SurgePays reported third‑quarter 2025 revenue of $18.7 million, a 292 % increase from $4.8 million in the same period a year earlier and a 62 % rise from $11.5 million in Q2 2025. The jump reflects the company’s accelerated expansion of its prepaid wireless and fintech services after the Affordable Connectivity Program ended, driving higher top‑line activity across all channels.
The company posted a net loss of $7.5 million for the quarter, and its earnings per share were negative, falling short of the consensus estimate of $‑0.17. The loss is largely attributable to ongoing investments in network expansion and retail distribution, which have increased operating expenses while the company continues to scale its subscriber base.
Revenue from Torch Wireless grew to $5.6 million, supported by a subscriber base of more than 125,000. LinkUp Mobile added over 95,000 recurring active subscribers, and the company onboarded three new MVNE partners, expanding its network reach. Retail distribution through partners such as HT Hackney broadened the company’s physical presence, contributing to the revenue lift.
Gross profit loss narrowed to $(2.6) million from $(7.8) million in Q3 2024, while SG&A expenses improved to $4.2 million from $6.2 million in the prior year, indicating better cost control as the business scales.
Management reaffirmed its 2026 revenue guidance of $225 million, underscoring confidence in the diversified platform and the momentum generated by the new MVNE partnership with AT&T and the expanding retail network. The guidance signals that the company expects continued growth as it moves further away from ACP dependence.
CEO Brian Cox said, "The third quarter was an important inflection point for our multi‑channel growth platform, delivering 292 % year‑over‑year revenue growth and 62 % sequential growth. We remain confident in our ability to achieve the 2026 revenue guidance of $225 million as we scale our platform and expand our leadership across underserved markets."
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