REPORTABLE SEGMENTS (Tables)

3 Months Ended

12 Months Ended

Mar. 31, 2026

Dec. 31, 2025

REPORTABLE SEGMENTS

Schedule of reportable segment



		Three Months Ended March 31, 2026
														Distributed
		Owned Service			Managed									Energy &
		Network			Solutions			Logistics			Transportation			Renewables			Keen Labs		Other			Total
Revenues		$	2,349,896			334,241			3,111,340			407,941			119,209		1,849,926			—		$	8,172,553
Cost of revenue			1,918,536			227,899			2,427,097			460,927			67,237		1,205,815			—			6,307,511
Selling, general and administrative expenses
Facility costs			77,241			12,102			—			14,720			24,468		—			12,674			141,205
Insurance expenses			91,333			8,798			21,945			170			157		—			129,514			251,917
Marketing expenses			136,641			33,940			—			—			136		163,642			213,728			548,087
Operational expenses			428,414			(52,114)			255,256			29,667			31,414		365,056			895,108			1,952,801
Compensation and related benefits			602,622			96,611			328,412			133,844			71,441		124,451			439,344			1,796,725
Travel & entertainment			19,782			(1,221)			14,256			11,622			—		—			44,615			89,054
Vehicle expenses			89,377			6,960			—			—			—		—			1,003			97,340
Depreciation			31,144			—			—			4,907			59,392		—			9,646			105,089
Amortization			25,559			—			41,464			8,629			1,089		—			31,179			107,920
Total selling, general and administrative expenses			1,502,113			105,076			661,333			203,559			188,097		653,149			1,776,811			5,090,138
(Loss) income from operations			(1,070,753)			1,266			22,910			(256,545)			(136,125)		(9,038)			(1,776,811)			(3,225,096)
Other income (expense), net		$	(3,118,146)		$	—		$	5,769		$	(43,447)		$	—		(2,807)		$	(567,541)		$	(3,726,172)
Equity in earnings of Sun Solar			—			—			—			—			—		—			281,523			281,523
Net loss		$	(4,188,899)		$	1,266		$	28,679		$	(299,992)		$	(136,125)		(11,845)		$	(2,062,829)		$	(6,669,745)
Total assets		$	4,291,230		$	731,774		$	3,756,092		$	981,712		$	3,697,589		1,376,541		$	24,987,077		$	39,822,015
Capital expenditures			1,155			—			—			—			—		—			—			1,155



		Three Months Ended March 31, 2025
														Distributed
		Owned Service			Managed									Energy &
		Network			Solutions			Logistics			Transportation			Renewables			Keen Labs		Other			Total
Revenues		$	4,247,541			1,756,368			2,537,430			447,004			—		—			—		$	8,988,343
Cost of revenue			2,229,825			1,341,191			2,009,534			394,060			—		—			—			5,974,610
Selling, general and administrative expenses
Facility costs			35,841			101,033			—			13,554			—		—			—			150,428
Insurance expenses			40,419			22,730			13,695			198			—		—			99,920			176,962
Marketing expenses			1,452,102			74,784			—			1,167			—		—			537,044			2,065,097
Operational expenses			493,218			(538,229)			321,537			71,885			—		—			1,357,011			1,705,422
Compensation and related benefits			865,261			659,299			—			48,446			—		—			240,185			1,813,191
Travel & entertainment			29,050			3,244			8,450			4,572			—		—			54,926			100,242
Vehicle expenses			66,150			99,979			—			—			—		—			—			166,129
Depreciation			53,335			—			—			2,037			—		—			—			55,372
Amortization			34,335			—			9,335			10,341			—		—			322			54,333
Total selling, general and administrative expenses			3,069,711			422,840			353,017			152,200			—		—			2,289,408			6,287,176
(Loss) income from operations			(1,051,995)			(7,663)			174,879			(99,256)			—		—			(2,289,408)			(3,273,443)
Other (expense) income, net			(55,905)			—			—			—			—		—			(3,647,991)			(3,703,896)
Net (loss) income from operations before income taxes		$	(1,107,900)		$	(7,663)		$	174,879		$	(99,256)		$	—		—		$	(5,937,399)		$	(6,977,339)
Total assets		$	4,503,230		$	—		$	3,195,017		$	1,731,343		$	—		—		$	3,325,071		$	12,754,661
Capital expenditures		$	—		$	—		$	—		$	—		$	—		—		$	—		$	—

* The Corporate & Strategic Assets segment encompasses corporate-level operations and the Company’s investment in Geo Impex India Private Limited, which holds an approximately 76 acre land parcel near Chhatrapur, Odisha, India approved for development into a multimodal logistics park and AI-enabled data center campus. This segment did not generate revenue during the periods presented. Segment assets consist primarily of the carrying value of the Geo Impex landholding and related development rights, together with corporate cash and other assets not attributable to the Company’s other operating segments.

** Distributed Energy & Renewables includes revenue of $575,292 and cost of revenue of $537,723 allocated from ConnectM India (Transportation segment) related to installation and commissioning projects.



		Year Ended December 31, 2025
		Owned Service Network			Managed Solutions			Logistics			Transportation			Distributed Energy & Renewables			Corporate and Strategic Assets*			Total
Revenues		$	17,907,967			3,126,238			12,033,756			2,065,680			703,168			—		$	35,836,809
Cost of revenue			10,639,101			2,277,248			9,227,775			1,689,408			537,723			—			24,371,255
Selling, general and administrative expenses																					—
Facility costs			201,198			143,730			—			61,346			44,884			11,723			462,880
Insurance expenses			210,865			51,730			57,827			764			2,529			448,219			771,934
Marketing expenses			2,311,006			168,036			—			3,775			—			883,531			3,366,348
Operational expenses			3,696,282			(43,663)			748,231			291,605			84,693			3,907,696			8,684,844
Compensation and related benefits			4,024,294			994,087			1,303,117			444,223			40,216			1,673,018			8,478,955
Travel & entertainment			79,682			4,778			43,342			52,261			216			134,896			315,175
Vehicle expenses			462,668			128,830			—			80			—			16,766			608,345
Depreciation			209,186			—			—			17,097			167,748			25,670			419,701
Amortization			181,058			3,071			148,192			36,428			4,059			21,860			394,668
Total selling, general and administrative expenses			11,376,239			1,450,599			2,300,709			907,579			344,345			7,123,379			23,502,849
Loss on impairment			548,492			—			—			—			—			—			548,492
(Loss) income from operations			(4,655,865)			(601,609)			505,272			(531,306)			(178,901)			(7,123,379)			(12,585,787)
Other (expense) income, net			200,091			—			(87,082)			1,849,158			(11,008)			(5,439,130)			(3,487,971)
Net (loss) income from operations before income taxes		$	(4,455,774)		$	(601,609)		$	418,190		$	1,350,842		$	(222,899)		$	(12,562,509)		$	(16,073,758)
Total assets		$	7,573,010		$	751,591		$	3,833,283		$	2,747,593		$	4,233,362		$	17,031,285		$	36,170,124
Capital expenditures		$	49,670		$	—		$	—		$	—		$	—		$	—		$	49,670



		Year Ended December 31, 2024
		Owned Service Network			Managed Solutions			Logistics			Transportation			Distributed Energy & Renewables			Corporate and Strategic Assets			Total
Revenues		$	12,201,600			4,429,995			4,307,602			1,713,688			—			—		$	22,652,885
Cost of revenue			7,633,214			4,412,938			3,447,440			1,212,585			—			—			16,706,177
Selling, general and administrative expenses
Facility costs			178,416			300,686			—			38,512			—			4,483			522,097
Insurance expenses			262,063			223,046			31,508			884			—			354,800			872,301
Marketing expenses			691,980			251,520			—			11,506			—			2,312,406			3,267,412
Operational expenses			653,618			420,063			541,489			540,901			—			2,859,007			5,015,077
Compensation and related benefits			2,554,216			2,147,486			—			756,406			—			1,884,231			7,342,339
Travel & entertainment			61,700			21,318			4,973			18,473			—			35,068			141,532
Vehicle expenses			206,234			167,600			—			—			—			202,744			576,578
Depreciation			216,776						—			6,997			—			41,879			265,652
Amortization			330,750						99,553			68,118			—			21,308			519,729
MSA working capital adjustment			—			(3,377,288)			—			—			—			—			(3,377,288)
Total selling, general and administrative expenses			5,155,753			154,431			677,523			1,441,797			—			7,715,925			15,145,429
Loss on impairment			2,403,628			—			—			—			—			—			2,403,628
Loss from operations			(2,990,995)			(137,374)			182,639			(940,694)			—			(7,715,925)			(11,602,349)
Other (expense) income, net			—			—			—			—			—			(10,905,859)			(10,905,859)
Net (loss) income from operations before income taxes		$	(2,990,995)		$	(137,374)		$	182,639		$	(940,694)		$	—		$	(18,621,784)		$	(22,508,208)
Total assets		$	3,379,649		$	705,522		$	3,085,843		$	1,259,687		$	—		$	4,325,841		$	12,756,542
Capital expenditures		$	27,044		$	—		$	—		$	—		$	—		$	—		$	27,044

Schedule of disaggregated revenue information by geographic area



		Three Months Ended March 31, 2026
		Owned Service			Managed									Distributed Energy &
		Network			Solutions			Logistics			Transportation			Renewables			Keen Labs		Other			Total
United States		$	2,349,896		$	334,241		$	3,111,340		$	—		$	—		1,849,926		$	—		$	7,645,403
Other			—			—			—			407,941			119,209		—			—			527,150
Total		$	2,349,896		$	334,241		$	3,111,340		$	407,941		$	119,209		1,849,926		$	—		$	8,172,553



		Three Months Ended March 31, 2025
		Owned Service Network			Managed Solutions			Logistics			Transportation			Distributed Energy & Renewables			Keen Labs		Other			Total
United States		$	3,960,558		$	1,756,368		$	2,537,430		$	—			—		—		$	—		$	8,254,356
Other			286,983			—			—			447,004			—					—			733,987
Total		$	4,247,541		$	1,756,368		$	2,537,430		$	447,004			—		—		$	—		$	8,988,343



		Year Ended December 31, 2025
		Owned
		Service			Managed									Distributed Energy &			Corporate and
		Network			Solutions			Logistics			Transportation			Renewables			Strategic Assets			Total
United States		$	17,907,967		$	3,126,238		$	12,033,756		$	—			—		$	—		$	33,067,961
Other		$	—			—			—			2,065,680			703,168			—			2,768,848
Total		$	17,907,967		$	3,126,238		$	12,033,756		$	2,065,680		$	703,168		$	—		$	35,836,809



		Year Ended December 31, 2024
		Owned
		Service			Managed									Distributed Energy &			Corporate and
		Network			Solutions			Logistics			Transportation			Renewables			Strategic Assets			Total
United States		$	12,201,600		$	4,429,995		$	4,307,602		$	—			—		$	—		$	20,939,197
Other			—			—			—			1,713,688			—			—			1,713,688
Total		$	12,201,600		$	4,429,995		$	4,307,602		$	1,713,688			—			—		$	22,652,885