SurgePays, Inc. (NASDAQ: SURG) is a wireless and point-of-sale technology company that provides mobile connectivity, financial technology services, and transaction processing solutions to underserved and value-conscious consumers. Revenue comes from two segments: Mobile Virtual Network Operator (MVNO) services, which generated $13.5M in FY2025 (down from $43.5M in FY2024), and Point-of-Sale and Prepaid Services, which generated $43.5M in FY2025 (up from $17.4M in FY2024), for total revenue of $57.0M in FY2025. Both segments operated at negative gross margins in FY2025, with the MVNO segment at -65.3% and Point-of-Sale and Prepaid Services at -3.9%. The company distributes prepaid wireless top-ups and financial services through convenience stores and similar retail locations, targeting cash-based and underbanked consumers. SurgePays participates in government-subsidized programs such as Lifeline, which support demand among low-income households. The company does not pay cash dividends and had no preferred stock outstanding as of December 31, 2025.

Revenue model

Transactional revenue from MVNO wireless service subscriptions and prepaid wireless top-ups, plus point-of-sale transaction processing and prepaid services fees distributed through retail channels including convenience stores. Government-subsidized Lifeline program participation supports a portion of wireless subscriber demand.

Products and services

Mobile Virtual Network Operator (MVNO) wireless services; prepaid wireless top-up distribution; point-of-sale software and transaction processing (ClearLine platform); financial technology services for underbanked consumers; retail distribution of prepaid cards and connectivity products through convenience stores and neighborhood retail locations.

Customers and end markets

Underserved, value-conscious, and low-income U.S. consumers, including Lifeline-eligible households and smartphone-dependent adults. Retail distribution partners include convenience stores, bodegas, and neighborhood retail locations. End market is the U.S. prepaid wireless and prepaid card segment, with particular focus on rural and underserved communities lacking broadband access.

Value-chain role

SurgePays sits between wireless network operators and end consumers, acting as an MVNO reseller and point-of-sale technology provider. It operates a retail distribution network to deliver prepaid wireless and financial services at the store level, and uses transaction data to drive targeted marketing through its ClearLine platform.

Geographic exposure

United States, with particular focus on rural and underserved communities. Headquartered in the U.S. (exact city not specified in excerpts).

Source: SEC 10-K, filed 2026-04-15

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