SURG · SurgePays, Inc.

SurgePays' 2025 results reflect a transitional year as the company navigated the conclusion of the Affordable Connectivity Program (ACP) in mid-2024. Revenue declined to $57.0 million from $60.9 million in 2024, primarily due to the expected reduction in subsidized revenue following ACP expiration. However, the company demonstrated significant operational improvements, reducing general and administrative expenses by approximately 28% year-over-year to $20.1 million, which contributed to a meaningful improvement in operating loss from $(41.8) million to $(30.7) million. Management highlighted the successful diversification of revenue streams, with MVNO revenue representing 24% of total revenue at $13.5 million and Point-of-Sale/Prepaid Services contributing 76% at $43.5 million. The company demonstrated scalability in Q3 2025 with revenue reaching $18.7 million when capital was deployed into subscriber acquisition, then intentionally reduced spending in Q4 to prioritize capital efficiency. CEO Brian Cox emphasized that SurgePays now operates with multiple revenue channels including government-subsidized wireless, LinkUp Mobile prepaid, wholesale MVNE relationships, and point-of-sale fintech platforms, reducing dependence on any single program. The company ended 2025 with $1.7 million in cash and has taken additional actions to reduce operating expenses, estimating current monthly cash burn at $250,000-$300,000 by the end of Q1 2026. Subsequent operational highlights include LinkUp Mobile surpassing 100,000 subscriber lines, expansion of digital acquisition through ProgramBenefits.com, deployment of a Managed Marketing Services platform, and strategic partnerships to expand distribution of fintech solutions.