Elauwit Connection, Inc. Announces 178% Increase in Third Quarter Revenue

Recurring Service Revenue Increases 163%

Post-IPO Balance Sheet Supports Networking as a Service Implementations, Expands Addressable Market

Columbia, South Carolina--(Newsfile Corp. - December 8, 2025) - Elauwit Connection, Inc. (NASDAQ: ELWT) ("Elauwit," the "Company," "we," "us," or "our"), a national managed services provider delivering turnkey broadband and property-wide WiFi networks for multifamily and student housing communities, today reported financial results for the third quarter ended September 30, 2025 (the "third quarter").

Said Dan McDonough, Executive Chairman, "Elauwit is growing rapidly as it redefines how broadband services are provided to multifamily housing properties. We believe we are creating a win-win-win scenario with better service to residents, improved economics to property owners, and profitable growth for Elauwit.

"We are excited to report strong year-over-year growth in the third quarter, demonstrating our ability to onboard long-term recurring revenue contracts with property owners. We anticipate deploying the capital from our recent Nasdaq initial public offering to further expand our sales and marketing team and offer services under a Networking-as-a-Service ("NaaS") model that allow us to reach even more properties in our $25 billion addressable market.

"We have a strong and growing pipeline of properties coming onto our platform, which will generate years of expected recurring revenue for Elauwit and provide visibility into continued revenue growth. We also have a growing funnel of new business opportunities as properties learn how Elauwit can increase their revenue potential, resident satisfaction and property value."

Financial Highlights (unaudited)

Third quarter results included the following highlights:

• Total revenue increased 178% year-over-year, recurring service revenue increased 163% year-over-year,

• Contracted units - those waiting to be built or in the process of installation increased to 32,826 from 25,907 a year earlier,

• Activated units - units that are fully installed and on, but may not be fully billing yet due to onboarding increased to 16,964 from 6,765 a year earlier, and

• Billed units - units that are fully generating revenue under our managed services or NaaS contracts increased to 10,710 from 5,171 a year earlier.

• Subsequent to the quarter end, Elauwit completed its initial public offering on the Nasdaq Capital Market on November 6, 2025.