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Elauwit Connection

ELWT on Nasdaq. Market value $41m.

Watch this stockFree. We tell you when something changes.

Should I look at this?

Look carefully before going further

Why it could be worth it

Nothing stands out yet.

What to watch out for

Read the warning sign in its own filings

This is not advice.

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Who owns it

None of the long-term investors we follow own it. 12 funds in all.

Dec '25
Jun '26
Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

6 investors own more than 5%.

  • McDonough Daniel JR
    Passive investor
    at least 12.5%−1.7 pts
    (filed with 2 related holders)
    Since 14 November 2025
  • Jones Taylor P.
    Passive investor
    at least 12.0%
    (filed with 1 related holder)
    Since 2 November 2025
  • MAXIM CERITH LLC
    Passive investor
    11.3%
    Since 2 November 2025
  • RUBENS BARRY R
    Passive investor
    at least 10.2%−1.8 pts
    (filed with 1 related holder)
    Since 14 November 2025
  • Bard Associates, Inc.
    Passive investor
    7.2%
    Since 19 February 2026
  • LYTTON LAURENCE W
    Passive investor
    5.9%
    Since 15 December 2025

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

In the last 12 months, 4 insiders bought $56,474 of shares on the open market.

  • Di Bartolo James P. II
    Chief Financial Officer
    Bought
    Date
    14 September 2026
    Shares
    95
    Price
    $7.18
    Value
    $682
  • Di Bartolo James P. II
    Chief Financial Officer
    Bought
    Date
    10 September 2026
    Shares
    45
    Price
    $7.05
    Value
    $317
  • RUBENS BARRY R
    Chief Executive Officer, Director
    Bought
    Date
    11 December 2025
    Shares
    2,500
    Price
    $6.59
    Value
    $16,475
  • McDonough Daniel JR
    Executive Chairman, Director
    Bought
    Date
    11 December 2025
    Shares
    5,000
    Price
    $6.50
    Value
    $32,500
  • Berk Frederick R.
    Director
    Bought
    Date
    11 December 2025
    Shares
    1,000
    Price
    $6.50
    Value
    $6,500

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

2 serious warning signs in Elauwit Connection’s filings.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 31 Mar 2026, plus the 10-Q filed 19 Aug 2026 and 6 later 8-Ks.

  • Weak checks on its own accounts

    Serious

    The company said its checks on its own accounts did not work at the end of its latest quarter. Mistakes could slip into the numbers.

    “Based on that evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that, as of June 30, 2026, our disclosure controls and procedures were not effective, due to the existence of material weaknesses in our internal control over financial reporting that we have yet to fully remediate.”
    Show the full paragraph
    Our disclosure controls and procedures are designed to ensure information required to be disclosed by us in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the SEC’s rules and forms. Our management, including our Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of our disclosure controls and procedures as of June 30, 2026 pursuant to Rule 13a-15 under the Exchange Act. Based on that evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that, as of June 30, 2026, our disclosure controls and procedures were not effective, due to the existence of material weaknesses in our internal control over financial reporting that we have yet to fully remediate. Specifically, management identified the following material weaknesses:

    From the 10-Q filed 19 August 2026, Part I, Item 4. Controls and Procedures. Read it in the filing

  • Its past accounts can't be relied on

    Serious

    It told the SEC its earlier accounts should no longer be relied on, usually because they contained errors.

    8-K Item 4.02 filed 27 Feb 2026: the company said its earlier financial statements should no longer be relied on.

    From an 8-K filed 27 February 2026: Previously issued accounts should no longer be relied on. Open the filing

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.