Revenue growth remains highly inconsistent, fluctuating from a 79.9% expansion in 2025Q4 to a 9.1% contraction in 2026Q1, while gross margins remain constrained by hardware costs, peaking at only 39.3% in 2024Q2.
| Sales/Revenue | 35.02M | 35.84M | 22.65M | 19.97M | 15.44M | 4.34M |
| Revenue Growth % | 37.74% | 58.2% | 13.42% | 29.34% | 255.95% | - |
| Cost of Goods Sold | 25.6M | 25.27M | 16.71M | 14.93M | 11.4M | 3.45M |
| COGS % of Revenue | - | 70.51% | 73.75% | 74.78% | 73.86% | 79.43% |
| Gross Profit | 9.42M | 10.57M | 5.95M | 5.04M | 4.04M | 892.49K |
| Gross Margin % | 26.9% | 29.49% | 26.25% | 25.22% | 26.14% | 20.57% |
| Gross Profit Growth % | - | 77.73% | 18.05% | 24.77% | 352.34% | - |
| Operating Expenses | 21.41M | 22.61M | 17.55M | 12.5M | 7.9M | 4.26M |
| OpEx % of Revenue | - | 63.08% | 77.47% | 62.6% | 51.19% | 98.13% |
| Selling, General & Admin | 22.31M | 23.5B | 15.15M | 12.32M | 7.32M | 4.26M |
| SG&A % of Revenue | - | 65582.98% | 66.86% | 61.69% | 47.38% | 98.13% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - |
| Other Operating Expenses | -896.31K | -23.48B | 2.4M | 181.85K | 589.3K | 0 |
| Operating Income | -11.99M | -12.04M | -11.6M | -7.46M | -3.87M | -3.36M |
| Operating Margin % | -34.23% | -33.59% | -51.22% | -37.38% | -25.05% | -77.56% |
| Operating Income Growth % | - | -3.75% | -55.43% | -93.01% | -14.95% | - |
| EBITDA | -10.96M | -11.14M | -10.56M | -6.4M | -3.18M | -3.1M |
| EBITDA Margin % | -31.29% | -31.09% | -46.63% | -32.05% | -20.62% | -71.36% |
| EBITDA Growth % | 12.68% | -5.48% | -65.02% | -101.03% | -2.84% | - |
| D&A (Non-Cash Add-back) | 1.03M | 896.31K | 1.04M | 1.06M | 683.73K | 268.83K |
| EBIT | -11.66M | -12.04M | -19.79M | -7.77M | -3.8M | -3.47M |
| Net Interest Income | -1.38M | -1.3M | -2.71M | -1.43M | -281.81K | -48.05K |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 1.38M | 1.3M | 2.71M | 1.43M | 281.81K | 48.05K |
| Other Income/Expense | -3.78M | -4.04M | -10.91M | -1.73M | -216.4K | -153.66K |
| Pretax Income | -15.77M | -16.07M | -22.51M | -9.2M | -4.08M | -3.52M |
| Pretax Margin % | -45.02% | -44.85% | -99.36% | -46.06% | -26.45% | -81.1% |
| Income Tax | -16.09K | -16.09K | 0 | 0 | -541.41K | -58.3K |
| Effective Tax Rate % | 0.1% | 0.1% | 0% | 0% | 13.26% | 1.66% |
| Net Income | -16.17M | -16.25M | -22.57M | -9.15M | -3.54M | -3.44M |
| Net Margin % | -46.18% | -45.33% | -99.62% | -45.81% | -22.92% | -79.33% |
| Net Income Growth % | 40.05% | 28.01% | -146.63% | -158.47% | -2.86% | - |
| Net Income (Continuing) | -15.75M | -16.06M | -22.51M | -9.2M | -3.54M | -3.46M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 3.38M | 3.1M | 1.32M | 0 | 0 | 0 |
| EPS (Diluted) | -3.10 | -7.04 | -37.76 | -42.24 | -10.24 | -0.06 |
| EPS Growth % | 63.39% | 81.36% | 10.61% | -312.5% | -15900% | - |
| EPS (Basic) | - | -7.04 | -37.76 | -42.24 | -10.24 | -0.06 |
| Diluted Shares Outstanding | 5.22M | 2.26M | 596K | 354.62K | 363.69K | 316.25K |
| Basic Shares Outstanding | 5.22M | 2.26M | 596K | 354.62K | 363.69K | 316.25K |
| Dividend Payout Ratio | - | - | - | - | - | - |
Liquidity and dilution risk
Based on the provided quarterly data, ConnectM Technology Solutions, Inc. has demonstrated inconsistent top-line performance, with revenue growth fluctuating significantly from a 9.1% contraction in 2026Q1 to a peak expansion of 79.9% in 2025Q4, suggesting a business model highly sensitive to project-based deployment cycles.
The lack of a consistent growth trajectory implies that the company's revenue is heavily dependent on discrete, non-recurring hardware installations rather than a predictable SaaS subscription model. Investors should monitor whether this volatility reflects seasonal construction patterns or an inability to maintain a steady pipeline of electrification projects.
As reported in the financial statements, ConnectM's gross margin has struggled to maintain stability, oscillating between a low of 17.7% and a peak of 39.3%, which highlights the company's vulnerability to hardware procurement costs and the absence of high-margin software licensing at scale.
The inability to consistently exceed a 30% gross margin threshold suggests that the company's 'Software-Application' classification may be misleading, as the cost structure remains tethered to physical asset deployment. This profile indicates that the firm currently lacks the pricing power typically associated with pure-play software providers.
According to the income statement data, ConnectM's operating expenses consistently outpace gross profit generation, resulting in persistent operating losses that reached -39.5% of revenue in 2026Q1, indicating that the company has yet to achieve the necessary scale to leverage its fixed cost base.
The persistent gap between revenue growth and operating income suggests that every incremental dollar of sales is accompanied by disproportionate overhead, likely driven by high customer acquisition costs. Without a significant shift toward automated platform scaling, the current operating structure appears unsustainable for long-term profitability.
Based on the reported figures, the company's precarious cash position relative to its ongoing net losses suggests that the current growth strategy may be nearing a critical inflection point where external financing becomes a necessity to avoid a liquidity crunch in the near term.
Short-sellers would likely focus on the discrepancy between the company's aggressive revenue growth and its inability to generate positive cash flow, viewing the current valuation as disconnected from the underlying burn rate. The reliance on dilutive capital to fund operations warrants further investigation into the sustainability of the current business model.
Quick answers to the most common questions about buying CNTM stock.
For fiscal year 2025, ConnectM Technology Solutions, Inc. (CNTM) reported total revenue of $35.8M. This represents a 726.1% increase compared to $4.3M in 2021.
ConnectM Technology Solutions, Inc. (CNTM) reported a net loss of $16.2M for the fiscal year ending 2025.
ConnectM Technology Solutions, Inc. (CNTM) reported an operating income of $-12.0M, resulting in an operating profit margin of -33.6%. This margin reflects the operational efficiency of the business before interest and taxes.
ConnectM Technology Solutions, Inc. (CNTM) generated $10.6M in gross profit for the year, representing a gross profit margin of 29.5%. This demonstrates the company's core pricing power and production efficiency.