ELWT — what changed in the latest 10-Q

Text added vs the prior filing · source: 10-Q · 2026-05-15

• ●the significant investment required to deploy our Network-as-a-Service solutions;

• ●our ability to maintain the listing of our common stock on The Nasdaq Stock Market LLC (“Nasdaq”) and comply with Nasdaq’s listing standards;

• Comparison of the Three Months Ended March 31, 2026 and 2025

• Key results for the three months ended March 31, 2026 include:

• ●Total revenue decreased approximately 18.6% for the three months ended March 31, 2026 compared to the three months ended March 31, 2025, primarily reflecting declines in certain non-recurring and project-based activities given the more volatile nature of project-based revenues.

Text removed vs the prior filing · source: 10-Q · 2025-12-10

• ●our history of losses and our ability to continue as a going concern;

• On November 4, 2025, we entered into an Underwriting Agreement (the “Underwriting Agreement”) with Craig-Hallum Capital Group LLC, as representative of the underwriters (the “Representative”), for an underwritten public offering (the “Offering”) of 1,667,000 shares of common stock, par value $0.0001…

• Pursuant to the Underwriting Agreement, we issued to the Representative, as a portion of the underwriting compensation payable to the Representative, warrants (“Representative’s Warrants”) to purchase up to a total of 116,690 shares of common stock. The Representative’s Warrants have an exercise pri…

• On November 21, 2025, the Representative partially exercised its over-allotment option to purchase 68,989 additional shares of common stock for gross proceeds of approximately $0.6 million, before deducting underwriting discounts and commissions and other offering expenses. In connection with the cl…

• On November 14, 2025, we repurchased 123,456 shares of common stock from each of Baron Hunter Group, LLC (“Baron Hunter”) and Steele Creek Partners LLC (“Steele Creek”), pursuant to a Put-Call Agreement, dated August 20, 2024, by and between us, Baron Hunter and Steele Creek, as amended on August 11…

Text added vs the prior filing · source: 10-Q · 2026-05-15

• Entity-Level Controls and Risk Assessment — We did not maintain sufficiently designed and documented entity-level controls, including a comprehensive risk assessment process, to identify and respond to risks of material misstatement across the organization. As a small company with limited accounting…

• Revenue Recognition — We did not maintain effective controls over the application of ASC 606 to ensure that revenue transactions were properly evaluated, recorded, and disclosed in accordance with GAAP.

• We are actively engaged in the design and implementation of remediation measures to address each of the material weaknesses described above. Until such remediation measures are fully implemented and operating effectively for a sufficient period of time, these material weaknesses will continue to exi…

• Except as described below, there were no changes in our internal control over financial reporting during the most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

• Management is actively implementing measures to remediate the material weaknesses described above and to strengthen our internal control environment. These measures include, but are not limited to:

Text removed vs the prior filing · source: 10-Q · 2025-12-10

• This Form 10-Q does not include a report of management’s assessment regarding internal control over financial reporting due to the transition period established by the SEC for newly public companies.