Core Insights - Elauwit Connection, Inc. has successfully implemented a gigabit broadband access solution in a luxury apartment community, enhancing resident experience and operational efficiency [1][5][10] Project Overview - The Hanover Preston Hollow project is located in Dallas, Texas, featuring over 200 luxury units aimed at tech-savvy residents who demand high-speed internet for various activities [2][10] - The challenge was to meet high expectations in a competitive rental market without significantly increasing operational costs [3][10] Solution Implementation - Elauwit deployed a comprehensive solution using the Cambium ONE Network platform, transitioning the property to a fully managed infrastructure [4][11] - The deployment included advanced hardware such as XV2-2 Wi-Fi 6 Access Points and Cambium Fiber Distribution Switches, providing gigabit-capable connectivity to all units [11] Results Achieved - The collaboration led to improved network performance, with residents enjoying gigabit connectivity in their units and Wi-Fi 6 speeds throughout the property [5][11] - There was a notable reduction in support tickets related to connectivity issues, indicating enhanced operational efficiency and positive resident feedback [11] Strategic Implications - The success of the Hanover Preston Hollow project serves as a model for Elauwit’s national growth strategy, validating its expansion model in key markets like Dallas [6][11] - Elauwit aims to leverage dependable connections and exceptional resident support to enhance property value and support new revenue streams [8][11]

Core Viewpoint - Elauwit Connection, Inc. has appointed Michele Levingston as Vice President of Customer Experience, aiming to enhance customer relationships and improve service quality across the organization [1][4]. Group 1: Company Overview - Elauwit Connection, Inc. is a national managed services provider specializing in turnkey broadband and property-wide WiFi networks for multifamily, student housing, and senior living communities [1][5]. - The company focuses on delivering premium connectivity solutions that support new revenue streams, resident retention, and increased asset value for property owners [6]. Group 2: Leadership Appointment - Michele Levingston brings nearly four decades of experience in the telecommunications industry, with a strong background in customer success, account management, and customer experience [2][3]. - Her role at Elauwit will involve strengthening customer relationships and ensuring a consistent, high-impact customer experience throughout the organization [3][5]. - Taylor Jones, President and CTO of Elauwit, expressed enthusiasm about Levingston's appointment, highlighting her unique perspective that connects strategy with execution [4].

Core Viewpoint - Elauwit Connection, Inc. has appointed Kyle Huffman as Chief Accounting Officer to enhance its financial infrastructure and support its rapid growth in the managed services sector for broadband and WiFi networks [1][3]. Company Overview - Elauwit Connection, Inc. is a national managed services provider specializing in turnkey broadband and property-wide WiFi networks for multifamily, student housing, and senior living communities [1][5]. - The company focuses on delivering premium connectivity as a competitive advantage, which aids in generating new revenue, improving resident retention, and increasing asset value [6]. Leadership Appointment - Kyle Huffman brings over a decade of experience in accounting and financial leadership, having worked in public accounting, corporate controllership, and private equity operations [2]. - Huffman previously supported portfolio companies at MiddleGround Capital, focusing on financial reporting and operational efficiency [2]. - His role at Elauwit will involve leading the accounting function, financial reporting, and internal controls, with an emphasis on building scalable systems [3]. Strategic Goals - The company aims to strengthen its financial infrastructure to ensure responsible scaling and effective service delivery to property owners and institutional partners [3]. - Huffman expressed enthusiasm about driving automation and creating a finance engine that supports sustainable value and financial clarity for all stakeholders [4]. Executive Commentary - Dan McDonough, Executive Chairman of Elauwit, highlighted Huffman's diverse background as ideal for the company's growth trajectory, emphasizing the need for financial precision and accountability [4].

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, 2025 OR ☐ 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: 001-42935 Elauwit Connection, Inc. (Exact name of registrant as specified in its charter) (State or other jurisdiction o ...

Company Overview - Elauwit Connection, Inc. is a company that has re-entered the market after previously operating as an Internet Service Provider focused on student housing, which was sold in 2018 [3] - The leadership team includes experienced members who previously worked together, including the Founder & Executive Chairman, CEO, CTO, and CFO [3] Business Model - The company positions itself as a "2.0" version of its former self, aiming to provide managed bulk services in the conventional multifamily space [3] - The shift in focus from student housing to multifamily housing indicates a strategic pivot to capture a broader market segment [3]

Revenue Growth - Total revenue for the third quarter increased by 178% year-over-year, reaching $5.2 million compared to $1.9 million in the same period last year[5] - Recurring service revenue rose by 163% year-over-year, indicating strong growth in long-term contracts with property owners[5] - Revenues for Q3 2025 reached $5,248 million, a significant increase from $1,885 million in Q3 2024, representing a growth of 178%[23] - Gross profit for the nine months ended September 2025 was $4,872 million, compared to $884 million for the same period in 2024, indicating a year-over-year increase of 451%[23] Operational Performance - Adjusted EBITDA for the third quarter was $0.1 million, a significant improvement from a loss of $0.9 million in the prior year[5] - Adjusted EBITDA for Q3 2025 was $129 million, compared to an adjusted EBITDA of $(873) million in Q3 2024, marking a significant turnaround[25] - Operating income for Q3 2025 was $118 million, a recovery from an operating loss of $881 million in Q3 2024[23] - Total operating expenses for the nine months ended September 2025 were $4,943 million, up from $3,065 million in the same period of 2024, representing a 61% increase[23] Unit Growth - Contracted units increased to 32,826 from 25,907 a year earlier, reflecting a growing demand for services[11] - Activated units rose to 16,964 from 6,765 a year earlier, showing progress in onboarding new properties[11] - Billed units increased to 10,710 from 5,171 a year earlier, indicating a rise in revenue-generating units[11] Financial Position - As of September 30, 2025, cash and cash equivalents totaled $0.8 million, up from $0.3 million at the end of 2024[21] - Total assets increased to $9.1 million as of September 30, 2025, compared to $7.7 million at the end of 2024[21] - The company reported a net loss per share of $0.03 for Q3 2025, compared to a net loss per share of $0.27 for Q3 2024[23] IPO and Capital Deployment - The company completed its initial public offering on November 6, 2025, raising approximately $15.0 million in gross proceeds[11] - The company anticipates deploying capital from its recent IPO to expand its sales and marketing team and enhance its Networking-as-a-Service (NaaS) offerings[4] Loss and Expenses - Net loss for Q3 2025 was $168 million, an improvement from a net loss of $970 million in Q3 2024, reflecting a reduction of 83%[25] - Interest expense for the nine months ended September 2025 was $295 million, compared to $185 million in the same period of 2024, indicating a 60% increase[25] - The change in fair value of SAFE liability for Q3 2025 was $(176) million, with no comparable figure in Q3 2024[25] - The weighted average common shares used in computing net loss per share increased to 5,000,000 in Q3 2025 from 3,566,369 in Q3 2024[23]

Core Insights - Elauwit Connection, Inc. reported a significant year-over-year growth in recurring service revenue, which increased by 163% in the third quarter of 2025, alongside a total revenue increase of 178% [7][4] - The company aims to leverage the capital from its recent IPO to expand its sales and marketing efforts and enhance its Networking-as-a-Service (NaaS) offerings, targeting a $25 billion addressable market [3][4] Financial Performance - For the third quarter ended September 30, 2025, Elauwit generated revenues of $5.2 million, up from $1.9 million in the same period of 2024 [4][21] - Gross profit for the third quarter was $1.9 million, compared to $0.2 million in the prior year [4][21] - Operating expenses increased to $1.8 million from $1.1 million year-over-year, while the net loss narrowed to $0.2 million from $1.0 million [4][21] Key Metrics - Contracted units increased to 32,826 from 25,907 year-over-year, indicating a growing pipeline of properties [7] - Activated units rose to 16,964 from 6,765, and billed units increased to 10,710 from 5,171, reflecting the company's expanding service reach [7] - As of September 30, 2025, cash and cash equivalents totaled $0.8 million, with the company raising approximately $15.0 million from its IPO [7][4] Strategic Outlook - The management expressed confidence in the company's growth trajectory, emphasizing the creation of a win-win scenario for residents, property owners, and Elauwit [2] - The company is focused on enhancing resident satisfaction and property value through its broadband services, which are positioned as a modern amenity [10][2]

Core Viewpoint - Elauwit Connection, Inc. is set to release its third quarter 2025 financial results on December 8, 2025, and will host a live webcast to discuss these results and strategic plans [1]. Group 1: Financial Results Announcement - Elauwit will announce its third quarter 2025 financial results after market close on December 8, 2025 [1]. - A live webcast conference call will take place at 4:30 p.m. Eastern Time to discuss the financial results and provide business updates [1]. Group 2: Access Information - Investors can access the live webcast and conference call information on Elauwit’s investor relations website [2]. - Participants are advised to connect at least 10 minutes prior to the webcast for any necessary software downloads [2]. - A telephone option is available for those wishing to join by phone, with the dial-in number being +1-412-902-6510 [2]. Group 3: Company Overview - Elauwit is a national managed services provider specializing in premium broadband and property-wide WiFi networks for multifamily and student housing communities [3]. - The company emphasizes service quality, reliability, and measurable asset value, enabling property owners to provide continuous connectivity as a modern amenity [3].

Core Viewpoint - Elauwit Connection, Inc. has successfully closed the sale of an additional 68,989 shares as part of the underwriter's partial exercise of its over-allotment option in connection with its initial public offering, raising an additional $0.6 million on top of the previously announced $15.0 million from the IPO [1]. Group 1: Offering Details - The offering was conducted on a firm commitment basis, with Craig-Hallum Capital Group LLC serving as the sole bookrunner [2]. - The registration statement for the offering was filed with the U.S. Securities and Exchange Commission and became effective on November 2, 2025 [3]. Group 2: Company Overview - Elauwit is a national managed services provider that specializes in designing, building, and operating premium broadband and property-wide WiFi networks for multifamily and student housing communities [5]. - The company focuses on service quality, reliability, and measurable asset value, enabling property owners to provide always-on connectivity as a modern amenity and a source of recurring net operating income growth [5].

Core Insights - Elauwit Connection, Inc. has appointed Sebastian Shahvandi as Chief Growth Officer, effective November 6, 2025, to drive growth and market expansion [1][4] Company Overview - Elauwit is a national managed services provider specializing in turnkey broadband and property-wide WiFi networks for multifamily and student housing communities, focusing on service quality and reliability [6] Leadership Experience - Shahvandi brings over 20 years of executive experience in technology, telecom, and enterprise service organizations, previously serving as CEO of 7SIGNAL, where he repositioned the company for growth [2][3] - His past roles include Senior Vice President of Growth at IDeaS Revenue Solutions and Chief Revenue Officer at Hypori, where he achieved significant annual recurring revenue (ARR) growth [3] Strategic Focus - At Elauwit, Shahvandi will oversee sales, marketing, and strategic partnerships, aiming to unify customer growth strategies and enhance national market expansion [4] - His initiatives will include optimizing the company's go-to-market engine and developing capital-aligned programs for property owners to implement next-generation connectivity [4] Executive Commentary - CEO Barry Rubens emphasized Shahvandi's proven ability to scale revenue organizations and transform businesses, which will be crucial for Elauwit’s accelerated expansion [5] - Shahvandi expressed enthusiasm for leveraging Elauwit’s technical excellence and financial discipline to create new opportunities for property owners and investors [5]