Elauwit Posts 29% Contracted Unit Growth and $38.1M Backlog in Q1
Elauwit Connection grew contracted units by 29.4% to 36,720 and billed units by 114.8% to 20,059 in Q1 2026, boosting backlog to $38.1 million. Revenue fell 19% to $4.4 million and net loss widened to $2.2 million as operating expenses climbed to $3.0 million.
1. Q1 Unit Growth and Backlog
Elauwit expanded its footprint with contracted units rising 29.4% to 36,720, while activated units climbed 110.1% to 24,530 and billed units surged 114.8% to 20,059. These gains supported a backlog increase to $38.1 million from $15.6 million a year earlier.
2. Financial Performance
First-quarter revenue declined 19% year-over-year to $4.4 million as timing of installation projects weighed on billings. Gross profit narrowed to $0.8 million, operating expenses rose to $3.0 million, and net loss widened to $2.2 million, matching adjusted EBITDA.
3. Sales Team and Pipeline Expansion
A newly launched sales organization secured verbal awards on roughly 40 properties representing over 11,000 units across 16 states and DC. Management reports a robust pipeline with multiple ownership groups, positioning Elauwit to convert awards into recurring service contracts.
4. Strategic Investments and Growth Plans
Elauwit is implementing new enterprise resource planning and inventory systems to enhance cost control and process efficiency. With a $25 billion addressable market and multi-year service agreements, the company aims to drive predictable revenue growth and long-lived recurring streams.