MARLBOROUGH, Mass., April 4, 2025 /PRNewswire/ -- ConnectM Technology Solutions, Inc. (Nasdaq: CNTM) ("ConnectM" or the "Company"), a high-growth technology company on the leading edge of the energy economy, today announced that Subrahmanyam Kota IRRV Trust, an institutional investor, has filed a Schedule 13G with the Securities and Exchange Commission (SEC), disclosing ownership of 1,023,038 shares, or approximately 3.5% of ConnectM's outstanding common stock. A Schedule 13G filing indicates a significant ...

Financial Data and Key Metrics Changes - Total revenue for 2024 was $27.8 million, an increase of 19.6% from $23.2 million in 2023, driven by higher average selling prices and increased fuel volumes in the mobile fueling segment [10][12] - Cost of sales rose to $25.5 million from $21.9 million, resulting in a gross profit of $2.3 million and an improved gross margin of 8%, up from 6% [10][12] - Operating loss narrowed to $7.3 million from $8.5 million in 2023, while net loss increased to $16.2 million or $4.66 per share compared to $10.5 million or $6.98 per share in 2023 [12] Business Line Data and Key Metrics Changes - Gallons delivered grew to 7.2 million from 5.6 million, representing a growth of 24% [10] - Operating expenses slightly decreased to $9.6 million from $9.9 million, including $8.5 million in general and administrative expenses [10] Market Data and Key Metrics Changes - The mobile fueling solution expanded into five additional states through the acquisition of Shell Oil's fleet, more than doubling operational capacity [12] - Year-to-date as of February 2025, over 2.8 million gallons were delivered compared to 1.1 million gallons in the same period in 2024, translating to revenue growth of $10.1 million compared to $4.2 million [13] Company Strategy and Development Direction - The company is transitioning from a last-mile fuel company to a comprehensive energy technology company, focusing on AI, clean energy, and mobile fueling [5][14] - Key strategic initiatives for 2025 include executing utility-scale smart microgrid deployments, launching wireless EV charging pilots, expanding the mobile fueling network, and generating recurring revenue through licensing and SaaS agreements [14] Management's Comments on Operating Environment and Future Outlook - Management believes 2025 will be a breakout year, with expectations of consistent growth driven by expanded client relationships and acquisitions [16][18] - The company anticipates recognizing revenue from smart microgrid projects starting in 2025, with long-term revenue streams defined for up to 35 years [20][21] Other Important Information - The company is actively evaluating financing options and strategic partnerships to support its growth plan for 2025 [13] Q&A Session Summary Question: What drove the 20% year-over-year revenue increase? - The increase was driven by an expanded client base, cultivation of new relationships, and acquisitions including Shell Oil's fleet and Yoshi's mobile fueling business [16][17] Question: When do you expect to recognize revenue from the smart microgrid projects? - Revenue is expected to be recognized in 2025, with the first project breaking ground this year and revenue streams defined for 35 years [19][20] Question: What is the current stage of your wireless EV charging technology? - The company plans to deploy its first wireless charging road in Southern Florida this year, with pilot phases expected to begin soon [22][23] Question: Will M&A be part of your strategy moving forward? - Yes, M&A will be a significant part of the growth strategy, as evidenced by recent acquisitions of Yoshi's and Shell's assets [25]