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]
Elauwit Connection(ELWT) - 2025 Q3 - Quarterly Results