REVENUES (Tables)
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3 Months Ended |
12 Months Ended |
Mar. 31, 2026 |
Dec. 31, 2025 |
| REVENUES |
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| Schedule of disaggregated revenue information by geographic area based upon customer's country of domicile |
| | | | | | | | | | | | | | | | Three Months Ended March 31, | | | 2026 | | 2025 | United States | | $ | 7,645,403 | | $ | 8,254,356 | India | | | 527,150 | | | 733,987 | | | | 8,172,553 | | | 8,988,343 |
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| | | | | | | | | | | | | | | | Year Ended December 31, | | | 2025 | | 2024 | United States | | $ | 33,067,961 | | $ | 20,939,197 | India | | $ | 2,768,848 | | | 1,713,688 | | | | 35,836,809 | | | 22,652,885 |
The following table summarizes disaggregated revenue information by nature of revenue and timing of revenue recognition: | | | | | | | | | | | | | | | | Year Ended December 31, | | | 2025 | | 2024 | Product revenue | | | | | | | Revenue recognized at a point in time (1) | | $ | 2,982,373 | | $ | — | Total product revenue | | | 2,982,373 | | | — | Service revenue | | | | | | | Revenue recognized over a period of time (2) | | | 32,854,436 | | | 22,652,885 | Total service revenue | | | 32,854,436 | | | 22,652,885 | Total revenue | | $ | 35,836,809 | | $ | 22,652,885 |
(1)Product revenue consists of (i) sales of ConnectM-branded heat pump products to customers, including under specific distribution agreements such as with Greentech Renewables, for which revenue is recognized at a point in time when control transfers to the customer, generally upon delivery, and (ii) sales of 4G telematics hardware units with embedded software to original equipment manufacturers (“OEMs”), for which revenue is recognized at a point in time upon transfer of control in accordance with the applicable International Commercial Terms (Incoterms) described in the respective contracts. (2)Service revenue consists of (i) installation and maintenance services for solar energy systems and HVAC solutions across customers, (ii) logistics and delivery services provided through DeliveryCircle’s proprietary Decios platform, (iii) software manpower consultancy services and software subscription services providing access to the Company’s IIoT platform, (iv) managed solutions services including human resources and payroll administration, procurement and vendor management, marketing and lead generation, and business implementation services, and (v) distributed energy and renewables services, including engineering, procurement and construction (“EPC”) activities and sale of electricity under power purchase agreements (“PPAs”) and BTS energy service agreements. Service revenue is generally recognized over time as the customer simultaneously receives and consumes the benefits of the Company’s performance.
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| Schedule of contract assets and liability activity |
| | | | | | | | Balance as of January 1, 2025 | | $ | 206,750 | Recognition of costs on contracts where performance obligations completed during the period | | | (206,750) | Deferral of costs on contracts where performance obligations were not complete | | $ | 167,126 | Balance as of March 31, 2025 | | | 167,126 | | | | | Balance as of January 1, 2026 | | | 303,910 | Recognition of costs on contracts where performance obligations completed during the period | | | (287,375) | Deferral of costs on contracts where performance obligations were not complete | | $ | 128,806 | Balance as of March 31, 2026 | | $ | 145,341 |
| | | | | | | | Balance as of January 1, 2025 | | $ | 602,469 | Recognition of revenue recorded as a contract liability as of January 1, 2025 | | | (389,375) | Customer advance payments | | | 759,308 | Balance as of March 31, 2025 | | | 972,402 | | | | | Balance as of January 1, 2026 | | | 772,013 | Recognition of revenue recorded as a contract liability as of January 1, 2026 | | | (490,756) | Customer advance payments | | | 1,362,824 | Balance as of March 31, 2026 | | $ | 1,644,081 |
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The following table summarizes the contract asset activity for the years ended December 31, 2025 and 2024: | | | | | | | | Balance as of January 1, 2024 | | $ | 343,646 | Deferral of costs on contracts where performance obligations were not complete | | | (343,646) | Balance as of December 31, 2024 | | | 206,750 | Recognition of costs on contracts where performance obligations completed during the period | | | (206,750) | Deferral of costs on contracts where performance obligations were not complete | | | 303,910 | Balance as of December 31, 2025 | | $ | 303,910 |
The following table summarizes the contract liability activity for the years ended December 31, 2025 and 2024: | | | | | | | | Balance as of January 1, 2024 | | $ | 1,120,817 | Recognition of revenue recorded as a contract liability as of January 1, 2024 | | | (1,075,911) | Customer advance payments | | | 557,563 | Balance as of December 31, 2024 | | | 602,469 | Recognition of revenue recorded as a contract liability as of December 31, 2024 | | | (389,375) | Adjustments for the cancelled contract | | | (175,312) | Customer advance payments | | | 734,231 | Balance as of December 31, 2025 | | $ | 772,013 |
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| Schedule of accounts receivable and allowance for credit losses |
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| | | | | | | | | | | | | | | | Year Ended December 31, | | | 2025 | | 2024 | Accounts receivable, current | | $ | 4,279,791 | | $ | 1,897,471 | Accounts receivable | | | — | | | — | Total accounts receivable | | $ | 4,279,791 | | $ | 1,897,471 | | | | | | | | Less: allowance for credit losses | | $ | (1,213,165) | | $ | — | Total accounts receivable, net | | | 3,066,626 | | | 1,897,471 |
| | | | | | | | Allowance for expected credit losses | | | | Balance as of January 1, 2024 | | $ | — | Period change for current expected credit losses | | | — | Balance as of December 31, 2024 | | | — | Period change for current expected credit losses | | | 1,340,462 | Utilization of Expected credit loss | | | (127,297) | Balance as of December 31, 2025 | | $ | 1,213,165 |
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