# EDGAR Filing Document

**Accession Number:** 0001392694
**File Stem:** 0001493152-25-022287
**Filing Date:** 2025-11
**Character Count:** 23674
**Document Hash:** 5f29dc9f0cce561ae7544db6e5365809
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001493152-25-022287.hdr.sgml**: 20251113

**ACCESSION NUMBER**: 0001493152-25-022287

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20251112

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251113

**DATE AS OF CHANGE**: 20251113

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SurgePays, Inc.
- **CENTRAL INDEX KEY:** 0001392694
- **STANDARD INDUSTRIAL CLASSIFICATION:** TELEPHONE COMMUNICATIONS (NO RADIO TELEPHONE) [4813]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 980550352
- **STATE OF INCORPORATION:** NV
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-40992
- **FILM NUMBER:** 251478347

**BUSINESS ADDRESS:**
- **STREET 1:** 3124 BROTHER BLVD
- **STREET 2:** SUITE 104
- **CITY:** BARTLETT
- **STATE:** TN
- **ZIP:** 38133
- **BUSINESS PHONE:** 901-302-9587

**MAIL ADDRESS:**
- **STREET 1:** 3124 BROTHER BLVD
- **STREET 2:** SUITE 104
- **CITY:** BARTLETT
- **STATE:** TN
- **ZIP:** 38133

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Surge Holdings, Inc.
- **DATE OF NAME CHANGE:** 20180102

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** KSIX Media Holdings, Inc.
- **DATE OF NAME CHANGE:** 20150728

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** North American Energy Resources, Inc.
- **DATE OF NAME CHANGE:** 20150528

?xml version='1.0' encoding='ASCII'?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K**

CURRENT REPORT

**Pursuant to Section 13 or 15(d) of the Securities and Exchange Act of 1934**

**Date of Report (Date of earliest event reported): November 12, 2025**

**<u>SURGEPAYS, INC.</u>**

(Exact name of Registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Nevada** | **001-40992** | **98-0550352** |
| **(State or other jurisdiction<br> of incorporation)** | **(Commission<br> File Number)** | **(IRS Employer<br> Identification No.)** |

---

**<u>3124 Brother Blvd, Suite 104</u>**

**<u>Bartlett TN 38133</u>**

**(Address of principal executive offices, including zip code)**

**<u>(901) 302-9587</u>**

**(Registrant's telephone number, including area code)**

Check the appropriate box below if the 8-K filing is intended to simultaneously satisfy the filing obligations of the registrant under any of the following provisions:

☐ Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)).

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| Common Stock | SURG | The Nasdaq Stock Market LLC |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

**Item 2.02. Results of Operations and Financial Condition.**

On November 12, 2025, SurgePays, Inc. issued a press release announcing its financial results for the fiscal quarter ended September 30, 2025. A copy of the press release is furnished as Exhibit 99.1 to this report.

In accordance with General Instruction B.2 of Form 8-K, the information in this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

**Item 9.01 Financial Statements and Exhibits**

99.1 [Press release, dated November 12, 2025, issued by SurgePays, Inc.](ex99-1.htm) <br> 104 Cover Page Interactive Data File (embedded within the Inline XBRL document).

**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | **SURGEPAYS, INC.** | **SURGEPAYS, INC.** |
| Date: November 13, 2025 | By: | */s/ Kevin Brian Cox* |
|  |  | Kevin Brian Cox |
|  |  | Chief Executive Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

![](ex99-1_001.jpg)

**SurgePays Revenue for the Third Quarter 2025 Increases 292% Year-Over-Year and 62% Sequentially**

 

*Third quarter 2025 revenue totaled approximately $18.7 million, an increase of 292% year-over-year and 62% sequentially*

 

*Company is reiterating revenue guidance for 2026 of $225 million*

 

*Conference call today at 5:00 p.m. ET*

**BARTLETT, Tenn., November 12, 2025** — **SurgePays, Inc.** (Nasdaq: SURG) ("SurgePays" or the "Company"), a wireless and fintech technology company connecting subprime and underserved consumers to essential mobile and financial services, today announced revenue growth of 292% year-over-year and 62% sequentially to $18.7 million for the third quarter ended September 30, 2025. The Company is reiterating revenue guidance of $225 million for 2026.

"The 2025 third quarter represented an important inflection point for our multi-channel growth platform, which yielded revenue growth of 292% year-over-year and 62% sequentially," said Brian Cox, President and CEO. "Each of our revenue channels are synergistic, not isolated initiatives, that together strengthen with every subscriber, transaction, and retailer added to our ecosystem. We believe our strength lies in our ability to combine cutting-edge technology with a nationwide retail distribution network, bringing telecom and fintech products directly to underserved communities where people live and shop. This powerful combination of technology and retail provides us with a sustainable competitive advantage, positioning us as a long-term leader in a large, total addressable market that is very difficult to replicate. Today, the platform and development of distribution, technology, and new products are well established, and will support higher margin revenue streams for years of sustained growth. This synergy generates recurring revenue, provides competitive advantages that are extremely difficult to replicate, and lays the foundation for significant year-over-year growth."

Mr. Cox concluded, "As we continue to scale our platform and expand our leadership across the subprime and underserved markets, we are confident in our ability to deliver strong growth and achieve our 2026 revenue guidance of $225 million."

**Third Quarter 2025 and Subsequent Operational Highlights:**

● Torch Wireless, SurgePays' Lifeline-subsidized brand, continued to be a key growth driver during the 2025 third quarter, with revenue growth to $5.6 million, with over 125,000 subscribers.

● LinkUp Mobile, the Company's affordable prepaid wireless brand, was fully launched in April and surpassed 95,000 recurring active subscribers by the end of the third quarter. This growth was driven by expanded retail distribution, targeted marketing, and competitive pricing, reinforcing SurgePays' ability to capture market share in the prepaid wireless segment.

● "Phone-in-a-Box" kits and prepaid services through major distribution partners, including HT Hackney, which services more than 40,000 retail locations. The Company's near-term goal is to expand to 100,000 retail locations operating on the SurgePays platform, driven by both organic growth and new distribution agreements.

● MVNE (HERO) Wholesale: Onboarded three MVNO partners to date, with additional partnerships in progress. This high-margin business model benefits from minimal incremental cost and offers significant scalability through direct carrier access.

● Growth Marketing & Data Partnerships: Relaunched legacy DigitizeIQ assets into a modern intake and monetization engine focused on underserved consumer marketing, designed to lower subscriber acquisition cost, and add high-margin revenue streams.

**Third Quarter 2025 Financial Highlights:**

● Net Revenue totaled $18.7 million, compared to $4.8 million in Q3 2024, an increase of 292% year-over-year and 62% sequentially.

● Gross Profit loss improved to $(2.6) million, compared to $(7.8) million in Q3 2024.

● SG&A improved to $4.2 million, compared to $6.2 million in Q3 2024, an improvement of 32.5% year-over-year.

● As of November 10, 2025, SurgePays had 20,431,549 shares of common stock outstanding.

**2026 Guidance:**

SurgePays reaffirms its 2026 revenue guidance of $225 million, supported by continued Lifeline subscriber growth, expansion of prepaid/retail distribution, additional MVNE partners, and ClearLine monetization.<br>

**Third Quarter 2025 Financial Results Conference Call**

Date: Wednesday, November 12, 2025

Time: 5:00 p.m. ET

Dial-in Number: 1-888-506-0062

Access Code: 350444

Webcast: <u>https://ir.surgepays.com/company-events</u>

Replay of the webcast will be available for a one year period.

**About SurgePays, Inc.**

SurgePays, Inc. (NASDAQ: SURG) is a wireless, fintech, and point-of-sale technology company focused on connecting subprime and underserved communities to essential mobile and financial services. The company operates its own wireless brands and proprietary point-of-sale platform, which is deployed nationwide in thousands of retail locations, enabling SIM activations, top-ups, and digital financial transactions.

Building on its nationwide wireless and fintech network, SurgePays is expanding into data-driven marketing and digital partnerships designed to convert verified consumer engagement into recurring, high-margin revenue streams. The company is uniquely positioned to grow across both retail and online channels while evolving into a leading data intelligence and digital marketplace platform serving America's underserved population.

Visit <u>www.SurgePays.com</u> for more information.

**Cautionary Note Regarding Forward-Looking Statements**

This press release includes express or implied statements that are not historical facts and are considered forward-looking within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act. Forward-looking statements involve substantial risks and uncertainties and generally relate to future events or our future financial or operating performance. These statements may include projections, guidance, or other estimates regarding revenue, cash flow, business growth, market expansion, or customer acquisition. In some cases, you can identify forward-looking statements by the following words: "may," "will," "could," "would," "should," "expect," "intend," "plan," "anticipate," "believe," "estimate," "predict," "project," "potential," "continue," "ongoing," "attempting," or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words.

Although we believe the expectations reflected in these forward-looking statements, such as regarding our revenue guidance for 2026, revenue, margins, expectations for customer demand, and profitability potential are reasonable, these statements relate to future events or our future operational or financial performance and involve known and unknown risks, uncertainties, and other factors that may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by these forward-looking statements. Furthermore, actual results may differ materially from those described in the forward-looking statements and will be affected by a variety of risks and factors that are beyond our control, including, without limitation, the assumption that the Company will be able to obtain high-margin recurring revenues, statements about our revenue guidance for 2026 and future financial performance, including our revenue, cash flows, costs of revenue and operating expenses; our anticipated growth; and our predictions about our industry and customer demand. These include, but are not limited to, our ability to scale our prepaid wireless business, transition ACP subscribers to Lifeline, maintain our MVNE partnerships, and achieve financial targets. The forward-looking statements contained in this release are also subject to other risks and uncertainties, including those more fully described in our filings with the Securities and Exchange Commission ("SEC"), including in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024. The forward-looking statements in this press release speak only as of the date on which the statements are made. We undertake no obligation to update, and expressly disclaim the obligation to update, any forward-looking statements made in this press release to reflect events or circumstances after the date of this press release or to reflect new information or the occurrence of unanticipated events, except as required by law.<br>

**Investor Relations Contact:**

Valter Pinto, Managing Director

KCSA Strategic Communications

212.896.1254 <u>SurgePays@KCSA.com</u>

**SurgePays, Inc. and Subsidiaries**

**Consolidated Balance Sheets**

---

| | | |
|:---|:---|:---|
|  | **September 30, 2025** | **December 31, 2024** |
|  | **(Unaudited)** | **(Audited)** |
| **<u>Assets</u>** |  |  |
| **Current Assets** |  |  |
| Cash and cash equivalents | $2514862 | $11790389 |
| Restricted cash - line of credit reserve | 224947 |  |
| Restricted cash - held in escrow |  | 1000000 |
| Accounts receivable - net | 4291222 | 3000209 |
| Inventory | 1917617 | 1781365 |
| Prepaids and other | 278532 | 298360 |
| **Total Current Assets** | 9227180 | 17870323 |
| **Property and equipment - net** | 430352 | 591088 |
| **Other Assets** |  |  |
| Note receivable | 176851 | 176851 |
| Intangibles - net | 982606 | 1472962 |
| Goodwill | 3300000 | 3300000 |
| Operating lease - right of use asset - net | 377912 | 564781 |
| **Total Other Assets** | 4837369 | 5514594 |
| **Total Assets** | $14494901 | $23976005 |
| **<u>Liabilities and Stockholders' Equity (Deficit)</u>** |  |  |
| **Current Liabilities** |  |  |
| Accounts payable and accrued expenses | $8335599 | $3929195 |
| Accounts payable and accrued expenses - related party | 200240 | 192845 |
| Operating lease liability | 227005 | 248069 |
| Notes payable | 1822426 |  |
| Note payable - related party | 1968468 | 1689367 |
| Convertible notes payable - net | 5120308 | - |
| **Total Current Liabilities** | 17674046 | 6059476 |
| **Long Term Liabilities** |  |  |
| Note payable - related party | 762328 | 1866288 |
| Notes payable - SBA government | 461248 | 469396 |
| Operating lease liability | 157183 | 319232 |
| Convertible notes payable - net | 1864576 | - |
| **Total Long Term Liabilities** | 3245335 | 2654916 |
| **Total Liabilities** | 20919381 | 8714392 |
| **Stockholders' Equity (Deficit)** |  |  |
| Common stock, $0.001 par value, 500,000,000 shares authorized 20,761,231 and 20,431,549 shares issued and 20,065,278 and 20,068,929 shares outstanding, at September 30, 2025 and December 31, 2024, respectively | 20765 | 20435 |
| Additional paid-in capital | 78363849 | 76842878 |
| Treasury stock - at cost (695,953 and 362,620 shares, respectively) | (1631966) | (631967) |
| Accumulated deficit | (83122177) | (60915427) |
| Stockholders' equity (deficit) | (6369529) | 15315919 |
| &nbsp;&nbsp;&nbsp;Non-controlling interest | (54951) | (54306) |
| **Total Stockholders' Equity (Deficit)** | (6424480) | 15261613 |
| **Total Liabilities and Stockholders' Equity (Deficit)** | $14494901 | $23976005 |

---

**SurgePays, Inc. and Subsidiaries**

**Consolidated Statements of Operations**

**(Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended September 30,** | **For the Three Months Ended September 30,** | **For the Nine Months Ended September 30,** | **For the Nine Months Ended September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| **Revenues** | $18680317 | $4769697 | $40775913 | $51284531 |
| **Costs and expenses** |  |  |  |  |
| Cost of revenues | 21276771 | 12602057 | 48969378 | 54377300 |
| General and administrative expenses | 4353684 | 6448402 | 13147086 | 20312185 |
| **Total costs and expenses** | 25630455 | 19050459 | 62116464 | 74689485 |
| **Loss from operations** | (6950138) | (14280762) | (21340551) | (23404954) |
| **Other income (expense)** |  |  |  |  |
| Interest expense | (424665) | (112814) | (756518) | (362119) |
| Loss on lease termination |  | (194862) |  | (194862) |
| Interest income |  | 183537 | 63913 | 183537 |
| Other income |  | 239 | 7140 | 637107 |
| Unrealized gains - investments |  | 38292 |  | 38292 |
| Dividends, interest and other income - investments |  | 86626 |  | 86626 |
| Gain on investment in CenterCom |  |  |  | 33864 |
| Amortization of debt discount | (114492) | - | (181379) | - |
| **Total other income (expense) - net** | (539157) | 1018 | (866844) | 422445 |
| **Net loss before provision for income taxes** | (7489295) | (14279744) | (22207395) | (22982509) |
| **Provision for income tax benefit (expense)** | - | - | - | (2970000) |
| **Net loss including non-controlling interest** | (7489295) | (14279744) | (22207395) | (25952509) |
| **Non-controlling interest** | (227) | (4397) | (645) | (35992) |
| **Net loss available to common stockholders** | $(7489068) | $(14275347) | $(22206750) | $(25916517) |
| **Earnings per share - attributable to common stockholders** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Basic** | $(0.38) | $(0.73) | $(1.11) | $(1.37) |
| &nbsp;&nbsp;&nbsp;**Diluted** | $(0.38) | $(0.73) | $(1.11) | $(1.37) |
| **Weighted average number of shares outstanding - attributable to common stockholders** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Basic** | 19839159 | 19689010 | 19931668 | 18940689 |
| &nbsp;&nbsp;&nbsp;**Diluted** | 19839159 | 19689010 | 19931668 | 18940689 |

---

**SurgePays, Inc. and Subsidiaries**

**Consolidated Statements of Cash Flows**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **For the Nine Months Ended September 30,** | **For the Nine Months Ended September 30,** |
|  | **2025** | **2024** |
| **Operating activities** |  |  |
| Net loss - including non-controlling interest | $(22207395) | $(25952509) |
| Adjustments to reconcile net loss to net cash used in operations |  |  |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 669682 | 693880 |
| &nbsp;&nbsp;&nbsp;Amortization of right-of-use assets | 186869 | 70857 |
| &nbsp;&nbsp;&nbsp;Amortization of debt discount/debt issue costs | 181379 |  |
| &nbsp;&nbsp;&nbsp;Amortization of internal use software development costs |  | 167121 |
| &nbsp;&nbsp;&nbsp;Stock issued for services | 25830 | 411740 |
| &nbsp;&nbsp;&nbsp;Recognition of stock based compensation - unvested shares - related parties | 526125 | 6237976 |
| &nbsp;&nbsp;&nbsp;Recognition of share based compensation - options - related party |  | 6196 |
| &nbsp;&nbsp;&nbsp;Interest expense adjustment - SBA loans |  | 19750 |
| &nbsp;&nbsp;&nbsp;Right-of-use asset lease payment adjustment true up |  | (148584) |
| &nbsp;&nbsp;&nbsp;Gain on equity method investment - CenterCom |  | (33864) |
| &nbsp;&nbsp;&nbsp;Cash paid for lease termination |  | (212175) |
| &nbsp;&nbsp;&nbsp;Loss on lease termination - net |  | 194862 |
| Changes in operating assets and liabilities |  |  |
| &nbsp;&nbsp;&nbsp;(Increase) decrease in |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | (1291013) | 8022078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventory | (136252) | 683456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaids and other | 19828 | (150746) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes - net |  | 2835000 |
| &nbsp;&nbsp;&nbsp;Increase (decrease) in |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses | 4471860 | (5765152) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses - related party | 7395 | (86857) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued income taxes payable |  | (470000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue |  | (20000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating lease liability | (183113) | 84257 |
| **Net cash used in operating activities** | (17728805) | (13412714) |
| **Investing activities** |  |  |
| Purchase of leasehold improvements | (18590) |  |
| Advances made for construction-in-process costs |  | (518189) |
| Purchase of investments - net | - | (10068506) |
| **Net cash used in investing activities** | (18590) | (10586695) |
| **Financing activities** |  |  |
| Proceeds from stock issued for cash | 649383 | 17249994 |
| Proceeds from exercise of common stock warrants |  | 8799257 |
| Cash paid as direct offering costs - common stock | (58880) | (1395000) |
| Proceeds from issuance of notes payable | 2274698 |  |
| Proceeds from issuance of convertible notes payable | 6700000 |  |
| Cash paid as direct offering costs - convertibles note payable | (602500) |  |
| Repayments of loans - related party | (824859) | (1132074) |
| Repayments on notes payable | (657826) |  |
| Repayments on notes payable - SBA government | (8148) | (8138) |
| Treasury shares repurchased (share buy-backs) | - | (485131) |
| **Net cash provided by financing activities** | 7471868 | 23028908 |
| **Net decrease in cash, cash equivalents and restricted cash** | (10275527) | (970501) |
| **Cash, cash equivalents and restricted cash - beginning of period** | 12790389 | 14622060 |
| **Cash, cash equivalents and restricted cash - end of period** | $2514862 | $13651559 |
| **Supplemental disclosure of cash flow information** |  |  |
| Cash paid for interest | $264510 | $372579 |
| Cash paid for income tax | $- | $- |
| **Supplemental disclosure of non-cash investing and financing activities** |  |  |
| Reserve deposit - amount withheld from lender | $224947 | $- |
| Treasury stock reacquired in connection with convertible debt financing | $999999 | $- |
| Debt discount - convertible notes payable - original issue discount | $70000 |  |
| Debt discount - convertible notes payable - issuance of common stock | $85800 |  |
| Debt discount - convertible notes payable - issuance of warrants | $227587 |  |
| Stock issued in settlement of accounts payable | $65456 | $- |
| Reclassification of accrued interest - related party to note payable - related party | $- | $498991 |
| Exercise of warrants - cashless | $- | $41 |
| Termination of ROU operating lease assets and liabilities | $- | $309826 |
| Goodwill (ClearLine Mobile, Inc.) | $- | $2500000 |
| Right-of-use asset obtained in exchange for new operating lease liability | $- | $98638 |

---