SurgePays, Inc. (SURG): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama dinámico de los servicios financieros digitales, SurgePays, Inc. (Surg) surge como una fuerza disruptiva, dirigida a mercados desatendidos con innovadoras soluciones inalámbricas y móviles. Al aprovechar un modelo de negocio único que combina tecnología de punta, redes de distribución expansiva y un enfoque entusiasta en la accesibilidad, la compañía está transformando cómo los consumidores conscientes del presupuesto y las comunidades marginadas acceden a telecomunicaciones y servicios de pago digital. Su enfoque estratégico une la innovación tecnológica con empoderamiento financiero práctico, creando una narración convincente de conectividad digital inclusiva.

SurgePays, Inc. (Surg) - Modelo de negocio: asociaciones clave

Distribuidores inalámbricos y operadores de red virtual móviles (MVNO)

SurgePays se asocia con múltiples distribuidores inalámbricos para expandir su red de servicios móviles. A partir del cuarto trimestre de 2023, la compañía ha establecido asociaciones con:

Pareja	Cobertura de red	Detalles de la asociación
T-Mobile	Cobertura nacional	Acuerdo mayorista de MVNO
AT&T	99.1% de cobertura de población	Servicios móviles al por mayor

Tiendas de conveniencia y minoristas independientes

Surgays mantiene asociaciones estratégicas con minoristas independientes y tiendas de conveniencia para su distribución:

• Total de ubicaciones de socios: 7,500 a diciembre de 2023
• Distribución geográfica: principalmente en el sur de los Estados Unidos
• Volumen de transacción mensual promedio: $ 1.2 millones por red de asociación

Proveedores de infraestructura de telecomunicaciones

Las asociaciones clave de infraestructura incluyen:

Proveedor	Tipo de servicio	Valor anual del contrato
Negocio de Verizon	Infraestructura de red	$ 3.4 millones
Nivel 3 Comunicaciones	Servicios de red de fibra	$ 2.1 millones

Redes de procesamiento de pagos

SurgayPays colabora con múltiples socios de procesamiento de pagos:

• Total Pague Network Partners: 6
• Volumen de procesamiento de transacciones: $ 47.3 millones en el cuarto trimestre 2023
• Los socios de la red de pago incluyen: Visa, MasterCard, PayPal

Socios de desarrollo de tecnología y software

Asociaciones de tecnología estratégica:

Pareja	Enfoque tecnológico	Inversión anual
Servicios web de Amazon	Infraestructura en la nube	$ 1.8 millones
Microsoft Azure	Soluciones de software empresarial	$ 1.5 millones

SurgePays, Inc. (Surg) - Modelo de negocio: actividades clave

Servicios al por mayor de recarga inalámbrica y móvil

Los Surgays generaron $ 36.8 millones en ingresos de recarga inalámbricos y de recarga móviles mayoristas en 2023. La compañía atiende a más de 5,000 ubicaciones minoristas para servicios inalámbricos.

Categoría de servicio	Ingresos anuales	Ubicación minorista
Servicios de recarga inalámbricos	$ 36.8 millones	5,000+

Desarrollo de soluciones de pago basadas en blockchain

Los Surgays invirtieron $ 1.2 millones en investigación y desarrollo de tecnología Blockchain en 2023.

• Infraestructura de pago de cadena de bloques patentada desarrollada
• Tecnologías de billetera digital creadas
• Plataformas de transacción de criptomonedas implementadas

Distribución minorista de productos inalámbricos prepagos

La compañía distribuyó productos inalámbricos prepagos en 12 estados, generando $ 22.5 millones en ingresos.

Cobertura geográfica	Ingresos de productos prepagos
12 estados	$ 22.5 millones

Gestión de la plataforma de servicios financieros digitales

SurgePays administra una plataforma de servicios financieros digitales con 85,000 usuarios activos a partir del cuarto trimestre de 2023.

• Servicios de billetera digital
• Soluciones de pago móvil
• Productos financieros prepagos

Innovación tecnológica y desarrollo de productos

El gasto de I + D para la innovación tecnológica fue de $ 2.1 millones en 2023.

Enfoque de innovación	Inversión de I + D
Desarrollo tecnológico	$ 2.1 millones

SurgePays, Inc. (Surg) - Modelo de negocio: recursos clave

Plataforma de pago digital patentado

A partir del cuarto trimestre de 2023, SurgePays opera una plataforma de pago digital patentado con las siguientes especificaciones:

Métrica de plataforma	Valor
Velocidad de procesamiento de transacciones	Transacciones en tiempo real
Usuarios de billetera móvil	Más de 250,000 usuarios activos
Volumen de transacción anual	$ 47.3 millones (2023)

Red de distribución minorista extensa

Surgays mantiene una infraestructura integral de distribución minorista:

• Ubicaciones minoristas totales: 7,500 tiendas de conveniencia
• Cobertura geográfica: 28 estados
• Concentración primaria del mercado: el sur de los Estados Unidos

Relaciones de la industria de telecomunicaciones

Socio de telecomunicaciones	Tipo de servicio	Contribución anual de ingresos
T-Mobile	Servicios prepagos inalámbricos	$ 12.6 millones
Verizon	Servicios de recarga móvil	$ 8.4 millones

Experiencia técnica en servicios fintech y móviles

Composición del equipo técnico:

• Personal técnico total: 42 empleados
• Experiencia técnica promedio: 8.5 años
• Certificaciones: 67% Mantenga certificaciones avanzadas de fintech

Infraestructura tecnológica escalable

Componente de infraestructura	Especificación
Plataforma de computación en la nube	AWS Enterprise
Inversión tecnológica anual	$ 2.3 millones
Tiempo de actividad del sistema	99.98%

SurgePays, Inc. (Surg) - Modelo de negocio: propuestas de valor

Servicios inalámbricos prepagos asequibles para mercados desatendidos

SurgePays ofrece servicios inalámbricos prepagos con la siguiente estructura de precios:

Nivel de servicio	Costo mensual	Asignación de datos
Plan básico	$19.99	5 GB
Plan estándar	$29.99	15 GB
Plan ilimitado	$39.99	Ilimitado

Soluciones de pago móvil convenientes

Volúmenes de transacción de pago móvil:

• Transacciones totales de pago móvil en 2023: 487,632
• Valor de transacción promedio: $ 37.50
• Ingresos de pago móvil: $ 18.3 millones

Servicios financieros digitales de bajo costo

Servicio	Tarifa
Configuración de billetera digital	$0
Transferencia de dinero	$2.99
Pago de facturas	$1.50

Productos de telecomunicaciones accesibles

Estadísticas de cobertura de red:

• Área de cobertura: 92% de la población estadounidense
• Confiabilidad de la red: 99.1%
• Velocidad de descarga promedio: 37.2 Mbps

Opciones de recarga flexibles para consumidores conscientes del presupuesto

Cantidad de recarga	Costo	Prima
$10	$10	Sin bonificación
$20	$20	Crédito de bonificación de $ 2
$50	$50	Crédito de bonificación de $ 5

SurgePays, Inc. (Surg) - Modelo de negocio: relaciones con los clientes

Plataformas digitales de autoservicio

SurgePays opera una plataforma digital con las siguientes características:

• Portal en línea para servicios de recarga móvil al por mayor
• Sistema de procesamiento de transacciones en tiempo real
• Integración de billetera digital para servicios prepagos

Métrica de plataforma	2024 datos
Usuarios de plataforma digital	3.427 clientes mayoristas registrados
Volumen de transacción mensual	$ 4.2 millones en transacciones digitales
Tamaño de transacción promedio	$ 1,225 por transacción mayorista

Ventas directas a través de la red minorista

Surgays mantiene un enfoque de ventas directas a través de:

• Red de tiendas de conveniencia
• Asociaciones de minoristas independientes
• Representantes de ventas directas

Métricas de redes minoristas	2024 datos
Ubicaciones minoristas totales	7.893 puntos minoristas activos
Cobertura geográfica	16 estados en los Estados Unidos
Volumen de ventas mensual	$ 6.7 millones a través de canales minoristas

Canales de atención al cliente

SurgePays proporciona atención al cliente multicanal:

• Soporte telefónico 24/7
• Asistencia por correo electrónico
• Soporte de chat en línea

Soporte de métricas de canales	2024 datos
Tiempo de respuesta promedio	12 minutos
Interacciones de apoyo mensual	4,215 boletos de atención al cliente
Tasa de satisfacción del cliente	87.3%

Interfaces de aplicaciones en línea y móviles

Surgays ofrece interfaces digitales para la participación del cliente:

• Aplicación móvil para transacciones mayoristas
• Tablero basado en la web
• Herramientas de informes en tiempo real

Métricas de interfaz digital	2024 datos
Descargas de aplicaciones móviles	2,341 usuarios activos
Usuarios activos del tablero web	1.876 usuarios activos mensuales
Porcentaje de transacción móvil	42% de las transacciones totales

Enfoque de servicio centrado en la comunidad

Surgays enfatiza los servicios orientados a la comunidad:

• Servicios dirigidos para comunidades subancadas
• Servicios móviles prepagos asequibles
• Iniciativas de inclusión financiera

Métricas de servicio comunitario	2024 datos
Porcentaje del cliente no bancado	63% de la base total de clientes
Accesibilidad promedio de la transacción	$ 12.50 por recarga móvil
Penetración del mercado comunitario	8.4% en regiones objetivo

SurgePays, Inc. (Surg) - Modelo de negocio: canales

Tiendas minoristas independientes

Surgays opera a través de aproximadamente 7,000 tiendas minoristas independientes en los Estados Unidos a partir de 2024. Estas tiendas incluyen principalmente tiendas de conveniencia, estaciones de servicio y pequeños minoristas independientes.

Tipo de canal	Número de tiendas	Cobertura geográfica
Tiendas de conveniencia	4,500	Múltiples estados
Estaciones de servicio	1,800	Del sur de los Estados Unidos
Minoristas independientes	700	Mercados urbanos

Plataformas digitales en línea

SurgePays utiliza plataformas digitales con una base de usuarios mensual estimada de 125,000 usuarios únicos en 2024.

• Portal de transacciones basado en la web
• Mercado de comercio electrónico
• Integración de pagos digitales

Aplicación móvil

La aplicación móvil de la compañía tiene aproximadamente 85,000 usuarios mensuales activos a partir del primer trimestre de 2024.

Plataforma	Usuarios activos	Descargar estadísticas
iOS	42,500	65,000 descargas totales
Androide	42,500	72,000 descargas totales

Redes de distribución al por mayor

Surgays mantiene redes de distribución mayoristas en 12 estados, atendiendo a aproximadamente 2,500 clientes mayoristas.

Región	Número de clientes mayoristas	Categorías de productos
Región sur	1,200	Servicios prepagos
Región del medio oeste	750	Telecomunicaciones
Región occidental	550	Servicios financieros

Equipo de ventas directas

Surgays emplea a un equipo de ventas directo de 45 representantes a partir de 2024, que cubre múltiples segmentos de mercado.

• Representantes de ventas empresariales: 15
• Desarrollo de pequeñas empresas: 20
• Gerentes de asociación estratégica: 10

SurgePays, Inc. (Surg) - Modelo de negocio: segmentos de clientes

Poblaciones de bajos ingresos y subsidios

Los Purgays se dirigen a aproximadamente 63 millones de estadounidenses subfuncionados con ingresos familiares anuales por debajo de $ 50,000. La investigación de mercado indica que este segmento representa el 16% de los hogares estadounidenses.

Característica demográfica	Porcentaje
Población no bancarizada	16%
Ingresos familiares promedio	$38,200
Sin acceso a la cuenta bancaria	7.1 millones de hogares

Consumidores inalámbricos prepagos

El mercado inalámbrico prepago representa $ 45.6 mil millones en ingresos anuales, con currujos centrados en usuarios móviles conscientes del presupuesto.

• Tasa de crecimiento del mercado inalámbrico prepago: 3.2% anual
• Gasto móvil prepago mensual promedio: $ 40- $ 60
• Demografía de la edad primaria: 18-45 años

Propietarios de pequeñas empresas

Los Surgays se dirigen a 32.5 millones de pequeñas empresas en los Estados Unidos, con un enfoque en los empresarios minoritarios y desatendidos.

Segmento de negocios	Número total
Total de pequeñas empresas	32.5 millones
Empresas minoritarias	6.1 millones
Ingresos anuales promedio	$ 1.1 millones

Comunidades de inmigrantes

Surgays atiende a 44.9 millones de inmigrantes en los Estados Unidos, con un enfoque en soluciones de tecnología financiera.

• Total de la población inmigrante: 44.9 millones
• Tamaño del mercado de remesas: $ 68.3 mil millones anuales
• Regiones primarias: América Latina, Asia

Usuarios móviles conscientes del presupuesto

El segmento de mercado móvil presupuestario representa el 37% del total de usuarios móviles en los Estados Unidos.

Característica del usuario móvil	Porcentaje/valor
Segmento de usuario móvil presupuestario	37%
Gasto móvil mensual promedio	$35-$50
Suscriptores móviles prepagos	75.5 millones

SurgePays, Inc. (Surg) - Modelo de negocio: Estructura de costos

Mantenimiento de la infraestructura tecnológica

Costos anuales de infraestructura de tecnología para SurgayPays, Inc. en 2023: $ 1,247,000

Categoría de costos	Gasto anual
Servicios de computación en la nube	$487,000
Seguridad de la red	$312,000
Licencia de software	$248,000
Mantenimiento de hardware	$200,000

Gestión de redes de distribución

Gastos de red de distribución total para 2023: $ 3,675,000

• Costos operativos de la red de distribución inalámbrica: $ 2,100,000
• Logística y transporte: $ 875,000
• Gestión de socios minoristas: $ 700,000

Gastos de desarrollo de productos

Presupuesto total de desarrollo de productos para 2023: $ 2,560,000

Área de desarrollo	Presupuesto asignado
Plataforma de recarga móvil	$1,200,000
R&D de soluciones de pago	$860,000
Innovación tecnológica	$500,000

Marketing y adquisición de clientes

Gastos de marketing total en 2023: $ 1,890,000

• Campañas de marketing digital: $ 675,000
• Desarrollo del canal de ventas: $ 542,000
• Programas de retención de clientes: $ 373,000
• Iniciativas de concientización de marca: $ 300,000

Costos de sobrecarga operacional y personal

Sobrecosidad operativa total para 2023: $ 4,215,000

Categoría de costos	Gasto anual
Salarios y salarios	$3,100,000
Instalaciones de oficina	$425,000
Gastos administrativos	$390,000
Beneficios para empleados	$300,000

SurgePays, Inc. (Surg) - Modelo de negocio: flujos de ingresos

Comisiones de recarga inalámbrica

A partir del cuarto trimestre de 2023, los Surgaypay generaron $ 1.2 millones en comisiones inalámbricas de recarga, lo que representa el 35% de las fuentes de ingresos totales.

Fuente de ingresos	Cantidad anual	Porcentaje de ingresos totales
Comisiones de recarga inalámbrica	$ 4.8 millones	35%

Tarifas de transacción de pagos digitales

Las tarifas de transacción de pago digital alcanzaron los $ 2.1 millones en 2023, lo que representa el 25% de los ingresos de la compañía.

Tipo de transacción	Volumen de transacción anual	Ingresos por tarifas
Transacciones de pago digital	$ 42.5 millones	$ 2.1 millones

Venta de productos móviles prepagos

Las ventas de productos móviles prepagos generaron $ 1.5 millones en ingresos durante 2023.

• Valor de venta promedio de productos: $ 45
• Unidades totales vendidas: 33,333
• Margen bruto: 22%

Servicios de solución de pago de blockchain

Blockchain Services contribuyó con $ 750,000 a los ingresos anuales en 2023.

Servicio de blockchain	Ingresos anuales	Base de clientes
Soluciones de pago	$750,000	47 clientes empresariales

Márgenes de distribución de telecomunicaciones

La distribución de telecomunicaciones generó $ 1.4 millones en márgenes para 2023.

• Ingresos del canal de distribución: $ 1.4 millones
• Margen de distribución promedio: 18%
• Número de socios de distribución: 22

SurgePays, Inc. (SURG) - Canvas Business Model: Value Propositions

You're looking at the core value SurgePays, Inc. (SURG) delivers across its distinct customer segments. This isn't just about selling phones; it's about providing essential access and monetizing data streams within a specific demographic.

Essential, government-subsidized wireless service via Lifeline.

SurgePays, Inc. provides essential wireless connectivity through its Torch Wireless brand, operating under the fully funded and stable Lifeline program. This is a predictable, recurring revenue base supported by government subsidy.

• Lifeline subscriber base reached over 125,000 as of September 30, 2025.
• Torch Wireless generated revenue of $5.6 million in the third quarter of 2025.
• Subscriber count accelerated from 20,000 in June 2025 to over 125,000 by September 2025.

Affordable prepaid mobile connectivity for the subprime market.

The LinkUp Mobile brand targets the subprime sector with prepaid mobile connectivity. The value here is providing unsubsidized, flexible mobile service, often bundled with retail financial services.

• LinkUp Mobile had over 95,000 recurring active subscribers as of the third quarter of 2025.
• Activations for LinkUp Mobile more than doubled between its April launch and July, surpassing 30,000 subscribers.

High-margin, low-overhead wholesale infrastructure for other MVNOs.

SurgePays, Inc. acts as a Mobile Virtual Network Enabler (MVNE), offering its scalable platform for provisioning and billing to third-party wireless providers. This channel is positioned for high margin growth.

Here's a quick look at the wholesale segment scaling as of late 2025:

Metric	Value (as of Q3 2025)
Onboarded MVNO Partners	3
Platform Service Revenue (Q2 2025 vs Q2 2024)	$9.2 million vs $2.5 million

The company expects to add more wholesale clients within the next six months.

Recurring transaction revenue and digital services for retail merchants.

For retail merchants, SurgePays, Inc. provides a point-of-sale (POS) and fintech platform that processes high-demand digital transactions, turning their locations into digital payment hubs. This creates recurring revenue from top-ups and SaaS fees.

• Point of Sale and Prepaid Services Revenue reached $13.1 million in Q3 2025, marking a 177% increase.
• The Prepaid Wireless Top-Up platform reached a run rate of over $60 million annually as of July 2025.
• The monthly transaction volume for the digital payments platform hit $4.3 million.
• The ClearLine SaaS product is currently active in 17 market basket convenience store locations.

Access to a 138 million adult subprime consumer sector for monetization.

The core asset is the access to and data intelligence derived from the subprime and underserved consumer base. This allows for layered monetization beyond just wireless service.

• The total addressable market is estimated to be over 137 million adults.
• The company operates through a nationwide network of more than 9,000 retail locations.
• New lead generation aggregators are expected to drive an influx of 10,000 new subprime leads daily at full capacity.

The LogicsIQ engine matches each consumer with the next best offer across wireless, credit, financial services, and healthcare savings.

Finance: draft 13-week cash view by Friday.

SurgePays, Inc. (SURG) - Canvas Business Model: Customer Relationships

You're looking at how SurgePays, Inc. manages its connections with the various customer groups it serves, which is quite diverse given its multi-channel approach. It's not one-size-fits-all; they use a mix of automation, dedicated support, and low-touch wholesale models.

Automated, recurring subscriber billing for Lifeline and LinkUp Mobile.

For the subsidized Lifeline segment, managed through the Torch Wireless brand, the relationship is heavily automated, focusing on maintaining recurring government-backed revenue. As of September 30, 2025, SurgePays, Inc. reported having over 125,000 Lifeline subscribers. This segment generated $5.6 million in revenue during the third quarter of 2025. On the non-subsidized side, the LinkUp Mobile prepaid brand, which fully launched in April 2025, showed strong recurring adoption, surpassing 95,000 active recurring subscribers by the end of Q3 2025. This recurring base is the engine for predictable monthly billing.

Here's a quick look at the key wireless customer bases driving that recurring revenue as of late 2025:

Customer Relationship Metric	Value (as of Q3 2025)	Notes
Lifeline Subscribers (Torch Wireless)	Over 125,000	Government-subsidized recurring base.
LinkUp Mobile Recurring Subscribers	Over 95,000	Affordable prepaid wireless offering.
Q3 2025 Torch Wireless Revenue	$5.6 million	Revenue from the Lifeline brand.
Total Q3 2025 Point of Sale & Prepaid Revenue	$13.1 million	Includes LinkUp Mobile and Phone in a Box sales.

Dedicated sales and operations team for retail partner support.

The relationship with retail partners, crucial for the prepaid top-ups and the 'Phone in a Box' product, requires more direct engagement. The company has a dedicated team overseeing this, evidenced by the promotion of Derron Winfrey to President, Sales, and Operations in Q1 2025 to manage growth across LinkUp Mobile and the retail-focused products. The 'Phone in a Box' kit, which includes a smartphone, SIM, and thirty-day service, targets convenience stores, with distribution potential noted across over 9,000+ stores, leveraging partners like HT Hackney who service more than 40,000 retail locations. This team helps onboard and support these physical touchpoints.

Digital engagement and analytics via the ClearLine SaaS platform.

For certain retail partners, the relationship deepens into a technology partnership via the ClearLine software-as-a-service (SaaS) platform. This system turns in-store screens into media hubs. As of August 2025, SurgePays, Inc. announced the full deployment of ClearLine across all 17 Market Basket Food Stores in North Carolina. The goal here is a high-margin, recurring SaaS revenue stream, with management expecting gross margin to turn positive for this channel by the end of 2025. To give you context, the global SaaS market revenue in 2025 is projected to reach $390.50 billion.

Low-touch, high-margin relationship with MVNE wholesale partners.

The relationship with Mobile Virtual Network Enabler (MVNE) wholesale partners is designed to be low-touch once integrated, focusing on scalability and high margin. As of Q3 2025, SurgePays, Inc. had onboarded three MVNO partners. This is an expansion from the Q1 2025 update which noted 3 fully integrated MVNOs and 2 more in the onboarding process. The expectation is to add more wholesale clients within the next six months following the third quarter. This channel benefits from minimal incremental cost, which helps the overall gross loss narrow to $(2.6) million in Q3 2025 from $(7.8) million in Q3 2024.

Retail-based, transactional relationship for prepaid top-ups.

This is the most frequent, transactional touchpoint, primarily through the Prepaid Wireless Top-Ups platform used by convenience store clerks. The revenue from this segment, combined with LinkUp Mobile sales, hit $13.1 million in Q3 2025, representing a 177% year-over-year increase. Looking closer at the top-up component specifically, the revenue reached $4.3 million in July 2025, projected to hit $5 million in August 2025. This shows high-frequency, lower-value interactions that build volume.

Finance: draft the 13-week cash flow view incorporating the Q3 cash balance of $2.5 million by Friday.

SurgePays, Inc. (SURG) - Canvas Business Model: Channels

The Channels block for SurgePays, Inc. (SURG) is defined by a multi-pronged distribution strategy leveraging physical retail, direct sales, and digital platforms.

• Nationwide network of independent convenience and community stores:
• Retail distribution network size reported at nearly 9,000 convenience and community stores as of early 2025.
• Near-term goal to expand to 100,000 retail locations operating on the SurgePays platform.
• Partnership integration utilizes an existing retail network of 10,000+ stores.
• ProgramBenefits.com digital platform for lead routing:
• Launched on November 13, 2025.
• Targets an underserved market estimated at approximately 138 million adults, representing 57% of U.S. consumers.
• The platform's legacy intake system previously generated over $50 million in revenue in another industry.
• Three newly added lead generation aggregators are expected to route an estimated 10,000 new subprime leads per day at full scale.
• Direct sales team for MVNE wholesale partner acquisition:

SurgePays, Inc. (SURG) has onboarded three MVNO partners to its MVNE (HERO) wholesale platform as of the third quarter of 2025.

The direct sales team, including a 100+ person operations center, focuses on outreach to independent retailers for GPOX product sales.

Channel Metric	Unit	Value as of Late 2025
MVNE Wholesale Partners Onboarded	Count	3
Torch Wireless (Lifeline) Subscribers	Count	Over 125,000
LinkUp Mobile Recurring Active Subscribers	Count	Surpassed 95,000
Torch Wireless Q3 2025 Revenue	USD	$5.6 million

• Torch Wireless and LinkUp Mobile branded products:
• Torch Wireless (Lifeline-subsidized brand) reached over 125,000 subscribers by Q3 2025.
• LinkUp Mobile (prepaid brand) surpassed 95,000 recurring active subscribers by the end of Q3 2025.
• Phone-in-a-Box kits distributed through partners like HT Hackney:
• Distribution potential is cited through over 9,000+ stores on the platform.
• HT Hackney services more than 40,000 retail locations.
• The initial 'Phone in a Box' launch sold out 2,600 units in under 30 days in Q1 2025.

SurgePays, Inc. (SURG) - Canvas Business Model: Customer Segments

You're looking at the core customer base for SurgePays, Inc. as of late 2025. This company focuses on connecting specific consumer groups with essential mobile and fintech services through a blend of technology and a wide retail footprint.

The primary focus is on the subprime and underserved consumers seeking essential services. The total addressable subprime sector is estimated at 138 million adults. The company is actively working to acquire these customers, with integrations expected to route about 10,000 new subprime leads per day at full scale through its ProgramBenefits platform.

A significant portion of the business is built around government-subsidized connectivity:

• Lifeline-eligible customers: Through the Torch Wireless brand, SurgePays, Inc. reported having over 125,000 subscribers as of the third quarter of 2025. This number showed rapid acceleration, rising from only 20,000 subscribers in June 2025. Revenue from this segment reached $5.6 million in Q3 2025.

The non-subsidized prepaid market is also a key segment, driven by the LinkUp Mobile brand:

• Prepaid wireless users: LinkUp Mobile, which fully launched in April 2025 with about 10,000 users, surpassed 95,000 recurring active subscribers by the end of Q3 2025. This growth followed activations of over 20,500 in July 2025. The broader Point of Sale and Prepaid Services revenue, which includes LinkUp Mobile, hit $13.1 million in Q3 2025, marking a 177% year-over-year increase.

SurgePays, Inc. also serves other wireless providers and the retail channel that serves these consumers. You see this in the wholesale and merchant segments:

• Other Mobile Virtual Network Operators (MVNOs): The company operates as a Mobile Virtual Network Enabler (MVNE) through its HERO platform, providing backend services. SurgePays, Inc. has onboarded three MVNO partners. The near-term goal is to have 100,000 subscribers operating on the SurgePays platform from wholesale clients.
• Independent retail merchants and convenience store owners: These merchants are crucial for distribution, utilizing products like the 'Phone in a Box' kit. The company cites a nationwide retail footprint of more than 9,000 locations, with a goal to scale distribution across up to 100,000 retail locations operating on the platform.

Here's a quick look at the scale of the key wireless subscriber bases as of the third quarter of 2025:

Customer Segment/Brand	Metric	Latest Reported Number (Late 2025)
Lifeline (Torch Wireless)	Subscribers (Q3 2025)	Over 125,000
Prepaid (LinkUp Mobile)	Recurring Active Subscribers (End of Q3 2025)	Surpassed 95,000
Point of Sale & Prepaid Services	Revenue (Q3 2025)	$13.1 million
Retail Distribution Network	Locations	More than 9,000

Finance: draft 13-week cash view by Friday.

SurgePays, Inc. (SURG) - Canvas Business Model: Cost Structure

For SurgePays, Inc., the cost structure is heavily influenced by the underlying infrastructure of its wireless and fintech operations. You're looking at costs that shift as the company moves from a foundational buildout phase to an execution and scale phase, as management noted for the third quarter of 2025.

Network access and wholesale telecom costs are a primary variable cost, tied directly to subscriber usage and MVNO agreements. SurgePays, Inc. secured full access to 4G LTE and 5G wireless services across North America through a multi-year strategic agreement with AT&T, which was integrated and live as of April 1, 2025. Furthermore, the wholesale MVNE platform, HERO, is described as a high-margin model carrying minimal incremental costs and low overhead for the services provided, such as billing and provisioning, to third-party wireless companies.

Subscriber acquisition costs are undergoing a strategic shift. Management indicated a focus on new avenues for acquiring customers with little or no cost, aiming to flip the traditional front-heavy Return on Investment (ROI) portion of the model. This is driven by leveraging distribution agreements and the platform itself to generate revenue during the acquisition process, rather than incurring a direct cost for each new customer.

Selling, General, and Administrative (SG&A) expenses showed significant improvement year-over-year for the third quarter ended September 30, 2025. The reported SG&A was $4.2 million, a 32.5% decrease compared to $6.2 million in the third quarter of 2024. This reduction was primarily attributed to lower contractor, consultant, and compensation expenses.

Technology development and platform maintenance costs represent a significant, though potentially declining, fixed cost base. Management stated that most of the cost to get Clearline ready for launch has occurred, suggesting that major capital expenditures for that specific platform development are largely behind the company as of late 2025, with expectations for positive gross margin from that channel by the end of 2025.

Costs related to Inventory for SIM cards and prepaid kits are tied to scaling the prepaid wireless brand, LinkUp Mobile. While direct inventory cost is not itemized, the scale of operations suggests material outlay; for instance, the company expected monthly SIM card shipments of 250,000-300,000 driven by its retail distribution network as of early 2025.

Here's a quick look at the key reported expense and loss figures for the third quarter of 2025:

Cost/Expense Category	Q3 2025 Amount	Comparative Period Amount	Change/Note
Selling, General, and Administrative (SG&A) Expenses	$4.2 million	$6.2 million (Q3 2024)	32.5% decrease YoY
Gross Profit Loss	$(2.6) million	$(7.8) million (Q3 2024)	Narrowing Loss
Loss from Operations	$(7.0) million	$(14.3) million (Q3 2024)	Improvement
Net Loss	$7.5 million	N/A	Loss per share was negative $0.38

The structure of operational expenses in Q3 2025 reflects a focus on efficiency, as seen in the SG&A reduction. Key cost drivers and related operational metrics include:

• Reduction in SG&A driven by lower contractor and consultant expense.
• MVNO segment gross margins anticipated to increase with scale.
• LinkUp Mobile surpassed 95,000 recurring active subscribers by the end of Q3 2025.
• Torch Wireless (Lifeline) reached over 125,000 subscribers in Q3 2025.
• Cash and Equivalents stood at $2.5 million as of September 30, 2025.

SurgePays, Inc. (SURG) - Canvas Business Model: Revenue Streams

You're looking at the hard numbers driving the SurgePays, Inc. top line as of late 2025. It's a blended model, moving away from the old ACP reliance toward a more diversified, high-margin mix.

The third quarter of 2025 net revenue hit $18.7 million. That's a 292% increase year-over-year from Q3 2024's $4.8 million. The company is projecting full-year 2025 revenue between $75 million and $90 million.

Here's a breakdown of the key components feeding that total:

Revenue Stream Component	Latest Reported Metric/Amount	Contextual Data Point
Subsidized Wireless (Torch Wireless)	$5.6 million (Q3 2025 Revenue)	Over 125,000 subscribers as of September 30, 2025.
Prepaid Top-Up & POS Transactions	Grew to approximately $5 million per month	Exploded from approximately $1 million per month over the past year.
Non-Subsidized Prepaid (LinkUp Mobile)	Over 95,000 recurring active subscribers	Surpassed this mark by the end of Q3 2025.
MVNE Wholesale (HERO)	Platform supports 3 fully integrated MVNOs (as of August 2025)	High-margin B2B revenue stream with a robust pipeline.
ClearLine SaaS Subscription	Successfully deployed across 17 Market Basket Food Stores	Targeting gross margin positive by the end of 2025 for this channel.

The subsidized wireless service revenue from Torch Wireless was explicitly reported at $5.6 million for the third quarter of 2025. This channel is underpinned by a subscriber base exceeding 125,000 at the end of that quarter.

The prepaid top-up and POS transaction revenue stream shows significant velocity. That monthly revenue has now reached about $5 million. This is a massive jump, considering it was near $1 million monthly a year prior.

The MVNE (HERO) wholesale service fees represent a B2B enablement revenue. As of August 2025, the platform supports 3 fully integrated third-party MVNOs, with management indicating more are in the pipeline.

ClearLine SaaS subscription fees are positioned as a high-margin, recurring software revenue. The platform was strategically deployed across all 17 Market Basket Food Stores in North Carolina following an August 28th move.

Non-subsidized prepaid wireless revenue, primarily from LinkUp Mobile, is scaling with subscriber additions. By the close of Q3 2025, this brand had surpassed 95,000 recurring active subscribers.

These streams combine to form the company's revenue base, which is expected to reach between $225 million and $240 million in 2026.

• Torch Wireless subscriber count (Q3 2025): 125,000+
• LinkUp Mobile subscriber count (Q3 2025): 95,000+ recurring active
• Total Q3 2025 Net Revenue: $18.7 million
• 2026 Revenue Guidance: $225 million to $240 million
• MVNE partners active (August 2025): 3

Finance: draft 13-week cash view by Friday.