Elauwit Connection, Inc.

ELWTdata completeness 88%2 fiscal years on file

Data notes: no data for concept 'capex'; no data for concept 'interestExpense'

The thesis, from the filings

Elauwit Connection, Inc. earns about -148% on invested capital, but has diluted owners by 48% over 2 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own

Figure	FY 2024	FY 2025
Revenue	$8.5M¹	$21.6M¹
Net income	−$3.47M²	−$4.23M²
Operating cash flow	−$3.87M³	−$5.71M³
Capital expenditure	—	—
Free cash flow (derived)	—	—
Total debt	$3.42M⁴	$3.99M⁴
Cash & equivalents	$287,000⁵	$6.15M⁵
Diluted shares	3.5M	5.3M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal

If you owned

Net assets behind them

$8.4

your share of equity

Profit it earned you last year

−$8.04

Free cash flow it threw off

—

Debt you’d be carrying

$7.59

10 shares is a claim on $8.4 of net worth that earned you −$8.04 last year, against $7.59 of debt.

iii. Is this a good business?

Moat signal · return on invested capital

-148% avg · 2y

FY24 —FY25 -148%

It earned an average -148% on invested capital over 2 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →

Management signal · capital allocation

+48% shares · 2y

Share count is up 48% over 2 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 17% over the same window.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0

DCF · Growth Exit 10Y

not applicable

only 0 years of FCF (need ≥3) — model not applicable

DCF · Growth Exit 5Y

not applicable

only 0 years of FCF (need ≥3) — model not applicable

Earnings Power Value

not applicable

only 2 years of net income (need ≥3)

Graham Number

not applicable

diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts

10-K · period ending 2024-12-31 · accession 0001104659-26-037748 (RevenueFromContractWithCustomerExcludingAssessedTax)
10-K · period ending 2024-12-31 · accession 0001104659-26-037748 (NetIncomeLoss)
10-K · period ending 2024-12-31 · accession 0001104659-26-037748 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2024-12-31 · accession 0001104659-26-037748 (LongTermDebtNoncurrent)
10-K · period ending 2024-12-31 · accession 0001104659-26-037748 (CashAndCashEquivalentsAtCarryingValue)