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Anterix Inc. Reports Full Fiscal Year 2025 Results

1. Anterix reported fiscal 2025 financial results with notable spectrum sale agreements. 2. Company's perspective projects $3 billion pipeline of prospective contracts. 3. Strategic review process initiated after inbound interest to enhance operations. 4. Share repurchase program has $227.7 million remaining until September 2026. 5. Significant liquidity assets include $47.4 million in cash and no debt.

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FAQ

Why Bullish?

The reported financial results, new contracts, and liquidity position suggest growth potential for ATEX. Historical examples show similar trends resulting in stock price increases.

How important is it?

The article covers critical financial updates and strategic initiatives that could significantly influence market perception.

Why Long Term?

The $3 billion pipeline and ongoing strategic reviews indicate sustainable growth opportunities. Past initiatives have contributed positively to ATEX's long-term performance.

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AMRNAMERONCR
June 24, 2025 16:30 ET  | Source: Anterix Inc. WOODLAND PARK, N.J., June 24, 2025 (GLOBE NEWSWIRE) -- Anterix (NASDAQ: ATEX) today announced fiscal 2025 fourth quarter and full fiscal year financial results and filed its 10-K for the year ended March 31, 2025. The Company also issued an update on its Demonstrated Intent metric which can be found on Anterix’s website at https://investors.anterix.com/events-presentations. Full Year FY2025 Financial and Operational Highlights Appointed Scott Lang as President and Chief Executive Officer effective October 8, 2024Appointed Thomas Kuhn as Executive Chairman of the Board in January 2025Executed new spectrum sale agreements with Oncor Electric Delivery Company LLC (“Oncor”) for $102.5 million in June 2024 and Lower Colorado River Authority (“LCRA”) for $13.5 million in January 2025Received milestone payments of $8.5 million from Ameren Corporation (“Ameren”) and $44.0 million from OncorApproximately $147 million of contracted proceeds outstanding with approximately $80 million to be received in fiscal 2026Exchanged narrowband for broadband licenses in 67 counties and recorded a $22.8 million gainInvested $18.1 million in spectrum clearing costsSecured FCC approval of a Notice of Proposed Rulemaking to expand the current paired 3 x 3 MHz broadband segment to a paired 5 x 5 MHz broadband segment within the 900 MHz band in January 2025Initiated a strategic review process after receiving inbound interest in the Company in February 2025 which remains ongoingLaunched the AnterixAccelerator™ industry engagement initiative in March 2025 to speed up utility adoption of private broadband networks; the program is now oversubscribed with utilities actively engaged in discussions and negotiations for $250 million in 900 MHz spectrum incentivesApproximately $3 billion pipeline of prospective contract opportunities across 60+ potential customers Fourth Quarter FY2025 Financial Highlights Exchanged narrowband for broadband licenses in 47 counties and recorded a $2.0 million gainTransferred four broadband licenses to Oncor and recorded an $18.3 million gain on the sale of intangible assetsInvested $5.5 million in spectrum clearing costsSuccessfully identified and executed on several measures to reduce operating expenses, mainly through cuts in consulting fees and headcount costs Liquidity and Balance Sheet At March 31, 2025, the Company had no debt and cash and cash equivalents of $47.4 million. In addition, the Company had a restricted cash balance of $7.7 million in escrow deposits. The Company has an authorized share repurchase program for up to $250.0 million of the Company’s common stock on or before September 21, 2026. In the fiscal 2025 fourth quarter and full fiscal, Anterix had share repurchase activity of $2.0 million and $8.4 million, respectively. As of March 31, 2025, $227.7 million is remaining under the share repurchase program. Conference Call Information Anterix senior management will hold an analyst and investor conference call to provide a business update at 9:00 A.M. ET on Wednesday, June 25, 2025. Participants interested in joining the call’s live question and answer session are required to pre-register by clicking on the following link https://investors.anterix.com/events/event-details/q4-fy2025-anterix-earnings-conference-call to obtain a dial-in number and unique PIN. It is recommended that you join the call at least 10 minutes before the conference call begins. The call is also being webcast live and will be accessible on the Investor Relations section of Anterix’s website at https://investors.anterix.com/events-presentations. Following the event, a replay of the call will also be available on the Anterix website. About Anterix Inc. At Anterix, we work with leading utilities and technology companies to harness the power of 900 MHz broadband for modernized grid solutions. Leading an ecosystem of more than 125 members, we offer utility-first solutions to modernize the grid and solve the challenges that utilities are facing today. As the largest holder of licensed spectrum in the 900 MHz band (896-901/935-940 MHz) throughout the contiguous United States, plus Alaska, Hawaii, and Puerto Rico, we are uniquely positioned to enable private wireless broadband solutions that support cutting-edge advanced communications capabilities for a cleaner, safer, and more secure energy future. To learn more and join the 900 MHz movement, please visit www.anterix.com. Forward-Looking Statements Certain statements contained in this press release constitute forward-looking statements within the meaning of the federal securities laws that involve risks and uncertainties. Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate or imply future events or achievements such as statements in this press release related to Anterix’s business, financial results, outlook, or opportunities. Actual events or results may differ materially from those contemplated in this press release. Forward-looking statements speak only as of the date they are made and readers are cautioned not to put undue reliance on such statements, as they are subject to a number of risks and uncertainties that could cause Anterix’s actual future results to differ materially from results indicated in the forward-looking statement. Such statements are based on assumptions that could cause actual results to differ materially from those in the forward-looking statements, including: (i) the timing of payments under customer agreements; (ii) Anterix’s ability to clear the 900 MHz Broadband Spectrum on a timely basis and on commercially reasonable terms; (iii) Anterix’s ability to timely secure broadband licenses; (iv) Anterix’s ability to successfully commercialize its spectrum assets to its targeted utility customers in accordance with its plans and expectations; (v) Anterix’s ability to execute on its customer engagement initiatives; (vi) the timing and outcome of Anterix’s strategic review process; (vii) whether Anterix will be able to identify, develop or execute on any actions as a result of its strategic review process and (viii) competition in the market for spectrum and spectrum solutions offered by Anterix. Actual events or results may differ materially from those contemplated in this press release. Anterix’s filings with the Securities and Exchange Commission (“SEC”), which you may obtain for free at the SEC’s website at http://www.sec.gov, discuss some of the important risk factors that may affect the Company’s financial outlook, business, results of operations and financial condition. Anterix undertakes no obligation to update publicly or revise any forward-looking statements contained herein. Shareholder Contact Natasha Vecchiarelli Vice President, Investor Relations & Corporate Communications Anterix 973-531-4397 nvecchiarelli@anterix.com   Anterix Inc.Earnings Release TablesConsolidated Balance Sheets(in thousands, except share and per share data)  March 31, 2025 March 31, 2024ASSETSCurrent assets   Cash and cash equivalents$47,374  $60,578 Non-trade receivable 2,926   — Spectrum receivable 7,107   8,521 Escrow deposits 547   — Prepaid expenses and other current assets 2,801   3,912 Total current assets 60,755   73,011 Escrow deposits 7,103   7,546 Property and equipment, net 1,302   2,062 Right of use assets, net 4,829   4,432 Intangible assets 228,983   216,743 Deferred broadband costs 28,944   19,772 Other assets 1,188   1,328 Total assets$ 333,104  $ 324,894 LIABILITIES AND STOCKHOLDERS’ EQUITYCurrent liabilities   Accounts payable and other accrued expenses$9,075  $8,631 Accrued severance and other related charges 2,265   — Due to related parties 30   — Operating lease liabilities 1,643   1,850 Contingent liability 8,093   1,000 Deferred revenue 6,095   6,470 Total current liabilities 27,201   17,951 Operating lease liabilities 3,747   3,446 Contingent liability 15,336   15,000 Deferred revenue 118,577   115,742 Deferred gain on sale of intangible assets 4,911   4,911 Deferred income tax 6,606   6,281 Other liabilities 125   531 Total liabilities 176,503   163,862 Commitments and contingencies   Stockholders’ equity   Preferred stock, $0.0001 par value per share, 10,000,000 shares authorized and no shares outstanding at March 31, 2025 and March 31, 2024 —   — Common stock, $0.0001 par value per share, 100,000,000 shares authorized and 18,612,804 shares issued and outstanding at March 31, 2025 and 18,452,892 shares issued and outstanding at March 31, 2024 2   2 Additional paid-in capital 548,542   533,203 Accumulated deficit (391,943)  (372,173)Total stockholders’ equity 156,601   161,032 Total liabilities and stockholders’ equity$ 333,104  $ 324,894      Anterix Inc.Earnings Release TablesConsolidated Statements of Operations (in thousands, except share and per share data)         Three Months Ended March 31, Year Ended March 31,  2025   2024   2025   2024 Spectrum revenue$1,389  $1,260  $6,031  $4,191         Operating expenses       General and administrative 9,220   9,593   42,671   44,423 Sales and support 1,594   1,728   6,110   5,693 Product development 1,089   2,243   5,735   5,697 Severance and other related charges 258   —   3,771   — Depreciation and amortization 76   191   548   844 Operating expenses 12,237   13,755   58,835   56,657 Gain on exchange of intangible assets, net (1,953)  (1,989)  (22,799)  (35,024)Gain on sale of intangible assets, net (18,294)  —   (18,294)  (7,364)Loss from disposal of long-lived assets, net 3   5   3   44 Income (loss) from operations 9,396   (10,511)  (11,714)  (10,122)Interest income 446   926   2,159   2,374 Other income 40   44   75   233 Income (loss) before income taxes 9,882   (9,541)  (9,480)  (7,515)Income tax expense (benefit) 674   (130)  1,892   1,613 Net income (loss)$9,208  $(9,411) $(11,372) $(9,128)Net income (loss) per common share basic$0.50  $(0.51) $(0.61) $(0.49)Net income (loss) per common share diluted$0.49  $(0.51) $(0.61) $(0.49)Weighted-average common shares used to compute basic net income (loss) per share 18,577,700   18,483,292   18,562,446   18,765,190 Weighted-average common shares used to compute diluted net income (loss) per share 18,709,205   18,483,292   18,562,446   18,765,190          Anterix Inc.Earnings Release TablesConsolidated Statements of Cash Flows(in thousands)         Three Months Ended March 31, Year Ended March 31,  2025   2024   2025   2024 CASH FLOWS FROM OPERATING ACTIVITIES       Net income (loss)$9,208  $(9,411) $(11,372) $(9,128)Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities       Depreciation and amortization 76   191   548   844 Stock compensation expense 2,912   3,483   13,531   15,507 Deferred income taxes (130)  (51)  325   841 Rights of use assets 431   2,770   1,657   1,512 Gain on exchange of intangible assets, net (1,953)  (1,989)  (22,799)  (35,024)Gain on sale of intangible assets, net (18,294)  —   (18,294)  (7,364)Loss from disposal of long-lived assets, net 3   5   3   44 Changes in operating assets and liabilities       Non-trade receivable (2,926)  —   (2,926)  — Prepaid expenses and other assets (139)  (1,493)  1,126   (1,171)Accounts payable and other accrued expenses 167   348   550   1,936 Accrued severance and other related charges (25)  —   2,265   — Due to related parties 30   —   30   (533)Operating lease liabilities (507)  (2,865)  (1,960)  (1,924)Contingent liability (4,001)  —   5,999   15,000 Deferred revenue (1,389)  15,152   2,460   61,453 Other liabilities (18)  —   (406)  — Net cash (used in) provided by operating activities (16,555)  6,140   (29,263)  41,993 CASH FLOWS FROM INVESTING ACTIVITIES       Purchases of intangible assets, including refundable deposits, retuning costs and swaps (5,474)  (2,222)  (18,095)  (17,031)Proceeds from sale of spectrum 40,935   —   40,935   25,427 Purchases of equipment (46)  (40)  (87)  (307)Net cash provided by (used in) investing activities 35,415   (2,262)  22,753   8,089 CASH FLOWS FROM FINANCING ACTIVITIES       Proceeds from stock option exercises 1,691   770   3,651   777 Repurchase of common stock (1,955)  (5,970)  (8,398)  (24,676)Payments of withholding tax on net issuance of restricted stock —   (104)  (1,843)  (1,241)Net cash used in financing activities (264)  (5,304)  (6,590)  (25,140)Net change in cash and cash equivalents and restricted cash 18,596   (1,426)  (13,100)  24,942 CASH AND CASH EQUIVALENTS AND RESTRICTED CASH       Cash and cash equivalents and restricted cash at beginning of the year 36,428   69,550   68,124   43,182 Cash and cash equivalents and restricted cash at end of the year$ 55,024  $ 68,124  $ 55,024  $ 68,124          The following tables provide a reconciliation of cash and cash equivalents and restricted cash reported on the Consolidated Balance Sheets that sum to the total of the same such amounts on the Consolidated Statements of Cash Flows:  March 31, 2025 March 31, 2024 March 31, 2023Cash and cash equivalents$47,374  $60,578  $43,182 Escrow deposits 7,650   7,546   — Total cash and cash equivalents and restricted cash$ 55,024  $ 68,124  $ 43,182          December 31, 2024 December 31, 2023Cash and cash equivalents  $28,797  $62,033 Escrow deposits   7,631   7,517 Total cash and cash equivalents and restricted cash  $ 36,428  $ 69,550        Anterix Inc.Earnings Release TablesOther Financial Information(in thousands except per share data)         Three Months Ended March 31, Year Ended March 31,  2025   2024   2025   2024 Number of shares repurchased and retired 50   173   245   736 Average price paid per share*$38.63  $33.80  $33.71  $33.72 Total cost to repurchase$1,955  $5,970  $8,398  $24,676  *Average price paid per share includes costs associated with the repurchases, excluding excise taxes associated with the share repurchases.   As of March 31, 2025, $227.7 million is remaining under the share repurchase program.

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