Elauwit Connection, Inc. (NASDAQ: ELWT)

Elauwit Connection, Inc. provides broadband Internet networks for the multifamily and student housing property sector. The company designs, installs, operates, and maintains fiber optic and WiFi networks throughout contracted properties. Once installed, property owners sell Internet connectivity to residents at retail rates while Elauwit receives a fixed monthly fee based on the number of units and provides resident activation, onboarding, customer support, and network monitoring. Contracts typically run five to eight years, enabling property owners to generate additional net operating income and reduce duplicative operating expenses.

Elauwit Connection, Inc. generates revenue through one‑time design, engineering, equipment, and installation fees, monthly service fees, and change‑order revenue for landlord‑directed network moves, adds, and changes. Under its Managed Services model, the property owner funds the network build and Elauwit earns a gross margin on those costs plus a recurring monthly service fee. Under its Network‑as‑a‑Service model, Elauwit funds and owns the installed network, charging higher monthly service fees that reflect its capital investment. Revenue scales with the number of units served and is supported by long‑term contracts that produce recurring streams after the initial build phase.

The company operates through the following segments:

• Managed Services: This segment provides network design and installation funded by the property owner, ongoing 24/7 network monitoring, maintenance, resident support, and bandwidth delivery under long‑term service agreements.

• Network‑as‑a‑Service: This segment involves Elauwit financing, designing, installing, and owning the network on the property, delivering the same monitoring, maintenance, support, and bandwidth services under a long‑term service agreement with higher monthly fees to recoup the capital investment.

Elauwit Connection, Inc. holds a competitive position in the fragmented broadband services market for multifamily housing. It faces incumbent ISPs such as Comcast, AT&T, and Spectrum that deliver services directly to residents, as well as other Managed Services ISPs including Pavlov Media, Single Digits, WhiteSky, and Aerwave. The company’s advantages stem from its portfolio‑level service offerings, proven expertise from the prior Elauwit Networks operation, a scalable national footprint, upgradeable technology choices, high resident satisfaction driven by rapid support response times, a seasoned management team with 70 years of combined industry experience, and strong long‑term relationships with property owners and developers.

Elauwit Connection, Inc. serves property owners and developers in the multifamily and student housing sectors. Specific customer names mentioned in the filing include Hanover Company, Elme Communities, JBG Smith, and Thompson Thrift. As of December 31, 2025, the company had 122 customers across 27 states, with no single ownership group controlling more than 15% of the customer base and six ownership groups each overseeing five or more customer relationships.