Surgepays (SURG) Q4 2025 earnings summary

Executive summary

• 2025 revenue reached $57 million, with Q4 contributing $16.2 million, reflecting a sequential decline from Q3 but a significant increase over Q4 2024.

• Q3 marked an inflection point with capital deployment into subscriber growth, proving the scalability of the platform.

• The business transitioned from reliance on the Affordable Connectivity Program to a diversified revenue model across government-subsidized wireless, LinkUp Mobile prepaid, wholesale MVNE, and fintech/data platforms.

• General and administrative expenses were reduced by 28% year-over-year, supporting a more efficient and durable growth model.

Financial highlights

• Full-year 2025 revenue was $57 million, down from $60.9 million in 2024, mainly due to the end of the ACP.

• Q3 revenue was $18.7 million, Q2 $11.5 million, and Q1 $10.6 million, showing steady growth until Q4.

• Cost of revenue for 2025 was $67.6 million, down from $75.2 million in 2024.

• Gross loss improved to $10.6 million from $14.3 million year-over-year.

• Net loss for 2025 was $36.1 million, compared to $45.7 million in 2024.

• Net cash used in operating activities was $21.3 million; net cash provided by financing activities was $10.5 million.

Outlook and guidance

• Focus for 2026 is on executing growth from a stronger foundation, improving margins, and leveraging multiple revenue streams.

• Current monthly cash burn at the end of Q1 2026 is estimated at $250,000–$300,000, reflecting a more disciplined cost structure.

• LinkUp Mobile is expected to be a significant revenue driver in 2026, with upcoming developments anticipated.