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 ...

PresentationGood day, and welcome to the IAccess Alpha Virtual Best Ideas Winter Investment Conference 2025. The next presenting company is Elauwit Connection, Inc. [Operator Instructions]. I'd now like to turn the floor over to today's host, Mr. Dan McDonough, Executive Chair with Elauwit Connection, Inc. Sir, the floor is yours.Daniel McDonoughFounder & Executive Chairman Thank you very much, and welcome, everybody. Thanks for coming to hear a little bit about our company. This deck that we have here, you ...

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]

Recurring Service Revenue Increases 163%Post-IPO Balance Sheet Supports Networking as a Service Implementations, Expands Addressable MarketColumbia, South Carolina--(Newsfile Corp. - December 8, 2025) - Elauwit Connection, Inc. (NASDAQ: ELWT) ("Elauwit," the "Company," "we," "us," or "our"), a national managed services provider delivering turnkey broadband and property-wide WiFi networks for multifamily and student housing communities, today reported financial results for the third quarter ended September ...

Columbia, South Carolina--(Newsfile Corp. - December 3, 2025) - Elauwit Connection, Inc. (NASDAQ: ELWT) ("Elauwit" or the "Company"), a national managed services provider delivering turnkey broadband and property-wide WiFi networks for multifamily and student housing communities, today announced that it will release third quarter 2025 financial results on Monday, December 8, 2025, after the market close. Additionally, Elauwit's management will host a live webcast conference call at 4:30 p.m. Eastern Time t ...

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]

Core Insights - Elauwit Connection, Inc. is celebrating its publicly-traded debut and is focusing on growth and community engagement as it attends the NMHC OPTECH 2025 Conference in Las Vegas [1][2] Group 1: Company Overview - Elauwit is a national managed services provider specializing in turnkey broadband and property-wide WiFi networks for multifamily and student housing communities [4] - The company emphasizes service quality, reliability, and measurable asset value, enabling property owners to provide continuous connectivity as a modern amenity and a source of recurring net operating income (NOI) growth [4] Group 2: Conference Participation - Elauwit’s leadership team will participate in the NMHC OPTECH Conference & Expo from November 16 to November 18, 2025, at the MGM Grand in Las Vegas [1] - The focus during the conference will be on building relationships, exchanging ideas, and exploring collaborative opportunities to enhance connectivity, resident experience, and property performance [2] Group 3: Leadership Statements - Sebastian Shahvandi, the newly appointed Chief Growth Officer, highlighted the importance of engaging with forward-thinking leaders in the multifamily sector to discuss technology that improves operations and resident satisfaction [3] - Elauwit is inviting attendees to visit their booth for networking opportunities, including a drink cart hosted in collaboration with Cambium Networks [3][4]

Core Viewpoint - Elauwit Connection, Inc. will participate in the Craig Hallum 16th Annual Alpha Select Conference on November 18, 2025, in New York, with Dan McDonough, Jr. as the representative [1]. Company Overview - Elauwit is a national managed services provider specializing in designing, building, and operating 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 and a source of recurring Net Operating Income (NOI) growth [3].

Company Overview - Elauwit Connection, Inc. 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 (NOI) growth [5] Initial Public Offering (IPO) Details - Elauwit announced the closing of its initial public offering, selling an aggregate of 1,667,000 shares of common stock at a price of $9.00 per share, resulting in gross proceeds of approximately $15.0 million before deductions [1] - The shares began trading on the Nasdaq Capital Market under the ticker symbol "ELWT" on November 5, 2025 [2] - Craig-Hallum Capital Group LLC acted as the sole bookrunner for the offering, while Harter Secrest & Emery LLP and Pryor Cashman LLP served as legal counsel for the company and underwriters, respectively [2] Regulatory Filings - A registration statement on Form S-1 related to the common stock was filed with the U.S. Securities and Exchange Commission (SEC) on August 29, 2025, and became effective on November 2, 2025 [3] - The offering was conducted solely by means of a prospectus, which can be accessed through the SEC's website or obtained from Craig-Hallum Capital Group LLC [3]