ConnectM Technology Solutions Inc 2025年度报告

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule405 of Regulation S-T (§ 232.405 of this chapter) during thepreceding 12months (or for such shorter period that the registrant was required to submit such files).☒Yes☐No Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of“large accelerated filer,” “accelerated filer”, “smaller reporting company,” and “emerging growth company” in Rule12b-2 of the Exchange Act. Accelerated filer☐Smaller reporting company☒Emerging growth company☒ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards providedpursuant to Section13(a)of the Exchange Act. Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section404(b)ofthe Sarbanes-Oxley Act (15 U.S.C.7262(b)) by the registered public accounting firm that prepared or issued its audit report.☐ If securities are registered pursuant to Section12(b)of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previouslyissued financial statements.☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officersduring the relevant recovery period pursuant to §240.10D-1(b).☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule12b-2 of the Act).☐Yes☒No State the aggregate market value of the voting and non-voting common equity held by non-affiliates computed by reference to the price at which the common equity was last sold, or the average bid andasked price of such common equity, as of the last business day of the registrant’s most recently completed second fiscal quarter. Note.—If a determination as to whether a particular person or entity is an affiliate cannot be made without involving unreasonable effort and expense, the aggregate market value of the common stock heldby non-affiliates may be calculated on the basis of assumptions reasonable under the circumstances, provided that the assumptions are set forth in this Form. APPLICABLE ONLY TO REGISTRANTS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PRECEDING FIVEYEARS: TABLE OF CONTENTS PART IItem 1. Business4Item 1A. Risk Factors18Item 1B. Unresolved Staff Comments66Item 1C. Cybersecurity66Item 2. Properties68Item 3. Legal Proceedings68Item 4. Mine Safety Disclosures69PART IIItem 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of EquitySecurities70Item 6. [RESERVED]71Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations71Item 7A. Quantitative and Qualitative Disclosures About Market Risk91Item 8. Financial Statements and Supplementary Data91Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosures91Item 9A. Controls and Procedures92Item 9B. Other information95Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections95PART IIIItem 10. Directors, Executive Officers and Corporate Governance96Item 11. Executive Compensation101Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters110Item 13. Certain Relationships and Related Transactions, and Director Independence111Item 14. Principal Accounting Fees and Services114PART IVItem 15. Exhibits and Financial Statement Schedules115Item 16. Form 10-K Summary120Signatures121Report of Independent Registered Public Accounting Firm(Adeptus Partners, LLC; Ocean, NJ; PCAOB ID No.3686)F-1Report of Independent Registered Public Accounting Firm(KNAV CPA LLP; Atlanta, GA; PCAOB ID No.2983)F-2 CAUTIONARY NOTEREGARDING FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K (the “Report”) contains forward-looking statements within the meaning of thePrivate Securities Litigation Reform Act of 1995 and releases issued by the SEC and within the meaning of Section27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Exchange Act. Forward-looking statements include, among others, information concerning our strategy, future operations, future financialposition, future revenue, projected expenses, business prospects, and plans and objectives of management. Forward-looking statements include all statements that are not historical facts and can be identified by terms such as“anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “p