# SurgePays, Inc. (SURG) · Edgar & Edgarette company card

> SurgePays (SURG) saw revenue fall 6.4% in FY2025 to $57 million, operating margin -59.9% against a 2.5% median for telephone communications (no radiotelephone), equity -180% of assets. Every figure is from the company’s own annual report filed with the SEC.

SEC CIK 1392694 · fiscal year ended 2025-12-31 · 5 audited years read · [page](https://www.pops4.com/boards/company/SURG) · [JSON](https://www.pops4.com/boards/company/SURG.json)

## Figures, as filed in the 10-K

| Measure | Value |
|---|---|
| Revenue | $57M |
| Revenue growth, 1 year | -6.4% |
| Revenue growth per year | 2.8% |
| Operating margin | -59.9% (prior year -71.4%) |
| Net margin | -63.3% |
| Operating cash flow | −$21M |
| Capital spending | $18,590 |
| Free cash flow | −$21M |
| Cash | $2M |
| Long-term debt | $13M |
| Total assets | $9M |
| Total equity | −$15M |
| Equity ÷ assets | -180.2% |
| Return on equity | — |
| Dividend per share | — |
| Dividend years rising | — |

## Readings, computed from those figures

- Altman Z: -73.37 (distress zone)
- Piotroski F: 3 of 9 (middling)
- Health Harbor boat: Rotting at the dock · four or more warning signs · filed late annual report notice, late quarterly report notice, auditor change in the last 12 months; liabilities exceed assets (often from years of share buybacks, not always distress); slow and jumpy: growing slower than its size class, with revenue that swings more; operating cash flow was negative; operating loss: a margin of -59.9% in FY2025; revenue is hard to predict: its 80% range is ±78%
- Cash Compass: Fading · slow and jumpy, lagging its peers

## Edgarette's reading

Exposure: revenue $57.0M (FY2025), total debt $13.3M. Experience: revenue down 6.4% on the year, up 2.8% a year over 4 years; operating margin -59.9%, up from -71.4%. Soundness: equity -180.2% of assets (liabilities exceed assets). Credibility: four or more audited years, reasonable weight. Range: 80% of past cases like this landed between $16.1M and $131.8M next year (method v4.1: its own 6-year record of growth weighed at 63% against $50M–100M filers; across 2019–2025, 69.0% landed inside, 83.4% on the one year the method never saw). In a shock year the stress range is $17.4M to $122.4M. A statistical range, not company guidance. Against peers (14 filers, $50M+ revenue, telephone communications (no radiotelephone)): operating margin -59.9% against a 2.5% median; growth -6.4% against 2.3%.

Range logged 2026-09-24, receipt c458c9b317ff88d0, status open. A statistical range, not company guidance.

## Health Watch, last 12 months

- Item NT 10-K Late annual report notice: 1, latest 2026-03-31 ([filing](https://www.sec.gov/Archives/edgar/data/1392694/000149315226014265/0001493152-26-014265-index.htm))
- Item 3.01 Exchange listing notice or transfer: 2, latest 2026-09-29 ([filing](https://www.sec.gov/Archives/edgar/data/1392694/000149315226044789/0001493152-26-044789-index.htm))
- Item NT 10-Q Late quarterly report notice: 2, latest 2026-08-17 ([filing](https://www.sec.gov/Archives/edgar/data/1392694/000149315226038796/0001493152-26-038796-index.htm))
- Item 4.01 Auditor change: 1, latest 2026-09-16 ([filing](https://www.sec.gov/Archives/edgar/data/1392694/000149315226042938/0001493152-26-042938-index.htm))
- Item 5.02 Director or officer change: 2, latest 2026-01-14 ([filing](https://www.sec.gov/Archives/edgar/data/1392694/000149315226002257/0001493152-26-002257-index.htm))

## Recent filings

- 8-K · filed 2026-11-03 · 7.01 Regulation FD Disclosure; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/1392694/000149315226049719/0001493152-26-049719-index.htm)
- 8-K · filed 2026-10-15 · 7.01 Regulation FD Disclosure; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/1392694/000149315226047149/0001493152-26-047149-index.htm)
- 8-K · filed 2026-09-29 · 3.01 Notice of Delisting or Failure to Satisfy a Listing Rule · [filing](https://www.sec.gov/Archives/edgar/data/1392694/000149315226044789/0001493152-26-044789-index.htm)
- 8-K · filed 2026-09-16 · 4.01 Changes in Registrant's Certifying Accountant · [filing](https://www.sec.gov/Archives/edgar/data/1392694/000149315226042938/0001493152-26-042938-index.htm)
- 8-K · filed 2026-09-10 · 1.01 Entry into a Material Definitive Agreement; 2.01 Completion of Acquisition or Disposition of Assets; 8.01 Other Events; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/1392694/000149315226042153/0001493152-26-042153-index.htm)
- 8-K · filed 2026-09-03 · 8.01 Other Events · [filing](https://www.sec.gov/Archives/edgar/data/1392694/000149315226041325/0001493152-26-041325-index.htm)

## Sources

- facts: https://data.sec.gov/api/xbrl/companyfacts/CIK0001392694.json
- filings: https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1392694

## Cite

POPS4, Edgar & Edgarette: SurgePays, Inc. (SURG) company card, from the company's own SEC filings, accessed 2026-11-05, https://www.pops4.com/boards/company/SURG. CC BY 4.0. For a figure, add the filing URL under filings or sources.

DOI https://doi.org/10.5281/zenodo.23672509 · catalog https://www.pops4.com/boards/catalog.json · Figures as filed with the SEC. Card text CC BY 4.0, POPS4.

Reporting, not investment advice. No price targets and no trading recommendations.

Figures are as filed in audited 10-K reports and can move with restatements, acquisitions, disposals or a change in fiscal year. A range set from how past company-years turned out is not a promise about the next one, and says nothing about the share price.