SurgePays, Inc. (NASDAQ:SURG) moved lower in after-hours trading after releasing its full-year 2025 financial results on Tuesday, outlining improvements in cost structure and a shift toward a more capital-efficient growth model.

Financial Performance

The company reported full-year revenue of approximately $57 million, compared to $60.9 million in 2024, reflecting the impact of the conclusion of the Affordable Connectivity Program in mid-2024. Gross loss improved to $10.6 million from $14.3 million a year earlier, while operating loss narrowed to $30.7 million from $41.8 million in the prior year. General and administrative expenses declined to approximately $20.1 million from $27.5 million, representing a reduction in operating costs.

Management Commentary

Chief Executive Officer Brian Cox stated that the company demonstrated scalability during 2025, with revenue increasing sequentially through the first three quarters before declining ...