SurgePays, Inc. (SURG) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 2, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q2 FY2026, filed Aug 19, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the SURG SEC filings page.
SurgePays, Inc. (SURG) reported $57.0M in revenue for fiscal year 2025, down 6.4% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
The business shifted from profitable growth in FY2023 to shrinking sales, negative gross margins, heavy cash use, and balance-sheet stress by FY2025.
Gross margin deterioration moved from26.0% in FY2023 to-18.6% in FY2025, while operating cash flow also reversed direction. That pairing indicates the earnings collapse reflected deteriorating transaction economics that directly drained cash, rather than depreciation or financing alone.
The FY2025 gross loss of
By FY2025, liabilities of
Financial Health Signals
Scored against emerging companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of SurgePays, Inc.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
SurgePays, Inc. held $1.7M in cash, cash equivalents and investments at the end of fiscal year 2025, and its operations used $21.3M of cash that year. Cash Runway ranks emerging companies on the size of that balance against the outflow behind it, and SurgePays, Inc. scores 4/100 among other emerging companies.
SurgePays, Inc. had 25M shares outstanding at the end of fiscal year 2025, against 20M in fiscal year 2024. Dilution ranks emerging companies on how fast that count has grown over three years, where a slower rise is the better one, and SurgePays, Inc. scores 42/100 among other emerging companies.
Not available for SurgePays, Inc., and counted as zero in the overall score.
SurgePays, Inc. reported revenue of $57.0M in fiscal year 2025, against $60.9M in fiscal year 2024. Revenue Progress ranks emerging companies on the three-year path of that line, and SurgePays, Inc. scores 10/100 among other emerging companies.
Not available for SurgePays, Inc., and counted as zero in the overall score.
SurgePays, Inc.'s cash, cash equivalents and investments came to $1.7M at the end of fiscal year 2025, against $23.9M of total liabilities. Balance Sheet ranks emerging companies on that comparison, and SurgePays, Inc. scores 13/100 among other emerging companies.
SurgePays, Inc. scores -23.87, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($7.9M) relative to total liabilities ($23.9M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
SurgePays, Inc. passes 3 of 9 financial strength tests. 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.
SurgePays, Inc. reported a net loss of $36.1M while operations used $21.3M of cash. With neither figure positive, the ratio between the two carries no quality signal.
SurgePays, Inc. reported an operating loss of $34.1M against $216K in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
Key Financial Metrics
Earnings & Revenue
SurgePays, Inc. generated $16.2M in revenue in Q2 2026. This represents an increase of 40.7% from the same quarter a year earlier. Against the prior quarter it is up 1.4%.
SurgePays, Inc.'s EBITDA was $3.5M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 151.6% from the same quarter a year earlier. Against the prior quarter it is up 131.1%.
SurgePays, Inc. reported $1.3M in net income in Q2 2026. This represents an increase of 118.2% from the same quarter a year earlier. Against the prior quarter it is up 110.7%.
Cash & Balance Sheet
SurgePays, Inc. held $2.0M in cash against $17.7M in long-term debt as of Q2 2026.
Not reported for Q2 2026.
Not reported for Q2 2026.
Margins & Returns
SurgePays, Inc.'s gross margin was -2.6% in Q2 2026, indicating the percentage of revenue retained after direct costs. This is up 20.4 percentage points from the same quarter a year earlier. Against the prior quarter it is up 45.5 percentage points.
SurgePays, Inc.'s operating margin was 21.3% in Q2 2026, reflecting core business profitability. This is up 80.4 percentage points from the same quarter a year earlier. Against the prior quarter it is up 91.4 percentage points.
SurgePays, Inc.'s net profit margin was 8.0% in Q2 2026, showing the share of revenue converted to profit. This is up 69.4 percentage points from the same quarter a year earlier. Against the prior quarter it is up 83.3 percentage points.
Not reported for Q2 2026.
Capital Allocation
None of these metrics is reported for Q2 2026.
SURG Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $16.2M+40.7% | $16.0M+51.1% | $16.2M+68.7% | $18.7M+291.6% | $11.5M-23.6% | $10.6M-66.3% | $9.6M-70.3% | $4.8M-86.0% |
| Cost of Revenue | $16.6M+17.3% | $23.7M+75.2% | $18.6M-10.8% | $21.3M+68.8% | $14.2M-23.5% | $13.5M-41.8% | $20.8M-16.3% | $12.6M-46.8% |
| Gross Profit | -$425K+84.0% | -$7.7M-161.6% | -$2.4M+78.7% | -$2.6M+66.8% | -$2.7M+22.9% | -$2.9M-136.0% | -$11.2M-250.9% | -$7.8M-174.7% |
| SG&A Expenses | $4.6M+11.5% | $3.5M-24.5% | $6.9M-3.1% | $4.4M-32.5% | $4.2M-44.1% | $4.6M-27.9% | $7.1M+8.7% | $6.4M+90.3% |
| Operating Income | $3.5M+150.7% | -$11.2M-47.8% | -$12.8M+36.2% | -$7.0M+51.3% | -$6.8M+37.4% | -$7.6M-532.7% | -$20.1M-2415.6% | -$14.3M-301.4% |
| EBITDA | $3.5M+151.6% | -$11.2M-49.1% | -$12.8M+34.6% | -$6.9M+50.5% | -$6.7M+37.6% | -$7.5M-511.2% | -$19.5M-2184.2% | -$14.0M-287.2% |
| Interest Expense | $1.0M+267.5% | $882K+638.4% | -$608K | $425K+276.4% | $279K+139.3% | $119K | N/A | $113K |
| Net Income | $1.3M+118.2% | -$12.1M-57.8% | -$13.9M+30.0% | -$7.5M+47.5% | -$7.1M+45.0% | -$7.6M-723.5% | -$19.8M-755.8% | -$14.3M-301.5% |
| EPS (Basic) | $0.05+113.9% | -$0.51-34.2% | -$0.69+32.4% | -$0.38+47.9% | -$0.36+45.5% | -$0.38-642.9% | -$1.02-585.7% | -$0.73-246.0% |
| EPS (Diluted) | $0.05 | -$0.51-34.2% | -$0.69+32.4% | -$0.38+47.9% | -$0.36+45.5% | -$0.38-642.9% | -$1.02-636.8% | -$0.73-249.0% |
| Diluted Shares (Avg) | 26M | 24M+18.1% | N/A | 20M+0.8% | 20M+2.4% | 20M+7.4% | N/A | 20M+35.7% |
Not reported in any period shown, so not listed: R&D Expenses, Income Tax.
SURG Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $9.2M-39.3% | $9.5M-39.3% | $8.5M-64.5% | $14.5M-65.1% | $15.2M-73.0% | $15.7M-77.5% | $24.0M-42.8% | $41.5M-4.0% |
| Current Assets | $4.9M-49.9% | $8.2M-16.7% | $7.0M-60.9% | $9.2M-72.8% | $9.7M-80.1% | $9.9M-83.3% | $17.9M-46.4% | $33.9M-9.0% |
| Cash & Equivalents | $2.0M-55.6% | $2.0M-63.1% | $1.7M-85.3% | $2.5M-81.6% | $4.4M-88.5% | $5.4M-87.4% | $11.8M-19.4% | $13.7M+7.2% |
| Short-Term Investments | $0 | $0 | $0 | $0-100.0% | $0 | $0 | $0 | $10.1M |
| Inventory | $254K-89.5% | $340K-80.9% | $340K-80.9% | $1.9M-77.1% | $2.4M-71.2% | $1.8M-75.7% | $1.8M-80.3% | $8.4M-42.5% |
| Accounts Receivable | $1.8M-31.8% | $5.0M+102.7% | $4.0M+34.8% | $4.3M+183.4% | $2.7M+89.8% | $2.5M-69.9% | $3.0M-68.5% | $1.5M-84.5% |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Goodwill | N/A | N/A | N/A | $3.3M-20.8% | $3.3M-20.8% | $3.3M-20.8% | $3.3M+98.0% | $4.2M+150.0% |
| Total Liabilities | $30.0M+97.9% | $33.4M+323.3% | $23.9M+174.5% | $20.9M+154.4% | $15.2M+49.7% | $7.9M-41.2% | $8.7M-35.6% | $8.2M-57.6% |
| Current Liabilities | $26.2M+200.6% | $30.0M+423.4% | $18.2M+200.4% | $17.7M+225.2% | $8.7M+31.8% | $5.7M-39.1% | $6.1M-52.3% | $5.4M-62.5% |
| Non-Current Liabilities | $3.8M-40.7% | $3.3M+55.3% | $5.7M+115.3% | $3.2M+16.4% | $6.5M+83.1% | $2.1M-46.0% | $2.7M+225.0% | $2.8M-43.2% |
| Long-Term Debt | $17.7M+84.3% | N/A | $15.2M+278.8% | $12.0M+171.3% | $9.6M+99.5% | $3.6M-30.4% | $4.0M-20.2% | $4.4M-13.5% |
| Total Equity | -$20.7M-17921.7% | -$23.8M-403.9% | -$15.3M-200.2% | -$6.4M-119.2% | $116K-99.7% | $7.8M-86.0% | $15.3M-45.8% | $33.2M+39.9% |
| Retained Earnings | -$107.7M-42.5% | -$109.0M-59.1% | -$97.0M-59.2% | -$83.1M-102.2% | -$75.6M-181.9% | -$68.6M-391.0% | -$60.9M-301.1% | -$41.1M-125.7% |
SURG Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$2.6M+57.0% | -$4.6M+34.6% | -$3.6M+54.9% | -$4.6M+65.1% | -$6.1M-48.2% | -$7.0M-272.4% | -$7.9M-503.4% | -$13.3M-264.4% |
| Depreciation & Amortization | $27K-59.6% | $27K-68.8% | $27K-67.0% | $27K-90.5% | $66K-5.7% | $86K+22.4% | $81K-65.2% | $282K-26.8% |
| Stock-Based Compensation | N/A | N/A | N/A | N/A | $155K-94.8% | N/A | N/A | N/A |
| Investing Cash Flow | N/A | N/A | $0-100.0% | $0 | $0 | -$19K | $7.6M | N/A |
| Financing Cash Flow | $2.6M-49.4% | $5.0M+1306.6% | $3.1M+661.6% | $2.8M+415.5% | $5.1M+1447.7% | -$411K-101.7% | -$545K-713.6% | -$874K-55.4% |
Not reported in any period shown, so not listed: Capital Expenditures, Free Cash Flow, Dividends Paid, Share Buybacks.
SURG Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | -2.6%+20.4pp | -48.2%-20.3pp | -14.8% | -13.9% | -23.1%-0.2pp | -27.8%-53.9pp | -117.1% | -164.2% |
| Operating Margin | 21.3%+80.4pp | -70.1%+1.6pp | -79.0% | -37.2% | -59.1%+13.0pp | -71.7%-77.2pp | -209.0% | -299.3% |
| Net Margin | 8.0%+69.4pp | -75.4%-3.2pp | -85.6% | -40.1% | -61.5%+23.8pp | -72.2%-76.1pp | -206.5% | -299.2% |
| Return on Equity | N/A | N/A | N/A | N/A | -6099.6%-6071.7pp | -97.4%-99.6pp | -129.4%-140.1pp | -43.0%-73.0pp |
| Return on Assets | 14.0%+60.5pp | -126.8%-78.1pp | -162.8%-80.1pp | -51.7%-17.3pp | -46.6%-23.7pp | -48.7%-50.5pp | -82.6%-89.9pp | -34.4%-50.8pp |
| Current Ratio | 0.19-0.9x | 0.27-1.4x | 0.38-2.6x | 0.52-5.7x | 1.11-6.3x | 1.72-4.5x | 2.95+0.3x | 6.24+3.7x |
| Debt-to-Equity | N/A | N/A | N/A | N/A | 82.67+82.6x | 0.46+0.4x | 0.26+0.1x | 0.13-0.1x |
| Asset Turnover | 1.75+1.0x | 1.68+1.0x | 1.90+1.5x | 1.29+1.2x | 0.76+0.5x | 0.68+0.2x | 0.40-0.4x | 0.12-0.7x |
Not reported in any period shown, so not listed: FCF Margin.
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Gross Margin, Operating Margin, Net Margin.
Note: Shareholder equity is negative (-$15.3M), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.
Note: The current ratio is below 1.0 (0.38), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| SurgePays, Inc. SURG | FY2025 | $57.0M | -$36.1M | -63.3% | $7.9M | 12/100 |
| uCloudlink Group Inc. UCL | FY2025 | $81.4M | $6.3M | 7.7% | $10.5M | 54/100 |
| FingerMotion, Inc. FNGR | FY2026 | $24.1M | -$7.0M | -29.2% | $18.9M | 26/100 |
| KVH Industries Inc KVHI | FY2025 | $111.0M | -$7.4M | -6.7% | $127.2M | 49/100 |
| ATN International, Inc ATNI | FY2025 | $728.0M | -$23.5M | -3.2% | $429.9M | 29/100 |
| CREXENDO INC CXDO | FY2025 | $68.2M | $5.1M | 7.4% | $196.9M | 51/100 |
Where SurgePays, Inc. Ranks
Frequently Asked Questions
What is SurgePays, Inc.'s annual revenue?
SurgePays, Inc. (SURG) reported $57.0M in total revenue for fiscal year 2025. This represents a -6.4% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is SurgePays, Inc.'s revenue growing?
SurgePays, Inc. (SURG) revenue declined by 6.4% year-over-year, from $60.9M to $57.0M in fiscal year 2025.
Is SurgePays, Inc. profitable?
No, SurgePays, Inc. (SURG) reported a net income of -$36.1M in fiscal year 2025, with a net profit margin of -63.3%.
What is SurgePays, Inc.'s EBITDA?
SurgePays, Inc. (SURG) had EBITDA of -$33.9M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does SurgePays, Inc. have?
As of fiscal year 2025, SurgePays, Inc. (SURG) had $1.7M in cash and equivalents against $15.2M in long-term debt.
What is SurgePays, Inc.'s gross margin?
SurgePays, Inc. (SURG) had a gross margin of -18.6% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is SurgePays, Inc.'s operating margin?
SurgePays, Inc. (SURG) had an operating margin of -59.9% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is SurgePays, Inc.'s net profit margin?
SurgePays, Inc. (SURG) had a net profit margin of -63.3% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is SurgePays, Inc.'s free cash flow?
SurgePays, Inc. (SURG) recorded an outflow of $21.3M in free cash flow during fiscal year 2025. This represents a 2.4% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is SurgePays, Inc.'s operating cash flow?
SurgePays, Inc. (SURG) recorded an outflow of $21.3M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are SurgePays, Inc.'s total assets?
SurgePays, Inc. (SURG) had $8.5M in total assets as of fiscal year 2025, including both current and long-term assets.
What are SurgePays, Inc.'s capital expenditures?
SurgePays, Inc. (SURG) invested $19K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is SurgePays, Inc.'s current ratio?
SurgePays, Inc. (SURG) had a current ratio of 0.38 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.
What is SurgePays, Inc.'s return on assets (ROA)?
SurgePays, Inc. (SURG) had a return on assets of -423.6% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is SurgePays, Inc.'s P/E ratio?
SurgePays, Inc. (SURG) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (trailing 12 months to June 30, 2026). The market capitalization is $7.9M as of Oct 2, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is SurgePays, Inc.'s price-to-sales ratio?
SurgePays, Inc. (SURG) trades at 0.1x sales, its market capitalization divided by revenue of $67.1M revenue, trailing 12 months to June 30, 2026. The market capitalization is $7.9M as of Oct 2, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
How does SurgePays, Inc.'s liquidity compare with its operating cash outflow?
At the end of fiscal year 2025, SurgePays, Inc. (SURG) held $1.7M in cash, cash equivalents and investments, and reported an operating cash outflow of $21.3M over that year. Dividing the one by the other, the reported balance equals about 1 month of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.
Why is SurgePays, Inc.'s debt-to-equity ratio negative or not reported?
SurgePays, Inc. (SURG) has negative shareholder equity of -$15.3M as of fiscal year 2025, so no debt-to-equity ratio is reported: dividing debt by equity that is not positive produces a number that cannot be read as leverage. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.
What is SurgePays, Inc.'s Altman Z-Score?
SurgePays, Inc. (SURG) has an Altman Z-Score of -23.87, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is SurgePays, Inc.'s Piotroski F-Score?
SurgePays, Inc. (SURG) has a Piotroski F-Score of 3 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are SurgePays, Inc.'s earnings high quality?
SurgePays, Inc. (SURG) reported a net loss of $36.1M while operations used $21.3M of cash. With neither figure positive, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can SurgePays, Inc. cover its interest payments?
SurgePays, Inc. (SURG) reported an operating loss of $34.1M against $216K in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is SurgePays, Inc.?
SurgePays, Inc. (SURG) scores 12 out of 100 on our Financial Health Score, indicating weak standing within its emerging companies peer group. The score is a 0-100 composite of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.