ConnectM Files 10-Q, Announces Third Quarter 2024 Financial Results
ConnectM Technology Solutions (NASDAQ: CNTM) reported Q3 2024 financial results, with revenue increasing 39% YoY to $6.1 million. The company's nine-month revenue grew 12% to $17.3 million compared to the prior year. However, net loss widened to $12.2 million in Q3 2024 from $2.6 million in Q3 2023.
Key operational updates include successful Nasdaq listing in July 2024, launch of AI-powered heat pump with Energy Intelligence Network, and strategic acquisitions including DeliveryCircle and Green Energy Gains. The company eliminated $13.7 million of debt through a debt-to-equity swap. ConnectM projects FY2024 revenue of $24 million and expects to achieve operating cash flow breakeven by Q1 2025.
ConnectM Technology Solutions (NASDAQ: CNTM) ha riportato i risultati finanziari del terzo trimestre del 2024, con un aumento dei ricavi del 39% su base annua a 6,1 milioni di dollari. I ricavi della società nei nove mesi sono cresciuti del 12% a 17,3 milioni di dollari rispetto all'anno precedente. Tuttavia, la perdita netta è aumentata a 12,2 milioni di dollari nel terzo trimestre del 2024 rispetto ai 2,6 milioni di dollari del terzo trimestre del 2023.
I principali aggiornamenti operativi includono la riuscita quotazione al Nasdaq nel luglio 2024, il lancio di una pompa di calore alimentata da intelligenza artificiale insieme a Energy Intelligence Network, e acquisizioni strategiche tra cui DeliveryCircle e Green Energy Gains. L'azienda ha eliminato 13,7 milioni di dollari di debito attraverso uno scambio di debito in azioni. ConnectM prevede ricavi per l'anno fiscale 2024 di 24 milioni di dollari e si aspetta di raggiungere il pareggio di cassa operativo entro il primo trimestre del 2025.
ConnectM Technology Solutions (NASDAQ: CNTM) reportó los resultados financieros del tercer trimestre de 2024, con un aumento del 39% interanual en los ingresos a 6.1 millones de dólares. Los ingresos de la compañía en los nueve meses crecieron un 12% a 17.3 millones de dólares en comparación con el año anterior. Sin embargo, la pérdida neta se amplió a 12.2 millones de dólares en el tercer trimestre de 2024, desde los 2.6 millones de dólares en el tercer trimestre de 2023.
Entre las actualizaciones operativas clave se incluyen la exitosa cotización en Nasdaq en julio de 2024, el lanzamiento de una bomba de calor impulsada por inteligencia artificial junto con Energy Intelligence Network, y adquisiciones estratégicas como DeliveryCircle y Green Energy Gains. La compañía eliminó 13.7 millones de dólares de deuda mediante un intercambio de deuda por acciones. ConnectM proyecta ingresos de 24 millones de dólares para el ejercicio fiscal 2024 y espera alcanzar el equilibrio en el flujo de efectivo operativo para el primer trimestre de 2025.
ConnectM Technology Solutions (NASDAQ: CNTM)는 2024년 3분기 재무 결과를 발표했으며, 매출이 전년 대비 39% 증가한 610만 달러에 이르렀습니다. 회사의 9개월 누적 매출은 전년 대비 12% 증가한 1730만 달러에 달했습니다. 그러나 2024년 3분기 순손실은 2023년 3분기 260만 달러에서 1220만 달러로 확대되었습니다.
주요 운영 업데이트로는 2024년 7월 Nasdaq 상장 성공, 에너지 인텔리전스 네트워크와 함께하는 AI 기반 히트펌프 출시, DeliveryCircle 및 Green Energy Gains와 같은 전략적 인수가 포함됩니다. 회사는 1370만 달러의 부채를 주식으로 전환하여 제거했습니다. ConnectM은 2024 회계연도 매출이 2400만 달러에 이를 것으로 예상하며, 2025년 1분기까지 운영 현금 흐름 손익 분기를 달성할 것으로 보입니다.
ConnectM Technology Solutions (NASDAQ: CNTM) a annoncé les résultats financiers du troisième trimestre 2024, avec un chiffre d'affaires en hausse de 39 % par rapport à l'année précédente, atteignant 6,1 millions de dollars. Les revenus de l'entreprise sur neuf mois ont augmenté de 12 % pour atteindre 17,3 millions de dollars par rapport à l'année précédente. Cependant, la perte nette s'est élargie à 12,2 millions de dollars au troisième trimestre 2024, contre 2,6 millions de dollars au troisième trimestre 2023.
Les principales mises à jour opérationnelles incluent une cotation réussie sur le Nasdaq en juillet 2024, le lancement d'une pompe à chaleur alimentée par l'intelligence artificielle avec Energy Intelligence Network, et des acquisitions stratégiques comprenant DeliveryCircle et Green Energy Gains. L'entreprise a réduit sa dette de 13,7 millions de dollars grâce à un échange de dette contre des actions. ConnectM prévoit un chiffre d'affaires pour l'exercice fiscal 2024 de 24 millions de dollars et s'attend à atteindre l'équilibre du flux de trésorerie opérationnel d'ici le premier trimestre 2025.
ConnectM Technology Solutions (NASDAQ: CNTM) hat die finanziellen Ergebnisse für das 3. Quartal 2024 veröffentlicht, mit einem Umsatzanstieg von 39% im Vergleich zum Vorjahr auf 6,1 Millionen USD. Der Umsatz des Unternehmens wuchs in den ersten neun Monaten um 12% auf 17,3 Millionen USD im Vergleich zum Vorjahr. Die Nettoverluste weiteten sich jedoch im 3. Quartal 2024 auf 12,2 Millionen USD aus, verglichen mit 2,6 Millionen USD im 3. Quartal 2023.
Zu den wichtigsten betrieblichen Neuigkeiten gehören die erfolgreiche Nasdaq-Listung im Juli 2024, die Einführung einer KI-gesteuerten Wärmepumpe in Zusammenarbeit mit Energy Intelligence Network sowie strategische Übernahmen wie DeliveryCircle und Green Energy Gains. Das Unternehmen hat 13,7 Millionen USD Schulden durch einen Schuldenumwandlungsprozess in Eigenkapital abgebaut. ConnectM erwartet für das Geschäftsjahr 2024 einen Umsatz von 24 Millionen USD und strebt an, bis zum 1. Quartal 2025 einen operativen Cashflow-Break-even zu erreichen.
- Revenue increased 39% YoY to $6.1 million in Q3 2024
- Nine-month revenue grew 12% to $17.3 million
- Eliminated $13.7 million of debt through debt-to-equity swap
- Successfully listed on Nasdaq Global Market
- Projected FY2024 revenue of $24 million, representing 20% YoY growth
- Q3 2024 net loss increased significantly to $12.2 million from $2.6 million YoY
- Nine-month net loss widened to $17.0 million from $5.0 million YoY
- Cost of revenue increased to $4.2 million in Q3 2024 from $3.7 million YoY
Insights
The Q3 results reveal a mixed financial picture for ConnectM. While revenue growth is strong at
ConnectM's strategic pivot into the electrification economy shows promise with their AI-powered heat pump receiving AHRI's Cold Climate Certification. The integration of AI technology with their Energy Intelligence Network demonstrates innovation in the building electrification sector. The acquisition of DeliveryCircle and Green Energy Gains positions them well in both the logistics and residential energy markets. However, the company's
~ Results In-Line with Previously Announced Third Quarter Preliminary Results ~
~ Third Quarter Revenue Increased
~ FY2024 Projected Revenue of
~ On Track to Achieve Operating Cash Flow Breakeven by The First Quarter of 2025 ~
MARLBOROUGH, Mass., Dec. 16, 2024 (GLOBE NEWSWIRE) -- ConnectM Technology Solutions, Inc. (Nasdaq: CNTM) (“ConnectM” or the “Company”), a technology company focused on the electrification economy, has filed its 10-Q with the Securities and Exchange Commission (the “SEC”) and released its financial results for the quarter ended September 30, 2024.
Third Quarter and First Nine Months 2024 Financial Results
- Revenue for the third quarter of 2024 increased to
$6.1 million compared to$4.4 million in the same year ago period. Revenue in the first nine months of 2024 increased12% to$17.3 million , when compared to$15.5 million in the same prior year period.- Cost of revenue for the third quarter of 2024 increased to
$4.2 million compared to$3.7 million in the same year ago period. Cost of revenue in the first nine months of 2024 was$11.0 million , in line with$11.0 million in the same prior year period.
- Cost of revenue for the third quarter of 2024 increased to
- Net loss attributable to shareholders for the third quarter of 2024 was
$12.2 million compared to$2.6 million in the comparable prior year period. For the first nine months of 2024, net loss attributable to shareholders increased to$17.0 million , as compared to a net loss of$5.0 million in the comparable prior year period.
2024 Operational Updates
- Successfully completed De-SPAC and began trading on the Nasdaq Global Market in July 2024.
- Launched AI-powered heat pump integrated with ConnectM's Energy Intelligence Network powered by the Company’s proprietary data model, for residential and light commercial use, optimized for performance, energy efficiency and reducing customer costs.
- Entered into agreement to acquire a controlling interest in DeliveryCircle, a nationwide technology enabled final mile delivery company which connects businesses looking for a last-mile delivery solution. This strategic acquisition expands ConnectM’s Transportation & Logistics segment in the United States.
- Eliminated
$13.7 million of debt with debt-to-equity swap to deleverage the balance sheet.
Subsequent Events
- Entered into Managed Services Agreement (“MSA”) with Devlin Energy, expanding ConnectM’s business portfolio mix and revenue generation with an array of residential and commercial distributed energy capabilities.
- Completed acquisition of Green Energy Gains Inc., a Massachusetts Home Performance Contractor of energy and weatherization assessments, and instrumental in the distribution and installation of ConnectM’s electric heat pumps, augmenting the Company’s Building Electrification segment.
- ConnectM’s AI-powered heat pump received AHRI’s (Air-Conditioning Heating and Refrigeration Institute) Cold Climate Certification, awarded to products that demonstrate superior heating efficiency.
Outlook
For the fourth quarter and full year 2024, the Company expects revenues of approximately
About ConnectM Technology Solutions, Inc.
ConnectM is a technology company focused on advancing the electrification economy by integrating electrified energy assets with its AI-powered technology solutions platform. The Company provides residential and light commercial buildings and all-electric original equipment manufacturers with a proprietary Energy Intelligence Network platform to accelerate the transition to solar and all-electric heating, cooling, and transportation. Leveraging technology, data, artificial intelligence, contemporary design, and behavioral economics, ConnectM aims to make electrification more user-friendly, affordable, precise, and socially impactful. As a vertically integrated company with wholly owned service networks and a comprehensive technology stack, ConnectM empowers customers to reduce their reliance on fossil fuels, lower overall energy costs, and minimize their carbon footprint.
For more information, please visit: https://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 the Current Report on Form 8-K filed with the Securities and Exchange Commission on July 18, 2024. Such filing identifies and addresses 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.
Contact:
MZ North America
(203) 741-8811
ConnectM@mzgroup.us
| CONNECTM TECHNOLOGY SOLUTIONS, INC. (SUCCESSOR TO MONTEREY CAPITAL ACQUISITION CORPORATION) CONDENSED CONSOLIDATED BALANCE SHEETS AS OF SEPTEMBER 30, 2024 (UNAUDITED) AND DECEMBER 31, 2023 (AUDITED) (in thousands, except share and per share amounts) | ||||||||
| September 30, | December 31, | |||||||
| 2024 | 2023 | |||||||
| Assets | ||||||||
| Current assets | ||||||||
| Cash | $ | 1,882 | $ | 1,160 | ||||
| Accounts receivable, net | 1,863 | 685 | ||||||
| Contract asset | — | 344 | ||||||
| Convertible note receivable | — | 445 | ||||||
| Inventory | 320 | 277 | ||||||
| Deferred offering costs | — | 1,297 | ||||||
| Due from Monterey Capital Acquisition Corporation | — | 2,491 | ||||||
| Forward purchase agreement | 2,196 | — | ||||||
| Prepaid expenses and other assets | 1,191 | 651 | ||||||
| Total current assets | 7,452 | 7,350 | ||||||
| Right-of-use asset - operating lease | 199 | 284 | ||||||
| Right-of-use asset - finance lease | 167 | 252 | ||||||
| Property, plant and equipment, net | 996 | 1,138 | ||||||
| Goodwill | 3,037 | 2,247 | ||||||
| Intangible assets, net | 1,851 | 1,841 | ||||||
| Investment recorded at cost | 45 | 45 | ||||||
| Total Assets | $ | 13,747 | $ | 13,157 | ||||
| Liabilities and Stockholders’ Deficit | ||||||||
| Current liabilities | ||||||||
| Accounts payable | $ | 10,357 | $ | 3,860 | ||||
| Accrued expenses | 4,631 | 1,718 | ||||||
| Due to Libertas | 1,057 | — | ||||||
| Due to related party | 686 | — | ||||||
| Current portion of debt, related party | 85 | 85 | ||||||
| Current portion of debt, net of debt discount | 15,966 | 11,935 | ||||||
| Current portion of convertible debt, at fair value | 4,392 | 2,179 | ||||||
| Current portion of operating lease liability | 114 | 115 | ||||||
| Current portion of finance lease liability | 114 | 99 | ||||||
| Current portion of contingent consideration | 199 | — | ||||||
| Contract liabilities | 662 | 1,121 | ||||||
| Income taxes payable | 386 | — | ||||||
| Total current liabilities | 38,649 | 21,112 | ||||||
| Non-current portion of operating lease liability | 118 | 173 | ||||||
| Non-current portion of debt, related party | 99 | — | ||||||
| Non-current portion of finance lease liability | 115 | 203 | ||||||
| Noncurrent portion of debt, net of debt discount | 1,417 | 1,150 | ||||||
| Contingent consideration | 377 | — | ||||||
| Total liabilities | 40,775 | 22,638 | ||||||
| Commitments and Contingencies (Note 9) | ||||||||
| Mezzanine Equity | ||||||||
| Series Seed Convertible Preferred Shares; 0 and 2,139,050 shares authorized, issued, and outstanding as of September 30,2024 and December 31, 2023, respectively | — | 2,200 | ||||||
| Series Seed-1 Convertible Preferred Shares; 0 and 302,642 shares authorized, issued, and outstanding as of September 30,2024 and December 31, 2023, respectively | — | 293 | ||||||
| Series A-1 Convertible Preferred Shares; 0 and 2,467,990 shares authorized, issued, and outstanding as of September 30,2024 and December 31, 2023, respectively | — | 3,195 | ||||||
| Series B-1 Convertible Preferred Shares; 0 and 2,158,357 shares authorized, issued, and outstanding as of September 30,2024 and December 31, 2023, respectively | — | 3,984 | ||||||
| Series B-2 Convertible Preferred Shares; 0 and 995,509 shares authorized, issued, and outstanding as of September 30,2024 and December 31, 2023, respectively | — | 2,311 | ||||||
| Total mezzanine equity | — | 11,983 | ||||||
| Stockholders’ Deficit: | ||||||||
| Preferred stock Series A, | — | — | ||||||
| Common stock, | 2 | — | ||||||
| Additional paid-in-capital | 11,425 | 1,307 | ||||||
| Accumulated deficit | (39,910 | ) | (22,860 | ) | ||||
| Accumulated other comprehensive income | 144 | 115 | ||||||
| Stockholders’ deficit | (28,340 | ) | (21,438 | ) | ||||
| Noncontrolling interests | 1,311 | (26 | ) | |||||
| Total stockholders’ deficit | (27,029 | ) | (21,464 | ) | ||||
| Total liabilities, mezzanine equity and stockholders’ deficit | $ | 13,747 | $ | 13,157 | ||||
| CONNECTM TECHNOLOGY SOLUTIONS, INC. (SUCCESSOR TO MONTEREY CAPITAL ACQUISITION CORPORATION) CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2024 AND 2023 (Unaudited) (in thousands, except share and per share amounts) | ||||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Revenues | $ | 6,074 | $ | 4,384 | $ | 17,299 | $ | 15,484 | ||||||||
| Costs and expenses: | ||||||||||||||||
| Cost of revenues | 4,200 | 3,716 | 11,010 | 11,020 | ||||||||||||
| Selling, general and administrative expenses | 4,900 | 2,843 | 11,773 | 8,780 | ||||||||||||
| Loss on impairment of intangible assets | — | — | 406 | — | ||||||||||||
| Loss from operations | (3,026 | ) | (2,175 | ) | (5,890 | ) | (4,316 | ) | ||||||||
| Other income (expense): | ||||||||||||||||
| Interest expense | (667 | ) | (472 | ) | (1,820 | ) | (902 | ) | ||||||||
| Loss on extinguishment of debt | — | — | (592 | ) | — | |||||||||||
| Change in fair value of convertible notes | (1,623 | ) | 182 | (1,623 | ) | 182 | ||||||||||
| Change in fair value of forward purchase agreement | (8,575 | ) | — | (8,575 | ) | — | ||||||||||
| Gain on forward purchase agreement modification | 1,443 | — | 1,443 | — | ||||||||||||
| Other income (expense), net | 270 | (149 | ) | 59 | 4 | |||||||||||
| Total other income (expense) | (9,152 | ) | (439 | ) | (11,108 | ) | (716 | ) | ||||||||
| Loss before income taxes | (12,178 | ) | (2,614 | ) | (16,998 | ) | (5,032 | ) | ||||||||
| Income tax benefit | — | — | — | — | ||||||||||||
| Net loss | $ | (12,178 | ) | $ | (2,614 | ) | $ | (16,998 | ) | $ | (5,032 | ) | ||||
| Net income (loss) attributable to noncontrolling interests | 60 | (7 | ) | 52 | (28 | ) | ||||||||||
| Net loss attributable to shareholders’ | $ | (12,238 | ) | $ | (2,607 | ) | $ | (17,050 | ) | $ | (5,004 | ) | ||||
| Foreign currency translation adjustments | 19 | 26 | 29 | 92 | ||||||||||||
| Comprehensive loss | $ | (12,159 | ) | $ | (2,588 | ) | $ | (16,969 | ) | $ | (4,940 | ) | ||||
| Comprehensive income (loss) attributable to noncontrolling interest | 60 | (7 | ) | 52 | (28 | ) | ||||||||||
| Comprehensive loss attributable to common stockholders | $ | (12,219 | ) | $ | (2,581 | ) | $ | (17,021 | ) | $ | (4,912 | ) | ||||
| Weighted average shares outstanding of common stock | 20,171,922 | 21,124,057 | 15,643,799 | 21,124,057 | ||||||||||||
| Basic and diluted net loss per share, common stock | $ | (0.61 | ) | $ | (0.12 | ) | $ | (1.09 | ) | $ | (0.24 | ) | ||||
| CONNECTM TECHNOLOGY SOLUTIONS, INC. (SUCCESSOR TO MONTEREY CAPITAL ACQUISITION CORPORATION) CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2024 AND 2023 (Unaudited) (in thousands) | ||||||||
| For the Nine Months Ended September 30, | ||||||||
| 2024 | 2023 | |||||||
| CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||
| Net Loss | $ | (16,998 | ) | $ | (5,032 | ) | ||
| Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
| Depreciation expense | 188 | 201 | ||||||
| Amortization of intangible assets | 319 | 377 | ||||||
| Amortization of debt discount | 60 | 250 | ||||||
| Stock-based compensation expense | 36 | — | ||||||
| ROU amortization on finance leases | 86 | 134 | ||||||
| ROU amortization on operating leases | 85 | 135 | ||||||
| Gain on disposal of property and equipment | — | (22 | ) | |||||
| Loss on impairment of intangible assets | 406 | — | ||||||
| Loss on extinguishment of debt | 592 | — | ||||||
| Unrealized loss (gain) on fair value measurement of debt | 1,623 | (182 | ) | |||||
| Change in fair value of forward purchase agreement | 8,575 | — | ||||||
| Gain on modification of forward purchase agreement | (1,443 | ) | — | |||||
| Changes in operating assets and liabilities: | ||||||||
| Accounts receivable | (559 | ) | (52 | ) | ||||
| Contract asset | 344 | — | ||||||
| Inventory | (42 | ) | (178 | ) | ||||
| Prepaid expenses | (26 | ) | (68 | ) | ||||
| Accounts payable | 2,722 | 531 | ||||||
| Accrued expenses | 1,296 | 386 | ||||||
| Operating lease liabilities | (56 | ) | (133 | ) | ||||
| Contract liabilities | (459 | ) | 130 | |||||
| Net cash used in operating activities | (3,251 | ) | (3,523 | ) | ||||
| CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||
| Purchase of property and equipment | (59 | ) | (49 | ) | ||||
| Proceeds from the sale of property and equipment | — | 57 | ||||||
| Investment in cost method investment | — | (45 | ) | |||||
| Issuance of convertible note | — | (375 | ) | |||||
| Cash paid for noncontrolling interest | (60 | ) | — | |||||
| Cash acquired in Delivery Circle Acquisition | 699 | — | ||||||
| Cash paid for capitalized software development costs | (129 | ) | (35 | ) | ||||
| Net cash provided by (used in) investing activities | 451 | (447 | ) | |||||
| CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||
| Gross proceeds from the business combination | 80,095 | — | ||||||
| Cash paid in connection with forward purchase agreement | (37,624 | ) | — | |||||
| Proceeds from forward purchase agreement | 766 | — | ||||||
| Proceeds from the issuance of debt | 5,874 | 6,828 | ||||||
| Proceeds from the issuance of convertible notes | 740 | 900 | ||||||
| Proceeds from related party debt | 99 | — | ||||||
| Cash paid for debt issuance costs | (788 | ) | (731 | ) | ||||
| Payments of deferred offering costs | (1,243 | ) | (1,782 | ) | ||||
| Payments of debt | (1,765 | ) | — | |||||
| Advance to Monterey Capital Acquisition Corporation | (1,934 | ) | — | |||||
| Advance from lender | 1,057 | (1,840 | ) | |||||
| Payments on convertible notes | (50 | ) | — | |||||
| Payments for redemptions of preferred stock | (41,653 | ) | — | |||||
| Payment on finance leases | (73 | ) | (111 | ) | ||||
| Net cash provided by financing activities | 3,501 | 3,264 | ||||||
| Effect of exchange rate changes on cash and cash equivalents | 21 | 102 | ||||||
| Increase (decrease) in cash and cash equivalents | 722 | (604 | ) | |||||
| Cash, beginning of year | 1,160 | 1,923 | ||||||
| Cash, end of year | $ | 1,882 | $ | 1,319 | ||||
| Supplemental disclosures of cash flow information: | ||||||||
| Cash paid for interest | $ | 486 | 275 | |||||
| Cash paid for taxes | $ | — | $ | — | ||||
| Supplemental disclosures of noncash financing information: | ||||||||
| Recognition of right-of-use asset, operating | $ | — | $ | 200 | ||||
| Recognition of right-of-use asset, finance | $ | — | $ | 56 | ||||
| Vehicles acquired through issuance of debt | $ | — | $ | 316 | ||||
| Conversion of preferred stock to common stock | $ | 11,982 | $ | — | ||||
| Conversion of convertible debt to common stock | $ | 3,779 | $ | — | ||||
| Recapitalization of ACA noncontrolling interests | $ | 111 | $ | — | ||||
| Prepaid insurance financed through funding agreement | $ | 435 | $ | — | ||||
FAQ
What was ConnectM's (CNTM) revenue growth in Q3 2024?
When does ConnectM (CNTM) expect to reach operating cash flow breakeven?
What is ConnectM's (CNTM) projected revenue for FY2024?
How much debt did ConnectM (CNTM) eliminate in 2024?
What was ConnectM's (CNTM) net loss in Q3 2024?
