SurgePays, Inc.
Financial highlights
| Metric | FY 12/31/25 | FY 12/31/24 | FY 12/31/23 | FY 12/31/22 | FY 12/31/21 |
|---|---|---|---|---|---|
| Income Statement | |||||
| Revenue | $57.0M | $60.9M | $137.1M | $121.5M | $51.1M |
| Cost of revenue | $67.6M | $75.2M | $101.5M | $108.1M | $44.9M |
| Selling, general & administrative | $20.1M | $27.5M | $16.8M | $12.8M | $12.2M |
| Operating expenses | $20.1M | $27.5M | $16.8M | $12.8M | $12.2M |
| Operating income | -$34.1M | -$43.5M | $18.9M | $633,785 | -$6.0M |
| Interest expense | $2.0M | $554,200 | — | $400,000 | — |
| Pretax income | -$36.1M | -$43.1M | $18.4M | -$553,228 | — |
| Income tax expense | — | $2.9M | -$2.3M | — | — |
| Net income | -$36.1M | -$45.7M | $20.6M | -$680,763 | -$13.5M |
| Balance Sheet | |||||
| Cash and equivalents | $1.7M | $11.8M | $14.6M | $7.0M | $6.3M |
| Current assets | $7.0M | $17.9M | $33.4M | $27.6M | $13.9M |
| Total assets | $8.5M | $24.0M | $41.9M | $34.0M | $19.5M |
| Current liabilities | $18.2M | $6.1M | $12.7M | $23.5M | $10.0M |
| Total liabilities | $23.9M | $8.7M | $13.5M | $28.9M | $15.9M |
| Total debt | $9.9M | $469,396 | $460,523 | $474,846 | $1.1M |
| Stockholders' equity | -$15.3M | $15.3M | $28.2M | $5.0M | $3.6M |
| Cash Flow Statement | |||||
| Cash from operations | -$21.3M | -$21.3M | $10.3M | $793,272 | -$15.3M |
| Depreciation and amortization | $206,161 | $942,450 | $281,532 | $279,877 | $759,383 |
| Stock-based compensation | $1.7M | $1.6M | $613,801 | $37,176 | $3,575 |
| Capital expenditure | $18,590 | $518,189 | — | $11,402 | $51,408 |
| Free cash flow | -$21.3M | -$21.8M | — | $781,870 | -$15.3M |
| Share repurchases | — | $631,967 | — | — | — |
| Impairments | $0 | $866,782 | $0 | $0 | $0 |
Shares outstanding 25.1M · Free float 58.0%
Annual filing data through FY ended December 31, 2025; float as of July 13, 2026.