SurgePays, Inc.
- Open
- 0.17
- Day high
- 0.17
- Day low
- 0.16
- Prev close
- 0.17
- Volume
- 1.8M
- Mkt cap
- $9M
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- -0.4
- P/S
- 0.1
- Yield
- —
- Per share
- —
- ▲Insiders net buying $21K over the last 3 months (3 open-market buys, 0 sales)
- 🏛Institutions reducing (13F)
SurgePays, Inc. (SURG) is a Technology company listed on NASDAQ. The stock is down 94% over the past year. Over the trailing 3 months, insiders filed 3 open-market buys and 0 sales (SEC Form 4).
SurgePays, Inc. (SURG) financials & analyst ratings
Fundamentals (TTM)
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
SURG earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Aug 14, 2026 | $-0.11 | $0.05 | +145.5% | $16M | +17.4% |
| May 15, 2026 | $-0.19 | $-0.51 | -168.4% | $16M | +3.2% |
| Nov 12, 2025 | $-0.17 | $-0.38 | -123.5% | $19M | -11.7% |
| Aug 13, 2025 | $-0.31 | $-0.36 | -16.1% | $12M | -28.6% |
| Mar 25, 2025 | $-0.27 | $-0.93 | -244.4% | $10M | +16.7% |
| Mar 12, 2024 | $0.41 | $0.20 | -51.2% | $32M | -3.6% |
| Nov 14, 2023 | $0.28 | $0.49 | +75.0% | $34M | -0.2% |
| Aug 10, 2023 | $0.16 | $0.40 | +150.0% | $36M | -8.1% |
| May 11, 2023 | $0.03 | $0.31 | +1133.1% | $35M | -4.7% |
| Nov 14, 2022 | $0.29 | $-0.12 | -141.4% | $36M | +9.5% |
| Aug 11, 2022 | $-0.01 | $-0.07 | -799.7% | $28M | +5.9% |
| May 16, 2022 | $-0.04 | $-0.10 | -150.0% | $21M | -1.8% |
SURG insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 5, 2026 | May David Allendirector | Buy | 121 | $0.53 |
| Jun 5, 2026 | May David Allendirector | Buy | 34,716 | $0.53 |
| Jun 5, 2026 | May David Allendirector | Buy | 5,413 | $0.53 |
| Apr 7, 2026 | Cox Kevin Briandirector, 10 percent owner, officer: CEO & Chairman | Grant | 500,000 | — |
| Apr 7, 2026 | Cox Kevin Briandirector, 10 percent owner, officer: CEO & Chairman | Grant | 800,000 | $1.25 |
| Jan 5, 2026 | Evers Anthony Georgeofficer: Chief Financial Officer | Grant | 200,000 | — |
| Dec 11, 2025 | May David Allendirector | Buy | 28,422 | $1.60 |
| Dec 11, 2025 | May David Allendirector | Buy | 10,000 | $1.62 |
| Jun 10, 2025 | May David Allendirector | Sell | 63,000 | $2.81 |
| May 27, 2025 | KEYS DAVID Ndirector | Grant | 50,000 | — |
| May 27, 2025 | Weisberg Lauriedirector | Grant | 50,000 | — |
| May 27, 2025 | Schurfeld Richard Earldirector | Grant | 50,000 | — |
| May 19, 2025 | Cox Kevin Briandirector, officer: CEO and Chairman of Board | Buy | 15,073 | $2.75 |
| Dec 4, 2024 | Cox Kevin Briandirector, officer: CEO and Chairman of Board | Sell | 35,180 | $1.82 |
| Dec 4, 2024 | Evers Anthony Georgeofficer: Chief Financial Officer | Sell | 36,666 | $1.86 |
Source: SURG SEC Form 4 filings, latest Jun 5, 2026. For informational purposes only — not investment advice.
See the full SURG insider & 13F page →SurgePays, Inc. company profile
Overview
SurgePays, Inc. (NASDAQ:SURG) is a financial technology and telecommunications company founded in 2018 that serves underbanked communities across the United States. The company went public on January 17, 2018, and is headquartered in Bartlett, Tennessee. SurgePays operates a unique business model that transforms corner stores and bodegas into technology hubs, providing essential financial and telecommunications services to low-income neighborhoods that are often overlooked by traditional providers.
Business
SurgePays operates in the intersection of financial technology and telecommunications, specifically targeting the underbanked population in the United States. The underbanked refers to individuals who have limited access to traditional banking services and rely heavily on alternative financial services. The company's core offering centers around converting small retail locations like corner stores and bodegas into comprehensive service centers for their communities. The company operates through several key business segments: **Mobile Virtual Network Operator (MVNO) and Mobile Virtual Network Enabler (MVNE) Services** represent the largest revenue component. As an MVNO, SurgePays provides wireless services directly to consumers under its own brand, while as an MVNE, it enables other companies to offer wireless services by providing the technical infrastructure and carrier relationships. The company offers subsidized wireless services through government programs like Lifeline (providing free basic wireless service to qualifying low-income individuals) and previously the Affordable Connectivity Program (ACP), which was discontinued in 2024. SurgePays also operates LinkUp Mobile, its prepaid wireless brand targeting consumers who don't qualify for government subsidies. **Platform Services** encompass the company's fintech offerings, including prepaid top-up services that allow customers to add minutes and data to their wireless plans, money transfer services, and bill payment solutions. These services are delivered through SurgePays' network of retail partners, primarily convenience stores and small retailers in underserved communities. **Point-of-Sale Technology** through its ClearLine platform provides software and hardware solutions to retail partners, including digital advertising capabilities and transaction processing systems that help store owners generate additional revenue while serving their communities. Based on recent financial projections, the wireless segment (MVNO/MVNE services) represents approximately 74% of expected revenues, with LinkUp Mobile prepaid services accounting for 37%, Lifeline subsidized services 24%, and wholesale MVNE services 13%. Platform services and other offerings comprise the remaining 26% of projected revenues.
Revenue model
SurgePays generates revenue through multiple interconnected business models that leverage its retail distribution network and telecommunications infrastructure. The company's primary revenue streams include **subscription-based wireless services**, **transaction fees**, and **platform service fees**. For its wireless services, SurgePays earns monthly recurring revenue from subscribers across its various programs. Lifeline subscribers generate approximately $9.25 per month in revenue, with the government reimbursing the company for providing free services to qualifying low-income individuals. LinkUp Mobile prepaid customers pay monthly fees ranging from basic plans to more comprehensive offerings, with the company targeting margins of $8-15 per subscriber depending on the plan. The MVNE business model generates revenue by charging other wireless companies for access to SurgePays' network infrastructure and carrier relationships, typically earning 20-30% margins on subscriber fees. The platform services division generates revenue through **transaction-based fees** on prepaid top-ups, money transfers, and bill payments processed through the retail network. These services typically generate small per-transaction fees but benefit from high volume across thousands of retail locations. **Factors that increase margins** include higher-value wireless plans, increased transaction volumes through the retail network, operational efficiencies from scale, and the transition from customer acquisition-heavy tent sales to lower-cost in-store enrollment. Government reimbursement rates for subsidized programs also directly impact profitability. **Factors that decrease margins** include intense competition in the wireless industry leading to price pressure, changes in government subsidy programs (as experienced with ACP discontinuation), customer acquisition costs for new subscribers, network infrastructure investments, and the need to share revenue with retail partners. Economic downturns could reduce demand for paid wireless services, though they might increase eligibility for subsidized programs.
Competitive moat
SurgePays' competitive moat is **moderate and primarily based on its specialized distribution network and focus on underserved markets**. The company's key defensive position stems from its extensive network of approximately 9,000 community-focused retail stores in underbanked neighborhoods, which creates a physical presence that is difficult for larger competitors to replicate cost-effectively. The company benefits from **regulatory barriers** in the subsidized wireless market, where government programs like Lifeline require specific licensing and compliance capabilities that create entry hurdles. SurgePays' bilingual operations center and cultural understanding of Hispanic and other underserved communities provide additional competitive advantages in customer acquisition and retention. However, the moat faces significant challenges. **The telecommunications industry is highly competitive** with major carriers like Verizon, AT&T, and T-Mobile possessing vastly superior resources, network infrastructure, and brand recognition. These carriers could easily expand into SurgePays' target markets if they chose to prioritize low-income segments. The company's dependence on government subsidy programs creates **regulatory risk**, as demonstrated by the ACP program discontinuation that significantly impacted revenues. **Technology disruption** poses another threat, as digital-first wireless providers and improved online enrollment capabilities could reduce the advantage of physical retail presence. The MVNE business model, while growing, operates in a commoditized market where differentiation is primarily based on price and service quality rather than unique technology or irreplaceable assets. The company's moat is best characterized as a **niche market focus** rather than a sustainable competitive advantage, making it vulnerable to both larger competitors entering the space and changes in the regulatory environment that governs its core subsidized wireless business.
Risks & safety
**Overall Assessment: Moderate to high financial risk** due to significant cash burn and dependence on external funding, though current liquidity provides near-term cushion. **Cash and Liquidity Position:** - Cash and short-term investments: $5.4 million (Q1 2025) - Current ratio: 1.72, indicating adequate short-term liquidity - Recently received $6 million convertible note from largest shareholder - Free cash flow: -$7.0 million (Q1 2025), -$21.8 million (FY 2024) **Debt and Solvency:** - Debt-to-equity ratio: 0.19 (relatively low debt burden) - Total liabilities: $2.1 million vs. total assets: $15.7 million - Company expects to achieve cash flow positive status by December 2025 **Valuation Metrics:** - Trading at 0.54x book value (potential asset play characteristics) - Negative earnings and EBITDA make traditional valuation metrics less meaningful - Enterprise value suggests market skepticism about turnaround prospects **Other Considerations:** - Revenue declined from $137 million (2023) to $61 million (2024), indicating significant operational challenges - Heavy dependence on government subsidy programs creates regulatory risk - Management projects $200 million revenue run-rate, but execution risk remains high
Recent development
Over the past two years, SurgePays has undergone a **fundamental business transformation** driven by the discontinuation of the Affordable Connectivity Program (ACP), which previously provided substantial government funding for broadband services to low-income households. This regulatory change forced the company to pivot from a subsidized wireless model to a more diversified approach. **The most significant strategic development** has been the launch of LinkUp Mobile, the company's own prepaid wireless brand, and the transition into becoming a Mobile Virtual Network Enabler (MVNE). The company completed integration with AT&T's network and began offering wholesale services to other wireless providers, creating a new revenue stream beyond direct consumer services. Management has onboarded three MVNOs with two more in the integration pipeline, targeting 250,000-300,000 monthly SIM card activations. **Geographic and operational expansion** includes opening a bilingual sales and operations center in El Salvador to support customer service and back-office functions. The company has also expanded its retail distribution network from approximately 8,000 stores to 9,000 locations, with ambitious plans to reach 100,000 distribution points by the end of 2026 through partnerships with distributors, merchant processing networks, and Lifeline providers. **Technology platform development** has focused on the ClearLine point-of-sale system, which provides digital advertising capabilities and enhanced transaction processing for retail partners. This platform aims to generate additional revenue streams while strengthening relationships with convenience store partners. **The ACP transition strategy** involved converting approximately one-third of former ACP subscribers to the Lifeline program (free government-subsidized service) while positioning the remaining customer base for conversion to paid LinkUp Mobile services. The company has enrolled over 70,000 Lifeline subscribers and continues migrating 2,000-3,000 customers daily to maintain its subscriber base during the transition period.
SURG company profile · for informational purposes only — not investment advice.
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