Elauwit Connection Inc (NASDAQ: ELWT) is a managed wireless network services company that designs, installs, and operates WiFi infrastructure for multifamily residential properties. Revenue comes from two primary solutions: a Managed Services model, where Elauwit charges property owners a recurring fee and the owner resells connectivity to tenants, and a Network-as-a-Service model that combines one-time network construction revenue with ongoing managed fees. Three ownership groups accounted for approximately 48% of total revenue in the twelve months ended December 31, 2025, reflecting material customer concentration. The company reported an operating loss of $3.7 million and a net loss of $4.2 million for the twelve months ended December 31, 2025, with operating expenses of $7.7 million. Barry Rubens serves as principal executive officer. ELWT completed its IPO in late 2024 and trades on the Nasdaq Capital Market. The tradename 'Elauwit' is licensed exclusively from founder McDonough under an agreement dated August 20, 2024.

Revenue model

Two revenue streams: (1) recurring Managed Service fees charged to multifamily property owners, who resell connectivity to tenants at a markup; (2) one-time network design and construction revenue recognized at project completion under the Network-as-a-Service model, followed by ongoing managed fees. Revenue is transactional and recurring in combination, with network construction revenue creating lumpiness tied to project timing.

Products and services

Managed Services: ongoing WiFi network operation and resident support for multifamily properties. Network-as-a-Service: full network design, installation, and managed operations bundled together. Both solutions also serve as the technology backbone for property technology (PropTech) deployments at the property level.

Customers and end markets

Multifamily residential property owners and ownership groups. Three ownership groups accounted for approximately 48% of total revenue for the twelve months ended December 31, 2025, and four ownership groups accounted for approximately 59% of accounts receivable as of December 31, 2025. End users are apartment residents who consume WiFi connectivity.

Value-chain role

Elauwit sits between internet infrastructure providers and multifamily property owners, designing and operating private WiFi networks on property premises. It manages resident-facing support including call wait times, first-touch resolution, and on-site technician dispatch, positioning itself as an outsourced network operator and amenity provider for property owners.

Geographic exposure

Not specified in the filing excerpts.

Source: SEC 10-K, filed 2026-03-31

Industry: Communications Services, NEC