SurgePays, Inc.

SurgePays, Inc. held its Annual Meeting of Stockholders on June 16, 2026, where all proposals were approved. Stockholders reelected four directors to the Board and ratified TAAD, LLP as the independent registered public accounting firm for the fiscal year 2026. Additionally, the terms of securities purchase agreements from 2025 and 2026, and the issuance of shares representing 20% or more of the company's common stock to institutional investors, were approved.

SurgePays, Inc. entered into a secured note purchase agreement on June 16, 2026, securing $500,000 in new debt financing. This promissory note, part of a series of financings, accrues interest at 14.5% per annum and matures in 24 months, with quarterly repayments of $125,000 commencing after one year. The note is convertible into common stock at varying prices and grants the investor a junior security interest in the company's assets. Following this issuance, the aggregate funding received under this series of notes totals $2,650,000.

SurgePays, Inc. announced it has engaged BrandRap, an AI and operations consultancy, to develop a real-time AI decisioning engine for its ProgramBenefits.com platform. This engine is designed to increase revenue per subscriber and reduce customer acquisition costs by optimizing product offerings to subprime consumers. Phase 1 production delivery is anticipated by July 2026, with the platform currently adding over 1,000 new customers daily.

SurgePays, Inc. reported a net loss of $(12.05) million for Q1 2026, an increase from $(7.64) million in Q1 2025, despite a rise in net revenues to $15.98 million. The company disclosed substantial doubt about its ability to continue as a going concern due to significant losses, a working capital deficit of $(21.83) million, and insufficient cash resources. Additionally, SurgePays received notices of non-compliance from Nasdaq regarding minimum market value and bid price requirements, with a risk of delisting if compliance is not regained by September 2026.

SurgePays, Inc. reported strong first-quarter 2026 financial results, with revenue increasing 51% year-over-year to approximately $16.0 million, primarily driven by a 71% rise in point of sale and prepaid services. The company also achieved significant cost discipline, reducing general and administrative expenses by 25%. Operationally, SurgePays surpassed 200,000 wireless subscriber lines and improved customer acquisition efficiency, though net loss increased to $12.1 million due to higher interest expense and non-cash items.

SurgePays reported Q1 2026 financial results with revenue increasing 51% year-over-year to approximately $16.0 million, driven by a 71% rise in point of sale and prepaid services. The company achieved a 25% reduction in G&A expenses due to cost discipline. Operationally, wireless subscriber lines surpassed 200,000, and customer acquisition costs significantly decreased. SurgePays also expanded wholesale distribution, launched new retail monetization platforms, and entered a multiyear commercial integration agreement with Alpha Modus Holdings post-quarter end. Despite operational improvements, the company reported a net loss of approximately $12.1 million.

SurgePays, Inc. announced a 25,000 Activation Pilot program with Alpha Modus Holdings, Inc. to integrate the Alpha Cash mobile wallet across its distribution channels. This pilot aims to monetize SurgePays' subprime customer base by layering a second revenue stream onto acquired consumers, offering a $10 per activation bounty and a 10% revenue share for five years. The program is capped at 25,000 funded activations with a $250,000 bounty pool and will evaluate optimal monetization strategies for future expansion.

SurgePays, Inc. announced it will host a conference call to discuss its first quarter ended March 31, 2026, on Friday, May 15, 2026, at 11:00 a.m. E.T. The company plans to report its financial results for the 2026 first quarter on the same day before the market opens.

SurgePays, Inc. has scheduled its 2026 Annual Meeting of Stockholders for June 16, 2026, to be held virtually. Shareholders will vote on the re-election of four directors, the ratification of TAAD, LLP as the independent auditor for fiscal year 2026, and the approval of securities purchase agreements from 2025 and 2026 involving the issuance of common stock equal to 20% or more to institutional investors. The Board unanimously recommends voting "FOR" all proposals.

SurgePays, Inc. announced it is advancing a real-time AI decisioning platform, built on ProgramBenefits.com and its retail network. This system is designed to transform single customer interactions into multi-product revenue opportunities across wireless, financial services, and healthcare savings. The company expects this platform to materially increase revenue per user, improve capital efficiency, and support a more scalable growth model by optimizing conversion rates and expanding product offerings.