Elauwit Connection, Inc. (ELWT): auditor change — Elauwit Connection restates Q3 2025 financials due to revenue recognition errors; $1.4M overstatement

Elauwit Connection, Inc.

Revenue, gross profit, operating income, and net loss overstated by $1.4M for nine months ended Sept 30, 2025.
Quarter ended Sept 30, 2025 overstatement estimated at $471,000; total assets overstated by $1.4M.
Error due to inadequate internal controls over percentage-of-completion cost-to-cost input method for network contracts.
No intentional misconduct; restatement originated from work by third-party national accounting firm prior to IPO.
Company will amend Q3 2025 Form 10-Q as soon as practicable; prior filings should no longer be relied upon.

item 4.02 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Auditor Changes SEC 8-K Item 4.01/4.02 confidence 0.9

Elauwit Connection, Inc. reported that prior financial statements should not be relied upon.

Action: non reliance

Exact text from the filing

On February 25, 2026, the Audit Committee (the “Audit Committee”) of the Board of Directors of Elauwit Connection, Inc. (the “Company”), after discussion with management, determined that the Company’s previously issued interim financial statements included in the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2025, filed on December 10, 2025 (the “Previous Filing”), should no longer be relied upon

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Elauwit Connection, Inc. filing history →

Source: SEC EDGAR

accession 0001104659-26-021078

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