| REPORTABLE SEGMENTS |
NOTE 14: REPORTABLE SEGMENTS The Company’s operations are organized into seven reporting segments: Owned Service Network, Managed Solutions, Distributed Energy & Renewables, Keen Labs, Logistics, Transportation, and Other. The structure is designed to allow the Company to evaluate the performance of its different solutions offerings, provide improved service and drive future growth in a cost-efficient manner. Selected information by reportable segment is presented in the following tables: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 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 | | $ | — | | $ | — | | $ | — | | $ | — | | $ | — | | — | | $ | — | | $ | — |
As of March 31, 2026 and December 31, 2025 the Company’s total assets located outside the United States were approximately $20,748,000 and $20,000,000, respectively. For the three months ended March 31, 2026, two customers represented more than 10% of total company revenue and for the three months ended March 31, 2025, no single customer represented more than 10% of total company revenue. The following tables summarize disaggregated revenue information by geographic area based upon the customer’s country of domicile: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 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 |
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NOTE 19: REPORTABLE SEGMENTS The Company’s operations are organized into six reporting segments: Owned Service Network, Managed Solutions, Distributed Energy & Renewables, Transportation, Logistics, and Corporate & Strategic Assets. The structure is designed to allow the Company to evaluate the performance of its different solutions offerings, provide improved service and drive future growth in a cost-efficient manner. Selected information by reportable segment is presented in the following tables: * 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 |
As of December 31, 2025 and 2024, the Company’s total assets located outside the United States were approximately $20,000,000 and $1,260,000, respectively. The following table summarizes disaggregated revenue information by geographic area based upon the customer’s country of domicile: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 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 |
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