ConnectM Technology Solutions, Inc.

Going-concern energy-tech roll-up with deep losses and severe liquidity strain, partly masked by a negative-equity ROE artifact.

Strengths

• Strong revenue growth (+58%, 89th pct) and decent gross margin (32%, 73rd)
• Large connected-asset/data platform across six segments

Risks

• Explicit going-concern doubt; net losses of $16M (FY25) with current ratio 0.25 and quick 0.23 (9th pct)
• Deeply negative margins (operating -35%, net -45%) and ROA -45% (9th); the 100th-pct ROE is a negative-equity artifact, not strength

Notable findings

• Net lossNet loss (net margin -45.3%)
• Weak liquidityCurrent ratio 0.25 (<1)
• Chronic dilutionShare count +43%/yr over 1y (dilution)
• Revenue declineRevenue -15.1% YoY