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Side-by-side financial comparison of SurgePays, Inc. (SURG) and TriSalus Life Sciences, Inc. (TLSI). Click either name above to swap in a different company.
SurgePays, Inc. is the larger business by last-quarter revenue ($16.2M vs $13.2M, roughly 1.2× TriSalus Life Sciences, Inc.). TriSalus Life Sciences, Inc. runs the higher net margin — -73.9% vs -85.6%, a 11.8% gap on every dollar of revenue. On growth, SurgePays, Inc. posted the faster year-over-year revenue change (68.7% vs 59.8%). Over the past eight quarters, TriSalus Life Sciences, Inc.'s revenue compounded faster (43.0% CAGR vs -28.2%).
SurgePays, Inc. is a U.S.-headquartered fintech and telecommunications company focused on serving underbanked and low-income communities across the country. It offers prepaid wireless plans, reloadable debit cards, digital banking solutions, and daily consumer products through a nationwide network of independent local retail partners such as convenience stores.
TriSalus Life Sciences, Inc. is a clinical-stage biotechnology company focused on advancing immuno-oncology and interventional oncology solutions. It develops proprietary targeted drug delivery technologies designed to improve treatment efficacy for patients with liver, pancreatic and other hard-to-treat solid tumors, primarily operating in North American markets via partnerships with clinical care and research institutions.
SURG vs TLSI — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $16.2M | $13.2M |
| Net Profit | $-13.9M | $-9.8M |
| Gross Margin | -14.8% | 86.7% |
| Operating Margin | -79.1% | -24.8% |
| Net Margin | -85.6% | -73.9% |
| Revenue YoY | 68.7% | 59.8% |
| Net Profit YoY | 30.0% | 3.5% |
| EPS (diluted) | $-0.68 | $-0.22 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $16.2M | $13.2M | ||
| Q3 25 | $18.7M | $11.6M | ||
| Q2 25 | $11.5M | $11.2M | ||
| Q1 25 | $10.6M | $9.2M | ||
| Q4 24 | $9.6M | $8.3M | ||
| Q3 24 | $4.8M | $7.3M | ||
| Q2 24 | $15.1M | $7.4M | ||
| Q1 24 | $31.4M | $6.5M |
| Q4 25 | $-13.9M | $-9.8M | ||
| Q3 25 | $-7.5M | $-10.8M | ||
| Q2 25 | $-7.1M | $-8.3M | ||
| Q1 25 | $-7.6M | $-10.4M | ||
| Q4 24 | $-19.8M | $-10.1M | ||
| Q3 24 | $-14.3M | $-2.4M | ||
| Q2 24 | $-12.9M | $-4.3M | ||
| Q1 24 | $1.2M | $-13.2M |
| Q4 25 | -14.8% | 86.7% | ||
| Q3 25 | -13.9% | 83.5% | ||
| Q2 25 | -23.0% | 83.9% | ||
| Q1 25 | -27.8% | 83.7% | ||
| Q4 24 | -117.0% | 85.3% | ||
| Q3 24 | -164.2% | 86.3% | ||
| Q2 24 | -22.8% | 87.6% | ||
| Q1 24 | 26.0% | 85.0% |
| Q4 25 | -79.1% | -24.8% | ||
| Q3 25 | -37.2% | -77.9% | ||
| Q2 25 | -59.1% | -65.4% | ||
| Q1 25 | -71.7% | -79.9% | ||
| Q4 24 | -209.0% | -91.8% | ||
| Q3 24 | -299.4% | -118.9% | ||
| Q2 24 | -72.1% | -111.0% | ||
| Q1 24 | 5.6% | -180.8% |
| Q4 25 | -85.6% | -73.9% | ||
| Q3 25 | -40.1% | -93.5% | ||
| Q2 25 | -61.5% | -73.9% | ||
| Q1 25 | -72.2% | -113.2% | ||
| Q4 24 | -206.5% | -122.4% | ||
| Q3 24 | -299.3% | -32.6% | ||
| Q2 24 | -85.3% | -58.8% | ||
| Q1 24 | 3.9% | -204.5% |
| Q4 25 | $-0.68 | $-0.22 | ||
| Q3 25 | $-0.38 | $-0.96 | ||
| Q2 25 | $-0.36 | $-0.27 | ||
| Q1 25 | $-0.38 | $-0.39 | ||
| Q4 24 | $-1.07 | $-0.38 | ||
| Q3 24 | $-0.73 | $-0.12 | ||
| Q2 24 | $-0.66 | $-0.21 | ||
| Q1 24 | $0.07 | $-0.60 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $1.7M | $20.4M |
| Total DebtLower is stronger | $13.3M | — |
| Stockholders' EquityBook value | $-15.3M | $-33.9M |
| Total Assets | $8.5M | $35.3M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.7M | $20.4M | ||
| Q3 25 | $2.5M | $22.7M | ||
| Q2 25 | $4.4M | $26.5M | ||
| Q1 25 | $5.4M | $13.0M | ||
| Q4 24 | $11.8M | $8.5M | ||
| Q3 24 | $23.7M | $11.3M | ||
| Q2 24 | — | $16.5M | ||
| Q1 24 | — | $4.0M |
| Q4 25 | $13.3M | — | ||
| Q3 25 | $12.0M | — | ||
| Q2 25 | $9.6M | — | ||
| Q1 25 | $3.6M | — | ||
| Q4 24 | $4.0M | — | ||
| Q3 24 | $4.4M | — | ||
| Q2 24 | $4.8M | — | ||
| Q1 24 | $5.2M | — |
| Q4 25 | $-15.3M | $-33.9M | ||
| Q3 25 | $-6.4M | $-26.7M | ||
| Q2 25 | $116.1K | $-19.4M | ||
| Q1 25 | $7.8M | $-34.4M | ||
| Q4 24 | $15.3M | $-25.9M | ||
| Q3 24 | $33.2M | $-20.4M | ||
| Q2 24 | $46.2M | $-25.3M | ||
| Q1 24 | $56.0M | $-36.0M |
| Q4 25 | $8.5M | $35.3M | ||
| Q3 25 | $14.5M | $36.5M | ||
| Q2 25 | $15.2M | $41.3M | ||
| Q1 25 | $15.7M | $28.6M | ||
| Q4 24 | $24.0M | $24.0M | ||
| Q3 24 | $41.5M | $27.5M | ||
| Q2 24 | $56.4M | $32.4M | ||
| Q1 24 | $69.6M | $17.9M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 82.67× | — | ||
| Q1 25 | 0.46× | — | ||
| Q4 24 | 0.26× | — | ||
| Q3 24 | 0.13× | — | ||
| Q2 24 | 0.10× | — | ||
| Q1 24 | 0.09× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-3.6M | $-2.5M |
| Free Cash FlowOCF − Capex | — | $-2.5M |
| FCF MarginFCF / Revenue | — | -19.1% |
| Capex IntensityCapex / Revenue | — | 0.3% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-19.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-3.6M | $-2.5M | ||
| Q3 25 | $-4.6M | $-3.7M | ||
| Q2 25 | $-6.1M | $-7.3M | ||
| Q1 25 | $-7.0M | $-4.5M | ||
| Q4 24 | $-7.9M | $-5.7M | ||
| Q3 24 | $-13.3M | $-10.8M | ||
| Q2 24 | $-4.1M | $-13.4M | ||
| Q1 24 | $4.0M | $-10.9M |
| Q4 25 | — | $-2.5M | ||
| Q3 25 | — | $-3.9M | ||
| Q2 25 | — | $-7.4M | ||
| Q1 25 | — | $-5.3M | ||
| Q4 24 | — | $-5.8M | ||
| Q3 24 | — | $-11.0M | ||
| Q2 24 | — | $-13.5M | ||
| Q1 24 | — | $-10.9M |
| Q4 25 | — | -19.1% | ||
| Q3 25 | — | -33.9% | ||
| Q2 25 | — | -66.1% | ||
| Q1 25 | — | -57.3% | ||
| Q4 24 | — | -69.7% | ||
| Q3 24 | — | -149.9% | ||
| Q2 24 | — | -183.1% | ||
| Q1 24 | — | -169.3% |
| Q4 25 | — | 0.3% | ||
| Q3 25 | — | 1.9% | ||
| Q2 25 | — | 0.8% | ||
| Q1 25 | — | 8.2% | ||
| Q4 24 | — | 0.6% | ||
| Q3 24 | — | 2.3% | ||
| Q2 24 | — | 0.8% | ||
| Q1 24 | — | 1.0% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 3.30× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
