SurgePays, Inc. (SURG) Income Statement
SURG 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsSURG revenue and net income
Where SURG's revenue goes
2025Each bar shows an amount and its share of revenue. SURG kept −63.3% of revenue as net income.
SURG profit margins
SURG growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | −6.4% | −22.3% | +0.9% | +35.0% |
| Gross profit | — | — | — | — |
| Operating income | — | — | — | — |
| Net income | — | — | — | — |
| EPS (diluted) | — | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
SURG quarterly EPS vs estimates
SurgePays beat the analyst EPS estimate in 1 of the last 8 quarters. Next report: November 11, 2026 (estimate $-0.07).
SURG income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $57.0M | $60.9M | $137.1M | $121.5M | $51.1M | $54.4M | $25.7M | $15.2M | $13.5M | $3.3M |
| Cost of revenue | $67.6M | $75.2M | $101.5M | $108.1M | $44.9M | $51.9M | $22.6M | $8.6M | $8.1M | $2.3M |
| Gross profit | −$10.6M | −$14.3M | $35.6M | $13.5M | $6.2M | $2.5M | $3.1M | $6.7M | $5.4M | $968,280 |
| Research & development | — | — | — | — | — | — | — | — | $0 | $0 |
| Sales, general & admin | $20.1M | $26.3M | $15.7M | $11.9M | $11.4M | $9.7M | $9.7M | $8.1M | $5.2M | $3.2M |
| Total operating expenses | $23.5M | $27.5M | $16.8M | $12.8M | $12.2M | $12.6M | $10.9M | $8.2M | $5.2M | $6.0M |
| Operating income | −$34.1M | −$41.8M | $18.9M | $633,785 | −$6.0M | −$10.1M | −$7.8M | −$1.5M | $204,285 | −$2.7M |
| Interest income | $63,950 | $105,395 | $0 | — | — | $1.4M | — | — | — | — |
| Interest expense | $2.0M | $554,200 | $595,975 | $2.0M | $7.5M | $4.0M | $227,016 | $140,457 | $24,021 | $0 |
| Income before taxes | −$36.1M | −$43.1M | $18.4M | −$553,228 | −$13.5M | −$10.7M | −$8.4M | −$1.5M | $2.8M | −$4.6M |
| Income taxes | — | $2.9M | −$2.3M | −$404,375 | $5.3M | $6.2M | −$228,979 | $82,230 | $426,544 | $0 |
| Net income | −$36.1M | −$45.7M | $20.6M | −$680,763 | −$13.5M | −$10.7M | −$8.4M | −$1.5M | $2.8M | −$4.6M |
| EBITDA | −$33.0M | −$41.2M | $20.1M | $2.4M | −$5.1M | −$5.4M | −$7.9M | −$1.2M | $211,224 | — |
| EPS (diluted) | −$1.81 | −$2.28 | $1.39 | −$0.09 | −$4.33 | −$3.34 | −$4.39 | −$1.29 | −$1.48 | −$5.07 |
| Gross margin | −18.6% | −23.5% | 26.0% | 11.1% | 12.1% | 4.5% | 12.1% | 43.8% | 39.9% | 29.4% |
| Operating margin | −59.9% | −68.6% | 13.8% | 0.5% | −11.7% | −18.6% | −30.2% | −10.1% | 1.5% | −81.8% |
| Net margin | −63.3% | −75.1% | 15.0% | −0.6% | −26.5% | −19.7% | −32.8% | −10.1% | 20.6% | −139.5% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $16.2M | $16.0M | $16.2M | $18.7M | $11.5M | $10.6M | $9.6M | $4.8M | $15.1M | $31.4M | $32.3M | $34.2M |
| Cost of revenue | $16.6M | $23.7M | $18.6M | $21.3M | $14.2M | $13.5M | $20.8M | $12.6M | $18.5M | $23.2M | $24.9M | $23.7M |
| Gross profit | −$425,170 | −$7.7M | −$2.4M | −$2.6M | −$2.7M | −$2.9M | −$11.2M | −$7.8M | −$3.4M | $8.2M | $7.4M | $10.5M |
| Sales, general & admin | $4.6M | $3.5M | $6.7M | $4.4M | $3.9M | $4.6M | $6.8M | $6.2M | $7.1M | $6.1M | $6.6M | $3.1M |
| Total operating expenses | $4.6M | $3.5M | $25.5M | $4.4M | $4.2M | $4.6M | $7.1M | $6.4M | $7.4M | $6.4M | $6.6M | $3.4M |
| Operating income | −$5.1M | −$11.2M | −$9.3M | −$7.0M | −$6.8M | −$7.6M | −$18.4M | −$14.3M | −$10.9M | $1.8M | $866,249 | $7.1M |
| Interest income | $0 | $0 | $37 | $0 | $7,008 | $56,903 | $78,142 | $183,537 | $0 | $0 | — | $0 |
| Interest expense | $1.0M | $881,908 | $1.1M | $424,665 | $279,306 | $119,434 | $192,081 | $112,814 | $116,722 | $132,583 | $117,047 | $130,335 |
| Income before taxes | $1.3M | −$12.1M | −$13.9M | −$7.5M | −$7.1M | −$7.6M | −$20.1M | −$14.3M | −$10.3M | $1.6M | $763,769 | $7.0M |
| Income taxes | — | — | — | — | — | −$209 | −$100,000 | −$4,397 | $2.5M | $423,000 | −$2.3M | $111,059 |
| Net income | $1.3M | −$12.1M | −$13.9M | −$7.5M | −$7.1M | −$7.6M | −$19.8M | −$14.3M | −$12.9M | $1.2M | $3.0M | $7.1M |
| EBITDA | −$5.1M | −$10.9M | −$12.5M | −$6.8M | −$6.5M | −$7.2M | −$19.5M | −$13.9M | −$9.9M | $2.1M | $1.2M | $7.4M |
| EPS (diluted) | $0.05 | −$0.69 | −$0.69 | −$0.38 | −$0.36 | −$0.38 | −$0.94 | −$0.72 | −$0.69 | $0.07 | $0.20 | $0.48 |
| Gross margin | −2.6% | −48.2% | −14.8% | −13.9% | −23.0% | −27.8% | −117.0% | −164.2% | −22.8% | 26.0% | 23.0% | 30.7% |
| Operating margin | −31.2% | −70.1% | −57.6% | −37.2% | −59.1% | −71.7% | −191.5% | −299.4% | −72.1% | 5.6% | 2.7% | 20.8% |
| Net margin | 8.0% | −75.4% | −85.6% | −40.1% | −61.5% | −72.2% | −206.5% | −299.3% | −85.3% | 3.9% | 9.3% | 20.7% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in SURG's financial statements (latest annual report filed April 15, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
SURG financial results
In fiscal year 2025 (ended December 31, 2025), SurgePays reported revenue of $57.0 million, down 6.4% from the year before. It had a net loss of $36.1 million, a net profit margin of −63.3%. Diluted earnings per share came to −$1.81. Over five years revenue grew at an average rate of 0.9% a year.
See the SURG stock overview for the latest quote and news, or the SURG chart for price history and technical indicators.
SURG income statement FAQ
What is SurgePays's annual revenue?
SurgePays reported total revenue of $57.0 million for fiscal year 2025, which ended on December 31, 2025. That was down 6.4% from $60.9 million the previous year.
Is SurgePays profitable?
No. SurgePays reported a net loss of $36.1 million in fiscal 2025, a net profit margin of −63.3%; its operating margin was −59.9%.
What is SurgePays's gross margin?
SurgePays's gross margin was −18.6% in fiscal 2025: for every $100 of revenue, SurgePays kept $-19 after the direct cost of its products and services.
How fast is SurgePays growing?
Revenue grew 0.9% a year on average over the last five fiscal years, from $54.4 million to $57.0 million.
What are SurgePays's earnings per share?
SurgePays earned $-1.81 per diluted share in fiscal 2025, compared with $-2.28 a year earlier.
When will SurgePays report its next earnings?
SurgePays is expected to report results for the quarter ending September 30, 2026 on November 11, 2026 before the market opens.
When does SurgePays's fiscal year end?
SurgePays's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on April 15, 2026.