CONX Corp Swings to $9.7M Profit in H1 2025 Despite Revenue Below $2M

CONX Corp posted net income of $9.72 million for the six months ending June 30, 2025, up 40% from $6.92 million in the same period last year. The company, which operates as a special purpose acquisition vehicle, generated revenue of $1.61 million for the half-year period compared to $500,402 in the prior-year period. Read more earnings reports.

For the three months ending June 30, 2025, the company reported net income of $4.70 million on revenue of $768,065, compared to net income of $4.55 million on revenue of $500,402 in the second quarter of 2024. The current quarter's revenue included $750,604 from non-operating sources and $17,461 in net revenue.

The company recorded an operating loss of $1.03 million for the first half of 2025, narrowing from a loss of $2.57 million in the year-earlier period. For the second quarter alone, the operating loss was $444,234 compared to a loss of $1.49 million in the prior-year quarter.

CONX Corp held cash and cash equivalents of $115.95 million as of June 30, 2025, down from $117.52 million at year-end 2024. Total assets stood at $207.06 million compared to $198.03 million six months earlier.

The company generated $1.50 million in cash from operations during the first half of 2025, a sharp reversal from negative operating cash flow of $83,280 in the same period last year. Investing activities consumed $3.01 million in cash, while financing activities used $67,500.

Stockholders' deficit narrowed to $3.24 million as of June 30, 2025, from a deficit of $13.10 million at December 31, 2024. The company's retained deficit improved to $3.41 million from $13.13 million over the same period.

Total liabilities declined slightly to $210.31 million from $211.13 million at year-end, while current liabilities rose to $4.11 million from $1.38 million. Accounts payable fell to $72,917 from $920,895, though accrued liabilities increased to $1.17 million from $165,129.

The company paid income taxes of $612,042 for the six-month period, up from $412,732 a year earlier. Second-quarter tax expense totaled $436,924 compared to $423,068 in the prior-year quarter.

CONX Corp's property, plant and equipment totaled $22.38 million as of June 30, down from $22.75 million at year-end. The company carried goodwill of $13.61 million and intangible assets of $4.21 million at the end of the period.