$ELWT

Elauwit Connection, Inc.

CIK:0002063863|SEC Filings

Condensed Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Condensed Statements of Operations - USD ($) $ in Thousands	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues
Revenues	$ 2,856	$ 5,326	$ 7,286	$ 10,771
Cost of revenues
Cost of revenues	2,413	4,520	6,016	8,707
Gross profit	443	806	1,270	2,064
Operating expenses
General and administrative	3,393	1,503	6,277	3,109
Sales and marketing	150	42	293	64
Total operating expenses	3,543	1,545	6,570	3,173
Operating loss	(3,100)	(739)	(5,300)	(1,109)
Interest income (expense), net	(27)	(114)	11	(186)
Total other income (expense), net	(27)	(114)	11	(186)
Loss from operations before income taxes	(3,127)	(853)	(5,289)	(1,295)
Income tax expense	4	4	4	4
Net loss	$ (3,131)	$ (857)	$ (5,293)	$ (1,299)
Net loss per share, basic (in dollars per share)	$ (0.47)	$ (0.17)	$ (0.8)	$ (0.26)
Net loss per share, diluted (in dollars per share)	$ (0.47)	$ (0.17)	$ (0.8)	$ (0.26)
Weighted average common shares used in computing net loss per share, basic (in shares)	6,619,796	5,000,000	6,619,796	5,000,000
Weighted average common shares used in computing net loss per share, diluted (in shares)	6,619,796	5,000,000	6,619,796	5,000,000

Condensed Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
Condensed Statements of Cash Flows - USD ($) $ in Thousands	Jun. 30, 2026	Jun. 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (5,293)	$ (1,299)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation expense	120
Depreciation and amortization	1
Provision for credit losses	154
Right of use asset amortization expense	28	26
Changes in operating assets and liabilities:
Accounts receivable	(1,306)	(1,582)
Network financing receivable	106	(470)
Inventories	(1,893)	362
Prepaid expenses and other assets	153	5
Accounts payable	(34)	972
Accrued expenses and other current liabilities	311	(32)
Deferred revenue	2,406	680
Related party payables		(111)
Net investment in lease	97	23
Lease right-of-use lease liabilities payments	(9)	(24)
Net cash used in operating activities	(5,159)	(1,450)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment	(53)
Net cash used in investing activities	(53)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from related party debt	500	1,000
Repayment of related party debt	(171)	(342)
Proceeds from SAFE issuance		1,000
Repayment of notes payable	(91)
Proceeds from payment of stock subscription receivable		30
Net cash provided by financing activities	238	1,688
NET CHANGE IN CASH	(4,974)	238
CASH and CASH EQUIVALENTS, beginning of period	6,154	287
CASH and CASH EQUIVALENTS, end of period	1,180	525
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash payments for interest	112	166
SUPPLEMENTAL NONCASH DISCLOSURE INVESTING AND FINANCING:
Lease liabilities arising from obtaining right-of-use asset	$ 418	$ 25

Condensed Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current Assets
Cash and cash equivalents	$ 1,180	$ 6,154
Accounts receivable, net of allowance for credit losses of $457 and $303 as of June 30, 2026 and December 31, 2025, respectively	3,559	2,407
Inventories	2,897	1,004
Network financing receivable, current	195	213
Prepaid expenses and other current assets	387	550
Total current assets	8,218	10,328
Property and equipment, net	52
Network financing receivable, net of current	990	1,078
Lease right-of-use assets, net	418	28
Net investment in lease	386	483
Other non-current assets	36	26
TOTAL ASSETS	10,100	11,943
Current Liabilities
Deferred revenue	5,307	2,886
Accounts payable	1,779	1,813
Accrued expenses and other current liabilities	806	495
Operating lease liabilities, current	54	29
Total current liabilities	9,121	6,223
Operating lease liabilities, net of current	384
Deferred revenue, net of current	293	308
SAFE liability	0	0
TOTAL LIABILITIES	10,857	7,527
Commitments and contingencies (see Note 13)
STOCKHOLDERS' EQUITY (DEFICIT)
Preferred stock, $0.0001 par value, 100,000 shares authorized as of June 30, 2026 and December 31, 2025; 0 shares issued and outstanding as of June 30, 2026 and December 31, 2025
Common stock, $0.0001 par value, 14,900,000 shares authorized; 6,619,796 and 6,619,796 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively
Additional Paid-in Capital	19,129	19,009
Accumulated deficit	(19,886)	(14,593)
Total stockholders' equity (deficit)	(757)	4,416
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)	10,100	11,943
Related party
Current Liabilities
Related party debt, current	973	804
Related party debt, net of current	666	506
Nonrelated Party
Current Liabilities
Note payable, current	202	196
Note payable, net of current	$ 393	$ 490