ELWT · Elauwit Connection, Inc. Common Stock

Elauwit Connection, Inc. delivered substantial top-line growth for the full year 2025, with total revenue increasing 154% to $21.6 million. This expansion was primarily fueled by a 151% increase in recurring service revenue, underscoring the company's successful execution in onboarding and billing units within its managed services and NaaS models. Gross profit improved significantly to $4.0 million from $1.2 million in the prior year; however, operating expenses nearly doubled to $7.7 million, driven largely by a jump in general and administrative costs to $7.5 million. Consequently, the net loss widened to $4.2 million, or $0.80 per share, compared to a loss of $3.5 million in 2024. Operationally, the company demonstrated strong traction, with contracted units rising to 34,067 and billed units increasing to 16,445, a 77% year-over-year improvement in the latter category. Management highlighted the activation of a new sales team in the first quarter of 2026, which has already identified approximately 8,000 units of incremental bidding opportunity, targeting a broader pipeline of up to 12 million units. The balance sheet reflects a strengthened liquidity position with $6.2 million in cash and cash equivalents as of December 31, 2025, compared to $0.3 million in the prior year, supporting the company's continued infrastructure rollout and sales expansion initiatives.