ConnectM reported its third‑quarter 2025 results, showing a 45% year‑over‑year increase in revenue to $8.7 million and a 60% year‑to‑date rise to $26.2 million. The company’s net loss narrowed dramatically from $9.9 million in Q3 2024 to $1.0 million, reflecting a combination of acquisition‑related gains, fair‑value adjustments, and cost‑control measures.
Revenue growth was driven primarily by the Logistics and Owned Service Network segments. The Owned Service Network grew 55% YoY, while Logistics revenue increased 40%. Cost of revenue rose 39% and SG&A expenses climbed 31%, largely due to higher operating activity and investments in new platforms. The mix shift toward higher‑margin segments helped offset the cost increases, supporting the overall revenue expansion.
ConnectM completed a significant debt deleveraging program, resolving more than $10 million of gross debt obligations and eliminating derivative overhang. The fair value of convertible debt was cut by over 50% from year‑end 2024 levels, and all derivative liabilities were removed. This reduction in leverage improves the company’s balance‑sheet profile and positions it for a potential Nasdaq uplisting.
The company announced the acquisitions of Amperics Holdings LLC on November 3, 2025 and Geo Impex LLC on November 5, 2025. Amperics adds battery‑technology capabilities, while Geo Impex expands ConnectM’s footprint in India. No financial terms were disclosed for either transaction.
CEO Bhaskar Panigrahi highlighted the quarter’s growth and capital‑structure simplification, noting that the company has resolved or restructured more than $10 million of obligations through exchanges, settlements, and the Libertas agreement. He also acknowledged substantial doubt about the company’s ability to continue as a going concern and reminded investors that ConnectM was delisted from the Nasdaq Capital Market in May 2025.
Management did not provide forward guidance, but emphasized confidence in the Energy Intelligence Network and the strategic value of the new acquisitions. Investors should weigh the strong revenue growth against the ongoing liquidity risk and the company’s working‑capital deficit.
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