ConnectM Releases 2025 Annual Shareholder Letter Highlighting Turnaround From $50 Million Deficit to Positive Equity

Rhea-AI Summary

ConnectM (OTC: CNTM) released its 2025 annual shareholder letter reporting a turnaround from a roughly $50 million stockholders’ deficit to positive equity (~$750K pro forma), after retiring or exchanging more than $10 million of debt and derivative liabilities.

The company reported Q3 2025 revenue of $8.7M (+45% YoY) and YTD through Q3 revenue of $26.2M (+60% YoY), with quarterly net loss improving to about $1.0M. ConnectM restored SEC reporting, moved from OTC Expert Market back to OTCQB (CNTM), and increased top-10/insider ownership from ~40% to >70% in 2025.

ConnectM completed several acquisitions (Amperics, Geo Impex & Logistics, Air Temp Service Co., Cambridge Energy Resources), launched Keen Labs, and signed a $1.7M distribution agreement for Keen Smart Heat Pumps.

Positive

• Stockholders’ equity moved from −$50M to approximately $750K pro forma
• Retired or exchanged over $10M of debt and derivative liabilities
• Q3 2025 revenue of $8.7M, up 45% year-over-year
• YTD through Q3 revenue of $26.2M, up 60% year-over-year
• Uplisted to OTCQB under the symbol CNTM in October 2025
• Signed a $1.7M distribution agreement for Keen Smart Heat Pumps

Negative

• Quarterly net loss remained approximately $1.0M in Q3 2025
• Equity base is modest at about $750K pro forma
• Previously lost Nasdaq listing and experienced significant liquidity disruption

Key Figures

Stockholders’ deficit $50 million Initial deficit after 2024 de-SPAC

Positive equity $750K Pro forma stockholders’ equity including recent acquisitions

Debt retired/exchanged $10 million Debt and derivative liabilities retired or exchanged year-to-date

Q3 2025 revenue $8.7 million Q3 2025, 45% year-over-year growth

YTD 2025 revenue $26.2 million Year-to-date through Q3 2025, 60% growth

Quarterly net loss $1.0 million Most recent quarter net loss while absorbing public company costs

Heat pump deal value $1.7 million Initial distribution agreement for Keen Smart Heat Pumps

Top holders/insiders stake 40% to over 70% Increase in combined ownership during 2025

Market Reality Check

$0.4621 Last Close

Volume Volume 223,582 vs 20-day average 407,196 shows trading below typical activity. low

Technical Price 0.4151 is trading above the 200-day MA at 0.33 before this news.

Peers on Argus

CNTM rose 7.24% while peers like EPAZ (-6.37%), SBIG (-8.2%) and WINKF (-13.06%) were down or flat, pointing to stock-specific strength rather than a sector move.

Historical Context

Date	Event	Sentiment	Move	Catalyst
Dec 08	Shareholder letter	Positive	+1.4%	Turnaround to positive equity, revenue growth, and OTCQB restoration detailed.
Dec 03	Operational update	Positive	+7.9%	$35M organic run rate and shift from $50M deficit to positive equity reported.
Dec 01	Uplisting progress	Positive	+22.2%	Return to OTCQB, advisor engagement for potential major exchange uplisting.
Nov 20	JV announcement	Positive	-5.0%	Launch of StarConnectM AI-powered connected vehicle joint venture in India.
Nov 17	Q3 2025 earnings	Positive	-0.1%	45% Q3 revenue growth and major loss reduction alongside deleveraging steps.

Pattern Detected

Recent positive strategic and turnaround updates often led to gains, though two growth-focused announcements saw flat-to-negative reactions, indicating mixed but generally constructive responsiveness to good news.

Recent Company History

Over the past month, ConnectM has consistently highlighted a turnaround from a roughly $50 million stockholders’ deficit toward positive equity of about $750K and strong growth, including Q3 2025 revenue of $8.7M and year-to-date revenue of $26.2M. Multiple updates between Nov 17 and Dec 3 detailed debt reduction, derivative elimination, and return to OTCQB. Today’s shareholder letter reinforces those same themes—balance sheet repair, growth, and acquisitions—fitting into a clear ongoing turnaround narrative.

Market Pulse Summary

This announcement reiterates ConnectM’s 2025 turnaround, emphasizing the shift from a roughly $50 million stockholders’ deficit to about $750K positive equity, Q3 revenue of $8.7M, and year‑to‑date revenue of $26.2M. It also highlights acquisitions and the Keen Labs Energy Intelligence Network as growth drivers. Investors may track future filings, progress toward a potential major‑exchange uplisting, integration of acquired assets, and any changes in capital structure or ownership concentration as key ongoing metrics.

Key Terms

de-SPAC financial

"When we took ConnectM public via a de-SPAC in 2024..."

A de-spac occurs when a company that was created through a special type of public listing, called a SPAC, officially becomes a regular publicly traded company. This process is similar to a startup moving out of its temporary workspace into a permanent office, allowing investors to see the company's true value and operations. For investors, de-spacs are important because they mark the transition to a more established company, often leading to clearer financial information and investment opportunities.

OTC Expert Market financial

"were eventually relegated to the OTC Expert Market with minimal liquidity..."

An OTC expert market is an over-the-counter trading venue where securities that don’t meet the rules of main exchanges are bought and sold, and access is typically limited to professional or sophisticated investors. It matters to investors because these markets often have less public information, lower trading volume and higher price swings — like a specialized flea market where only experienced buyers trade rarer, riskier items, so potential reward and risk are both amplified.

OTCQB Venture Market financial

"uplisted to the OTCQB Venture Market under the symbol CNTM."

The OTCQB Venture Market is a tier of the over‑the‑counter (OTC) trading platform that groups early‑stage, smaller companies that do not meet the stricter requirements of higher OTC tiers. It gives investors a way to buy and sell shares in these higher‑risk, less mature firms with generally lower reporting and transparency standards; think of it as a marketplace’s “starter lane” where potential is available but uncertainty and volatility are higher, so investors should expect greater risk and do extra homework.

derivative liabilities financial

"Retired or exchanged more than $10 million of debt and derivative liabilities..."

Derivative liabilities are obligations a company records when it owes money under financial contracts whose value depends on something else, like interest rates, stock prices, or currencies. Think of them as bets or insurance policies that can create future cash payments; they matter to investors because they can cause sudden changes in a company’s reported debt, profits and cash flow and reveal exposure to market risks that could affect valuation.

senior secured lien financial

"removed a senior secured lien that constrained our financing options."

A senior secured lien is a legal claim that gives a lender first priority to specific company assets (collateral) if the borrower fails to pay. Think of it as being first in line to collect by selling pledged property before other creditors; that priority lowers the lender’s risk and typically leads to cheaper borrowing costs, but it also means other creditors and shareholders are further down the repayment order in a default.

joint venture financial

"Formed StarConnectM LLP, a joint venture with Star Engineers in India..."

A joint venture is when two or more companies team up to work on a specific project or business idea, sharing both the risks and the rewards. It’s like friends starting a lemonade stand together—each contributes resources and they split the profits, making it easier to succeed than going alone.

AI-generated analysis. Not financial advice.

MARLBOROUGH, Mass., Dec. 08, 2025 (GLOBE NEWSWIRE) -- ConnectM Technology Solutions, Inc. (OTC: CNTM) (“ConnectM” or the “Company”), a constellation of technology-driven businesses powering the modern energy economy, today released its 2025 annual shareholder letter, highlighting its progress in moving from a roughly $50 million stockholders’ deficit to positive equity, restoring OTCQB trading status, delivering strong year-over-year revenue growth, and advancing its Keen Labs Energy Intelligence Network through a combination of organic initiatives and strategic acquisitions.

Dear Shareholders,

As we approach the close of the 2025 fiscal year, we want to take a moment of heartfelt gratitude to both thank you for joining us on our journey and to inform you of some of our many notable accomplishments this year.

When we took ConnectM public via a de-SPAC in 2024, we described it as a constellation of technology-driven businesses powering the modern energy economy. Over the last eighteen months, that constellation has navigated a period of significant turbulence and challenge, but this letter highlights how we stabilized the business, what we have accomplished in 2025, and how we intend to compound your capital over the coming years.

Where We Started

Shortly after the de-SPAC:

• More than 99% of SPAC shares were redeemed, leaving us with limited cash and float.
• We carried an initial stockholders’ deficit of roughly $50 million.
• Through the first half of 2025, we struggled with listing requirements, ultimately lost our Nasdaq listing, and were eventually relegated to the OTC Expert Market with minimal liquidity and visibility.
  
  

That is not the first half of the year that any of us envisioned. Yet, it is the one we had.

What We Accomplished in the Back Half of 2025

Against a challenging backdrop, the team focused on a simple, hard agenda: get current, get credible, and get growing.

1. Moving from deficit to positive equity, the Company

• Retired or exchanged more than $10 million of debt and derivative liabilities year-to-date.
• Eliminated derivative overhang and removed a senior secured lien that constrained our financing options.
• Moved from an initial $50 million stockholders’ deficit to positive stockholders’ equity (approximately $750K on a pro forma basis including recent acquisitions).
  
  

We are not declaring victory on the balance sheet, but we have gone from a highly stressed post-SPAC story to a company with a cleaner, though still modest, equity base and a significantly simplified capital structure.

2. Growing the top line while cleaning up the bottom

• Q3 2025 revenue grew 45% year-over-year to $8.7 million.
• Year-to-date revenue through Q3 grew 60% to $26.2 million.
• Quarterly net loss improved to approximately $1.0 million, even as we absorbed public company costs and integration expenses.
  
  

Many companies temporarily “fix” their capital structure by shrinking the business. We chose the harder path: grow the business while cleaning it up.

3. Restoring market access and credibility

• Filed our delinquent SEC reports and are now current in our financial reporting.

• Moved from the OTC Expert Market back to the OTC Pink Market and then, in October, uplisted to the OTCQB Venture Market under the symbol CNTM.

• Preparing for an uplisting to a major U.S. exchange when conditions and requirements align.

• Increased combined ownership by the top 10 holders and insiders from roughly 40% at the start of 2025 to over 70% by year-end, a strong vote of confidence in the business and alignment with other shareholders.
  
  

We are still early in this journey, and are now a visible, tradable security again with gaining volume momentum heading into 2026.

Building the ConnectM Constellation

While repairs were underway on the hull, we did not stop building the ship. In fact, some of the work that I am most proud of comes from how our operating teams handled our challenges and executed meticulously through the rough waters.

Keen Labs and the Energy Intelligence Network

We formalized Keen Labs as our AI and technology subsidiary, focused on the “brains” of the energy-intelligent future:

• Launched and integrated Keen Labs to develop AI-powered control, industrial IoT and battery systems.
• Acquired Amperics, adding next-generation hybrid battery technology that we believe can support virtual power plants and AI-intensive data centers.
• Completed the acquisition of Geo Impex & Logistics, securing a regulatory-approved site for an AI-driven data center and multimodal logistics park.
  
  

These assets, combined with our existing capabilities, position us as an enabler for AI hyperscalers, distributed energy networks and backup power solutions — not just a traditional services business.

Strengthening our service and infrastructure backbone

Alongside Keen Labs, we continued to expand the “muscle and bones” of the constellation:

• Completed the acquisition of Air Temp Service Co., deepening our HVAC service network.
• Completed the acquisition of Cambridge Energy Resources in India, broadening our distributed and telecom-energy footprint.
• Formed StarConnectM LLP, a joint venture with Star Engineers in India, to build AI-powered connected vehicle platforms on Keen Labs’ smart mobility technology.
• Signed an initial $1.7 million distribution agreement with Greentech Renewables to scale Keen Smart Heat Pumps across its U.S. dealer network.
  
  

In plain English: we now own and operate a set of businesses that install, service, connect and intelligently manage energy and infrastructure assets in the field, with a technology stack that increasingly ties them together.

How We Think About Capital and 2026

Shareholders should judge us primarily on per-share value creation over time, not on headlines or quarterly noise. Our capital allocation priorities remain:

• Maintain solvency and flexibility first – no strategy survives a liquidity crisis.
• Invest in high-return organic growth – particularly within Keen Labs and our service networks where we see attractive unit economics.
• Pursue disciplined acquisitions – where we understand the business and can add operational or technological leverage.
• Simplify and lower the cost of capital – continued liability reduction and, over time, improving our listing status.
  
  

In 2026, our focus will be on execution rather than reinvention. In particular, we are:

• Expanding Keen Labs’ pipeline with utilities, data center operators and AI-adjacent customers.
• Integrating Amperics, Geo Impex, and Cambridge Energy to improve margins and cross-sell the broader ConnectM offering.
• Prioritizing a measured M&A pipeline that fits our capabilities, rather than chasing scale for its own sake.
  
  

Closing Thoughts

Very few companies make it back from the Expert Market with a stronger business than when they arrived. We have not yet earned the right to be mentioned in the same breath as the great compounders, but I am proud that we faced a difficult reality head-on and made tangible progress in 2025.

To our employees: you continued to serve customers, ship products and close deals while the share price and capital structure were in flux. To our shareholders: you gave us the time and support to repair the balance sheet and invest in the future rather than liquidate the past.

My commitment to you is straightforward: we will allocate capital with discipline, communicate with candor, and focus relentlessly on long-term per-share value, not short-term optics.

Thank you for your continued trust as we build this constellation together as we move forward in 2026.

Sincerely,

Bhaskar Panigrahi

Chairman & Chief Executive Officer

ConnectM Technology Solutions, Inc.

About ConnectM Technology Solutions, Inc.

ConnectM is a constellation of technology-driven businesses powering the modern energy economy. Through its Owned Service Network, Managed Solutions, Logistics and technology subsidiary Keen Labs, the Company delivers AI-powered electrification, distributed energy, last-mile delivery and industrial IoT solutions to customers worldwide. For more information, visit www.connectm.com.

Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). We have based these forward-looking statements on our current expectations and projections about future events. All statements, other than statements of present or historical fact included in this press release, regarding our future financial performance and our strategy, expansion plans, future operations, future operating results, estimated revenues, losses, projected costs, prospects, plans and objectives of management are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “may,” “should,” “could,” “would,” “expect,” “plan,” “anticipate,” “intend,” “believe,” “estimate,” “continue,” “project” or the negative of such terms or other similar expressions. These forward-looking statements are subject to known and unknown risks, uncertainties and assumptions about us that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. Except as otherwise required by applicable law, we disclaim any duty to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date of this press release. We caution you that the forward-looking statements contained herein are subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond our control. In addition, we caution you that the forward-looking statements regarding the Company contained in this press release are subject to the risks and uncertainties described in the “Cautionary Note Regarding Forward-Looking Statements” section of our Annual Report on Form 10-K and our Quarterly Reports on Form 10-Q that we file with the Securities and Exchange Commission. Such filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and ConnectM is under no obligation to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.

Investor Relations

ConnectM Technology Solutions, Inc.
+1 617-395-1333
irpr@connectm.com 

FAQ

How did ConnectM (CNTM) move from a $50 million deficit to positive equity in 2025?

ConnectM retired or exchanged over $10 million of debt and derivatives and completed transactions that produced approximately $750K pro forma stockholders’ equity.

What were ConnectM (CNTM) revenue results in Q3 2025 and year-to-date?

ConnectM reported Q3 2025 revenue of $8.7M (+45% YoY) and YTD through Q3 revenue of $26.2M (+60% YoY).

Which acquisitions did ConnectM (CNTM) complete in 2025 and why do they matter?

ConnectM completed acquisitions including Amperics, Geo Impex & Logistics, Air Temp Service Co., and Cambridge Energy Resources to expand battery, data center site, HVAC service, and telecom-energy capabilities.

What is Keen Labs and what commercial activity did ConnectM (CNTM) report for it in 2025?

Keen Labs is ConnectM’s AI and tech subsidiary focused on energy intelligence; activity included integration work, hybrid battery tech from Amperics, and a $1.7M distribution deal for Keen Smart Heat Pumps.

What change occurred to ConnectM’s (CNTM) trading status in 2025?

ConnectM moved from the OTC Expert Market back to the OTC Pink Market and uplisted to the OTCQB Venture Market under the symbol CNTM in October 2025.

How did insider and top-holder ownership change for ConnectM (CNTM) during 2025?

Combined ownership by the top 10 holders and insiders increased from about 40% at the start of 2025 to over 70% by year-end 2025.