v3.26.3
REVENUES
 6 Months Ended 12 Months Ended
Jun. 30, 2026
Dec. 31, 2025
REVENUES    
REVENUES

NOTE 12: REVENUES

The following table summarizes disaggregated revenue information from continuing operations by geographic area based upon the customer’s country of domicile:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended June 30, 

 

Six Months Ended June 30, 

​

  ​ ​ ​

2026

  ​ ​ ​

2025

  ​ ​ ​

2026

  ​ ​ ​

2025

United States

​

$

9,794,419

​

$

7,885,201

​

$

17,439,822

​

$

16,139,557

​

​

​

9,794,419

​

​

7,885,201

​

​

17,439,822

​

​

16,139,557

​

As a practical expedient, the Company has elected not to disclose the aggregate amount of the transaction price allocated to unsatisfied performance obligations, as our contracts have an original expected duration of less than one year.

Contract Assets

Contract assets consist of work in process for unrecognized revenue. The following table summarizes the contract asset activity for the three and six months ended June 30, 2026:

​

​

​

​

​

Balance as of Jan 1, 2025

  ​ ​ ​

$

206,750

Recognition of cost 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

Recognition of cost on contracts where performance obligations completed during the period

​

​

(159,378)

Deferral of costs on contracts where performance obligations were not complete

​

​

103,404

Balance as of June 30, 2025

​

$

111,152

​

​

​

​

Balance as of Jan 1, 2026

​

​

303,910

Recognition of cost 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

Recognition of cost on contracts where performance obligations completed during the period

​

​

(71,163)

Deferral of costs on contracts where performance obligations were not complete

​

​

267,310

Balance as of June 30, 2026

​

$

341,488

​

Contract Liabilities

Contract liabilities represent obligations to transfer goods or services to a customer for which the Company has received consideration in advance of performance. The following table summarizes the contract asset activity for the three and six months ended June 30, 2026:

​

​

​

​

​

Balance as of Jan 1, 2025

  ​ ​ ​

$

560,107

Recognition of revenue recorded as contract liability as of Jan 1, 2025

​

​

(389,390)

Customer Advance Payments

​

​

766,115

Balance as of March 31, 2025

​

​

936,832

Recognition of revenue recorded as contract liability as of Apr 1, 2025

​

​

(568,017)

Customer Advance Payments

​

​

1,767,618

Balance as of June 30, 2025

​

$

2,136,433

​

​

​

​

Balance as of Jan 1, 2026

​

​

705,563

Recognition of revenue recorded as contract liability as of Jan 1, 2026

​

​

(455,175)

Customer Advance Payments

​

​

1,327,257

Balance as of March 31, 2026

​

​

1,577,645

Recognition of revenue recorded as contract liability as of April 1, 2026

​

​

(1,330,230)

Customer Advance Payments

​

​

514,433

Balance as of June 30, 2026

​

$

761,848

​

NOTE 18: REVENUE

The following table summarizes disaggregated revenue information by geographic area based upon the customer’s country of domicile:

​

​

​

​

​

​

​

​

​

  ​ ​ ​

Year Ended December 31,

​

​

2025

  ​ ​ ​

2024

United States

​

$

33,072,261

​

$

21,078,971

​

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)

​

$

1,730,697

​

$

—

Total product revenue

​

​

1,730,697

​

​

—

Service revenue

​

 

​

​

 

​

Revenue recognized over a period of time (2)

​

​

31,341,564

​

​

21,078,971

Total service revenue

​

​

31,341,564

​

​

21,078,971

Total revenue

​

$

33,072,261

​

$

21,078,971

(1)Product revenue consists of 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.

(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, and (iii) managed solutions services including human resources and payroll administration, procurement and vendor management, marketing and lead generation, and business implementation services. Service revenue is generally recognized over time as the customer simultaneously receives and consumes the benefits of the Company’s performance.

As a practical expedient, the Company has elected not to disclose the aggregate amount of the transaction price allocated to unsatisfied performance obligations, as our contracts have an original expected duration of less than one year.

For disaggregated revenue information by reportable segment, refer to Note 19 to the accompanying consolidated financial statements.

Accounts receivable, contract assets and contract liabilities are discussed and disclosed in Note 2 to the accompanying consolidated financial statements.