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Jun 30
Surgepays Q2 2025 Earnings Report
SurgePays posted a Q2 2025 net loss of $7.1 million despite revenue growth of nearly 9% sequentially, driven by expansion in Lifeline and MVNO platforms.
Key Takeaways
In Q2 2025, SurgePays grew revenue to $11.5 million, an 8.9% increase over Q1, driven by Torch Wireless and LinkUp Mobile. Despite higher costs and investments in growth initiatives, the company remains on track to achieve positive operating cash flow before year-end. Net loss narrowed compared to the previous year.
Revenue reached $11.5 million, up from $10.6 million in Q1 2025.
Torch Wireless activated 20,000 subscribers in June and 57,000 in July.
Net loss for the quarter was $7.1 million, with EPS at -$0.36.
SurgePays reaffirmed 2025 revenue guidance of $75M to $90M.
Surgepays
Surgepays
Forward Guidance
SurgePays expects continued revenue acceleration, reaffirming 2025 guidance and projecting strong performance into 2026 driven by subscriber growth and expanding wholesale infrastructure.
Positive Outlook
- 2025 revenue guidance reaffirmed at $75M to $90M.
- 2026 revenue forecast increased to $225M to $240M.
- Torch Wireless expected to reach 80K–90K monthly activations by September.
- MVNE platform gaining new partners and scale.
- Positive operating cash flow expected by year-end 2025.
Challenges Ahead
- No segment-specific revenue breakdown disclosed.
- Operating and net losses continued in Q2.
- Cost of revenue exceeded total revenue for the quarter.
- Heavy upfront investments in platform and infrastructure.
- ACP program wind-down affecting YoY comparisons.