Elauwit Connection, Inc.

Listed Company

ELWTCIK 0002063863NasdaqNon-AcceleratedSmaller ReportingEmerging GrowthCommunications Services, NecFY ends Dec 31

Period

FY 2025

Revenue

$21.62M

Net Income

$-4.23M

Total Assets

$11.94M

Equity

$4.42M

Shares Out

6.62M

Op. Cash Flow

$-5.70M

Business

Elauwit Connection, Inc. is a publicly listed company in Communications Services. Common stock trades on Nasdaq under the ticker ELWT.

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Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31
Revenues	22	8
Cost of revenues	18	7
Gross profit	4	1
General and administrative	8	4
Sales and marketing	178,000	81,000
Research and development	19,000	1,000
Total operating expenses	8	4
Operating loss	−4	−3
Interest expense, net	−353,000	−255,000
Change in fair value of SAFE liability	−176,000	—
Other income (expense)	7,000	—
Total other expense, net	−522,000	−255,000
Loss from operations before income taxes	−4	−3
Income tax expense	—	1,000
Net loss	−4	−3
Net loss per share, basic (in dollars per share)	−0.8	−0.98
Net loss per share, diluted (in dollars per share)	−0.8	−0.98
Weighted average common shares used in computing net loss per share, basic ( in shares)	5	4
Weighted average common shares used in computing net loss per share, diluted (in shares)	5	4

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31
Cash and cash equivalents	6	287,000	—
Accounts receivable, net of allowance for credit losses of $303 and $0, respectively	2	4	900,000
Inventories	1	2	—
Network financing receivable, current	213,000	67,000	—
Prepaid expenses and other current assets	550,000	258,000	—
Total current assets	10	7	—
Network financing receivable	1	446,000	—
Lease right-of-use assets, net	28,000	55,000	—
Net investment in lease	483,000	531,000	—
Other non-current assets	26,000	25,000	—
TOTAL ASSETS	12	8	—
Deferred revenue, current	3	6	—
Accounts payable	2	2	—
Accrued expenses and other current liabilities	495,000	76,000	—
Operating lease liabilities, current	29,000	36,000	—
Related party debt, current	1	695,000	—
Related party payables, current	—	240,000	—
Total current liabilities	6	9	—
Related party debt, net of current	996,000	3	—
Related party payables, net of current	—	342,000	—
Deferred revenue, net of current	300,000	—	—
Operating lease liabilities, net of current	—	19,000	—
TOTAL LIABILITIES	8	12	—
Commitments and contingencies (see Note 11)	—	—	—
Preferred stock, $0.0001 par value, 100,000 and 577,067 authorized as of December 31, 2025 and December 31, 2024, respectively; none issued and outstanding as of December 31, 2025 and December 31, 2024	—	—	—
Stock subscription receivable	—	−30,000	—
Additional Paid-in Capital	19	6	—
Accumulated deficit	−15	−10	—
Total stockholders' equity (deficit)	4	−5	−6
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)	12	8	—

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31
Net loss	−4	−3
Right of use asset amortization expense	27,000	17,000
Provision for credit losses	300,000	—
Issuance of Series B Preferred Stock for services	—	108,000
Accounts receivable	2	−4
Network financing receivable	−778,000	−513,000
Inventories	602,000	−1
Prepaid expenses and other assets	−293,000	−258,000
Lease right-of-use lease liabilities payments	−26,000	−17,000
Net investment in lease	48,000	−531,000
Accounts payable	−101,000	2
Accrued expenses and other current liabilities	420,000	40,000
Deferred revenue	−3	4
Related party payables	−582,000	−98,000
Net cash used in operating activities	−6	−4
Cash acquired from reverse recapitalization	—	250,000
Net cash provided by investing activities	—	250,000
Payment of other deferred offering costs	−357,000	—
Repurchase of shares under put option	−2	—
Proceeds from related party debt	1	2
Repayment of related party debt	−3	−1
Proceeds from payment of stock subscription receivable	30,000	—
Proceeds from SAFE issuance	1	—
Proceeds from issuance of Series B stock	—	2
Net cash provided by financing activities	12	4
NET CHANGE IN CASH AND CASH EQUIVALENTS	6	−42,000
Lease liabilities arising from obtaining right-of-use asset	25,000	72,000
SAFE Conversion to equity at initial public offering	1	—
Conversion of Series A Convertible Preferred Stock for common stock in conjunction with reverse recapitalization	—	5
Phantom stock liability conversion as part of reverse recapitalization	—	116,000
Repurchase of Series seed stock for issuance of note payable	—	1
Cash payments for income taxes	4,000	2,000
Cash payments for interest	476,000	302,000

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