain platform utilizes a suite of financial and prepaid products to convert corner stores...

CEO

Kevin Brian Cox

IPO Date

Jan 17, 2018

Website

www.surgepays.com

Key Metrics TTM

Revenue

$46M

-61.5% YoY

Net Income

-$36M

EPS (Diluted)

-$1.84

Free Cash Flow

-$32M

Revenue / Share

$2.30

Gross Margin

-35.2%

Operating Margin

-78.2%

Net Margin

-80.1%

FCF Margin

-69.4%

P/S

0.2x

P/E

—

Earnings Reports

FY 2025

Apr 15, 2026

NEW

$57M-6.4%EPS -$1.80

Q3 2025

Nov 12, 2025

$19M+291.6%EPS -$0.38

Q2 2025

Aug 13, 2025

$12M-23.6%EPS -$0.36

Q1 2025

May 13, 2025

$11MEPS -$0.38

FY 2024

Mar 25, 2025

$61M-55.6%EPS -$2.39

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 20	$16M	$728.9K	-$3M
Q2 20	$15M	$133.0K	-$4M
Q3 20	$13M	$2M	-$2M
Q4 20	$11M	-$2M	-$2M
Q1 21	$11M	$1M	-$2M
Q2 21	$11M	$1M	-$1M
Q3 21	$15M	$2M	-$1M
Q4 21	$14M	$2M	-$90.8K
Q3 22	$36M	$2M	-$1M
Q1 23	$35M	$8M	$5M
Q4 23	$32M	$7M	$866.2K
Q2 24	$15M	-$3M	-$11M
Q3 24	$5M	-$8M	-$14M
Q1 25	$11M	-$3M	-$8M
Q2 25	$12M	-$3M	-$7M
Q3 25	$19M	-$3M	-$7M

Valuation

Quarter	P/S	P/E
Q1 20	0.6x	—
Q2 20	0.5x	—
Q3 20	0.2x	—
Q4 20	14.1x	—
Q1 21	0.8x	—
Q2 21	0.4x	—
Q3 21	0.4x	—
Q4 21	0.5x	—
Q3 22	0.9x	—
Q1 23	0.7x	—
Q4 23	1.1x	—
Q2 24	0.5x	—
Q3 24	0.4x	—
Q1 25	0.7x	—
Q2 25	1.5x	—
Q3 25	1.2x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 20	-$1M	-$1M
Q2 20	-$1M	-$1M
Q3 20	-$1M	-$1M
Q4 20	-$948.4K	-$950.9K
Q1 21	-$3M	-$3M
Q2 21	-$1M	-$1M
Q3 21	-$2M	-$2M
Q4 21	-$8M	-$8M
Q3 22	-$803.0K	-$801.2K
Q1 23	$3M	$3M
Q4 23	$2M	$2M
Q2 24	-$4M	-$4M
Q3 24	-$13M	-$14M
Q1 25	-$7M	-$7M
Q2 25	-$6M	-$6M
Q3 25	-$5M	-$5M

Capital Expenditures

Quarter	CapEx
Q1 20	$3.1K
Q2 20	$236
Q3 20	$1.3K
Q4 20	$2.5K
Q1 21	$2.6K
Q2 21	$43.4K
Q3 21	$5.4K
Q4 21	$12
Q3 22	$1.8K
Q1 23	$157.0K
Q4 23	$0
Q2 24	$0
Q3 24	$518.2K
Q1 25	$18.6K
Q2 25	$5
Q3 25	$4

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 20	+300.8%	+267.3%
Q2 20	+320.2%	+209.8%
Q3 20	+161.2%	+138.9%
Q4 20	-16.0%	-20.2%
Q1 21	-30.4%	-29.4%
Q2 21	-21.6%	-31.1%
Q3 21	+13.6%	+7.7%
Q4 21	+25.2%	+8.6%
Q3 22	+229.2%	+183.9%
Q1 23	+205.6%	+135.2%
Q4 23	+122.3%	+102.3%
Q2 24	+6.6%	+82.2%
Q3 24	-86.8%	-48.8%
Q1 25	-69.6%	-39.6%
Q2 25	-64.4%	-41.7%
Q3 25	+23.8%	-1.3%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 20	$16.9K	0.1%
Q2 20	$51.3K	0.4%
Q3 20	$59.8K	0.5%
Q4 20	$55.0K	0.5%
Q1 21	$61.6K	0.6%
Q2 21	$0	0.0%
Q3 21	$0	0.0%
Q4 21	-$4.9K	-0.0%
Q3 22	$0	0.0%
Q1 23	$9.3K	0.0%
Q4 23	$501.7K	1.6%
Q2 24	$3M	19.8%
Q3 24	$0	0.0%
Q1 25	$155.1K	1.5%
Q2 25	$0	0.0%
Q3 25	$0	0.0%

OpEx Breakdown

Quarter	G&A	S&M	SG&A
Q1 20	$3M	$100.6K	—
Q2 20	$4M	$52.4K	—
Q3 20	$3M	$63.3K	—
Q4 20	—	—	$302.5K
Q1 21	$3M	$446.8K	—
Q2 21	$2M	$115.5K	—
Q3 21	$3M	$76.4K	—
Q4 21	$2M	$22.5K	—
Q3 22	$3M	$34.7K	—
Q1 23	$3M	$32.3K	—
Q4 23	$7M	$14.9K	—
Q2 24	$7M	$11.0K	—
Q3 24	$6M	$14.4K	—
Q1 25	$5M	—	—
Q2 25	$4M	$14.1K	—
Q3 25	$4M	—	—

Rule of 40

Quarter	Rev Growth %	EBITDA Margin %	Rule of 40
Q1 20	300.8%	-14.3%	286.5
Q2 20	320.2%	-9.5%	310.7
Q3 20	161.2%	-7.6%	153.5
Q4 20	-16.0%	-11.6%	-27.6
Q1 21	-30.4%	-29.4%	-59.8
Q2 21	-21.6%	18.4%	-3.2
Q3 21	13.6%	-1.4%	12.1
Q4 21	25.2%	0.6%	25.9
Q3 22	229.2%	-2.0%	227.2
Q1 23	205.6%	14.2%	219.9
Q4 23	122.3%	3.4%	125.7
Q2 24	6.6%	-66.0%	-59.5
Q3 24	-86.8%	-290.6%	-377.4
Q1 25	-69.6%	-68.1%	-137.7
Q2 25	-64.4%	-56.5%	-120.9
Q3 25	23.8%	-37.8%	-14.0

Rule of 40

Revenue Segments

Quarter	Ecs	Other	Surge Blockchain, LLC	Surge Logics, Inc.	True Wireless, Inc.
Q1 20	$10M	$68.6K	$229.8K	$5M	$290.7K
Q2 20	$9M	$55.0K	$193.7K	$4M	$754.1K
Q3 20	$8M	$57.0K	$67.9K	$4M	$680.2K
Q4 20	$8M	$26.0K	$44.0K	$3M	$647.9K

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$3M	$0	$3M
Q2 22	$9M	$0	$9M
Q3 22	$8M	$0	$8M
Q4 22	$7M	$0	$7M
Q1 23	$9M	$0	$9M
Q2 23	$5M	$0	$5M
Q3 23	$13M	$0	$13M
Q4 23	$15M	$0	$15M
Q1 24	$43M	$0	$43M
Q2 24	$38M	$0	$38M
Q3 24	$14M	$10M	$24M
Q4 24	$12M	$0	$12M
Q1 25	$5M	$0	$5M
Q2 25	$4M	$0	$4M
Q3 25	$3M	$0	$3M
Q4 25	$2M	$0	$2M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 20	2M	+7.9%	+17.3%
Q2 20	2M	+2.2%	+13.4%
Q3 20	2M	+8.1%	+16.5%
Q4 20	2M	+3.3%	+23.2%
Q1 21	3M	+9.9%	+25.4%
Q2 21	3M	+18.6%	+45.6%
Q3 21	3M	+5.7%	+42.3%
Q4 21	4M	+17.1%	+61.3%
Q3 22	12M	+225.5%	+377.8%
Q1 23	15M	+16.8%	+370.7%
Q4 23	14M	-0.9%	+341.2%
Q2 24	19M	+34.9%	+408.3%
Q3 24	20M	+1.3%	+58.2%
Q1 25	20M	+1.9%	+38.1%
Q2 25	20M	-0.9%	+38.1%
Q3 25	20M	-0.3%	+2.1%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 20	$8M	2
Q2 20	$7M	2
Q3 20	$6M	2
Q4 20	$376.7K	30
Q1 21	$366.3K	30
Q2 21	$379.3K	30
Q3 21	$484.6K	30
Q4 21	$442.4K	32
Q3 22	$1M	32
Q1 23	$2M	20
Q4 23	$1M	22
Q2 24	$685.7K	22
Q3 24	$216.8K	22
Q1 25	$480.8K	22
Q2 25	$523.6K	22
Q3 25	$849.1K	22

Revenue / Employee