CONX Corp Swings to $58.3M Profit in Q3 2025 Despite Operating Loss

CONX Corp posted net income of $58.3 million for the three months ending September 30, 2025, a sharp reversal from a net loss of $3.4 million in the same quarter of 2024. The profit pushed the company's stockholders' equity into positive territory at $55.0 million, up from a deficit of $13.1 million at year-end 2024. Read more earnings reports.

For the nine months ending September 30, the company reported total revenue of $2.6 million, more than double the $1.3 million recorded in the first nine months of 2024. Net income for the nine-month period reached $68.0 million, compared to $3.5 million in the prior-year period.

The company recorded an operating loss of $521,000 in the third quarter, an improvement from the $1.2 million operating loss in the same quarter of 2024. For the nine months, the operating loss totaled $1.5 million, narrowing from $3.7 million in the prior year.

CONX Corp reported an income tax expense of $18.3 million in the third quarter, a substantial shift from a tax benefit of $63,000 in the year-ago quarter. For the nine-month period, income tax expense totaled $19.0 million versus $349,000 in the first nine months of 2024.

Cash and cash equivalents stood at $113.0 million as of September 30, 2025, down from $117.5 million at the end of 2024. Total assets increased to $283.5 million from $198.0 million over the same period.

Cash from operations for the nine months was $2.7 million, roughly flat compared to $2.7 million in the prior-year period. The company used $7.1 million in investing activities and $68,000 in financing activities during the nine months.

Total liabilities rose to $228.5 million as of September 30 from $211.1 million at year-end 2024. Current liabilities increased to $4.2 million from $1.4 million.

Quarterly Financial Summary

Nine-Month Financial Summary