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Private company

CONX Corp.

CONX Corp. is an American real estate operators and lessors company, incorporated in Nevada.1 It is headquartered in Littleton, Colorado.1

Last updated Oct 21, 2026.

Overview

  • IndustryReal Estate Operators (No Developers) & Lessors1
  • HeadquartersLittleton, Colorado1
  • Incorporated inNV2
  • Business address5701 S. Santa Fe Dr., Littleton, Co 801202
  • Filer categoryNon-accelerated filer, Smaller reporting company2

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We were incorporated in the State of Nevada as a blank check company on August 26, 2020. Today, we are a diversified operating company seeking opportunities to power the next generation of innovators in communications and connectivity. Our mission is to partner with emerging companies with quality management and strong and differentiated business models with the ability to scale. Our Chairman, Director and Founder, Charles W. Ergen, is Chairman, President, Chief Executive Officer and co-founder of EchoStar Corporation (“EchoStar”) and DISH Network Corporation (“DISH”) and beneficially owned approximately 86.8% of the total voting power of EchoStar’s outstanding shares as of July 31, 2025. Mr. Ergen, through nXgen Opportunities, LLC (“nXgen”), also beneficially owns approximately 99.3% of the total voting power of the Company’s outstanding shares as of November 28, 2025. Our Chief Executi…4 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2024

-17855.7%Operating margin5
12684.2%Net margin5
-$31.7MFree cash flow5

Where the money goes

Where each dollar of revenue went, fiscal 2024

  • Income tax1¢$36.5K
  • Profit99¢$2.7M

Out of $21.1K in revenue.5

Financial statements

Operating income675-$3.8M in 2024+578% since 2021
-$4.0M-$3.0M-$2.0M-$1.0M02021: -$555.5K-$555.5K20212022: -$888.7K-$888.7K2022+60%2023: -$1.2M-$1.2M2023+33%2024: -$3.8M-$3.8M2024+220%
Net income675$2.7M in 2024−86% since 2021
-$10.0M0$10.0M$20.0M$30.0M2021: $19.4M$19.4M20212022: $24.2M$24.2M2022+25%2023: -$6.0M-$6.0M20232024: $2.7M$2.7M2024
Fiscal year20202021202220232024
Revenue$21.1K5
Operating income-$555.5K6-$888.7K7-$1.2M5-$3.8M5
Income before tax$19.4M6$25.4M7-$5.9M5$2.7M5
Income tax$1.1K6$18.4K6$1.2M7$65.5K5$36.5K5
Net income$19.4M6$24.2M7-$6.0M5$2.7M5

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Corporate structure

CONX Corp. sits at the top of its group. 2 entities, 2 countries on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of CONX Corp.

  • CONX Corp. Littleton, Colorado
    • Red Technologies SAS Subsidiary · France

Built from subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What CONX Corp. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$23.4M5 Dec 31, 2024
Accumulated depreciation$622.1K5 Dec 31, 2024
Property and equipment, net$22.8M5 Dec 31, 2024

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$117.5M5 Dec 31, 2024$8.2K5 Dec 31, 2023+1439766.9%
Marketable securities, current$2.5M5 Dec 31, 2024
Debt securities available for sale$2.5M5 Dec 31, 2024

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$13.6M5 Dec 31, 2024
Intangible assets, net (excluding goodwill)$4.5M5 Dec 31, 2024$05 Dec 31, 2023
Indefinite-lived intangibles (excluding goodwill)$2.0M5 Dec 31, 2024
Finite-lived intangibles, net$2.5M5 Dec 31, 2024

Properties, in its own words

Other than the Property, we do not own any real estate or other physical properties materially important to our operation. We currently maintain our principal executive offices at 5701 S. Santa Fe Dr., Littleton, CO 80120, which is owned by us. We consider our current office space, combined with the other office space otherwise available to our executive officers, adequate for our current operations.

Item 2 of the 10-K filed Nov 28, 2025.4

Leadership

Who has led CONX Corp., and when. Pick a name to see everywhere that person has worked.

Chair

  1. Charlie Ergen2020–2025
2025
Board members and other officers (3)

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • Red Technologies SAS France3

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Timeline

  1. Sep 4, 20268-K Entered a material agreement; Ended a material agreement; Completed an acquisition or sale15
  2. Jun 1, 20268-K Entered a material agreement16
  3. Nov 28, 20258-K Financial statements and exhibits17
  4. Dec 6, 20248-K Entered a material agreement; Completed an acquisition or sale; Regulation FD disclosure18
  5. Nov 18, 20248-K Completed an acquisition or sale19
  6. Sep 30, 20248-K Entered a material agreement; New debt or obligation20
  7. Jul 24, 20248-K Listing notice or transfer21
  8. May 7, 20248-K Completed an acquisition or sale; Unregistered sale of shares; Change to shareholders' rights22
  9. May 3, 20248-K Listing notice or transfer23
  10. May 2, 20248-K Entered a material agreement; Unregistered sale of shares; Regulation FD disclosure24
  11. Mar 11, 20248-K Entered a material agreement25
  12. Feb 20, 20248-K Listing notice or transfer26

Filings

128 filings to the SEC since October 2021: 7 annual reports, 14 quarterly reports, 23 major events, 15 insider forms, 13 large holders, 56 other. The latest 20:

  1. Sep 4, 20268-K EDGAR
  2. Aug 14, 2026NT 10-Q EDGAR
  3. Jun 1, 20268-K EDGAR
  4. May 15, 2026NT 10-Q EDGAR
  5. Apr 13, 202610-Q EDGAR
  6. Mar 31, 2026NT 10-K EDGAR
  7. Mar 16, 202610-Q EDGAR
  8. Feb 2, 202610-Q EDGAR
  9. Feb 2, 202610-K/A EDGAR
  10. Nov 28, 202510-K EDGAR
  11. Nov 28, 20258-K/A EDGAR
  12. Nov 14, 2025NT 10-Q EDGAR
  13. Aug 14, 2025NT 10-Q EDGAR
  14. May 15, 2025NT 10-Q EDGAR
  15. Apr 3, 20254 OWNERSHIP DOCUMENT EDGAR
  16. Apr 3, 20254 OWNERSHIP DOCUMENT EDGAR
  17. Apr 3, 20254 OWNERSHIP DOCUMENT EDGAR
  18. Apr 3, 20254 OWNERSHIP DOCUMENT EDGAR
  19. Apr 3, 20254 OWNERSHIP DOCUMENT EDGAR
  20. Apr 1, 2025NT 10-K EDGAR

The 128 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

1 open-market trades by officers, directors and large owners since October 2021: 0 buys and 1 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Apr 29, 2024MMF LT, LLC10% ownerSale1,500,000$10.60$15.9MForm 4

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

SEC filer profile

How CONX Corp. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARCONX Corp.1
  • CIK0001823000
  • Employer ID (EIN)85-27286304
  • Filer statusNon-accelerated filer not an emerging growth company; a smaller reporting company; not a shell company4
  • Incorporated inNevada4
  • Fiscal year endsDecember 311
  • Industry code (SIC)6510 Real Estate Operators (No Developers) & Lessors1
  • SEC reviewing officeOffice of Real Estate & Construction, Division of Corporation Finance1
  • Business address5701 S. Santa Fe Dr., Littleton, CO 801201
  • Phone(303) 472-15421
  • Shares outstanding18,928,585 as of Apr 8, 20269
  • Public float$270.4K as of Jun 30, 20254
  • AuditorWithumSmith+Brown, PC, Irvine, California PCAOB ID 100; no auditor attestation of internal control over financial reporting4
  • On EDGAR sinceSep 3, 20201
  • Filings160 in all: 8-K (27), 10-Q (16), 4 (12), CORRESP (10), 3 (8), NT 10-Q (8), SC 13G/A (8), UPLOAD (8)1
    All 31 form types

    SC 13G (7), SC TO-I/A (7), DEFA14A (6), 10-K (5), 10-K/A (4), 424B3 (4), PRE 14A (4), S-1/A (4), DEF 14A (3), NT 10-K (3), EFFECT (2), S-1 (2), SC 13D (2), 10-Q/A (1), 25-NSE (1), 424B4 (1), 425 (1), 8-A12B (1), 8-K/A (1), CERT (1), DRS (1), SC TO-C (1), SC TO-I (1)

  • Latest filingsAnnual report (10-K) Nov 28, 2025
    Quarterly report (10-Q) Apr 13, 2026
    Proxy statement (DEF 14A) Oct 12, 2023
    Latest 8-K (8-K) Sep 4, 2026

Risk factors and legal proceedings

The risks CONX Corp. names in Item 1A of its 10-K filed Nov 28, 2025: 44 risks under these headings, as written.4

  • Risks Related to Our Business Generally
  • We may not achieve sustained growth or profitability in the future.
  • We are facing increasing competition which could impact demand for, and result in, increasing pricing pressures with respect to, our products and services.
  • Our Chairman and Director, Charles W. Ergen, through nXgen, is a controlling stockholder of the Company, having control over key decision making, which may not always be in the interest of our other stockholders.
  • Although we had approximately $117 million of cash on our balance sheet as of December 31, 2024, we may be unable to obtain additional financing to fund the operations and growth of the Company, which could compel us to restructure or abandon future transactions.
  • Raising additional capital may cause dilution to our stockholders or restrict our operations.
  • If we were deemed to become an investment company for purposes of the Investment Company Act, we would be required to institute burdensome compliance requirements and our activities would be severely restricted.
  • We face risks related to potential future acquisitions we may pursue. Any such potential future acquisition, if completed, could result in a change to our current business plan, which could adversely affect, potentially materially, the value of your securities.
  • Any future acquisitions we may pursue could result in operating difficulties, dilution and other consequences that may adversely impact our business, results of operations and financial condition.
  • Certain of our officers and directors presently have, and any of them in the future may have additional fiduciary or contractual obligations to other entities, including DISH and EchoStar, and, accordingly, may have conflicts of interest in determining to which entity a potential corporate opportunity should be presented.
  • Our business could be affected by macroeconomic uncertainties, prolonged downturns in the general economy or political changes, which could disproportionately harm our business.
  • Changes in laws or regulations, or a failure to comply with any laws and regulations, may adversely affect our business, including our ability to negotiate and complete future transactions, and results of operations.
The other 33 risks
  • Our business could be disrupted by catastrophic events and man-made problems, such as power disruptions, data security breaches, and terrorism.
  • Cyber incidents or attacks directed at us could result in information theft, data corruption, operational disruption and/or financial loss.
  • The requirements of being a public company may strain our resources and divert management’s attention.
  • We have material weaknesses in our internal control over financial reporting as of December 31, 2024. If we are unable to develop and maintain an effective system of internal control over financial reporting, we may not be able to accurately report our financial results in a timely manner, which may adversely affect investor confidence in us and materially and adversely affect our business and operating results.
  • Provisions in our Articles and Nevada law may inhibit a takeover of us, which could limit the price investors might be willing to pay in the future for our shares of Class A Common Stock and could entrench management.
  • Provisions in our Articles and Nevada law may have the effect of discouraging lawsuits against our directors and officers.
  • Risks Related to our Technology & Communications Business
  • RED Technologies is an early-stage company lacking an established record of revenue and earnings, which could subject us to volatile revenues and earnings that are difficult to predict.
  • We may incur significant additional cash payment obligations in connection with the RED Technologies acquisition and risks associated with the acquisition may create certain unforeseen claims and liabilities.
  • Although we expect that the RED Technologies acquisition will result in benefits to us, those benefits may not be realized, or may not be realized within the anticipated timeframe.
  • RED Technologies’ revenue is concentrated in a limited number of customers, and our business and prospects may suffer upon the loss of a significant customer.
  • If we are unable to take advantage of technological developments on a timely basis, or at all, we may experience a decline in demand for our services or face challenges in implementing or evolving our business strategy.
  • Our ability to successfully operate RED Technologies is dependent upon our ability to retain key personnel, including the founders and other key employees of RED Technologies. The loss of key personnel would negatively impact our operations.
  • RED Technologies’ services and licenses are subject to government regulation.
  • The risk of non-compliance with laws and regulations, including, but not limited to, the risk of changes to laws and regulations, could adversely affect our business.
  • Our failure to effectively invest in, introduce and implement new competitive products and services could cause our products and services to become obsolete and could negatively impact our business.
  • RED Technologies relies on a single vendor or a limited number of vendors to provide certain key products or services to us, and the inability of these key vendors to meet our needs could have a material adverse effect on our business.
  • Our international businesses expose us to additional risks that could harm our business.
  • If RED Technologies is unable to grow, or we fail to manage RED Technologies’ growth effectively, we may be unable to execute our business plan, maintain high levels of customer service or adequately address competitive challenges.
  • Risks Related to our Infrastructure & Real Estate Business
  • Our real estate operations depend on a single tenant for substantially all revenues.
  • Tenants that fail to comply with federal, state and local laws and regulations, including licensure, certification and inspection requirements, may cease to operate or be unable to meet their financial and other contractual obligations to us.
  • If we must replace Seller as a tenant, we might be unable to reposition the Property on as favorable terms, or at all.
  • Environmental compliance costs and liabilities associated with the Property may be substantial and may have a materially adverse effect on our real estate business, financial condition or results of operations.
  • We have limited experience in operating commercial real estate.
  • Risks Related to our Securities
  • Our securities have been delisted from Nasdaq, which has limited and may continue to limit investors’ ability to make transactions in our securities.
  • An active trading market for our securities may never develop and investors may find it difficult to buy and sell our shares, which would further adversely affect the liquidity and price of our securities.
  • The market price of our securities may decline and investors may experience a loss as a result of decreasing market prices.
  • We have a limited number of shares of Class A Common Stock outstanding, 99.3% of which is held by nXgen, which could result in continued volatility of our stock price.
  • We may elect to redeem our Series A Convertible Preferred Stock, par value $0.0001 per share (the “Preferred Stock”) at a price equal to $11.50 per share, and, if the Preferred Stock has not been converted by May 1, 2029, we will be required to redeem each share of Preferred Stock in cash at a price equal to $11.50 per share.
  • Our warrants are exercisable for shares of Class A Common Stock, which exercises will increase the number of shares of Class A Common Stock eligible for future resale in the public market and result in dilution to our existing stockholders.
  • We may redeem your unexpired warrants prior to their exercise at a time that is disadvantageous to you, thereby making your warrants worthless.
  • Our securityholders may face restrictions on the resale of our securities due to state “blue sky” laws.
  • As a result of our delisting from Nasdaq, we are more likely to require holders of Public Warrants who exercise their warrants to do so on a cashless basis and such holders may receive fewer shares of Class A Common Stock upon exercise than they would have received had they been able to pay the exercise price of their warrants in cash.
  • Non-U.S. holders may be subject to U.S. federal income tax on gain realized on the sale or other taxable disposition of Class A Common Stock and Warrants if we are a United States real property holding corporation (“USRPHC”).

Legal proceedings

To the knowledge of our management, there is no litigation currently pending against us, any of our officers or directors in their capacity as such or against any of our property.

The opening of Item 3, Legal Proceedings.4

Sources

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