Feb. 27 at 4:58 PM
Elauwit Connection Inc announced plans to restate its financial results for the quarter ended Sept. 30, 2025, due to a revenue recognition error.
The South Carolina–based managed services provider said the issue stemmed from incorrect entries under the percentage-of-completion (input) method for certain network design and installation contracts. As a result, revenue, gross profit, operating income, and net loss were overstated by about
$1.4 million for the nine months ended Sept. 30, 2025.
The company said the error originated from work performed by a national external accounting firm engaged before and shortly after its IPO. It was identified by Elauwit’s recently expanded internal accounting team during preparation of the full-year 2025 audit. The company stated the issue did not affect periods prior to 2025 and involved no intentional misconduct.
$ELWT