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The **Comcast** or **Spectrum** for apartment communities and student housing.

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• High-Speed Internet Access: Provides managed internet connectivity, primarily for multi-dwelling units and student housing.
• Managed Wi-Fi Solutions: Designs, installs, and manages robust wireless networks within large residential and commercial properties.
• Video Entertainment Services: Offers a curated selection of television channels and entertainment packages.
• Voice Communication Services: Delivers traditional telephone or Voice over IP (VoIP) solutions.

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Elauwit Connection (symbol: ELWT) primarily operates by providing managed internet and network services to other businesses, particularly within the multi-tenant real estate sector, through its subsidiary Elauwit Networks.

According to its filings with the U.S. Securities and Exchange Commission, Elauwit Connection reported that no single customer accounted for 10% or more of its consolidated revenues during recent fiscal years. Therefore, the company does not have "major customers" to list by name that meet standard disclosure thresholds for revenue concentration.

However, the company sells its services primarily to the following categories of companies:

• Multi-Family Residential Property Owners and Managers: These are companies that own, develop, and manage traditional apartment complexes and other multi-tenant residential buildings. Elauwit Connection provides bulk high-speed internet, managed Wi-Fi, and network infrastructure for these properties, which in turn offer these services as an amenity to their residents.
• Student Housing Developers and Operators: Firms specializing in the development, ownership, and management of purpose-built student accommodation. Reliable and robust internet service is a critical amenity in student housing, making these companies key clients for Elauwit Connection's specialized solutions.
• Hospitality and Commercial Property Owners: This category includes owners and operators of hotels, corporate housing facilities, and certain commercial office spaces or mixed-use developments that require advanced managed network services for their tenants or guests.

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Dan McDonough, Jr. Executive Chairman

Mr. McDonough has served as Executive Chairman since Elauwit Connection's inception in December 2019. He founded the original Elauwit, LLC in 2002, and Elauwit 1.0 in 2008. He was Elauwit 1.0's Chief Executive Officer until 2012, when he transitioned to Executive Chairman. In 2018, Elauwit 1.0 sold the majority of its assets to Boingo Wireless for $43MM, after which Mr. McDonough served as a strategic advisor to Boingo's Chairman and CEO for one year. He also serves as Chief Executive of Endurance Financial, a debt fund, and is a Managing Partner at Baron Hunter Group. Prior to Elauwit, he held news executive positions at Dow Jones & Company, Inc. and Gannett Co., Inc.

Barry Rubens Chief Executive Officer and Director

Mr. Rubens has served as Chief Executive Officer and a director since Elauwit Connection's inception in December 2019, and is also a Co-Founder. From 2012 until its acquisition by Boingo in August 2018, he served as CEO of Elauwit 1.0, having joined its board in 2009. Following the acquisition, he was Senior Vice President - Development at Boingo from August 2018 to December 2019. Mr. Rubens founded Davidson Telecom, LLC, which provided telecommunications services for large shopping mall developers. From 1993 to 2002, he was Senior Vice President and Chief Financial Officer at CT Communications, Inc., where he led the company's public offering and Nasdaq listing. He is also a Managing Member of Baron Hunter Group, LLC.

Sean Arnette Chief Financial Officer and Treasurer

Mr. Arnette has served as Chief Financial Officer and Treasurer since January 2020. His previous roles include Vice President of Corporate Development at Alabama Shipyard, LLC from 2019 to 2020, and Vice President, Private Wealth Management at Citizens Bank from 2014 to 2018. He also worked as a Private Wealth Management Associate at J.P. Morgan and an Investment Banking Associate, Global Mergers and Acquisitions, at Barclays.

Taylor Jones President, Chief Technology Officer and Director

Mr. Jones has served as President, Chief Technology Officer, and a director since Elauwit Connection's inception in December 2019, and is also a Co-Founder. He was the Chief Technology Officer of Elauwit 1.0 from 2008 until its acquisition by Boingo in August 2018, then served as Vice President, Technology Solutions for Boingo from 2018 to 2019. Mr. Jones founded Minotaur Networks to help developers and management companies with infrastructure solutions. Before joining Elauwit 1.0, he was CTO for a Southeastern "fiber-to-the-home" service provider and a Carolinas-based internet service provider.

Sebastian Shahvandi Chief Growth Officer

Mr. Shahvandi was appointed Chief Growth Officer, effective November 6, 2025. He brings over two decades of executive experience across commercial, federal, and private equity-backed markets. Prior to Elauwit, he served as Chief Executive Officer at 7SIGNAL, Inc. from 2023 to 2024. He also held senior leadership positions as Senior Vice President – Growth at IDeaS Inc. and Chief Revenue Officer at Hypori, Inc. from 2018 to 2021, where he significantly expanded the company in enterprise and federal sectors. Mr. Shahvandi founded HNM Technologies in 2000, serving as its CEO until 2009, and received the Michael Dell Award for business performance during his time at Dell Technologies.

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1. Intense Competition from Established Telecommunication Providers: Elauwit Connection operates in a highly competitive market for internet connectivity in multi-dwelling units (MDUs) and student housing. The company faces significant competition from large, established telecommunications companies such as Verizon, Comcast, and AT&T. These major players offer alternative broadband options, have extensive existing infrastructure, and possess substantial financial resources and brand recognition, making it challenging for Elauwit to acquire and retain customers.
2. Reliance on the Multifamily and Student Housing Market: Elauwit Connection's business model is exclusively focused on providing managed internet and network services to the multifamily and student housing sectors. Consequently, the company's financial performance is highly dependent on the health and trends of this specific real estate market. Factors such as fluctuations in rental occupancy rates, declining rent growth, or a slowdown in new property developments within these sectors could adversely impact Elauwit's revenue and growth prospects.
3. Challenges in Scaling Operations and Managing Rapid Growth: Elauwit Connection has been undergoing rapid expansion, recently extending its services across 25 states and to over 25,000 units. While this growth indicates market traction, it also presents inherent risks related to scaling operations, managing increased complexity, and ensuring consistent service quality across a wider geographical footprint. The company's ability to effectively manage this rapid expansion, including hiring and retaining qualified personnel, maintaining infrastructure, and controlling costs, is crucial for its sustained success. Furthermore, financial analysis suggests negative free cash flow in the near term, highlighting the capital-intensive nature of its growth.

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Proliferation of 5G Fixed Wireless Access (FWA) services from major telecommunications carriers, offering an alternative broadband option to individual tenants within multi-dwelling units and potentially impacting the value proposition of bulk internet contracts.

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Elauwit Connection (ELWT) is expected to drive future revenue growth through several key initiatives over the next two to three years.

Here are the primary expected drivers of future revenue growth:

1. Expansion into Underserved Multifamily and Student Housing Markets: Elauwit Connection operates as a managed services provider, specializing in broadband and Wi-Fi networks for multifamily and student housing communities across the U.S.. The company identifies these sectors as a "large, growing & fragmented market" with significant "share-capture opportunity" due to being underserved, presenting a substantial avenue for new customer acquisition and market penetration.

2. Realization of Revenue from a Robust Project Pipeline: The company has a substantial near-term pipeline that includes approximately 110,000 units. This pipeline is projected to translate into approximately $110 million in construction revenue and an estimated $23 million in contracted Annual Recurring Revenue (ARR), indicating future growth from existing commitments.

3. Strategic National Market Expansion and Go-to-Market Optimization under New Leadership: The recent appointment of Sebastian Shahvandi as Chief Growth Officer is a strategic move to accelerate revenue growth. Effective November 6, 2025, Mr. Shahvandi is tasked with overseeing sales, marketing, and strategic partnerships, with a key focus on national market expansion and optimizing the company's go-to-market strategies. His extensive experience in scaling technology and telecom businesses is expected to bolster these efforts.

4. Increased Adoption of High-Margin Managed Services and Network-as-a-Service (NaaS): Elauwit Connection's business model emphasizes a "recurring model & robust pipeline" built on high-margin managed services and Network-as-a-Service (NaaS) offerings. As the company expands its reach and optimizes its offerings, increased adoption of these services within its target markets is anticipated to drive recurring revenue streams.

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Share Repurchases

• Elauwit Connection (ELWT) has not engaged in any share repurchase programs over the past three to five years. The 3-Year and 5-Year Share Buyback Ratios were reported as 0.00% as of June 2025.

Share Issuance

• Elauwit Connection completed its Initial Public Offering (IPO) on November 6, 2025, raising approximately $15.0 million before underwriting discounts and other expenses.
• The company sold 1,667,000 shares of common stock at an IPO price of $9.00 per share.
• As of November 5, 2025, the company reported 5.00 million shares outstanding.

Outbound Investments

• Elauwit Connection's strategy includes "Opportunistically Executing Accretive Acquisitions" within the Managed Services provider sector, maintaining an active dialogue with potential acquisition companies and private equity firms.

Capital Expenditures

• Elauwit Connection expects capital and operational expenses to increase due to investments in network construction activities.
• The net proceeds from the recent IPO are intended for various purposes, including "Network-as-a-Service project deployments," as well as debt repayment, sales and marketing organizational development, deferred compensation, working capital, and general corporate purposes.