ConnectM Technology Solutions Inc.
08/24/2026 | Press release | Distributed by Public on 08/24/2026 07:07
ConnectM Reports Second Quarter 2026 Financial Results (Form 8-K)
ConnectM Reports Second Quarter 2026 Financial Results
| · | Q2 revenue of $9.79 million, representing 24% year-over-year growth |
| · | Assets increased to $53.0 million out of which $36.1 million is in cash, cash equivalent, and marketable securities |
| · | Earnings per share of $2.32 including divestitures, representing the first quarter of profitability |
MARLBOROUGH, Mass., August 24, 2026 -- ConnectM Technology Solutions, Inc. (OTCQX: CNTM) ("ConnectM" or the "Company"), a U.S.-based technology company that develops, sells and operates hardware and software powering the physical layer of the AI economy, today reported financial results for the second quarter and six months ended June 30, 2026.
Second Quarter 2026 Highlights
| ■ | Revenue of $9,794,419, an increase of 24% from $7,885,201 in the second quarter of 2025. |
| ■ | Logistics revenue of $3,626,992 and Keen Labs revenue of $3,854,734, together $7,481,726, or 76% of total revenue. |
| ■ | Logistics net income from continuing operations of $456,629 and Keen Labs net income from continuing operations of $192,609, both positive at the segment operating level. |
| ■ | Net income attributable to ConnectM of $12,750,644. Net income includes a $19,053,911 gain on the disposal of certain assets, partially offset by a $4,900,000 income tax provision related to the transaction. |
| ■ | Total stockholders' equity of $15,824,063 at June 30, 2026, compared with $1,575,463 at December 31, 2025. |
| ■ | Total assets of $53,007,863, compared with $36,170,124 at December 31, 2025. |
Management Commentary
"The results were fantastic during our second quarter" said Bhaskar Panigrahi, Chairman and Chief Executive Officer of ConnectM. "Logistics and Keen Labs produced 76% of that revenue and both were profitable at the segment operating line. Logistics and Keen Labs are the two businesses that we are strategically putting capital into. Stockholders' equity went from $1.6 million to $15.8 million"
"We are building this company to grow, and to earn money while we are doing it," said Nayeem Hussain, President. "Logistics and Keen Labs are scaling. HKA opened the defense market to us in April, and we intend to keep doing deals of that kind. We are determined that each of our businesses will contribute to operating results."
Condensed Consolidated Statements of Operations
|
Three Months Ended June 30, |
Three Months Ended June 30, |
Six Months Ended June 30, |
Six Months Ended June 30, |
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| (unaudited) | 2026 | 2025 | 2026 | 2025 | ||||||||||||
| Revenues | $ | 9,794,419 | $ | 7,885,201 | $ | 17,439,822 | $ | 16,139,557 | ||||||||
| Cost of revenues | 6,990,367 | 5,004,447 | 12,771,163 | 10,333,362 | ||||||||||||
| Gross profit | 2,804,052 | 2,880,754 | 4,668,659 | 5,806,195 | ||||||||||||
| Selling, general and administrative expenses | 5,397,640 | 6,421,235 | 10,118,405 | 12,556,211 | ||||||||||||
| Loss on impairment of intangible assets | 322,616 | - | 322,616 | - | ||||||||||||
| Loss from operations | (2,916,204 | ) | (3,540,481 | ) | (5,772,362 | ) | (6,750,016 | ) | ||||||||
| Total other income (expense), net | 1,739,291 | (3,353,454 | ) | (1,633,810 | ) | (7,013,315 | ) | |||||||||
| Loss from continuing operations | (1,176,913 | ) | (6,893,935 | ) | (7,406,172 | ) | (13,763,331 | ) | ||||||||
| Net loss from continuing operations | (1,167,946 | ) | (7,029,158 | ) | (7,681,029 | ) | (13,939,625 | ) | ||||||||
| Net income (loss) from discontinued operations, net of tax | 13,928,079 | (2,236,764 | ) | 13,487,593 | 2,128,821 | |||||||||||
| Net income (loss) attributable to ConnectM | $ | 12,750,644 | $ | (4,795,127 | ) | $ | 5,804,899 | $ | (11,813,537 | ) | ||||||
| Net loss per share, continuing operations | $ | (0.21 | ) | $ | (3.98 | ) | $ | (1.43 | ) | $ | (10.09 | ) | ||||
| Net income (loss) per share, discontinued operations | $ | 2.53 | $ | 1.27 | $ | 2.51 | $ | 1.54 | ||||||||
| Weighted average shares outstanding | 5,501,554 | 1,765,497 | 5,378,212 | 1,381,035 | ||||||||||||
Line item results may be summarized. Please refer to the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2026, filed with the SEC on August 21, 2026 for complete financial statements and accompanying notes. Share and per-share amounts reflect the 1-for-32 reverse stock split effective for market purposes on April 20, 2026.
Condensed Consolidated Balance Sheet Data
| (unaudited) | June 30, 2026 | December 31, 2025 | ||||||
| Cash and cash equivalents | $ | 2,393,541 | $ | 2,736,582 | ||||
| Total current assets | 6,471,524 | 8,170,558 | ||||||
| Investment in equity method investee | 7,833,464 | - | ||||||
| Investment in equity securities | 33,726,399 | - | ||||||
| Total assets | 53,007,863 | 36,170,124 | ||||||
| Total current liabilities | 36,232,982 | 32,909,904 | ||||||
| Total liabilities | 37,183,800 | 34,594,661 | ||||||
| Total stockholders' equity | $ | 15,824,063 | $ | 1,575,463 | ||||
About ConnectM Technology Solutions, Inc.
ConnectM is a technology company powering the physical layer of the AI economy across distributed energy and last-mile logistics. Through its various operating segments, the Company delivers cutting-edge energy storage, distributed energy, last-mile delivery, and AI infrastructure solutions to customers worldwide. For more information, visit www.connectm.com.
ConnectM Technology Solutions Inc. published this content on August 24, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on August 24, 2026 at 13:07 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]