SurgePays Accelerates Growth Across All Business Verticals; Reports Q2 2025 Results and Issues Revenue Guidance of $75M to $90M in 2025 and $225M to $240M in 2026
SurgePays (NASDAQ:SURG), a wireless and POS technology company, reported Q2 2025 revenue of $11.5M, up 8.9% from Q1. The company issued ambitious revenue guidance of $75M-$90M for 2025 and $225M-$240M for 2026, driven by accelerating growth across all business verticals.
Key operational highlights include Torch Wireless achieving 57,000 subscriber activations in July, with expectations of 80,000-90,000 monthly activations by September. LinkUp Mobile shipped over 250,000 SIMs and doubled activations to 30,000+ subscribers. The company's POS fintech network now spans 9,000+ retail locations, and its MVNE platform supports 3 fully integrated MVNOs. SurgePays secured $6M in financing to accelerate growth initiatives.
SurgePays (NASDAQ:SURG), societ脿 di tecnologia wireless e POS, ha comunicato ricavi del 2掳 trimestre 2025 pari a $11,5M, in aumento dell'8,9% rispetto al primo trimestre. L'azienda ha fornito una guidance ambiziosa di $75M-$90M per il 2025 e $225M-$240M per il 2026, sostenuta dall'accelerazione della crescita in tutti i settori di attivit脿.
I principali aspetti operativi includono Torch Wireless, che a luglio ha registrato 57.000 attivazioni di abbonati, con l'attesa di raggiungere 80.000-90.000 attivazioni mensili entro settembre. LinkUp Mobile ha spedito oltre 250.000 SIM e ha raddoppiato le attivazioni, superando i 30.000 abbonati. La rete POS fintech dell'azienda conta ora oltre 9.000 punti vendita e la piattaforma MVNE supporta 3 MVNO pienamente integrati. SurgePays ha ottenuto $6M di finanziamento per accelerare le iniziative di crescita.
SurgePays (NASDAQ:SURG), empresa de tecnolog铆a inal谩mbrica y POS, anunci贸 ingresos del 2T 2025 por $11.5M, un aumento del 8.9% respecto al 1T. Emiti贸 una gu铆a de ingresos ambiciosa de $75M-$90M para 2025 y $225M-$240M para 2026, impulsada por un crecimiento acelerado en todos los verticales del negocio.
Entre los hitos operativos clave, Torch Wireless alcanz贸 57,000 activaciones de suscriptores en julio y espera llegar a 80,000-90,000 activaciones mensuales para septiembre. LinkUp Mobile despach贸 m谩s de 250,000 SIM y duplic贸 las activaciones a m谩s de 30,000 suscriptores. La red fintech POS de la compa帽铆a abarca ahora m谩s de 9,000 puntos de venta, y su plataforma MVNE soporta 3 MVNO totalmente integrados. SurgePays asegur贸 $6M en financiamiento para acelerar sus iniciativas de crecimiento.
SurgePays (NASDAQ:SURG)電� 氍挫劆 氚� POS 旮办垹 須岇偓搿�, 2025雲� 2攵勱赴 毵れ稖 $11.5M鞚� 氚滍憸頄堨溂氅� 鞝勲秳旮� 雽�牍� 8.9% 歃濌皜頄堨姷雼堧嫟. 須岇偓電� 氇摖 靷梾 攵�氍胳棎靹滌潣 靹膘灔 臧�靻嶌潉 氚旐儠鞙茧 2025雲� 毵れ稖 鞝勲鞚� $75M-$90M, 2026雲� 毵れ稖 鞝勲鞚� $225M-$240M鞙茧 鞝滌嫓頃橂姅 霌� 瓿店博鞝侅澑 臧�鞚措崢鞀るゼ 雮措啌鞎橃姷雼堧嫟.
欤检殧 鞖挫榿 靹标臣搿滊姅 Torch Wireless臧� 7鞗旍棎 臧�鞛呾瀽 頇滌劚頇� 57,000瓯挫潉 旮半頄堨溂氅� 9鞗旉箤歆� 鞗旊硠 80,000~90,000瓯挫潉 旮半寑頃橁碃 鞛堨姷雼堧嫟. LinkUp Mobile鞚� 250,000鞛� 鞚挫儊鞚� SIM鞚� 於滍晿頄堦碃 頇滌劚頇� 靾橂ゼ 霊� 氚半 電橂牑 30,000氇� 鞚挫儊鞚� 頇曤炒頄堨姷雼堧嫟. 須岇偓鞚� POS 頃�韰岉伂 雱ろ姼鞗岉伂電� 順勳灛 9,000臧� 鞚挫儊鞚� 靻岆Г 歆�鞝�鞐� 鞚措ゴ氅� MVNE 頂岆灚韽检潃 鞕勳爠頌� 韱淀暕霅� 3臧滌潣 MVNO毳� 歆�鞗愴暕雼堧嫟. SurgePays電� 靹膘灔 臧�靻嶌潉 鞙勴暣 $6M鞚� 鞛愱笀鞚� 頇曤炒頄堨姷雼堧嫟.
SurgePays (NASDAQ:SURG), entreprise de technologies sans fil et POS, a annonc茅 un chiffre d'affaires au 2T 2025 de $11,5M, en hausse de 8,9% par rapport au 1T. La soci茅t茅 a publi茅 des pr茅visions ambitieuses de $75M鈥�$90M pour 2025 et $225M鈥�$240M pour 2026, soutenues par une acc茅l茅ration de la croissance sur l'ensemble de ses secteurs d'activit茅.
Parmi les points op茅rationnels cl茅s, Torch Wireless a enregistr茅 57 000 activations d'abonn茅s en juillet, avec l'objectif d'atteindre 80 000鈥�90 000 activations mensuelles d'ici septembre. LinkUp Mobile a exp茅di茅 plus de 250 000 cartes SIM et a doubl茅 les activations pour d茅passer 30 000 abonn茅s. Le r茅seau fintech POS compte d茅sormais plus de 9 000 points de vente, et la plateforme MVNE prend en charge 3 MVNO enti猫rement int茅gr茅s. SurgePays a obtenu $6M de financement pour acc茅l茅rer ses initiatives de croissance.
SurgePays (NASDAQ:SURG), ein Anbieter von Wireless- und POS鈥慣echnologie, meldete Umsatz im 2. Quartal 2025 von $11,5M, ein Anstieg von 8,9% gegen眉ber dem 1. Quartal. Das Unternehmen gab eine ambitionierte Umsatzprognose von $75M鈥�$90M f眉r 2025 und $225M鈥�$240M f眉r 2026 heraus, getragen von beschleunigtem Wachstum in allen Gesch盲ftsbereichen.
Zu den operativen Highlights z盲hlt, dass Torch Wireless im Juli 57.000 Aktivierungen verzeichnete und bis September monatlich 80.000鈥�90.000 Aktivierungen erwartet werden. LinkUp Mobile verschickte 眉ber 250.000 SIM鈥慘arten und verdoppelte die Aktivierungen auf mehr als 30.000 Abonnenten. Das POS鈥慒intech鈥慛etzwerk des Unternehmens umfasst nun mehr als 9.000 Einzelhandelsstandorte, und die MVNE鈥慞lattform unterst眉tzt 3 vollst盲ndig integrierte MVNOs. SurgePays sicherte sich $6M an Finanzierung, um Wachstumsinitiativen zu beschleunigen.
- Revenue growth of 8.9% quarter-over-quarter to $11.5M
- Aggressive revenue guidance projecting 3x growth from 2025 ($75M-$90M) to 2026 ($225M-$240M)
- Torch Wireless subscriber activations surged from 20,000 in June to 57,000 in July
- LinkUp Mobile doubled activations between April and July to over 30,000 subscribers
- Secured $6M in financing to support growth initiatives
- Successful AT&T network integration completed
- Positive operating cash flow expected by end of 2025
- Year-over-year revenue declined due to conclusion of federal ACP program in 2024
- Significant investments required in infrastructure and leadership for growth
- Initial Phone in a Box inventory of 2,600 units sold out, indicating potential supply constraints
Insights
SurgePays reports modest Q2 growth but projects massive 2026 revenue surge driven by accelerating subscriber activations across multiple verticals.
SurgePays delivered $11.5 million in Q2 2025 revenue, representing a sequential increase of
The growth story centers primarily around the rapid scaling of Torch Wireless, SurgePays' Lifeline-subsidized brand. After activating 20,000 subscribers in June and 57,000 in July, management expects to reach 80,000-90,000 monthly activations by September. This acceleration is remarkable considering it surpasses their previous peak growth rate achieved during the now-concluded Affordable Connectivity Program (ACP) era.
The company's diversification strategy is showing traction across multiple verticals. Their LinkUp Mobile MVNO platform has shipped over 250,000 SIMs and doubled activations between April and July to exceed 30,000 subscribers. Their fintech POS network now spans 9,000+ retail locations generating recurring transaction revenue. Their wholesale MVNE platform has integrated with three MVNOs, creating another revenue stream.
The company secured
The successful integration with AT&T's nationwide network in April appears to be a key catalyst enabling the accelerated subscriber growth. The quick sellout of their new "Phone in a Box" product line (2,600 units in under 30 days) indicates strong demand for their retail offerings and potential for additional revenue streams.
While second quarter revenue increased approximately
The Company now expects 2025 revenue to be
Brian Cox, Chairman and CEO, commented:
"The second quarter set the stage, but the momentum in recent weeks has been extraordinary, with subscriber activations, retail expansion, and wholesale platform growth all hitting record levels 鈥� positioning SurgePays for the strongest growth period in its history.
Since July, we have seen unprecedented acceleration across every vertical 鈥� led by Torch Wireless, our Lifeline-subsidized brand, which activated 20,000 subscribers in June, 57,000 in July, and is on track for an expected 80,000 to 90,000 ongoing activations per month by September, surpassing our ACP-era peak growth rate in a fraction of the time.
This momentum is the result of retooling our ACP infrastructure for Lifeline, adding a seasoned leadership team, deploying new technology, expanding distribution, and fully integrating with AT&T's nationwide network. In parallel, LinkUp Mobile is gaining strong traction, our MVNE wholesale platform is onboarding multiple new partners, and our prepaid POS fintech network is driving recurring transaction revenue from thousands of retail locations nationwide.
With visibility into our growth trajectory and scalable infrastructure in place, we are confident in achieving our
2025 Operational Highlights to Date
- Completed nationwide launch on the AT&T network and full integration April 1.
- Torch Wireless (Lifeline program) scaling rapidly: 20,000 activations in June; 57,000 in July; expecting 80,000鈥�90,000 monthly run rate by September.
- LinkUp Mobile prepaid platform shipped over 250,000 SIMs to customers and retail partners; activations more than doubled between April and July to over 30,000 subscribers.
- Prepaid POS fintech network continues to expand, driving recurring top-up and activation revenue from over 9,000 locations.
- MVNE (HERO) platform now supports 3 fully integrated MVNOs
- "Phone in a Box" ready-to-retail smartphone kit sold out of 2,600 units in under 30 days; additional production underway.
- Secured
$6 million - Over 9,000 retail locations in network, with national distributor partnerships expanding reach.
Q2 2025 Financial Results
Second quarter 2025 revenue totaled
The Company has made targeted investments in AT&T integration, MVNE platform development, POS fintech expansion, and leadership additions to support scalable growth.
2025 & 2026 Guidance
SurgePays expects revenue of
Second Quarter 2025 Financial Results Conference Call
SurgePays management will host a webcast today at听5 p.m. ET听/听2 p.m. PT听to discuss these results.
听The live webcast of the call can be accessed on the Company's investor relations website at听ir.surgepays.com, or by registering at the following link:听SurgePays Second Quarter Earnings Conference Call听.
Telephone access to the call will be available at 877-545-0523 (in the
Replay of the webcast will be available for a one-year period and will be accessible at this听link.
About SurgePays, Inc.
SurgePays, Inc. is a wireless and fintech company focused on delivering mobile connectivity and financial services to underserved communities. As both a mobile virtual network operator (MVNO) and mobile virtual network enabler (MVNE), SurgePays operates its own wireless brand while also providing back-end infrastructure, including provisioning and billing, to other wireless providers. The Company's proprietary point-of-sale platform is used nationwide in thousands of retail locations, enabling SIM activations, top-ups, and digital financial services. SurgePays is built to scale and uniquely positioned to grow across both retail and wholesale wireless channels. Visit 听for more information.
Cautionary Note Regarding Forward-Looking Statements
This press release includes express or implied statements that are not historical facts and are considered forward-looking within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act. Forward-looking statements involve substantial risks and uncertainties and generally relate to future events or our future financial or operating performance. These statements may include projections, guidance, or other estimates regarding revenue, cash flow, business growth, market expansion, or customer acquisition. In some cases, you can identify forward-looking statements by the following words: "may," "will," "could," "would," "should," "expect," "intend," "plan," "anticipate," "believe," "estimate," "predict," "project," "potential," "continue," "ongoing," "attempting," or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words.
Although we believe the expectations reflected in these forward-looking statements, such as regarding our revenue, margins, expectations for customer demand, and profitability potential are reasonable, these statements relate to future events or our future operational or financial performance and involve known and unknown risks, uncertainties, and other factors that may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by these forward-looking statements. Furthermore, actual results may differ materially from those described in the forward-looking statements and will be affected by a variety of risks and factors that are beyond our control, including, without limitation, the assumption that the Company will be able to obtain high-margin recurring revenues, statements about our future financial performance, including our revenue, cash flows, costs of revenue and operating expenses; our anticipated growth; and our predictions about our industry and customer demand. These include, but are not limited to, our ability to scale our prepaid wireless business, transition ACP subscribers to Lifeline, maintain our MVNE partnerships, and achieve financial targets. The forward-looking statements contained in this release are also subject to other risks and uncertainties, including those more fully described in our filings with the Securities and Exchange Commission ("SEC"), including in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024. The forward-looking statements in this press release speak only as of the date on which the statements are made. We undertake no obligation to update, and expressly disclaim the obligation to update, any forward-looking statements made in this press release to reflect events or circumstances after the date of this press release or to reflect new information or the occurrence of unanticipated events, except as required by law.
SurgePays, Inc. and Subsidiaries | ||||||||
Consolidated Balance Sheets | ||||||||
June 30, 2025 | December 31, 2024 | |||||||
(Unaudited) | ||||||||
Assets | ||||||||
Current Assets | ||||||||
Cash and cash equivalents | $ | 4,404,449 | $ | 11,790,389 | ||||
Restricted cash - held in escrow | - | 1,000,000 | ||||||
Accounts receivable - net | 2,680,713 | 3,000,209 | ||||||
Inventory | 2,410,817 | 1,781,365 | ||||||
Prepaids and other | 198,403 | 298,360 | ||||||
Total Current Assets | 9,694,382 | 17,870,323 | ||||||
Property and equipment - net | 457,195 | 591,088 | ||||||
Other Assets | ||||||||
Note receivable | 176,851 | 176,851 | ||||||
Intangibles - net | 1,145,756 | 1,472,962 | ||||||
Goodwill | 3,300,000 | 3,300,000 | ||||||
Operating lease - right of use asset - net | 441,225 | 564,781 | ||||||
Total Other Assets | 5,063,832 | 5,514,594 | ||||||
Total Assets | $ | 15,215,409 | $ | 23,976,005 | ||||
Liabilities and Stockholders' Equity | ||||||||
Current Liabilities | ||||||||
Accounts payable and accrued expenses | $ | 5,108,402 | $ | 3,929,195 | ||||
Accounts payable and accrued expenses - related party | - | 192,845 | ||||||
Operating lease liability | 248,069 | 248,069 | ||||||
Note payable - related party | 1,915,331 | 1,689,367 | ||||||
Convertible note payable - net | 1,430,267 | - | ||||||
Total Current Liabilities | 8,702,069 | 6,059,476 | ||||||
Long Term Liabilities | ||||||||
Note payable - related party | 955,905 | 1,866,288 | ||||||
Notes payable - SBA government | 463,884 | 469,396 | ||||||
Operating lease liability | 198,180 | 319,232 | ||||||
Convertible note payable - net | 4,833,979 | - | ||||||
Total Long Term Liabilities | 6,451,948 | 2,654,916 | ||||||
Total Liabilities | 15,154,017 | 8,714,392 | ||||||
Stockholders' Equity | ||||||||
Common stock, | 20,435 | 20,435 | ||||||
Additional paid-in capital | 77,360,756 | 76,842,878 | ||||||
Treasury stock - at cost (695,953 and 362,620 shares, respectively) | (1,631,966) | (631,967) | ||||||
Accumulated deficit | (75,633,109) | (60,915,427) | ||||||
Stockholders' equity | 116,116 | 15,315,919 | ||||||
Non-controlling interest | (54,724) | (54,306) | ||||||
Total Stockholders' Equity | 61,392 | 15,261,613 | ||||||
Total Liabilities and Stockholders' Equity | $ | 15,215,409 | $ | 23,976,005 | ||||
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SurgePays, Inc. and Subsidiaries | ||||||||||||||||
Consolidated Statements of Operations | ||||||||||||||||
(Unaudited) | ||||||||||||||||
2025 | 2024 | 2025 | 2024 | |||||||||||||
For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||||
2025 | 2024 | 2025 | 2024 | |||||||||||||
Revenues | $ | 11,518,166 | $ | 15,085,699 | $ | 22,095,596 | $ | 46,514,834 | ||||||||
Costs and expenses | ||||||||||||||||
Cost of revenues | 14,172,832 | 18,528,774 | 27,692,607 | 41,775,243 | ||||||||||||
General and administrative expenses | 4,155,843 | 7,432,978 | 8,793,401 | 13,863,783 | ||||||||||||
Total costs and expenses | 18,328,675 | 25,961,752 | 36,486,008 | 55,639,026 | ||||||||||||
Loss from operations | (6,810,509) | (10,876,053) | (14,390,412) | (9,124,192) | ||||||||||||
Other income (expense) | ||||||||||||||||
Interest expense | (212,419) | (116,722) | (331,853) | (249,305) | ||||||||||||
Interest income | 7,008 | - | 64,267 | - | ||||||||||||
Other income | 636,868 | 6,785 | 636,868 | |||||||||||||
Gain on investment in CenterCom | - | 17,711 | - | 33,864 | ||||||||||||
Amortization of debt discount | (66,887) | - | (66,887) | - | ||||||||||||
Total other income (expense) - net | (272,298) | 537,857 | (327,688) | 421,427 | ||||||||||||
Net loss before provision for income taxes | (7,082,807) | (10,338,196) | (14,718,100) | (8,702,765) | ||||||||||||
Provision for income tax benefit (expense) | - | (2,547,000) | - | (2,970,000) | ||||||||||||
Net loss including non-controlling interest | (7,082,807) | (12,885,196) | (14,718,100) | (11,672,765) | ||||||||||||
Non-controlling interest | (209) | (19,431) | (418) | (31,595) | ||||||||||||
Net loss available to common stockholders | $ | (7,082,598) | $ | (12,865,765) | $ | (14,717,682) | $ | (11,641,170) | ||||||||
Earnings per share - attributable to common stockholders | ||||||||||||||||
Basic | $ | (0.36) | $ | (0.66) | $ | (0.74) | $ | (0.63) | ||||||||
Diluted | $ | (0.36) | $ | (0.66) | $ | (0.74) | $ | (0.63) | ||||||||
Weighted average number of shares outstanding - | ||||||||||||||||
Basic | 19,889,442 | 19,431,549 | 19,978,690 | 18,562,416 | ||||||||||||
Diluted | 19,889,442 | 19,431,549 | 19,978,690 | 18,562,416 | ||||||||||||
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SurgePays, Inc. and Subsidiaries | ||||||||
Consolidated Statements of Cash Flows | ||||||||
(Unaudited) | ||||||||
2025 | 2024 | |||||||
For the Six Months Ended June 30, | ||||||||
2025 | 2024 | |||||||
Operating activities | ||||||||
Net loss - including non-controlling interest | $ | (14,718,100) | $ | (11,672,765) | ||||
Adjustments to reconcile net loss to net cash used in operations | ||||||||
Depreciation and amortization | 479,689 | 467,520 | ||||||
Amortization of right-of-use assets | 123,556 | 46,995 | ||||||
Amortization of debt discount/debt issue costs | 66,887 | - | ||||||
Amortization of internal use software development costs | - | 111,414 | ||||||
Stock issued for services | - | 411,740 | ||||||
Recognition of stock based compensation - unvested shares - related parties | 310,238 | 4,478,994 | ||||||
Recognition of share based compensation - options - related party | - | 6,196 | ||||||
Interest expense adjustment - SBA loans | - | 19,750 | ||||||
Right-of-use asset lease payment adjustment true up | - | (97,346) | ||||||
Gain on equity method investment - CenterCom | - | (33,864) | ||||||
Changes in operating assets and liabilities | ||||||||
(Increase) decrease in | ||||||||
Accounts receivable | 319,496 | 8,123,897 | ||||||
Inventory | (629,452) | 683,160 | ||||||
Prepaids and other | 99,957 | (345,994) | ||||||
Deferred income taxes - net | - | 2,835,000 | ||||||
Increase (decrease) in | ||||||||
Accounts payable and accrued expenses | 1,179,207 | (4,641,563) | ||||||
Accounts payable and accrued expenses - related party | (192,845) | (49,380) | ||||||
Accrued income taxes payable | - | (470,000) | ||||||
Deferred revenue | - | (20,000) | ||||||
Operating lease liability | (121,052) | 56,134 | ||||||
Net cash used in operating activities | (13,082,419) | (90,112) | ||||||
Investing activities | ||||||||
Purchase of leasehold improvements | (18,590) | - | ||||||
Net cash used in investing activities | (18,590) | - | ||||||
Financing activities | ||||||||
Proceeds from stock issued for cash | - | 17,249,994 | ||||||
Proceeds from exercise of common stock warrants | - | 8,799,257 | ||||||
Cash paid as direct offering costs - common stock | - | (1,395,000) | ||||||
Proceeds from issuance of convertible note payable | 6,000,000 | - | ||||||
Cash paid as direct offering costs - convertible note payable | (595,000) | - | ||||||
Repayments of loans - related party | (684,419) | (746,104) | ||||||
Repayments on notes payable - SBA government | (5,512) | (5,515) | ||||||
Net cash provided by financing activities | 4,715,069 | 23,902,632 | ||||||
Net increase (decrease) in cash, cash equivalents and restricted cash | (8,385,940) | 23,812,520 | ||||||
Cash, cash equivalents and restricted cash - beginning of period | 12,790,389 | 14,622,060 | ||||||
Cash, cash equivalents and restricted cash - end of period | $ | 4,404,449 | $ | 38,434,580 | ||||
Supplemental disclosure of cash flow information | ||||||||
Cash paid for interest | $ | 188,244 | $ | 259,765 | ||||
Cash paid for income tax | $ | - | $ | - | ||||
Supplemental disclosure of non-cash investing and financing activities | ||||||||
Reclassification of accrued interest - related party to note payable - related party | $ | - | $ | 498,991 | ||||
Exercise of warrants - cashless | $ | - | $ | 41 | ||||
Goodwill (ClearLine Mobile, Inc.) | $ | - | $ | 2,500,000 | ||||
Right-of-use asset obtained in exchange for new operating lease liability | $ | - | $ | 98,638 | ||||
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FAQ
What is SurgePays (SURG) revenue guidance for 2025 and 2026?
How many subscriber activations did SurgePays Torch Wireless achieve in July 2025?
What was SurgePays Q2 2025 revenue?
How many retail locations are in SurgePays network?
What financing did SurgePays secure in 2025?
