Surgepays (SURG)


Market Price (9/3/2026): $0.1649 | Market Cap: $4.3 MilSector: Communication Services | Industry: Integrated Telecommunication Services

Surgepays (SURG)


Market Price (9/3/2026): $0.1649
Market Cap: $4.3 Mil
Sector: Communication Services
Industry: Integrated Telecommunication Services

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 84%

Valuation becoming less expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -78%

Megatrend and thematic drivers
Megatrends include Fintech & Digital Payments. Themes include Digital Payments, and Online Banking & Lending.

Weak multi-year price returns
2Y Excs Rtn is -127%, 3Y Excs Rtn is -170%

Penny stock
Mkt Price is 0.2

Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -32 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -48%

Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 385%

Weak revenue growth
Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -1.6%

Not cash flow generative
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -23%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -23%

Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -779%

High stock price volatility
Vol 12M is 121%

Key risks
SURG key risks include [1] persistent unprofitability and a precarious financial position, Show more.

0 Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 84%
1 Valuation becoming less expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -78%
2 Megatrend and thematic drivers
Megatrends include Fintech & Digital Payments. Themes include Digital Payments, and Online Banking & Lending.
3 Weak multi-year price returns
2Y Excs Rtn is -127%, 3Y Excs Rtn is -170%
4 Penny stock
Mkt Price is 0.2
5 Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -32 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -48%
6 Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 385%
7 Weak revenue growth
Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -1.6%
8 Not cash flow generative
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -23%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -23%
9 Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -779%
10 High stock price volatility
Vol 12M is 121%
11 Key risks
SURG key risks include [1] persistent unprofitability and a precarious financial position, Show more.

SURG in ETFs

Weight = SURG's share of each fund

VTI0.00%

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 9/1/2026

Surgepays (SURG) stock has lost about 70% since 5/31/2026 because of the following key factors:

1. Persistent Financial Instability and Widening Stockholders' Deficit.

Despite reporting a positive net income of $1.29 million, or $0.05 per share, for fiscal Q2 2026 (period ending June 2026), Surgepays recorded a net loss of $10.76 million for the first half of fiscal year 2026. This ongoing financial weakness was further underscored by a widening stockholders' deficit, which increased to $20.69 million by June 30, 2026, from $15.35 million at the end of fiscal year 2025, indicating a deteriorating balance sheet.

2. Increased Liabilities and Share Dilution.

Surgepays experienced a substantial increase in its total current liabilities, which rose to $26.16 million by June 30, 2026, compared to $18.20 million at December 31, 2025. This increase included $9.87 million in current convertible notes, adding to the company's financial risk. Concurrently, the number of common shares outstanding grew significantly to 24,190,822 by June 30, 2026, from 21,151,974 at December 31, 2025, suggesting dilution for existing shareholders.

Show more
Updated on 9/1/2026

Surgepays (SURG) stock has lost about 70% since 5/31/2026 because of the following key factors:

1. Persistent Financial Instability and Widening Stockholders' Deficit.

Despite reporting a positive net income of $1.29 million, or $0.05 per share, for fiscal Q2 2026 (period ending June 2026), Surgepays recorded a net loss of $10.76 million for the first half of fiscal year 2026. This ongoing financial weakness was further underscored by a widening stockholders' deficit, which increased to $20.69 million by June 30, 2026, from $15.35 million at the end of fiscal year 2025, indicating a deteriorating balance sheet.

2. Increased Liabilities and Share Dilution.

Surgepays experienced a substantial increase in its total current liabilities, which rose to $26.16 million by June 30, 2026, compared to $18.20 million at December 31, 2025. This increase included $9.87 million in current convertible notes, adding to the company's financial risk. Concurrently, the number of common shares outstanding grew significantly to 24,190,822 by June 30, 2026, from 21,151,974 at December 31, 2025, suggesting dilution for existing shareholders.

3. Negative Market Sentiment and Analyst Underperformance.

The market exhibited severely negative sentiment toward Surgepays, leading to its dramatic stock price decline despite some analyst coverage maintaining "Strong Buy" ratings with a consensus price target of $3.50 as of August 2026. However, other analyses reflected the actual market reality, with an AI model from Danelfin assigning a "Hold" rating and a low price target of $0.17 with a forecasted downside as of late August 2026, indicating a significant disconnect between some analyst projections and the company's actual valuation and performance. This disparity, coupled with a forecast annual earnings growth rate not expected to beat the US Telecom Services industry average, contributed to the sustained downward pressure on the stock.

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Stock Movement Drivers

Fundamental Drivers

The -72.2% change in SURG stock from 5/31/2026 to 9/2/2026 was primarily driven by a -71.8% change in the company's P/S Multiple.
(LTM values as of)53120269022026Change
Stock Price ($)0.590.16-72.2%
Change Contribution By: 
Total Revenues ($ Mil)62677.5%
P/S Multiple0.20.1-71.8%
Shares Outstanding (Mil)2426-8.6%
Cumulative Contribution-72.2%

LTM = Last Twelve Months as of date shown

Market Drivers

5/31/2026 to 9/2/2026
ReturnCorrelation
SURG-72.2% 
Market (SPY)1.1%1.8%
Sector (XLC)-2.8%11.7%

Fundamental Drivers

The -80.3% change in SURG stock from 2/28/2026 to 9/2/2026 was primarily driven by a -80.6% change in the company's P/S Multiple.
(LTM values as of)22820269022026Change
Stock Price ($)0.830.16-80.3%
Change Contribution By: 
Total Revenues ($ Mil)506733.1%
P/S Multiple0.30.1-80.6%
Shares Outstanding (Mil)2026-23.5%
Cumulative Contribution-80.3%

LTM = Last Twelve Months as of date shown

Market Drivers

2/28/2026 to 9/2/2026
ReturnCorrelation
SURG-80.3% 
Market (SPY)11.8%3.5%
Sector (XLC)-4.5%15.3%

Fundamental Drivers

The -93.9% change in SURG stock from 8/31/2025 to 9/2/2026 was primarily driven by a -95.7% change in the company's P/S Multiple.
(LTM values as of)83120259022026Change
Stock Price ($)2.700.16-93.9%
Change Contribution By: 
Total Revenues ($ Mil)366783.9%
P/S Multiple1.50.1-95.7%
Shares Outstanding (Mil)2026-23.3%
Cumulative Contribution-93.9%

LTM = Last Twelve Months as of date shown

Market Drivers

8/31/2025 to 9/2/2026
ReturnCorrelation
SURG-93.9% 
Market (SPY)19.6%9.7%
Sector (XLC)1.9%17.6%

Fundamental Drivers

The -96.8% change in SURG stock from 8/31/2023 to 9/2/2026 was primarily driven by a -87.4% change in the company's P/S Multiple.
(LTM values as of)83120239022026Change
Stock Price ($)5.060.16-96.8%
Change Contribution By: 
Total Revenues ($ Mil)14367-53.1%
P/S Multiple0.50.1-87.4%
Shares Outstanding (Mil)1426-45.3%
Cumulative Contribution-96.8%

LTM = Last Twelve Months as of date shown

Market Drivers

8/31/2023 to 9/2/2026
ReturnCorrelation
SURG-96.8% 
Market (SPY)75.9%13.3%
Sector (XLC)71.2%15.5%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
SURG Return562%225%-2%-72%-6%-91%-49%
Peers Return-19%-19%-3%15%-1%3%-25%
S&P 500 Return27%-19%24%23%16%11%103%

Monthly Win Rates [3]
SURG Win Rate8%75%25%42%33%0% 
Peers Win Rate38%46%56%58%42%47% 
S&P 500 Win Rate75%42%67%75%67%44% 

Max Drawdowns [4]
SURG Max Drawdown-45%-40%-47%-85%-57%-92% 
Peers Max Drawdown-31%-39%-35%-17%-30%-20% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: GDOT, EEFT, TMUS, VZ.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 9/2/2026 (YTD)

How Low Can It Go

EventSURGS&P 500
2025 US Tariff Shock
  % Loss-21.0%-18.8%
  % Gain to Breakeven26.5%23.1%
  Time to Breakeven22 days79 days
2024 Yen Carry Trade Unwind
  % Loss-33.1%-7.8%
  % Gain to Breakeven49.5%8.5%
  Time to Breakeven252 days18 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-22.6%-9.5%
  % Gain to Breakeven29.2%10.5%
  Time to Breakeven17 days24 days
2023 SVB Regional Banking Crisis
  % Loss-29.1%-6.7%
  % Gain to Breakeven41.0%7.1%
  Time to Breakeven56 days31 days
2022 Inflation Shock & Fed Tightening
  % Loss-10.0%-24.5%
  % Gain to Breakeven11.2%32.4%
  Time to Breakeven1 days427 days
2020 COVID-19 Crash
  % Loss-46.6%-33.7%
  % Gain to Breakeven87.1%50.9%
  Time to Breakeven595 days140 days

Compare to GDOT, EEFT, TMUS, VZ

In The Past

Surgepays's stock fell -21.0% during the 2025 US Tariff Shock. Such a loss loss requires a 26.5% gain to breakeven.

Preserve Wealth

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Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventSURGS&P 500
2025 US Tariff Shock
  % Loss-21.0%-18.8%
  % Gain to Breakeven26.5%23.1%
  Time to Breakeven22 days79 days
2024 Yen Carry Trade Unwind
  % Loss-33.1%-7.8%
  % Gain to Breakeven49.5%8.5%
  Time to Breakeven252 days18 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-22.6%-9.5%
  % Gain to Breakeven29.2%10.5%
  Time to Breakeven17 days24 days
2023 SVB Regional Banking Crisis
  % Loss-29.1%-6.7%
  % Gain to Breakeven41.0%7.1%
  Time to Breakeven56 days31 days
2020 COVID-19 Crash
  % Loss-46.6%-33.7%
  % Gain to Breakeven87.1%50.9%
  Time to Breakeven595 days140 days
2008-2009 Global Financial Crisis
  % Loss-65.4%-53.4%
  % Gain to Breakeven189.3%114.4%
  Time to Breakeven418 days1085 days

Compare to GDOT, EEFT, TMUS, VZ

In The Past

Surgepays's stock fell -21.0% during the 2025 US Tariff Shock. Such a loss loss requires a 26.5% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Surgepays (SURG)

SurgePays, Inc. (SURG) is a financial technology and telecommunications company dedicated to serving the underbanked community in the United States. Its core strategy involves transforming local corner stores and bodegas into "tech-hubs" through a proprietary blockchain platform. These hubs provide a range of financial and prepaid products, making essential services accessible to neighborhoods often underserved by traditional financial institutions.

Complementing its fintech offerings, SurgePays provides a comprehensive suite of telecommunications services. These include voice and SMS text messaging services, subsidized mobile broadband, and prepaid wireless plans, specifically targeting low-income and subsidized retail customers across over a dozen U.S. states. Beyond these consumer-focused services, the company also operates a distinct marketing and business intelligence division, offering plaintiff generation and caseload management solutions primarily to law firms in the mass tort industry, alongside an internal bilingual operations center supporting all its ventures.

AI Analysis | Feedback

Here are 1-2 brief analogies for Surgepays (SURG):

  • Think of it as TracFone meets Green Dot for the underbanked, delivering prepaid wireless and financial services through neighborhood corner stores.

  • It's essentially the neighborhood 'tech-hub' for underbanked communities, providing essential financial and prepaid phone services similar to a local Boost Mobile or Western Union.

AI Analysis | Feedback

  • Financial and Prepaid Products Platform: A blockchain platform that converts corner stores and bodegas into tech-hubs offering a suite of financial and prepaid services to underbanked neighborhoods.
  • Voice and SMS Text Messaging Services: Telecommunications services for voice calls and text messages provided to subsidized, direct retail, and low-income prepaid customers.
  • Subsidized Mobile Broadband Services: Mobile internet access offered to consumers in various states, often targeting low-income individuals.
  • Prepaid Wireless Plans: Mobile phone service plans that customers pay for in advance, without a contract.
  • Legal Marketing and Case Management Solutions: Services including marketing business intelligence, plaintiff generation, and case load management, primarily for law firms in the mass tort industry.

AI Analysis | Feedback

Surgepays (SURG) serves a diverse range of customers, encompassing both individual consumers and business clients. Based on the provided description, the company primarily focuses on providing services to individuals within the underbanked community, while also maintaining distinct business-to-business (B2B) relationships.

Here are the major categories of customers that Surgepays serves:

  1. Underbanked and Low-Income Consumers

    This is Surgepays' core demographic. These individuals utilize the company's financial technology, prepaid products (for voice and SMS), and often access these services through the network of corner stores and bodegas that Surgepays converts into tech-hubs. This category represents individuals seeking essential financial and communication services.

  2. Subsidized Mobile Broadband Consumers

    A specific segment of individual consumers who qualify for and subscribe to Surgepays' subsidized mobile broadband services in various states. These customers typically benefit from government-assisted programs to access affordable internet connectivity.

  3. Law Firms in the Mass Tort Industry

    Surgepays provides marketing business intelligence, plaintiff generation, and case load management solutions to law firms, specifically those operating in the mass tort sector. This represents a distinct business-to-business (B2B) client base for specialized services.

While Surgepays leverages corner stores and bodegas as a channel for reaching underbanked consumers, these small businesses act as partners and purchasers of Surgepays' platform and products rather than being the ultimate end-users of the core financial and telecom services. None of the identified business customers (corner stores/bodegas, law firms) are large public companies with stock symbols.

AI Analysis | Feedback

T-Mobile US, Inc. (TMUS)

AI Analysis | Feedback

Kevin Cox, Chief Executive Officer

Mr. Cox, also referred to as Brian Cox in some sources, was appointed CEO in July 2017. He is an accomplished entrepreneur with over 19 years of experience. He founded his first prepaid telephone company in 2004, which grew to be the largest in the country through organic growth and acquisition, before being sold in 2009. He has since owned and directed over $500 million in sales from his fintech/software and telecom companies.

Chelsea Pullano, Interim Chief Financial Officer

Ms. Pullano was appointed Interim CFO effective January 14, 2026. She is a seasoned financial executive and entrepreneur, serving as Co-Founder and CEO of MACK Financial Solutions. She specializes in executive-level accounting and finance, providing strategic guidance in financial planning, investor readiness, and capital structuring. Ms. Pullano has experience as CFO of Nasdaq-listed companies, where she has built finance departments from the ground up and successfully led companies through initial listings, SEC reporting, multi-million-dollar public offerings, and acquisitions.

Derron Winfrey, President of Sales & Operations

Mr. Winfrey is a fintech and wireless industry pioneer with over 25 years of experience. He founded ECS Prepaid and has led multiple high-growth businesses in prepaid and financial services. He joined SurgePays through its 2019 acquisition of ECS Prepaid.

Jeremy Gies, President

Mr. Gies was appointed President in January 2024. He is a seasoned operations, sales, and business development executive with over 25 years of experience in the telecom, fintech, prepaid, and communications sectors. He founded and led Blue Horizon Group, LLC, a consulting firm, from 2010 to 2019.

Mark Garner, Executive Vice President

Mr. Garner is a seasoned operations executive with nearly 30 years of experience in the wireless and financial technology industries. He has held leadership roles at ECS Prepaid and SurgePays, overseeing platform integrations, prepaid wireless campaigns, and the launch of LinkUp Mobile.

AI Analysis | Feedback

Here are the key risks to Surgepays' business:

  1. Dependence on Government Subsidies and Regulatory Changes: A significant portion of Surgepays' business involves providing subsidized mobile broadband, voice, and SMS text messaging services to low-income consumers. Changes in government programs, funding levels, or regulatory frameworks related to these subsidies could directly and materially impact the company's revenue and profitability.
  2. Competition in Fintech and Telecommunications for the Underbanked Market: Surgepays operates in highly competitive sectors, including financial technology and telecommunications, specifically targeting the underbanked community. The company faces competition from established players, new market entrants, and evolving technologies, which could exert pressure on pricing, market share, and the adoption of its blockchain platform and prepaid products.
  3. Regulatory Scrutiny and Compliance Risks: As a provider of financial and telecommunications services, particularly to a vulnerable population, Surgepays is subject to extensive regulation. Changes in consumer protection laws, financial services regulations, or telecommunications policies could increase compliance costs, necessitate operational adjustments, or limit the scope of its offerings.

AI Analysis | Feedback

The primary clear emerging threat for SurgePays is the potential expiration or significant reduction in government funding for programs that subsidize telecommunications services for low-income consumers, such as the Affordable Connectivity Program (ACP). SurgePays provides subsidized mobile broadband services and voice/SMS text messaging services to low-income consumers, making a substantial portion of its telecommunications revenue reliant on these government-funded initiatives. The non-renewal or curtailment of such programs would directly impact a core segment of the company's business model.

AI Analysis | Feedback

Surgepays, Inc. (SURG) operates in several significant addressable markets within the United States, primarily serving the underbanked community and the legal sector.

Financial and Prepaid Products/Services for the Underbanked

The market for financial services targeting the underbanked community in the U.S. is substantial. As of 2023, approximately 19 million households, representing 14.2% of U.S. households, were considered underbanked. Another estimate from 2023 indicates that 20.1% of U.S. households, equating to 24 million households and 51 million adults, fall into the underbanked category. In 2015, underserved consumers in the U.S. spent an estimated $140.7 billion on fees and interest across various financial product categories.

Prepaid Wireless and Mobile Broadband Services

Surgepays provides voice, SMS, and mobile broadband services to subsidized and direct retail prepaid customers, including low-income consumers. The North America prepaid wireless services market, with the U.S. being a major contributor, accounted for approximately 45% of the global market share. The global Prepaid Wireless Service Market was valued at USD 1532.87 billion in 2024 and is projected to reach USD 1599.10 billion by 2025. Focusing specifically on mobile broadband, the U.S. mobile broadband market is projected to be valued at USD 400 billion by 2025 and is expected to reach USD 700 billion by 2034. Additionally, the U.S. wireless internet service market was valued at USD 1250.5 million in 2024, with expectations to reach USD 2108.5 million by 2032.

Mass Tort Legal Support Solutions

The company offers marketing business intelligence, plaintiff generation, and caseload management solutions primarily to law firms in the mass tort industry. The broader U.S. legal services market, which encompasses these types of solutions, was estimated at USD 396.80 billion in 2024 and is projected to grow to USD 462.67 billion by 2030. Another valuation places the U.S. legal services market size at USD 304.93 billion in 2025, with a projection to reach approximately USD 488.11 billion by 2035. The mass tort segment alone sees significant activity, with settlements exceeding an estimated $40 billion annually for three consecutive years from 2022 to 2024. The overall U.S. tort system costs an estimated $529 billion annually.

AI Analysis | Feedback

Here are the expected drivers of future revenue growth for Surgepays (SURG) over the next 2-3 years:
  1. Growth in Lifeline Program Subscribers: Surgepays anticipates significant revenue growth from its subsidized Lifeline wireless program, particularly through its Torch brand. The company has reported substantial acceleration in subscriber activations and expects this government-backed initiative to be a primary driver of near-term profitability and sustained recurring revenue.
  2. Expansion of LinkUp Mobile and Prepaid Wireless Services: The expansion of Surgepays' prepaid wireless brand, LinkUp Mobile, coupled with an increase in third-party prepaid wireless top-up revenue, is a key indicator of future growth. The company is actively expanding its retail distribution network, including partnerships with major distributors like H.T. Hackney, to reach up to 100,000 retail locations, which is expected to drive customer loyalty and revenue in the wireless segment.
  3. Development and Scaling of the HERO MVNE Wholesale Platform: The growth of Surgepays' Mobile Virtual Network Enabler (MVNE) wholesale platform, known as HERO MVNE, is a strategic initiative aimed at offering a full suite of nationwide wireless solutions to third-party providers. This platform is identified as a crucial component of the company's multi-channel growth strategy, fueling its expansion and high-margin revenue streams beyond 2025.
  4. Monetization of the ClearLine SaaS Platform and In-Store Digital Advertising: Surgepays expects future revenue growth from its ClearLine SaaS platform, which transforms in-store screens into connected retail media hubs. This platform enables real-time video ads, promotions, coupons, and QR codes, creating new subscription and advertising revenue opportunities within grocery and convenience chains.
  5. Expansion of Data-Driven Platforms and Growth Marketing (ProgramBenefits.com): The company is leveraging its re-engineered LogicsIQ intake system, now operating as ProgramBenefits.com, to convert verified benefit-qualified consumers into recurring revenue streams. This platform drives lead monetization and direct wireless subscriber conversions for brands like Torch Wireless and LinkUp Mobile, targeting a large underserved market.

AI Analysis | Feedback

Share Repurchases

  • SurgePays authorized a stock repurchase program of up to $5 million in common stock in August 2024.
  • As of the announcement date in August 2024, no shares had been repurchased under the authorized program.

Share Issuance

  • In January 2026, SurgePays completed a public offering of 2,000,000 shares of common stock at $1.25 per share, resulting in approximately $2.5 million in gross proceeds.
  • The company issued 85,000 shares of common stock with a fair value of $411,400 in June 2022 as part of the acquisition of the MVNO Cloud Services software platform.
  • In 2024, SurgePays recorded $17,249,994 in proceeds from stock issued for cash and $8,799,257 from the exercise of common stock warrants. [cite: 24 (previous search output)]

Inbound Investments

  • In May 2025, SurgePays secured $7 million in senior secured convertible note financing from a current institutional shareholder, which included $6 million in cash.

Outbound Investments

  • On June 7, 2022, SurgePays acquired the MVNO Cloud Services software platform (rebranded as ShockWave CRM) for $300,000 in cash and 85,000 shares of common stock valued at $411,400.
  • Net cash used in investing activities in 2024 included $10,068,506 for the purchase of investments. [cite: 24 (previous search output)]

Capital Expenditures

  • In the first and second quarters of 2025, SurgePays made targeted investments in AT&T integration, MVNE platform development, and POS fintech expansion to support scalable growth.
  • The company's 2022 10-K indicated an anticipation of increased capital needs to support "hyper-growth" related to the Affordable Connectivity Program (ACP) in 2023.

Better Bets vs. Surgepays (SURG)

Peer Outperformance in Integrated Telecommunication Services

SURG has trailed 80% of its 20 Integrated Telecommunication Services peers over 5Y. Among the peers that beat it are T and VZ. Integrated Telecommunication Services ranks 3rd of 9 industries in Communication Services by median 5Y return. That makes it one of the strongest corners of the sector.
Share of Integrated Telecommunication Services constituents that SURG has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
0%
of 22 industry peers · -93.9% return
3Y
0%
of 20 industry peers · -96.8% return
5Y
20%
of 20 industry peers · -46.2% return
Integrated Telecommunication Services peers with revenue growth within 4pp of SURG's that beat it on at least 2 of 3 windows, and by at least 20pp over 5Y. Growth is matched by construction, so the gap is largely a re-rating gap. The multiple column is the context for it.
Ticker Name Rev Growth 3Y Avg P/E 1Y3Y5Y 5Y Gap
SURG Surgepays -1.6% -0.1x -93.9%-96.8%-46.2%
T AT&T 1.6% 8.4x -6.6%107.4%65.6% +112pp
VZ Verizon Communications 1.0% 12.9x 22.5%76.2%24.3% +70pp
Price returns, excluding dividends. P/E shown for context only and not used for matching.
Median price return by industry across the Communication Services sector, ranked by 5Y. Integrated Telecommunication Services is SURG's own industry. Use this to see which corners of the sector have carried the returns.
Industry Names 1Y med3Y med5Y med Top 3 by 5Y
Wireless Telecommunication Services 3 -1.5%43.4%44.8% ECHO 230% · TMUS 45% · SHEN -57%
Publishing 5 18.6%-2.8%29.3% NWSA 42% · NYT 38% · SCHL 29%
Integrated Telecommunication Services ← 21 -8.1%13.1%-13.1% IQST 1363% · AD 156% · GSAT 147%
Movies & Entertainment 23 6.5%77.1%-16.9% IMAX 239% · BATRA 122% · MSGS 120%
Alternative Carriers 4 55.6%10.8%-39.1% IRDM 9% · LUMN -39% · UNIT -39%
Advertising 18 -10.7%-17.7%-58.5% APP 309% · EVC 51% · OMC 32%
Broadcasting 15 -9.4%-17.7%-65.4% FOXA 95% · NXST 41% · WBD 0%
Interactive Media & Services 30 -27.3%-35.1%-70.9% GOOGL 137% · META 59% · EVER 27%
Interactive Home Entertainment 8 -42.2%-48.0%-89.1% TTWO 35% · RBLX -50% · PINS -63%
Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.

Latest Trefis Analyses

Title
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Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

SURGGDOTEEFTTMUSVZMedian
NameSurgepaysGreen DotEuronet .T-Mobile.Verizon . 
Mkt Price0.1613.3072.97187.3050.2250.22
Mkt Cap0.00.82.8202.6209.32.8
Rev LTM672,2704,37592,189138,8954,375
Op Inc LTM-322450518,53128,530505
FCF LTM-158326916,23620,160269
FCF 3Y Avg-135446113,17817,900461
CFO LTM-1515640128,83338,799401
CFO 3Y Avg-1312858025,03937,308580

Growth & Margins

SURGGDOTEEFTTMUSVZMedian
NameSurgepaysGreen DotEuronet .T-Mobile.Verizon . 
Rev Chg LTM83.9%17.7%5.8%9.7%1.4%9.7%
Rev Chg 3Y Avg-1.6%15.8%7.5%5.5%1.0%5.5%
Rev Chg Q40.7%18.2%3.2%7.9%-0.7%7.9%
QoQ Delta Rev Chg LTM7.5%4.2%0.8%1.8%-0.2%1.8%
Op Inc Chg LTM31.1%-70.2%-6.2%-4.5%-3.3%-4.5%
Op Inc Chg 3Y Avg-1,337.1%6.7%7.2%15.6%-1.6%6.7%
Op Mgn LTM-48.3%1.0%11.6%20.1%20.5%11.6%
Op Mgn 3Y Avg-59.5%0.7%12.2%21.0%21.3%12.2%
QoQ Delta Op Mgn LTM6.7%-0.7%-0.6%-0.1%-0.7%-0.6%
CFO/Rev LTM-23.0%6.9%9.2%31.3%27.9%9.2%
CFO/Rev 3Y Avg-36.1%6.6%14.3%29.3%27.3%14.3%
FCF/Rev LTM-23.0%3.7%6.1%17.6%14.5%6.1%
FCF/Rev 3Y Avg-36.1%2.6%11.4%15.4%13.1%11.4%

Valuation

SURGGDOTEEFTTMUSVZMedian
NameSurgepaysGreen DotEuronet .T-Mobile.Verizon . 
Mkt Cap0.00.82.8202.6209.32.8
P/S0.10.30.62.21.50.6
P/Op Inc-0.131.75.510.97.37.3
P/EBIT-0.131.75.211.47.27.2
P/E-0.1-29.19.619.212.99.6
P/CFO-0.34.96.97.05.45.4
Total Yield-774.3%-3.4%10.4%7.4%13.3%7.4%
Dividend Yield0.0%0.0%0.0%2.1%5.6%0.0%
FCF Yield 3Y Avg-68.0%8.2%11.5%6.3%10.1%8.2%
D/E4.30.11.00.60.90.9
Net D/E3.8-1.40.20.60.90.6

Returns

SURGGDOTEEFTTMUSVZMedian
NameSurgepaysGreen DotEuronet .T-Mobile.Verizon . 
1M Rtn-22.8%-0.1%-0.7%6.4%6.0%-0.1%
3M Rtn-68.8%6.9%4.8%3.8%9.5%4.8%
6M Rtn-80.5%12.7%-1.8%-13.8%1.3%-1.8%
12M Rtn-93.9%-4.6%-20.0%-25.3%22.5%-20.0%
3Y Rtn-96.8%-11.8%-16.4%43.4%76.2%-11.8%
1M Excs Rtn-21.0%1.7%-4.2%7.2%8.0%1.7%
3M Excs Rtn-70.3%5.4%3.3%2.3%8.0%3.3%
6M Excs Rtn-92.1%1.1%-13.4%-25.4%-10.3%-13.4%
12M Excs Rtn-113.4%-24.1%-39.5%-44.8%3.0%-39.5%
3Y Excs Rtn-169.7%-83.8%-87.9%-27.2%10.1%-83.8%

Comparison Analyses

null

Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Point-of-Sale and Prepaid Services44171116 
Mobile Virtual Network Operator134311988 
Other Corporate Overhead0070 
Lead Generation   17 
LogicsIQ, Inc.    18
Surge Blockchain, LLC    0
Surge Fintech & ECS    25
Surge Phone and Torch Wireless    7
True Wireless    1
Total576113712251


Operating Income by Segment
$ Mil20252024202320222021
Point-of-Sale and Prepaid Services-5-2-2-2 
Mobile Virtual Network Operator-10-163412 
Other Corporate Overhead-19-25-140 
Corporate overhead   -10 
Lead Generation   0 
LogicsIQ, Inc.    1
Surge Blockchain, LLC    0
Surge Fintech & ECS    -1
Surge Pays, Inc.    -8
Surge Phone and Torch Wireless    1
True Wireless    0
Total-34-43191-6


Assets by Segment
$ Mil20252024202320222021
Mobile Virtual Network Operator583326 
Point-of-Sale and Prepaid Services2533 
Other Corporate Overhead21170 
Corporate overhead   3 
Lead Generation   2 
LogicsIQ, Inc.    1
Surge Blockchain, LLC    -1
Surge Fintech & ECS    4
Surge Pays, Inc.    15
Surge Phone and Torch Wireless    -0
Total924423420


Price Behavior

Price Behavior
Market Price$0.16 
Market Cap ($ Bil)0.0 
First Trading Date12/29/2006 
Distance from 52W High-94.6% 
   50 Days200 Days
DMA Price$0.34$0.86
DMA Trenddowndown
Distance from DMA-51.2%-81.0%
 3M1YR
Volatility169.8%121.4%
Downside Capture27.16164.03
Upside Capture-512.93-194.22
Correlation (SPY)1.4%9.2%
SURG Betas & Captures as of 8/31/2026

 1M2M3M6M1Y3Y
Beta-0.22-1.380.100.300.880.93
Up Beta1.77-1.14-0.510.420.200.56
Down Beta49.0815.129.186.814.581.36
Up Capture-528%-471%-299%-129%-61%4%
Bmk +ve Days10213268138427
Stock +ve Days611184495333
Down Capture-474%-142%24%-1%132%110%
Bmk -ve Days11213259113324
Stock -ve Days15314481152397

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with SURG
SURG-94.0%121.4%-1.72-
Sector ETF (XLC)2.1%15.3%-0.0717.6%
Equity (SPY)20.6%12.8%1.199.7%
Gold (GLD)23.8%29.1%0.737.5%
Commodities (DBC)41.7%20.4%1.60-1.2%
Real Estate (VNQ)9.7%13.6%0.433.8%
Bitcoin (BTCUSD)-30.7%43.5%-0.723.5%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with SURG
SURG-46.3%98.9%-0.21-
Sector ETF (XLC)7.0%21.0%0.2512.9%
Equity (SPY)12.7%17.2%0.5713.4%
Gold (GLD)19.2%18.8%0.836.1%
Commodities (DBC)10.8%19.5%0.433.9%
Real Estate (VNQ)1.9%18.9%-0.018.2%
Bitcoin (BTCUSD)9.5%52.6%0.379.2%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with SURG
SURG-34.8%100.4%-0.30-
Sector ETF (XLC)9.3%22.1%0.4713.4%
Equity (SPY)15.1%17.9%0.7213.0%
Gold (GLD)12.2%16.3%0.614.5%
Commodities (DBC)7.8%18.1%0.355.0%
Real Estate (VNQ)4.8%20.7%0.197.4%
Bitcoin (BTCUSD)63.0%66.1%1.037.4%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date8142026
Short Interest: Shares Quantity1.5 Mil
Short Interest: % Change Since 7312026-20.6%
Average Daily Volume60.4 Mil
Days-to-Cover Short Interest1
Basic Shares Quantity25.9 Mil
Short % of Basic Shares5.7%

Earnings Returns History

Updated 8/5/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
5/20/20262.0%13.4%-19.6%
11/13/20250.0%-5.7%-14.2%
7/13/202313.0%11.3%17.8%
3/2/2023-10.6%-13.8%-13.8%
2/1/20222.0%-4.1%3.7%
SUMMARY STATS   
# Positive422
# Negative133
Median Positive2.0%12.3%10.8%
Median Negative-10.6%-5.7%-14.2%
Max Positive13.0%13.4%17.8%
Max Negative-10.6%-13.8%-19.6%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
5/20/20262.0%13.4%-19.6%
11/13/20250.0%-5.7%-14.2%
7/13/202313.0%11.3%17.8%
3/2/2023-10.6%-13.8%-13.8%
2/1/20222.0%-4.1%3.7%
SUMMARY STATS   
# Positive422
# Negative133
Median Positive2.0%12.3%10.8%
Median Negative-10.6%-5.7%-14.2%
Max Positive13.0%13.4%17.8%
Max Negative-10.6%-13.8%-19.6%

SEC Filings

Expand for More
Report DateFiling DateFiling
06/30/202608/19/202610-Q
03/31/202605/20/202610-Q
12/31/202504/15/202610-K
09/30/202511/12/202510-Q
06/30/202508/13/202510-Q
03/31/202505/13/202510-Q
12/31/202403/25/202510-K
09/30/202411/12/202410-Q
06/30/202408/13/202410-Q
03/31/202405/13/202410-Q
12/31/202303/12/202410-K
09/30/202311/14/202310-Q
06/30/202308/10/202310-Q
03/31/202305/11/202310-Q
12/31/202203/30/202310-K
09/30/202211/14/202210-Q
Collapse to Preview
Report DateFiling DateFiling
06/30/202608/19/202610-Q
03/31/202605/20/202610-Q
12/31/202504/15/202610-K
09/30/202511/12/202510-Q
06/30/202508/13/202510-Q
03/31/202505/13/202510-Q
12/31/202403/25/202510-K
09/30/202411/12/202410-Q
06/30/202408/13/202410-Q
03/31/202405/13/202410-Q
12/31/202303/12/202410-K
09/30/202311/14/202310-Q
06/30/202308/10/202310-Q
03/31/202305/11/202310-Q
12/31/202203/30/202310-K
09/30/202211/14/202210-Q
06/30/202208/11/202210-Q
03/31/202205/16/202210-Q
12/31/202103/24/202210-K
09/30/202111/15/202110-Q
06/30/202108/20/202110-Q
03/31/202105/17/202110-Q
12/31/202004/02/202110-K
09/30/202011/16/202010-Q
06/30/202008/14/202010-Q
03/31/202006/22/202010-Q
12/31/201905/12/202010-K
09/30/201911/14/201910-Q

Recent Forward Guidance

Updated 7/27/2026

Latest: Q1 2026 Earnings Reported 5/20/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2026 Prepaid Top-up Volume GrowthReported 30.0%    

null

Insider Activity

Updated 6/5/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1May, David AllenDirectBuy60520260.5334,71618,24382,307Form
2May, David AllenDirectBuy60520260.531216464,064Form
3May, David AllenDirectBuy60520260.535,4132,84564,000Form
4May, David AllenDirectBuy121120251.6038,42261,647253,692Form
5May, David AllenDirectSell61020252.8163,000177,282336,819Form
Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1May, David AllenDirectBuy60520260.5334,71618,24382,307Form
2May, David AllenDirectBuy60520260.531216464,064Form
3May, David AllenDirectBuy60520260.535,4132,84564,000Form
4May, David AllenDirectBuy121120251.6038,42261,647253,692Form
5May, David AllenDirectSell61020252.8163,000177,282336,819Form

Industry Resources

Communication Services Resources
Variety
The Hollywood Reporter
Adweek
Integrated Telecommunication Services Resources
Fierce Telecom
Telecoms.com
Light Reading
Core Cache Last Updated: 9/2/2026