Managed Services Agreement (MSA) Expected to Contribute $7 Million in Revenue During 2025 MSA Poised to Deliver Long-Term Sustainable Growth for ConnectM MARLBOROUGH, Mass., Jan. 14, 2025 (GLOBE NEWSWIRE) -- ConnectM Technology Solutions, Inc. (Nasdaq: CNTM) (“ConnectM” or the “Company”), a leader in the electrification economy, today announced its wholly owned subsidiary, ConnectM Technology Services LLC, has entered into a Managed Services Agreement (the “MSA”) with County Comfort Home Solutions Inc. (“Co ...

Business Combination and Acquisitions - ConnectM Technology Solutions, Inc. completed its business combination on July 12, 2024, with an exchange ratio of 3.3213477 for Legacy ConnectM common stock[228]. - The company issued a total of 14,422,449 shares of common stock to Legacy ConnectM stockholders at the closing of the business combination[229]. - ConnectM acquired 46% of DeliveryCircle's equity interests and 57% of its voting interests for $0.5 million plus contingent consideration based on revenue growth and EBITDA[232][233]. - The contingent consideration is estimated at approximately $0.6 million, based on a Monte Carlo simulation[233]. - The base amount for contingent payments starts at $355,000 for the year 2024 and increases annually, reaching $924,525 by 2030[236]. - The Company has a five-year non-competition and non-solicitation covenant with the seller of DeliveryCircle[243]. - The company plans to acquire DeliveryCircle for $0.5 million plus contingent consideration of $0.6 million[369][371]. Financial Performance - The Company reported revenues of $19,972,000 for the year ended December 31, 2023, compared to $15,441,000 for the year ended December 31, 2022, representing a 29% increase[259]. - For the nine months ended September 30, 2024, the Company generated revenues of $17,299,000, up from $15,484,000 for the same period in 2023, indicating an increase of 12%[257]. - Revenue for the three months ended September 30, 2024 increased by approximately $1.7 million, or 39%, to $6.1 million compared to $4.4 million for the same period in 2023[277]. - Revenue for the nine months ended September 30, 2024 increased by approximately $1.8 million, or 12%, to $17.3 million compared to $15.5 million for the same period in 2023[278]. - Revenue for the year ended December 31, 2023 increased by approximately $4.5 million, or 29%, to $20.0 million compared to $15.4 million for the year ended December 31, 2022[279]. - The net loss for the nine months ended September 30, 2024, was $16,998,000, compared to a net loss of $5,032,000 for the same period in 2023, reflecting a significant increase in losses[257]. - The Company reported a loss from operations of $7,465,000 for the year ended December 31, 2023, compared to a loss of $3,867,000 for the year ended December 31, 2022[259]. - The net loss for the year ended December 31, 2023 was $9.2 million, compared to a net loss of $3.5 million in 2022[355][356]. Expenses and Costs - The Company incurred selling, general, and administrative expenses of $12,320,000 for the year ended December 31, 2023, compared to $7,315,000 for the year ended December 31, 2022, marking a 68% increase[259]. - Selling, general and administrative expenses increased by $5.0 million, or 68%, to $12.3 million for the year ended December 31, 2023, from $7.3 million for the year ended December 31, 2022[302]. - Selling, general and administrative expenses for the nine months ended September 30, 2024, increased by $3.0 million, or 34%, to $11.8 million from $8.8 million for the same period in 2023[301]. - Interest expense increased by $1.1 million to $1.4 million for the year ended December 31, 2023, from $0.3 million for the year ended December 31, 2022[307]. - The Company expects operating costs to increase in the foreseeable future due to expansion efforts and investments in operations[267]. - The Company anticipates an increase in selling, general, and administrative expenses as it scales headcount and complies with public company regulations[269]. Cash Flow and Financing - The Company raised $3.5 million in net cash from financing activities for the nine months ended September 30, 2024, primarily from proceeds of $80.1 million from a business acquisition[353]. - The Company has an accumulated deficit of $39.9 million as of September 30, 2024[343]. - The Company has a working capital deficit totaling $31.2 million as of September 30, 2024[343]. - The Company converted $2,652,250 of promissory notes into 1,326,125 shares of common stock at a conversion price of $2.00 per share as part of a Note Conversion Agreement[254]. - The total amount outstanding under secured promissory note agreements as of September 30, 2024, was $11.3 million, up from $7.4 million as of December 31, 2023[322]. - The company issued $9.0 million in long-term debt facilities during 2023, contributing significantly to financing activities[359]. - The company issued an additional $5.5 million of secured promissory notes during 2023, with interest rates ranging from 18% to 24%[319]. - During the nine months ended September 30, 2024, the company issued fourteen additional secured promissory notes totaling $4.1 million, accruing interest at 24%[320]. Market and Compliance - The Company has been notified by Nasdaq that it failed to meet the $50,000,000 market value of listed securities requirement for continued listing, with a compliance period until March 3, 2025[251][252]. - Management has concluded there is substantial doubt about the Company's ability to continue as a going concern within one year after the date the financial statements are issued[345]. Operational Insights - The Company generated non-operating income from dividends and interest on marketable securities held in the Trust Account prior to the closing of the Business Combination[255]. - The Company expects a large portion of future revenue increases to be attributable to its growing managed services business[279]. - The increase in revenues was primarily driven by the Company's new managed services offering and OEM/EV segment, while declines were noted in the electrification and decarbonization segments due to inclement weather[277][278]. - The Company experienced incremental cost of revenues of $0.4 million associated with its Managed Services, which did not exist in 2022[284]. - Gross margin for the Managed Services segment increased approximately $0.6 million, or 3,981%, for the three months ended September 30, 2024, indicating significant growth potential[288]. - Gross margin for the Decarbonization segment decreased approximately $1.1 million, or 41%, to $1.6 million for the nine months ended September 30, 2024 compared to $2.8 million for the same period in 2023[290]. - Gross margin for the Electrification segment decreased by $0.3 million, or 11%, to $2.2 million for the year ended December 31, 2023 compared to $2.5 million for the year ended December 31, 2022[294]. - Gross margin for the Decarbonization segment increased by approximately $1.5 million, or 101%, to $3.0 million for the year ended December 31, 2023, from $1.5 million for the year ended December 31, 2022[296]. - Gross margin for the OEM/EV segment decreased by approximately $0.4 million to $(0.4) million for the year ended December 31, 2023, from $14 thousand for the year ended December 31, 2022[297]. - Gross margin for the Managed Services segment was approximately $0.2 million for the year ended December 31, 2023, with expectations for significant future growth[298].

MARLBOROUGH, Mass., Dec. 12, 2024 (GLOBE NEWSWIRE) -- ConnectM Technology Solutions, Inc. (Nasdaq: CNTM) ("ConnectM" or the "Company"), a technology company focused on the electrification economy, today announced that on December 6, 2024, it received a notice from the staff of the Listing Qualifications Department of Nasdaq stating that because the Company had not filed its Quarterly Report on Form 10-Q for the period ended September 30, 2024 (the "Filing"), it no longer complies with Nasdaq Listing Rule 52 ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Delaware (State or other jurisdiction of incorporation) 001-41389 (Commission File Number) 87-2898342 (I.R.S. Employer Identification Number) Title of each class Trading Symbol(s) Name of each exchange on which registered Common stock, par value $0.0001 per share CNTM The Nasdaq Stock Market LLC FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of report (Date of earliest event reported) ...

~ Third Quarter Revenue Increased 36% to $6.1 million YoY~ ~ Revenues For The Nine Months Increased 11% to $17.3 million ~ ~ FY2024 On-Track to Deliver Revenue of North of $24.0 million, an Increase of 20% YoY ~ ~ On Track to Achieve Operating Cash Flow Breakeven in The First Quarter of 2025~ MARLBOROUGH, Mass., Nov. 19, 2024 (GLOBE NEWSWIRE) -- ConnectM Technology Solutions, Inc. (Nasdaq: CNTM) (“ConnectM” or the “Company”), a technology company focused on the electrification economy, today announced preli ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of report (Date of earliest event reported): August 22, 2024 ConnectM Technology Solutions, Inc. (Exact Name of Registrant as Specified in Charter) Delaware (State or other jurisdiction of incorporation) | --- | --- | --- | --- | |-------|-------------|-----------|-------| | | | | | | | | | | | | | | | | | | | | | | | | | | | | 001-41389 ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2024 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-41389 ConnectM Technology Solutions, Inc. (Exact name of registrant as specified in its charter) | --- | |------------------ ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Monterey Capital Acquisition Corporation (Exact name of registrant as specified in its charter) | --- | --- | --- | |------------------------------- ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Monterey Capital Acquisition Corporation (Exact name of registrant as specified in its charter) Registrant's telephone number, including area code: (831) ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Monterey Capital Acquisition Corporation (Exact name of registrant as specified in its charter) | --- | --- | --- | |--------------------------- ...