Surgepays Inc Financials
This page shows Surgepays Inc (SURG) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 18 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Two straight years of selling below cost turned a once cash-generating model into a debt-supported liquidity squeeze.
After FY2023 produced$10.3M of operating cash on positive gross profit, FY2024 and FY2025 shifted to negative gross profit and roughly-$21M of annual operating cash burn. That combination explains why cash fell from$14.6M to$1.7M even with financing inflows: the losses were cash losses, not mainly accounting charges.
FY2025 shows a working-capital squeeze: the current ratio fell to 0.4 while cash dropped to
The bigger break is in gross margin structure, not just sales volume: FY2023 carried a
Financial Health Signals
Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →
Health score ≠ stock price. This rates the quality of Surgepays Inc's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Surgepays Inc has an operating margin of -59.9%, meaning the company retains $-60 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is up from -71.4% the prior year.
Surgepays Inc's revenue declined 6.4% year-over-year, from $60.9M to $57.0M. This contraction results in a growth score of 0/100.
Surgepays Inc carries a low D/E ratio of -0.86, meaning only $-0.86 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 97/100, indicating a strong balance sheet with room for future borrowing.
Surgepays Inc's current ratio of 0.38 is below the typical benchmark, resulting in a score of 2/100. This tight liquidity could limit financial flexibility if cash inflows slow.
While Surgepays Inc generated -$21.3M in operating cash flow, capex of $19K consumed most of it, leaving -$21.3M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.
Surgepays Inc passes 3 of 9 financial strength tests. 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.
For every $1 of reported earnings, Surgepays Inc generates $0.59 in operating cash flow (-$21.3M OCF vs -$36.1M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Surgepays Inc earns $-17.0 in operating income for every $1 of interest expense (-$34.1M vs $2.0M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Earnings & Revenue
Surgepays Inc generated $57.0M in revenue in fiscal year 2025. This represents a decrease of 6.4% from the prior year.
Surgepays Inc's EBITDA was -$33.9M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 20.2% from the prior year.
Surgepays Inc reported -$36.1M in net income in fiscal year 2025. This represents an increase of 21.1% from the prior year.
Surgepays Inc earned $-1.80 per diluted share (EPS) in fiscal year 2025. This represents an increase of 24.7% from the prior year.
Cash & Balance Sheet
Surgepays Inc generated -$21.3M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 2.4% from the prior year.
Surgepays Inc held $1.7M in cash against $13.3M in long-term debt as of fiscal year 2025.
Surgepays Inc had 21M shares outstanding in fiscal year 2025. This represents an increase of 5.4% from the prior year.
Margins & Returns
Surgepays Inc's gross margin was -18.6% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 4.9 percentage points from the prior year.
Surgepays Inc's operating margin was -59.9% in fiscal year 2025, reflecting core business profitability. This is up 11.5 percentage points from the prior year.
Surgepays Inc's net profit margin was -63.3% in fiscal year 2025, showing the share of revenue converted to profit. This is up 11.8 percentage points from the prior year.
Capital Allocation
Surgepays Inc invested $19K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 96.4% from the prior year.
SURG Income Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $16.2M-13.3% | $18.7M+62.2% | $11.5M+8.9% | $10.6M+10.2% | $9.6M+101.1% | $4.8M-68.4% | $15.1M-52.0% | $31.4M |
| Cost of Revenue | $18.6M-12.7% | $21.3M+50.1% | $14.2M+4.8% | $13.5M-35.1% | $20.8M+65.3% | $12.6M-32.0% | $18.5M-20.3% | $23.2M |
| Gross Profit | -$2.4M+7.7% | -$2.6M+2.2% | -$2.7M+9.8% | -$2.9M+73.8% | -$11.2M-43.4% | -$7.8M-127.5% | -$3.4M-142.1% | $8.2M |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $6.9M+59.0% | $4.4M+4.8% | $4.2M-10.4% | $4.6M-35.1% | $7.1M+10.8% | $6.4M-13.2% | $7.4M+15.6% | $6.4M |
| Operating Income | -$12.8M-84.1% | -$7.0M-2.1% | -$6.8M+10.2% | -$7.6M+62.2% | -$20.1M-40.5% | -$14.3M-31.3% | -$10.9M-720.8% | $1.8M |
| Interest Expense | N/A | $425K+99.9% | $212K | N/A | N/A | $113K-3.3% | $117K | N/A |
| Income Tax | N/A | N/A | N/A | N/A | N/A | N/A | $2.5M+502.1% | $423K |
| Net Income | -$13.9M-85.1% | -$7.5M-5.7% | -$7.1M+7.2% | -$7.6M+61.5% | -$19.8M-38.8% | -$14.3M-11.0% | -$12.9M-1150.6% | $1.2M |
| EPS (Diluted) | N/A | $-0.38-5.6% | $-0.36+5.3% | $-0.38 | N/A | $-0.73-10.6% | $-0.66-1042.9% | $0.07 |
SURG Balance Sheet
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $8.5M-41.2% | $14.5M-4.7% | $15.2M-2.9% | $15.7M-34.7% | $24.0M-42.2% | $41.5M-26.4% | $56.4M-18.9% | $69.6M |
| Current Assets | $7.0M-24.4% | $9.2M-4.8% | $9.7M-1.6% | $9.9M-44.9% | $17.9M-47.3% | $33.9M-30.4% | $48.7M-17.5% | $59.1M |
| Cash & Equivalents | $1.7M-31.2% | $2.5M-42.9% | $4.4M-18.4% | $5.4M-54.2% | $11.8M-13.6% | $13.7M-64.5% | $38.4M-10.5% | $42.9M |
| Inventory | $340K-82.3% | $1.9M-20.5% | $2.4M+35.3% | $1.8M0.0% | $1.8M-78.7% | $8.4M0.0% | $8.4M+13.9% | $7.3M |
| Accounts Receivable | $4.0M-5.7% | $4.3M+60.1% | $2.7M+7.8% | $2.5M-17.1% | $3.0M+98.2% | $1.5M+7.2% | $1.4M-82.9% | $8.3M |
| Goodwill | N/A | $3.3M0.0% | $3.3M0.0% | $3.3M0.0% | $3.3M-20.8% | $4.2M0.0% | $4.2M0.0% | $4.2M |
| Total Liabilities | $23.9M+14.3% | $20.9M+38.0% | $15.2M+92.2% | $7.9M-9.5% | $8.7M+6.0% | $8.2M-18.8% | $10.1M-24.5% | $13.4M |
| Current Liabilities | $18.2M+2.9% | $17.7M+103.1% | $8.7M+51.6% | $5.7M-5.3% | $6.1M+11.5% | $5.4M-17.7% | $6.6M-30.0% | $9.4M |
| Long-Term Debt | $13.3M+10.5% | $12.0M+25.0% | $9.6M+165.6% | $3.6M-10.2% | $4.0M-9.0% | $4.4M-8.1% | $4.8M-7.3% | $5.2M |
| Total Equity | -$15.3M-141.0% | -$6.4M-5585.5% | $116K-98.5% | $7.8M-48.8% | $15.3M-53.8% | $33.2M-28.2% | $46.2M-17.6% | $56.0M |
| Retained Earnings | -$97.0M-16.7% | -$83.1M-9.9% | -$75.6M-10.3% | -$68.6M-12.5% | -$60.9M-48.2% | -$41.1M-53.2% | -$26.8M-92.2% | -$14.0M |
SURG Cash Flow Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$3.6M+23.3% | -$4.6M+24.1% | -$6.1M+12.1% | -$7.0M+11.8% | -$7.9M+40.7% | -$13.3M-222.6% | -$4.1M-202.2% | $4.0M |
| Capital Expenditures | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Free Cash Flow | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Investing Cash Flow | $0 | $0 | $0+100.0% | -$19K-100.2% | $7.6M | N/A | N/A | N/A |
| Financing Cash Flow | $3.1M+11.1% | $2.8M-46.2% | $5.1M+1348.5% | -$411K+24.7% | -$545K+37.6% | -$874K-129.7% | -$380K-101.6% | $24.3M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
SURG Financial Ratios
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | -14.8%-0.9pp | -13.9%+9.2pp | -23.1%+4.8pp | -27.8%+89.2pp | -117.1%+47.1pp | -164.2%-141.3pp | -22.8%-48.9pp | 26.0% |
| Operating Margin | -79.0%-41.8pp | -37.2%+21.9pp | -59.1%+12.5pp | -71.7%+137.4pp | -209.0%+90.3pp | -299.3%-227.2pp | -72.1%-77.7pp | 5.6% |
| Net Margin | -85.6%-45.6pp | -40.1%+21.4pp | -61.5%+10.7pp | -72.2%+134.3pp | -206.5%+92.8pp | -299.2%-213.9pp | -85.3%-89.2pp | 3.9% |
| Return on Equity | N/A | N/A | -6099.6%-6002.1pp | -97.4%+31.9pp | -129.4%-86.3pp | -43.0%-15.2pp | -27.9%-30.1pp | 2.2% |
| Return on Assets | -162.8%-111.1pp | -51.7%-5.1pp | -46.6%+2.2pp | -48.7%+33.9pp | -82.6%-48.2pp | -34.4%-11.6pp | -22.8%-24.6pp | 1.8% |
| Current Ratio | 0.38-0.1 | 0.52-0.6 | 1.11-0.6 | 1.72-1.2 | 2.95-3.3 | 6.24-1.1 | 7.38+1.1 | 6.26 |
| Debt-to-Equity | -0.86+1.0 | -1.88-84.6 | 82.67+82.2 | 0.46+0.2 | 0.26+0.1 | 0.13+0.0 | 0.10+0.0 | 0.09 |
| FCF Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
Note: Shareholder equity is negative (-$15.3M), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.
Note: The current ratio is below 1.0 (0.38), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
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Frequently Asked Questions
What is Surgepays Inc's annual revenue?
Surgepays Inc (SURG) reported $57.0M in total revenue for fiscal year 2025. This represents a -6.4% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Surgepays Inc's revenue growing?
Surgepays Inc (SURG) revenue declined by 6.4% year-over-year, from $60.9M to $57.0M in fiscal year 2025.
Is Surgepays Inc profitable?
No, Surgepays Inc (SURG) reported a net income of -$36.1M in fiscal year 2025, with a net profit margin of -63.3%.
What is Surgepays Inc's EBITDA?
Surgepays Inc (SURG) had EBITDA of -$33.9M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Surgepays Inc have?
As of fiscal year 2025, Surgepays Inc (SURG) had $1.7M in cash and equivalents against $13.3M in long-term debt.
What is Surgepays Inc's gross margin?
Surgepays Inc (SURG) had a gross margin of -18.6% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Surgepays Inc's operating margin?
Surgepays Inc (SURG) had an operating margin of -59.9% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Surgepays Inc's net profit margin?
Surgepays Inc (SURG) had a net profit margin of -63.3% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Surgepays Inc's free cash flow?
Surgepays Inc (SURG) generated -$21.3M in free cash flow during fiscal year 2025. This represents a 2.4% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Surgepays Inc's operating cash flow?
Surgepays Inc (SURG) generated -$21.3M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Surgepays Inc's total assets?
Surgepays Inc (SURG) had $8.5M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Surgepays Inc's capital expenditures?
Surgepays Inc (SURG) invested $19K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Surgepays Inc's current ratio?
Surgepays Inc (SURG) had a current ratio of 0.38 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.
What is Surgepays Inc's debt-to-equity ratio?
Surgepays Inc (SURG) had a debt-to-equity ratio of -0.86 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Surgepays Inc's return on assets (ROA)?
Surgepays Inc (SURG) had a return on assets of -423.6% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Surgepays Inc's cash runway?
Based on fiscal year 2025 data, Surgepays Inc (SURG) had $1.7M in cash against an annual operating cash burn of $21.3M. This gives an estimated cash runway of approximately 1 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
Why is Surgepays Inc's debt-to-equity ratio negative or unusual?
Surgepays Inc (SURG) has negative shareholder equity of -$15.3M as of fiscal year 2025, which causes the debt-to-equity ratio to appear negative or not meaningful. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.
What is Surgepays Inc's Piotroski F-Score?
Surgepays Inc (SURG) has a Piotroski F-Score of 3 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Surgepays Inc's earnings high quality?
Surgepays Inc (SURG) has an earnings quality ratio of 0.59x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Surgepays Inc cover its interest payments?
Surgepays Inc (SURG) has an interest coverage ratio of -17.0x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Surgepays Inc?
Surgepays Inc (SURG) scores 16 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.