SurgePays reports 51% revenue growth in first quarter

SurgePays Inc. (NASDAQ: SURG) reported first quarter 2026 revenue of approximately $16 million, representing a 51% increase from $10.6 million in the prior year period, according to the company's earnings statement.

The revenue growth was driven primarily by a 71% increase in point of sale and prepaid services. General and administrative expenses declined approximately 25% to $3.5 million, compared to $4.6 million in the prior year period.

The company's total wireless subscriber lines surpassed 200,000 across its LinkUp Mobile and Torch Wireless brands. SurgePays closed six new wholesale distribution partners during the quarter, consisting of three Master Agent agreements covering more than 3,000 retail locations and three independent sales organization agreements.

Net cash used in operating activities improved to approximately $4.6 million from $7.0 million in the prior year period. However, the company reported a net loss available to common stockholders of $12.1 million, compared to $7.6 million in the first quarter of 2025.

Cash and cash equivalents totaled approximately $2.0 million at March 31, 2026, while total cash, cash equivalents and restricted cash were $2.4 million at quarter end.

SurgePays operates as a fintech and mobile virtual network operator serving subprime consumers through approximately 9,000 convenience stores. The company launched a stored value and loyalty platform and deployed its Managed Marketing Services platform during the quarter.

Following the quarter end, SurgePays entered into a multiyear Commercial Integration and Distribution Agreement with Alpha Modus Holdings Inc. (NASDAQ: AMOD) on May 1, 2026.

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