SurgePays, Inc.

Greetings. Welcome to the Surge Pays fourth quarter 2025 earnings conference call. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. Please note this conference is being recorded. I will now turn the conference over to your host, Falter Pinto, Investor Relations at Surge Pays. You may begin.

Thank you, Operator, and good afternoon, everyone. Welcome to the Surge Pays 2025 Fourth Quarter and Full Year Financial Results Conference Call. Today's date is April 14th, 2026. And on the call today from the company are Brian Cox, President and CEO, and Chelsea Polano, Interim Chief Financial Officer. Before we begin, I'd like to remind everyone that this call may contain forward-looking statements as they are defined under the Private Securities Litigation Reform Act of 1995. These statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements. For a discussion of such risks and uncertainties, please see SurgePay's most recent filings with the SEC. All forward-looking statements made today reflect our current expectations only, and we undertake no obligation to update any statements to reflect the events that occur after this call. Copies of today's press release are accessible on SurgePay's investor relations website, ir.surgepay.com. And SearchPay's Form 10-K for the year ended December 31st, 2025 will also be available on SearchPay's Investor Relations website. And now I'd like to turn the call over to President and CEO, Brian Cox.

Thank you, Walter. Good afternoon, everyone, and thank you for joining us. Today, I will walk through our 2025 performance and what we proved operationally and how that directly translates into our outlook for 2026. For the full year 2025, we generated approximately 57 million in revenue, including 16.2 million in the fourth quarter. As you review our results, it's important to understand the progression of the year. We saw steady growth from Q1 through Q3, with revenue increasing from approximately 10.6 million in Q1 to 11.5 million in Q2, and then reaching 18.7 million in Q3. That third quarter was an inflection point that demonstrated the scalability of our platform when capital is deployed into subscriber growth. Q4 of 2025 is best understood in the context of what we demonstrated in Q3. In Q3, we deployed capital into subscriber acquisition and saw a clear step function in increase in revenue. That quarter proved the scalability of our model when capital is applied. In Q4, we made the decision to pull back on that level of spend and focus on capital discipline and efficiency. As a result, revenue in Q4 declined sequentially from Q3, but remained significantly higher than Q4 of 2024. That is the key point. We proved we can scale and we demonstrated discipline in how we manage that growth. Just as importantly, Q4 included items that are not indicative of our current operating run rate, including legal and certain non-cash expenses. For the full year, total general and administrative expense declined to approximately 20.1 million from 27.5 million in 2024. That reduction reflects the cost actions we began taking as we exited the ACP period and repositioned the business. At the same time, We continued to invest in the core infrastructure of the business, including our retail distribution network, our wireless platform, and our digital acquisition capabilities. Today, we are not reliant on a single subsidized program. We have multiple revenue channels, including government subsidized wireless, link up mobile prepaid, wholesale MB&E relationships, and our point of sale fintech and data platforms. We believe that diversification fundamentally changes the quality and durability of our revenue. We are not demand constrained. We are capital disciplined. This leads directly into how we are thinking about 2026. Many of our investors remember what occurred during the ACP period. We leveraged existing capital relationships to fund subscriber acquisition, and the result was revenue growth and meaningful stock appreciations. We are now executing a similar strategy, but with a materially stronger foundation. We have multiple independent revenue streams. We have an established retail footprint of more than 9,000 locations. We have a customer acquisition engine through ProgramBenefits.com, and we have additional monetization layers, including wholesale and in-store media platforms. That combination should allow us to deploy capital into growth while also improving the underlying economics of the business. Turning to the balance sheet, we ended 2025 with approximately $1.7 million in cash. Since year end, we have taken additional actions to reduce our operating expense base and improve efficiency across the organization. Based on actions already taken, we estimate our current monthly cash burn at the end of Q1 2026 to be approximately $250,000 to $300,000. This is a meaningful shift from the cost structure exiting 2025 and reflects an even more disciplined operating model as we move forward in 2026. The key takeaway is this. We have already demonstrated that when we deploy capital, we can scale revenue quickly. Now we are combining that capability with a more efficient cost structure and multiple revenue streams. We believe that positions us to drive growth in a more controlled and repeatable way. With that, I will turn the call over to Chelsea to walk through the financials in more detail.