Company Description

We are a provider of broadband Internet networks for the multifamily and student housing property sector. We provide Managed Services and Network-as-a-Service solutions designed to modernize and enhance the Internet connectivity experience for residents while driving significant financial benefits for property owners. We strive to be a leading player in a booming multifamily property conversion trend through service commitment, operational experience and flexibility. Key highlights of our business and market opportunity include: · There is an untapped market to fulfill major demand for network services in multifamily housing units: o According to market estimates from the National Multifamily Housing Council (NMHC), there are approximately 23 million apartment units in the U.S, and we estimate 55% of those units are well-suited for our network services. o Through our own market research using data provided by CoStar, a platform that provides comprehensive commercial real estate information, we estimate there are 12 million units in our addressable market of properties with 100 properties or more for overbuilds, or installing our network in a multifamily building with an existing network. o According to the National Apartment Association, the United States needs to build more than 4.6 million new apartment homes at a minimum, with as many as 11.7 million needed by 2030. · The number of opportunities that we estimate can begin generating revenue for us within the next 24 months (our “pipeline”) is rapidly growing due to our longstanding relationships and expanding customer base. From both existing and new customer relationships, we are currently tracking over 400 opportunities in our Managed Service pipeline representing an estimated $110 million of potential network construction revenue and an estimated $23 million in annual recurring revenue, if we were able to successfully complete all of these opportunities. We have also identified approximately 265,000 units in our near-term Network-as-a-Service pipeline, based on ongoing, active discussions with approximately 10 property ownership groups, which we estimate could represent approximately $150 million in annual recurring revenue, based on an estimated monthly fee of approximately $45 per unit. We do not have any contracts with customers for opportunities in our pipeline. · We have a strong reputation for execution, customer satisfaction and top-notch support from our current business and our management team’s association with Elauwit Networks, LLC, which was acquired by Boingo Wireless, Inc. (“Boingo”) for total consideration of approximately $28.6 million in August 2018. · Our resident experience focused service offering helps our property owner customers differentiate their communities through our high-speed, instant-on, internet access approach paired with customer support developed to deliver timely, wholistic support. · We have a highly repeatable and efficient network installation process, where we install fiber or switched ethernet to each unit in a multifamily property. Once our network is installed, we achieve 100% penetration of our network to the units. · Once our network is installed, we have the opportunity to collect high margin, recurring revenue streams with ongoing service packages. If we are able to appropriately scale our business, we believe we could achieve up to 70% and 75% gross margin in our Managed Services and Network-as-a-Service lines of business, respectively. · We view the fragmented competitive landscape as ripe for consolidation. We have identified over 40 competitors as potential acquisition opportunities we plan to explore. We design, install, operate, and maintain new fiber optic and WiFi networks throughout each contracted property. Once installed, property owners begin selling Internet connectivity over our network directly to their residents at monthly prices and terms of their choosing. We, in turn, provide all resident activation, onboarding, customer support, and all network monitoring and maintenance services in exchange for a fixed monthly fee based on the number of units in the property times a monthly per-unit wholesale price. Our contracts with property owners generally have five to eight-year terms. By implementing Elauwit’s network and services, multifamily property owners: · Bring the latest fiber-based Internet connectivity and WiFi services to their entire property, which has become an important factor in a property’s appeal to current and potential residents, · Provide residents with directly connected upload and download speeds of 1 gigabit per second (“Gbps”) as generally measured by the industry, plus both in-unit and all-property WiFi connectivity averaging between 200 and 500 Mbps as generally measured by the industry, plus 24/7 customer service and support provided by Elauwit, · Increase their per-unit contribution to net operating income by the difference between the monthly retail rate they charge to residents and our monthly wholesale fee to them, and · Reduce duplicative operating expenses by moving over technology assets and services to Elauwit. Our mission is to be the leading experience provider of Internet access solutions. For our property ownership clients, this means clear communication and timely execution. For the end users of our service, residents and their guests, this means dedication to the objective of providing an excellent resident experience. We differentiate ourselves in the area of resident experience by building reliable networks, responding to service requests quickly, establishing support protocols that lead to industry-leading first touch resolution metrics, and communicating effectively with key stakeholders throughout. We closely monitor the challenges and needs of development and ownership groups in the real estate sectors in focus. A continued theme has been the fragmented market of service providers in the space in which we operate and issues stemming out of such. We view these issues to be a large opportunity for our business and an indication that consolidation is likely in the near future. We aim to be a driver of consolidation. --- Our company was incorporated on May 15, 2024, in the State of Delaware as DeltaMax, Inc. Effective September 13, 2024, Elauwit Connection, Inc., a company incorporated on December 4, 2019 in the State of Delaware, merged with and into us with us as the surviving entity, where we will continue the business of Elauwit Connection, Inc. Also on September 13, 2024, we changed our name to Elauwit Connection, Inc. to reflect the nature of the business of the merged corporation. Our principal address is 1700 Alta Vista Drive, Suite 130, Columbia, SC 29223. Our telephone number is (704) 558-3099. We maintain a website at www.elauwit.com.