SurgePays
Prepaid wireless, wholesale mobile-network enablement, and retail top-up services.
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Profile
Provides subsidized and prepaid wireless, wholesale mobile-network enablement, and prepaid point-of-sale services to underserved U.S. communities. Revenue combines recurring wireless service, wholesale accounts and usage, retail top-ups and activations, with AT&T network integration underpinning the wireless architecture.
Combines Torch Wireless, LinkUp Mobile, and the Hero wholesale MVNE platform with point-of-sale and prepaid services for independent retailers. Torch serves Lifeline participants; LinkUp sells prepaid service through online channels, wireless dealers, and neighborhood stores; Hero supplies billing, provisioning, SIMs, eSIMs, and network access to other wireless providers.
Operates nationwide in lower-income and underbanked communities through convenience stores, community markets, field enrollment, and online acquisition. Its distribution system connects retailers to wireless activation, payments, and recurring top-up activity, while Clearline adds digital promotions, coupons, loyalty, and point-of-sale engagement.
Relies on independent-store execution, acquisition funding, and physical-device and SIM availability. Branded and wholesale wireless operations are integrated with AT&T for network access, certification, porting, and SIM/eSIM support.
Company facts
Key statistics
Year to date −90.0% · Average volume (30d) 22.3M
Analysts
Ratings
Target range
Latest analyst notes
No analyst notes in the last 24 months.
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 14, 2026Q2 FY26 | −$0.11 | $0.05 | +145.5% | $13.8M | $16.2M | +17.4% | +14.36% |
| May 15, 2026Q1 FY26 | −$0.19 | −$0.51 | −168.4% | $15.5M | $16.0M | +3.2% | −0.79% |
| Apr 14, 2026 | −$0.23 | −$0.52 | −126.1% | $23.2M | $16.2M | −30.2% | −33.60% |
| Nov 12, 2025Q3 FY25 | −$0.17 | −$0.38 | −123.5% | $21.2M | $18.7M | −11.7% | −17.28% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $10.6M | $11.5M | $18.7M | $16.2M | $16.0M | $16.2M | |
| Gross profit | −$2.9M | −$2.7M | −$2.6M | −$2.4M | −$7.7M | −$425.2K | |
| Operating income | −$7.6M | −$6.8M | −$7.0M | −$12.8M | −$11.2M | −$5.1M | |
| Net income | −$7.6M | −$7.1M | −$7.5M | −$13.9M | −$12.1M | $1.3M | |
| Diluted EPS | −$0.38 | −$0.36 | −$0.38 | −$0.68 | −$0.51 | $0.05 | |
| Gross margin | -27.8% | -23.0% | -13.9% | -14.8% | -48.2% | -2.6% | |
| Operating margin | -71.7% | -59.1% | -37.2% | -79.1% | -70.1% | -31.2% |
Fiscal years (4-quarter sums)FY21 $51.1M · FY22 $121.5M · FY23 $137.1M · FY24 $60.9M · FY25 $57.0M
Balance sheet, Jun 30, 2026Cash & short-term investments $2.4M · Total debt $17.9M · Total assets $9.2M · Shareholders' equity −$20.7M
Dividends
No dividends on record.
Ownership
Shares outstanding 25.12M · Float 19.17M · 76.3% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Kevin Brian Cox · director, 10 percent owner, officer: CEO & Chairman | 1.57M | 6.25% | Form 4 | Apr 7, 2026 |
| Bradley James Crosby | 1.22M | 5.96% | 13G | Sep 8, 2025 |
| Vanguard Capital Management LLC | 567.4K | 2.26% | 13F | May 15, 2026 |
| Gaddis Premier Wealth Advisors LLC | 438.3K | 1.74% | 13F | May 5, 2026 |
| Anthony George Evers · officer: Chief Financial Officer | 414.9K | 1.65% | Form 4 | Jan 5, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Jun 3, 2026 | David Allen May | director | +5,413 | $0.5255 |
| Jun 4, 2026 | David Allen May | director | +121 | $0.5255 |
| Jun 5, 2026 | David Allen May | director | +34,716 | $0.5255 |
| Dec 10, 2025 | David Allen May | director | +38,422 | $1.60 |
Peers
- Verizon
Broad prepaid rival across retail distribution and wireless activations.
- T-Mobile
Metro's dealer-led value service targets the same prepaid customer base.
- AT&T
Cricket and AT&T Prepaid vie for prepaid users and dealer visibility.
- EchoStar
Boost Mobile is a national prepaid alternative in shared retail channels.
