olivLaw · US equity research
SurgePays, Inc. SURG
Telephone Communications (No Radiotelephone) · SIC 4813 · Vertical: Telephone Communications (No Radiotelephone) (SIC 4813)
SurgePays is a fintech company and mobile virtual network operator that sells prepaid wireless services and financial products through its network of neighborhood stores and digital channels, mainly to low-income and rural consumers. Revenue fell in 2025 after the ACP program ended, but in the first quarter of 2026 the company reported growth of 51 percent, led by its point of sale and prepaid segment, a shift that shows how much its development depends on new revenue channels.
At the close of 04 Nov 2026, SurgePays, Inc. (SURG) stock was 0.15 USD (+0.98% on the day), with market capitalisation 8.2 m USD, beta 0.81, 52-week range 0.12–2.85 USD. Latest reported quarter (Q2 2026): revenue of 16.2 m USD (+40.7% YoY), net income of 1.3 m USD, diluted EPS 0.05 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 53.4
- neutral
- Bollinger (20, 2)
- 0.11 – 0.17
- in the upper half of the band · %B 0.75 · band width 44.2%
- SMA 50 / 200
- 0.15 / 0.49
- mixed trend
- MACD (12, 26, 9)
- 0.00 / -0.00
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +6.6% | −1.1% | +7.6 pp | — |
| 3 months | −30.7% | −0.5% | −30.3 pp | — |
| 6 months | −71.6% | +4.4% | −76.0 pp | — |
| Year to date | −90.7% | +12.3% | −103.1 pp | — |
| 1 year | −93.8% | +13.5% | −107.3 pp | −10.6% |
| 3 years | −96.8% | +76.4% | −173.2 pp | +20.5% |
| 5 years | −95.2% | +63.7% | −158.9 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 4.8 m | 9.6 m | 10.6 m | 11.5 m | 18.7 m | 16.2 m | 16.0 m | 16.2 m |
| Cost of revenue | 12.6 m | 20.8 m | 13.5 m | 14.2 m | 21.3 m | 18.6 m | 23.7 m | 16.6 m |
| SG&A | 6.4 m | 7.1 m | 4.6 m | 4.2 m | 4.4 m | 6.9 m | 3.5 m | 4.6 m |
| Operating income | -14.3 m | -20.1 m | -7.6 m | -6.8 m | -7.0 m | -12.8 m | -11.2 m | 3.5 m |
| Depreciation & amortisation | 282.1 k | 81.4 k | 86.1 k | 66.4 k | 26.8 k | 26.8 k | 26.8 k | 26.8 k |
| Interest expense | 112.8 k | 192.1 k | 119.4 k | 279.3 k | 424.7 k | 1.2 m | 881.9 k | 1.0 m |
| Pre-tax income | -14.3 m | -20.1 m | -7.6 m | -7.1 m | -7.5 m | -13.9 m | -12.1 m | 1.3 m |
| Income tax | 0 ≈ | -100.0 k | — | — | — | — | — | — |
| Net income | -14.3 m | -19.8 m | -7.6 m | -7.1 m | -7.5 m | -13.9 m | -12.1 m | 1.3 m |
| Diluted EPS | -0.73 | -1.01 ≈ | -0.38 | -0.36 | -0.38 | -0.67 ≈ | -0.51 | 0.05 |
| Operating cash flow | -13.3 m ≈ | -7.9 m | -7.0 m | -6.1 m ≈ | -4.6 m ≈ | -3.6 m | -4.6 m | -2.6 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 15.2 m | 25.7 m | 54.4 m | 51.1 m | 121.5 m | 137.1 m | 60.9 m | 57.0 m |
| Revenue YoY | +13.3% | +68.9% | +111.3% | −6.2% | +138.0% | +12.8% | −55.6% | −6.4% |
| Net income | -1.5 m | -8.4 m | -10.7 m | -13.5 m | -680.8 k | 20.6 m | -45.7 m | -36.1 m |
| Net income YoY | −155.7% | unavailable | unavailable | unavailable | unavailable | unavailable | −321.8% | unavailable |
| Diluted EPS | unavailable | unavailable | unavailable | -3.09 | -0.05 | 1.38 | -2.39 | -1.80 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | −273.2% | unavailable |
| net % | -10.1% | -32.8% | -19.7% | -26.5% | -0.6% | 15.0% | -75.1% | -63.3% |
| Free cash flow | -1.3 m | -6.8 m | -4.3 m | -15.3 m | 781.9 k | unavailable | -21.8 m | -21.3 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 1.7 m USD
- Financial debt
- 32.2 m USD
- Net debt
- 30.5 m USD
- Equity
- -15.4 m USD
- Total assets
- 8.5 m USD
- Debt / equity
- unavailable
- Current ratio
- 0.38x
- ROE
- unavailable
- ROA
- -222.0%
- FCF margin
- -37.4%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 54.4 m | 51.1 m | 121.5 m | 137.1 m | 60.9 m | 57.0 m | SEC (XBRL)· 15 Apr 2026verified |
| Cost of revenue | 51.9 m | 44.9 m | 108.1 m | 101.5 m | 75.2 m | 67.6 m | SEC (XBRL)· 15 Apr 2026verified |
| Gross profit | 2.5 m | 6.2 m ≈ | 13.5 m ≈ | 35.6 m ≈ | -14.3 m ≈ | -10.6 m ≈ | SEC (XBRL)· 15 Apr 2026derived |
| SG&A | 12.6 m | 12.2 m | 12.8 m | 16.8 m | 27.5 m | 20.1 m | SEC (XBRL)· 15 Apr 2026verified |
| Operating income | -10.1 m | -6.0 m | 633.8 k | 18.9 m | -43.5 m | -34.1 m | SEC (XBRL)· 15 Apr 2026verified |
| Depreciation & amortisation | 1.2 m | 759.4 k | 933.4 k | 935.0 k | 942.5 k | 206.2 k | SEC (XBRL)· 15 Apr 2026verified |
| EBITDA | -9.0 m ≈ | -5.2 m ≈ | 1.6 m ≈ | 19.8 m ≈ | -42.5 m ≈ | -33.9 m ≈ | SEC (XBRL)· 15 Apr 2026derived |
| Interest expense | — | — | 400.0 k | — | 554.2 k | 2.0 m | SEC (XBRL)· 15 Apr 2026verified |
| Pre-tax income | -10.7 m | — | -553.2 k | 18.4 m | -43.1 m | -36.1 m | SEC (XBRL)· 15 Apr 2026verified |
| Income tax | — | — | — | -2.3 m | 2.9 m | — | SEC (XBRL)· 25 Mar 2025verified |
| Net income | -10.7 m | -13.5 m | -680.8 k | 20.6 m | -45.7 m | -36.1 m | SEC (XBRL)· 15 Apr 2026verified |
| Diluted EPS | — | -3.09 | -0.05 | 1.38 | -2.39 | -1.80 | SEC (XBRL)· 15 Apr 2026verified |
| Weighted average diluted shares | — | — | 12.4 m | 14.9 m | 19.1 m | 20.1 m | SEC (XBRL)· 15 Apr 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue; Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 674.0 k | 6.3 m | 7.0 m | 14.6 m | 11.8 m | 1.7 m | SEC (XBRL)· 15 Apr 2026verified |
| Receivables | 180.5 k | 3.2 m | 9.2 m | 9.5 m | 3.0 m | 4.0 m | SEC (XBRL)· 15 Apr 2026verified |
| Inventories | 178.3 k | 4.4 m | 11.2 m | 9.0 m | 1.8 m | 339.6 k | SEC (XBRL)· 15 Apr 2026verified |
| Current assets | 1.3 m | 13.9 m | 27.6 m | 33.4 m | 17.9 m | 7.0 m | SEC (XBRL)· 15 Apr 2026verified |
| Property, plant & equipment, net | 236.8 k | 200.4 k | 643.4 k | 361.8 k | 591.1 k | 403.5 k | SEC (XBRL)· 15 Apr 2026verified |
| Goodwill | 866.8 k | 866.8 k | 1.7 m | 1.7 m | 3.3 m | — | SEC (XBRL)· 25 Mar 2025verified |
| Intangibles (excl. goodwill) | 4.1 m | 3.4 m | 2.8 m | 2.1 m | 1.5 m | 819.2 k | SEC (XBRL)· 15 Apr 2026verified |
| Total assets | 7.3 m | 19.5 m | 34.0 m | 41.9 m | 24.0 m | 8.5 m | SEC (XBRL)· 15 Apr 2026verified |
| Accounts payable | 6.8 m | 6.6 m | 5.8 m | — | — | — | SEC (XBRL)· 30 Mar 2023verified |
| Short-term debt | — | — | — | — | — | 17.0 m | SEC (XBRL)· 20 May 2026verified |
| Long-term debt | 1.1 m | — | 7.7 m | 5.0 m | 4.0 m | 15.2 m | SEC (XBRL)· 20 May 2026verified |
| Current liabilities | 15.7 m | 10.0 m | 23.5 m | 12.7 m | 6.1 m | 18.2 m | SEC (XBRL)· 19 Aug 2026verified |
| Total liabilities | 18.1 m | 15.9 m | 28.9 m | 13.5 m | 8.7 m | 23.9 m | SEC (XBRL)· 15 Apr 2026verified |
| Equity | -10.7 m | 3.6 m | 5.1 m | 28.4 m | 15.3 m | -15.4 m | SEC (XBRL)· 15 Apr 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -4.3 m | -15.3 m | 793.3 k | 10.3 m | -21.3 m | -21.3 m | SEC (XBRL)· 15 Apr 2026verified |
| Capex | 6.6 k | 51.4 k | 11.4 k | — | 518.2 k | 18.6 k | SEC (XBRL)· 15 Apr 2026verified |
| Free cash flow | -4.3 m ≈ | -15.3 m ≈ | 781.9 k ≈ | — | -21.8 m ≈ | -21.3 m ≈ | SEC (XBRL)· 15 Apr 2026derived |
| Investing cash flow | 8.4 k | -376.7 k | -1.5 m | -281.3 k | -3.0 m | -18.6 k | SEC (XBRL)· 15 Apr 2026verified |
| Financing cash flow | 4.6 m | 21.3 m | 1.5 m | -2.4 m | 22.5 m | 10.5 m | SEC (XBRL)· 15 Apr 2026verified |
| Share repurchases | 500.0 k | — | — | — | — | — | SEC (XBRL)· 02 Apr 2021verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 5 of at least 6
- score weight coverage: 33.3% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 8.2 m USD
Key indicators
Coverage and freshness
Score by group
33% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · the base of the ratio is not positive
- Peers: EV/EBITDAunavailable · the base of the ratio is not positive
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -47.9% | 0 (vs peers) | 19% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | -22.3% | 0 (on a fixed band) | 25% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -7.7x | 0 (on a fixed band) | 19% |
| Current ratio · Balance sheet | 0.2x | 0 (on a fixed band) | 13% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -188.5% | 0 (on a fixed band) | 25% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet0/100 · 2/3 factors with a value
- Growth· partial0/100 · 1/2 factors with a value
- Quality· partial0/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial0/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
SURGEPAYS, INC. (SURG). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 57.0 m USD in 2025; YoY growth -6.4%; net margin -47.9%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- Net margin: -47.9%
- Revenue CAGR 3Y: -22.3%
- Interest coverage: -7.7x
- Current ratio: 0.2x
- FCF yield: -188.5%
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Telephone Communications (No Radiotelephone) (SIC 4813) · same industry (4-digit SIC) · compared with 20 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| AMXAmerica Movil Sab De Cv | 1,508.4 bn | 1,107.5 | 6.8% | 3.2% | −11.2% | +8% / +38% |
| VZVerizon Communications Inc. | 191.4 bn | 11.8 | 15.4% | 11.8% | +2.5% | +12% / +20% |
| TAt&T Inc. | 147.1 bn | 11.8 | 10.5% | 10.2% | +2.7% | −16% / +32% |
| LUMNLumen Technologies, Inc. | 4.6 bn | — | — | -5.8% | −5.4% | −45% / +241% |
| TDSTelephone And Data Systems, Inc. | 4.1 bn | 11.4 | 8.2% | 33.2% | −5.3% | −11% / +83% |
| ATEXAnterix Inc. | 1.5 bn | 22.2 | 27.9% | 933.0% | +7.8% | +278% / +138% |
| UNITUniti Group Inc. | 1.3 bn | 1.7 | 666.9% | 30.4% | +91.5% | −14% / −41% |
| SHENShenandoah Telecommunications Company | 575.2 m | — | -4.4% | -10.2% | +9.1% | −5% / −53% |
| ATNIAtn International, Inc. | 397.3 m | 2.4 | 32.2% | 23.2% | −0.2% | +22% / −15% |
| CXDOCrexendo, Inc. | 174.7 m | 43.6 | 5.6% | 4.5% | +12.0% | −25% / +78% |
| NXPLNextPlat Corp | 21.8 m | — | -43.1% | -17.8% | −17.8% | +34% / −47% |
| IQSTIQSTEL Inc. | 9.0 m | — | -56.0% | -2.2% | +11.9% | −80% / −94% |
| SURGSurgepays, Inc. | 8.2 m | — | — | -47.9% | −6.4% | −94% / −97% |
| CTGGQwest Corp | 0 | — | -15.8% | -40.1% | −13.8% | unavailable / unavailable |
| TIMBTim S.A. | — | — | 17.1% | 16.2% | +4.6% | −22% / +3% |
| TEOTelecom Argentina SA | — | — | -2.4% | -2.0% | +53.0% | −17% / +26% |
| BCEBce Inc. | — | — | 32.5% | 26.6% | +0.2% | −10% / −46% |
| PHIPLDT Inc. | — | — | 29.3% | 14.9% | +2.8% | −19% / −22% |
| KTKT Corporation | — | — | 2.8% | 1.7% | +0.4% | +1% / +41% |
| IDTIDT Corporation | — | 24.3 | 25.4% | 6.7% | +5.4% | +69% / +186% |
| TKCTurkcell Iletisim Hizmetleri A S | — | — | 10.8% | 11.7% | +14.6% | −15% / −5% |
1- and 3-year price returns: for SURG from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
SurgePays is a fintech company and mobile virtual network operator that sells prepaid wireless services and financial products through its network of neighborhood stores and digital channels, mainly to low-income and rural consumers. Revenue fell in 2025 after the ACP program ended, but in the first quarter of 2026 the company reported growth of 51 percent, led by its point of sale and prepaid segment, a shift that shows how much its development depends on new revenue channels.
SWOT
Strengths
- The company has an extensive network of partner stores and infrastructure already in place, allowing it to activate new services quickly.
- Growth in the point of sale and prepaid segment shows that revenue diversification is starting to produce results.
- Customer acquisition costs have fallen after bringing marketing in-house, supporting operating efficiency.
Weaknesses
- Reliance on public funding for Lifeline programs makes revenue vulnerable to government decisions.
- Gross margins in the MVNO segment remain negative and operating losses continued into 2026.
- Liabilities and payment obligations have grown considerably, and stockholders' equity is negative.
Opportunities
- New wholesale contracts and distributor partnerships could expand transaction volume through the existing network.
- In-store advertising and loyalty platforms could generate additional revenue without large incremental costs.
- Rural and underserved communities remain segments with steady demand and limited competition.
Threats
- Elimination or reduction of Lifeline funding could seriously affect revenue and operational stability.
- Larger competitors with greater financial resources could cut prices and pressure margins.
- FCC regulatory changes could restrict the operating model or raise compliance costs.
Risks
- Liquidity and debthigh
The company has low cash and large payment obligations, which could limit its ability to fund growth without new equity or debt.
- Dilution from share issuancesmedium
Shares issued for services, convertible notes and the at-the-market program could dilute existing shareholders.
- Litigation and legal costsmedium
The company is involved in several legal proceedings whose outcomes are hard to predict and could involve significant damages.
- Integration of acquisitions and partnershipslow
Integrating acquired businesses or new partnerships, including with Alpha Modus, could face operational and financial difficulties.
Investment thesis
What would need to be true (bull case)
- If the point of sale and prepaid segment keeps growing, revenue diversification could reduce dependence on public programs.
- Wholesale contracts and the HERO platform could generate recurring revenue on a broader base than retail alone.
- Lower acquisition costs and reduced overhead could improve margins if the trend is sustained.
What would break the thesis
- If Lifeline funding were reduced, the company could lose an important share of revenue without a fast enough alternative.
- Payment obligations and negative stockholders' equity could limit financial flexibility and could force further share issuances.
- Negative margins in the MVNO segment could persist if volumes do not grow fast enough.
What to watch
- Gross margin trend in the MVNO segment and return to positive resultslate 2026
- Contribution of HERO platform wholesale revenue after customer launchesQ3 2026
- Trend in debt levels and operating cash flowQ3 2026
- Status of Lifeline program funding and the number of eligible subscribers2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
SurgePays, Inc. is a wireless and point of sale technology company serving underserved and value-conscious consumers through a combination of retail distribution and digital channels such as ProgramBenefits.com 1. It provides mobile connectivity, financial technology services and transaction processing, and its revenue comes from recurring wireless services, transaction fees and other value-added services 1. According to first quarter 2026 results, wireless subscriber lines surpassed 200,000 across the LinkUp Mobile and Torch Wireless brands 3.
Segments
MVNO Telecommunications
This segment includes subsidized Lifeline services, which partly replaced the ACP program that ended in 2024, and non-subsidized prepaid services under the LinkUp Mobile brand 1. MVNO segment revenue fell from 43,450,244 dollars in 2024 to 13,453,150 dollars in 2025 1.
Point of Sale and prepaid services
The segment processes prepaid top-ups, SIM activations and financial transactions for partner stores and became the company's largest revenue source, at 43,509,771 dollars in 2025 1. It also includes the ClearLine solution and the Managed Marketing Services in-store advertising platform 1.
HERO platform and wholesale
The HERO platform provides SIM provisioning, billing and network access to third-party providers without direct carrier agreements, and contracts signed in the first quarter of 2026 are expected to contribute to third quarter 2026 revenue 3.
Market context
The company targets approximately 138 million subprime consumers in the United States, a segment with limited access to traditional banking and telecommunications services 3. The prepaid segment is forecast to expand at a 5.2 percent compound annual growth rate through 2030, while roughly 18 percent of the population is rural and remains underserved 1.
Trends
- End of the ACP programheadwind
Federal ACP funding ended and the company lost a major revenue source, so its strategy now depends on Lifeline and prepaid sales 1. If Lifeline funding were reduced, the impact on revenue could be significant.
- Growth in prepaid services through storestailwind
Demand for top-ups and prepaid services through the neighborhood store network has grown, and the point of sale segment rose 71 percent in the first quarter of 2026 3.
- Digital customer acquisitiontailwind
Cost per lead fell by about 28 percent after subscriber acquisition moved to an in-house marketing team, which could support growth if conversion holds 3.
- Regulation and government fundingmixed
Changes in FCC regulation or in public program funding could quickly alter demand and operating conditions, creating a mixed effect on the outlook.
Competitive position
SurgePays competes with national wireless carriers, other mobile virtual network operators, financial technology companies and traditional prepaid service distributors 1. Competition is based on price, service quality, distribution reach and customer experience, and larger competitors may have greater financial resources 1.
- National wireless carriers
Larger competitors with greater financial and operational resources, named only generically in the source
- Other MVNOs and MVNEs
Companies offering similar wireless services, sometimes focused on niche markets or regions
- Financial technology companies
Competing providers of financial services to credit-constrained and underbanked consumers
- Traditional prepaid service distributors
Networks selling top-ups and cards through stores, competing for the same distribution space
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report03 Nov 2026Regulation FD disclosure · Financial statements and exhibits
- Current report15 Oct 2026Regulation FD disclosure · Financial statements and exhibits
- Current report (amendment)30 Sept 2026Financial statements and exhibits
- Current report29 Sept 2026Delisting notice
- Current report16 Sept 2026Item 4.01
- Current report10 Sept 2026Material agreement · Acquisition or disposition of assets · Other events · Financial statements and exhibits
- Current report03 Sept 2026Other events
- Quarterly report19 Aug 2026
- Current report05 Aug 2026Regulation FD disclosure · Other events · Financial statements and exhibits
- Current report29 Jul 2026Other events
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / SurgePays, Inc. · 15 Apr 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / SurgePays, Inc. · 19 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / SurgePays, Inc. · 20 May 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.