ConnectM highlights turnaround from $50M deficit to positive equity

In a shareholder letter, the company said in part, “As we approach the close of the 2025 fiscal year, we want to take a moment of heartfelt gratitude to both thank you for joining us on our journey and to inform you of some of our many notable accomplishments this year. When we took ConnectM (CNTM) public via a de-SPAC in 2024, we described it as a constellation of technology-driven businesses powering the modern energy economy. Over the last eighteen months, that constellation has navigated a period of significant turbulence and challenge, but this letter highlights how we stabilized the business, what we have accomplished in 2025, and how we intend to compound your capital over the coming years…Shareholders should judge us primarily on per-share value creation over time, not on headlines or quarterly noise. Our capital allocation priorities remain: Maintain solvency and flexibility first – no strategy survives a liquidity crisis. Invest in high-return organic growth – particularly within Keen Labs and our service networks where we see attractive unit economics. Pursue disciplined acquisitions – where we understand the business and can add operational or technological leverage. Simplify and lower the cost of capital – continued liability reduction and, over time, improving our listing status. In 2026, our focus will be on execution rather than reinvention. In particular, we are: Expanding Keen Labs’ pipeline with utilities, data center operators and AI-adjacent customers. Integrating Amperics, Geo Impex, and Cambridge Energy to improve margins and cross-sell the broader ConnectM offering. Prioritizing a measured M&A pipeline that fits our capabilities, rather than chasing scale for its own sake. Very few companies make it back from the Expert Market with a stronger business than when they arrived. We have not yet earned the right to be mentioned in the same breath as the great compounders, but I am proud that we faced a difficult reality head-on and made tangible progress in 2025. To our employees: you continued to serve customers, ship products and close deals while the share price and capital structure were in flux. To our shareholders: you gave us the time and support to repair the balance sheet and invest in the future rather than liquidate the past. My commitment to you is straightforward: we will allocate capital with discipline, communicate with candor, and focus relentlessly on long-term per-share value, not short-term optics.”