We are a provider of broadband Internet networks for the multifamily and student housing property sector. We provide Managed Services and Network-as-a-Service solutions designed to modernize and enhance the Internet connectivity experience for residents while driving significant financial benefits for property owners. We strive to be a leading player in a booming multifamily property conversion trend through service commitment, operational experience and flexibility. Key highlights of our business and market opportunity include: · There is an untapped market to fulfill major demand for network services in multifamily housing units: o According to market estimates from the National Multifamily Housing Council (NMHC), there are approximately 23 million apartment units in the U.S, and we estimate 55% of those units are well-suited for our network services. o Through our own market research using data provided by CoStar, a platform that provides comprehensive commercial real estate information, we estimate there are 12 million units in our addressable market of properties with 100 properties or more for overbuilds, or installing our network in a multifamily building with an existing network. o According to the National Apartment Association, the United States needs to build more than 4.6 million new apartment homes at a minimum, with as many as 11.7 million needed by 2030. · The number of opportunities that we estimate can begin generating revenue for us within the next 24 months (our “pipeline”) is rapidly growing due to our longstanding relationships and expanding customer base. From both existing and new customer relationships, we are currently tracking over 400 opportunities in our Managed Service pipeline representing an estimated $110 million of potential network construction revenue and an estimated $23 million in annual recurring revenue, if we were able to successfully complete all of these opportunities. We have also identified approximately 265,000 units in our near-term Network-as-a-Service pipeline, based on ongoing, active discussions with approximately 10 property ownership groups, which we estimate could represent approximately $150 million in annual recurring revenue, based on an estimated monthly fee of approximately $45 per unit. We do not have any contracts with customers for opportunities in our pipeline. · We have a strong reputation for execution, customer satisfaction and top-notch support from our current business and our management team’s association with Elauwit Networks, LLC, which was acquired by Boingo Wireless, Inc. (“Boingo”) for total consideration of approximately $28.6 million in August 2018. · Our resident experience focused service offering helps our property owner customers differentiate their communities through our high-speed, instant-on, internet access approach paired with customer support developed to deliver timely, wholistic support. · We have a highly repeatable and efficient network installation process, where we install fiber or switched ethernet to each unit in a multifamily property. Once our network is installed, we achieve 100% penetration of our network to the units. · Once our network is installed, we have the opportunity to collect high margin, recurring revenue streams with ongoing service packages. If we are able to appropriately scale our business, we believe we could achieve up to 70% and 75% gross margin in our Managed Services and Network-as-a-Service lines of business, respectively. · We view the fragmented competitive landscape as ripe for consolidation. We have identified over 40 competitors as potential acquisition opportunities we plan to explore. We design, install, operate, and maintain new fiber optic and WiFi networks throughout each contracted property. Once installed, property owners begin selling Internet connectivity over our network directly to their residents at monthly prices and terms of their choosing. We, in turn, provide all resident activation, onboarding, customer support, and all network monitoring and maintenance services in exchange for a fixed monthly fee based on the number of units in the property times a monthly per-unit wholesale price. Our contracts with property owners generally have five to eight-year terms. By implementing Elauwit’s network and services, multifamily property owners: · Bring the latest fiber-based Internet connectivity and WiFi services to their entire property, which has become an important factor in a property’s appeal to current and potential residents, · Provide residents with directly connected upload and download speeds of 1 gigabit per second (“Gbps”) as generally measured by the industry, plus both in-unit and all-property WiFi connectivity averaging between 200 and 500 Mbps as generally measured by the industry, plus 24/7 customer service and support provided by Elauwit, · Increase their per-unit contribution to net operating income by the difference between the monthly retail rate they charge to residents and our monthly wholesale fee to them, and · Reduce duplicative operating expenses by moving over technology assets and services to Elauwit. Our mission is to be the leading experience provider of Internet access solutions. For our property ownership clients, this means clear communication and timely execution. For the end users of our service, residents and their guests, this means dedication to the objective of providing an excellent resident experience. We differentiate ourselves in the area of resident experience by building reliable networks, responding to service requests quickly, establishing support protocols that lead to industry-leading first touch resolution metrics, and communicating effectively with key stakeholders throughout. We closely monitor the challenges and needs of development and ownership groups in the real estate sectors in focus. A continued theme has been the fragmented market of service providers in the space in which we operate and issues stemming out of such. We view these issues to be a large opportunity for our business and an indication that consolidation is likely in the near future. We aim to be a driver of consolidation. --- Our company was incorporated on May 15, 2024, in the State of Delaware as DeltaMax, Inc. Effective September 13, 2024, Elauwit Connection, Inc., a company incorporated on December 4, 2019 in the State of Delaware, merged with and into us with us as the surviving entity, where we will continue the business of Elauwit Connection, Inc. Also on September 13, 2024, we changed our name to Elauwit Connection, Inc. to reflect the nature of the business of the merged corporation. Our principal address is in Columbia, SC.
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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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Here are the key risks to Elauwit Connection's business:
- 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.
- 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.
- 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:
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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.
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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.
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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.
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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.
