Elauwit Connection Inc 2026年季度报告

☒QUARTERLY REPORT PURSUANT TO SECTION13 OR 15(d)OF THE SECURITIES EXCHANGE ACT OF 1934For the quarterly period ended March31, 2026OR ☐TRANSITION REPORT PURSUANT TO SECTION13 OR 15(d)OF THE SECURITIES EXCHANGE ACT OF 1934For the Transition Period fromtoCommission file number: 001-42935 Elauwit Connection,Inc. (Exact name of registrant as specified in its charter) 99-3101171 Delaware(State or other jurisdiction of incorporation ororganization)(I.R.S. Employer Identification No.) 1700 Alta Vista Drive, Suite 130Columbia, SC 29223(Address of principal executive offices) (Zip Code)(704) 558-3099(Registrant’s telephone number, including area code) Securities registered pursuant to Section12(b)of the Act: Indicate by check mark whether the registrant (1)has filed all reports required to be filed by Section13 or 15(d)of theSecurities Exchange Act of 1934 during the preceding 12months (or for such shorter period that the registrant wasrequiredto file such reports),and(2)has been subject to such filing requirements for the past90days.Yes☑No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to besubmitted pursuant to Rule405 of Regulation S-T (§232.405 of this chapter) during the preceding 12months (or forsuch 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, asmaller 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. Large accelerated filer☐Accelerated filer☐Non-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 transitionperiod for complying with any new or revised financial accounting standards provided pursuant to Section13(a)of theExchange Act.☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule12b-2 of the ExchangeAct).Yes☐No☑ As of May 8, 2026, 6,619,796 shares of the registrant’s common stock, par value $0.0001 per share, were outstanding. Table of Contents PART I - FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS Unaudited Condensed Balance Sheets as of March 31, 2026 and December 31, 20253Unaudited Condensed Statements of Operations for the Three Months Ended March 31, 2026 and20254Unaudited Condensed Statements of Stockholders’ Equity (Deficit) for the Three Months EndedMarch 31, 2026 and 20255Unaudited Condensed Statements of Cash Flows for the Three Months Ended March 31, 2026 and20256Notes to Unaudited Condensed Financial Statements7ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION ANDRESULTS OF OPERATIONS28ITEM 3.QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK36ITEM 4. CONTROLS AND PROCEDURES36PART II - OTHER INFORMATIONITEM 1. LEGAL PROCEEDINGS37ITEM 5. OTHER INFORMATION37ITEM 6. EXHIBITS38SIGNATURES39 ELAUWIT CONNECTION, INC.Unaudited Condensed Balance Sheets (in thousands, except share and par value data) ELAUWIT CONNECTION, INC.Unaudited Condensed Statements of Operations(in thousands, except share and per value data) For the three months ended March31,20262025RevenuesRevenues$4,430$5,446Cost of revenuesCost of revenues3,6034,187Gross profit8271,259Operating expensesGeneral and administrative2,8841,606Sales and marketing14322Total operating expenses3,0271,628Loss from operations(2,200)(369)Other expense, netInterest income (expense), net38(73)Total other income (expense), net38(73)Loss from operations before income taxes(2,162)(442)Income tax expense——Net loss(2,162)(442)Net loss per share, basic and diluted$(0.33)$(0.09)Weighted average common shares used in computing net loss per share, basic anddiluted$6,619,796$5,000,000 ELAUWIT CONNECTION, INC.Unaudited Condensed Statements of Stockholders’ Equity (Deficit)(in thousands, except share data) For the three months ended March 31, 2026 and 2025 ELAUWIT CONNECTION, INC.Unaudited Condensed Statements of Cash Flows(in thousands) For the three months ended March31,20262025CASH FLOWS FROM OPERATING ACTIVITIES:Net loss$(2,162)$(442)Adjustments to reconcile net loss to net cash used in operating activities:Stock based compensation expense25—Provision for credit losses126—Right of use asset amortization expense1412Changes in operating assets and liabilities:Accounts receivable(909)(1,520)Network financing receivable53(389)Inventories(23)592Prepaid expenses and other assets10715Accounts payable(719)628Accrued expenses and other current liabilities66(59)Deferred revenue910(317)Related party payables—(56)Net investment in lease3711Lease right-of-use lease liabilities payments(14)(11)Net cash used in operating activities(2,489)(1,536) ELAUWIT CONNECTION, INC. Notes to Unaudited