SurgePays, Inc. (NASDAQ:SURG) moved lower in after-hours trading after releasing its full-year 2025 financial results on Tuesday, outlining improvements in cost structure and a shift toward a more capital-efficient growth model.
Financial Performance
The company reported full-year revenue of approximately $57 million, compared to $60.9 million in 2024, reflecting the impact of the conclusion of the Affordable Connectivity Program in mid-2024. Gross loss improved to $10.6 million from $14.3 million a year earlier, while operating loss narrowed to $30.7 million from $41.8 million in the prior year. General and administrative expenses declined to approximately $20.1 million from $27.5 million, representing a reduction in operating costs.
Management Commentary
Chief Executive Officer Brian Cox stated that the company demonstrated scalability during 2025, with revenue increasing sequentially through the first three quarters before declining in the fourth quarter as spending on subscriber acquisition was reduced to prioritize efficiency. The company also indicated that additional cost actions taken after year-end brought estimated monthly cash burn to approximately $250,000 to $300,000 by the end of the first quarter of 2026.
Business Developments
SurgePays highlighted its transition toward a diversified business model with multiple revenue streams, including government-subsidized wireless, prepaid services under LinkUp Mobile, wholesale MVNE relationships and fintech platforms. The company expanded its retail footprint to more than 9,000 locations and launched digital acquisition and marketing initiatives, including ProgramBenefits.com and a managed marketing services platform, alongside new loyalty and stored value offerings.
Trading Metrics
SurgePays has a market capitalization of $20.08 million and trades within a 52-week range of $0.65 to $3.47. Over the past year, the stock has declined 64.59%.
Price Action: SurgePays shares closed the regular session at $0.83, up 15.07%, and declined 30.30% in after-hours trading to $0.58.
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