Elauwit Connection, Inc. ELWT
We are a provider of broadband Internet networks for the multifamily and student housing property sector. We provide Managed Services and Network-as-a-Service solutions designed to modernize and enhance the Internet connectivity experience for residents while driving significant financial benefits for property owners.
We strive to be a leading player in a booming multifamily property conversion trend through service commitment, operational experience and flexibility. Key highlights of our business and market opportunity include:
● There is an untapped market to fulfill major demand for network services in multifamily housing units:
o According to market estimates from the National Multifamily Housing Council ("NMHC"), there are approximately 23 million apartment units in the U.S., and we estimate 55% of those units are well-suited for our network services.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 |
|---|---|---|---|
| Revenue | $21.6M | $8.5M | — |
| Cost of revenue | $17.6M | $7.3M | — |
| Gross profit | $4.0M | $1.2M | — |
| R&D | $19.0K | $1.0K | — |
| SG&A | $7.5M | $4.3M | — |
| Total operating expenses | $7.7M | $4.4M | — |
| Operating income | -$3.7M | -$3.2M | — |
| Pre-tax income | -$4.2M | -$3.5M | — |
| Income tax | — | $1.0K | — |
| Net income | -$4.2M | -$3.5M | — |
| EPS, basic | -0.80 | -0.98 | — |
| EPS, diluted | -0.80 | -0.98 | — |
| Shares, diluted (wtd. avg.) | $5.3M | $3.5M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 |
|---|---|---|---|
| Cash and equivalents | $6.2M | $287.0K | $329.0K |
| Receivables | $2.4M | $4.5M | $900.0K |
| Inventory | $1.0M | $1.6M | — |
| Total current assets | $10.3M | $6.7M | — |
| Total assets | $11.9M | $7.7M | — |
| Accounts payable | $1.8M | $1.9M | — |
| Short-term debt | $1.0M | $695.0K | — |
| Total current liabilities | $6.2M | $9.2M | — |
| Long-term debt | $996.0K | $2.7M | — |
| Total liabilities | $7.5M | $12.3M | — |
| Retained earnings | -$14.6M | -$10.4M | — |
| Total equity | $4.4M | -$4.5M | -$6.3M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 |
|---|---|---|---|
| Operating cash flow | -$5.7M | -$3.9M | — |
| Investing cash flow | — | $250.0K | — |
| Financing cash flow | $11.6M | $3.6M | — |
| Buybacks | $2.0M | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001104659-26-072344.
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