Elauwit Connection (ELWT) Registration filing summary

Company overview and business model

• Provides broadband Internet networks for multifamily and student housing, offering Managed Services and Network-as-a-Service (NaaS) solutions to property owners.

• Targets properties with 100+ units, with an addressable market of 12 million units in the U.S.

• Managed Services: property owners fund network installation; company operates and maintains networks for a monthly fee.

• NaaS: company funds and owns the network, earning higher recurring fees; contracts typically last 5–8 years.

• Focuses on high-speed, instant-on internet, customer support, and enabling property owners to increase net operating income.

Financial performance and metrics

• Revenue grew 254% to $11.7M for the six months ended June 30, 2025, with gross margin rising to 25.5%.

• Fiscal 2024 revenue increased 117% to $8.5M, with gross margin at 13.7%.

• Net loss for the six months ended June 30, 2025 was $0.4M, down from $1.4M in the prior period; fiscal 2024 net loss was $3.5M.

• Backlog as of June 30, 2025 was $35.9M, with 32,094 contracted units.

• As of June 30, 2025, cash was $0.5M, with a working capital deficit of $2.5M and long-term debt of $4.1M.

Use of proceeds and capital allocation

• Net proceeds of ~$13.05M (or ~$15.14M if over-allotment is exercised) expected.

• Proceeds allocated to debt repayment, NaaS project deployments, sales and marketing, deferred compensation, working capital, and potential payments under a put-call agreement.

• Management has broad discretion over use of proceeds.