Anterix Inc.

Anterix Inc. is the nation's largest holder of licensed 900 MHz spectrum (896-901/935-940 MHz) with coverage spanning the contiguous United States, Hawaii, Alaska, and Puerto Rico. The company's mission is to transform critical infrastructure connectivity, commercialize its spectrum assets, and deliver advanced intelligent infrastructure solutions, including private broadband networks, tower access, and turnkey connectivity management, to utility and critical infrastructure enterprises seeking to enhance operational efficiency, strengthen grid resilience, and accelerate digital transformation. The electric utility industry is undergoing a fundamental transformation driven by grid modernization efforts and the drive to reduce carbon emissions, with legacy communications systems facing increasing interference, higher cyber threats, and equipment approaching end of life. The 900 MHz private wireless network allows utilities to have full control of the design, construction, and operation of their network, fostering heightened efficiency, resiliency, security, and responsiveness.

Primary competitors include spectrum holders, retail wireless network providers such as Verizon, AT&T, and T-Mobile, private radio operators, and other public and private companies, including potential new spectrum entrants. In February 2025, T-Mobile announced an agreement to sell its 800 MHz spectrum holdings, and the buyer has indicated it may make this spectrum available to target utility customers, creating direct competition. Many competitors have a long track record of providing technologies to targeted customers, greater political and regulatory influence, more resources, substantially greater product development and marketing budgets, greater name and brand recognition, a significantly greater base of customers, and more financial and personnel resources. Anterix alone satisfies the 50% Licensed Spectrum Test in approximately 3,200 counties of the 3,233 counties in the United States and its territories, and holds or has held licenses nationwide covering over 59% of MHzPop in the 900 MHz band.

The company generates revenue through a broader operating model that includes securing and expanding its spectrum position, clearing and retuning spectrum, monetizing spectrum through both sales and long-term leases, and developing a growing portfolio of products and services offerings around its spectrum designed to generate recurring revenue. For spectrum lease agreements, payments received from customers are recorded as deferred revenue, with revenue recognized ratably over the contractual term beginning on the date the company delivers cleared 900 MHz Broadband Spectrum and the associated broadband leases on a county-by-county basis. For spectrum sale agreements entered into after December 31, 2025, revenue and cost of sales are recognized on a gross basis in accordance with ASC 606 upon delivery of the cleared spectrum and associated broadband licenses. The primary customer segments are utility and critical infrastructure enterprises, with the electric utility industry identified as the primary target customer group.

The company's spectrum lease agreements include agreements with Ameren Corporation for a 30-year initial term with total consideration of $47.7 million ¹, Evergy Services, Inc. for a 20-year initial term with total consideration of $30.2 million ², Xcel Energy Services Inc. for a 20-year initial term with total consideration of $80.0 million ³, and Tampa Electric Company for a 20-year initial term with total consideration of $34.5 million ⁴. As of March 31, 2026, payments received under these lease agreements were $31.4 million ⁵ from Ameren, $30.2 million ⁶ from Evergy, $76.0 million ⁷ from Xcel Energy, and $34.5 million ⁸ from TECO. The company's spectrum sale agreements entered into after December 31, 2025 include agreements with CPS Energy for total consideration of $13.0 million ⁹, Texas-New Mexico Power Company for total consideration of $3.2 million ¹⁰, and NorthWestern Energy for total consideration of $7.7 million ¹¹. Spectrum sale agreements entered into prior to December 31, 2025 include agreements with San Diego Gas & Electric for total consideration of $50.0 million ¹², Lower Colorado River Authority for $30.0 million ¹³, LCRA Expansion Agreement for $13.5 million ¹⁴, and Oncor Electric Delivery Company LLC for $102.5 million ¹⁵.

The company launched TowerX, a tower site access service, and CatalyX, a turnkey connectivity management solution. On February 18, 2026, the FCC adopted the 2026 Report and Order to expand the 900 MHz broadband segment from 6 MHz to 10 MHz. The company delivered broadband licenses to customers in 155 counties and recorded a $34.8 million ¹⁶ gain on the sale of intangible assets. The company exchanged narrowband for broadband licenses in 219 counties and recorded a $105.4 million ¹⁷ gain. The company repurchased 43,175 ¹⁸ shares of Anterix stock for a total of $1.0 million ¹⁹. Subsequent to year end, in April 2026, the company entered into a new spectrum sale agreement with Benton PUD for total consideration of $0.8 million ²⁰.

Net income for fiscal 2026 increased by approximately $102.0 million, or 897%, to $90.6 million ²¹ from a net loss of $11.4 million ²² in fiscal 2025. Spectrum revenues increased by $0.5 million, or 8%, to $6.5 million ²³ in fiscal 2026 from $6.0 million ²⁴ in fiscal 2025. General and administrative expenses decreased by $6.6 million, or 15%, to $36.1 million ²⁵ in fiscal 2026 from $42.7 million ²⁶ in fiscal 2025. The gain on exchange of intangible assets, net increased by $82.6 million, or 362%, to $105.4 million ²⁷ in fiscal 2026 from $22.8 million ²⁸ in fiscal 2025. The gain on sale of intangible assets, net increased by $16.5 million, or 90%, to $34.8 million ²⁹ in fiscal 2026 from $18.3 million ³⁰ in fiscal 2025.

The company's primary growth vector is the commercialization of its 900 MHz spectrum assets to utility and critical infrastructure customers, with a focus on the electric utility industry. The company has identified other customer groups including ports, railroads, water, oil and gas facilities, and mining operations where there is believed to be customer demand. The company is working with federal and state agencies to educate them about the benefits of private broadband LTE networks, and with state agencies and commissions that regulate electric utilities to gain support for allowing utilities to pass capital costs to ratepayers. The company is also engaging with the Utilities Broadband Alliance, which includes 38 electric utilities and subsidiaries among its more than 100 members, and the Anterix Active Ecosystem, which includes participation of over 150 innovative technology companies.

The company is developing expanded value-added product and services offerings including CatalyX, a turnkey connectivity management solution, and TowerX, a tower site access service. CatalyX is the first AAE commercial service on the company's integrated platform, providing SIM technology, device SIM management, and private to public roaming. TowerX was developed in partnership with Crown Castle, one of the nation's largest tower companies, providing access to a broad network of tower infrastructure including Crown Castle's 40,000 plus sites. The company is also working within 3GPP to develop technical specifications for 6G, and 3GPP has approved and incorporated Band 106 and n106 in its specifications, designated for LTE and 5G respectively.The company's operational outlook includes continued spectrum clearing efforts, with a dedicated clearing team focused on negotiating agreements to transition Covered Incumbents from the 3 x 3 MHz broadband segment. To date, the company has successfully negotiated and executed agreements representing approximately 87% of the transactions required to clear the licensed 900 MHz Broadband segment channels, including six Complex Systems. The company has 64 total employees and 63 full time employees as of March 31, 2026.

The company's capital allocation includes the 2023 Share Repurchase Program authorized by the Board in September 2023, pursuant to which the company may repurchase up to $250.0 million ³¹ of its common stock on or before September 21, 2026. As of March 31, 2026, $226.7 million ³² is remaining under the program. The company repurchased 43,175 ³³ shares for $1.0 million ³⁴ in fiscal 2026. The company does not pay dividends and has never declared or paid any cash dividends on its common stock.

The company faces structural headwinds including the potential that utilities or other critical infrastructure enterprises may not elect to acquire use of broadband licenses on terms satisfactory to the company, and that many geographic areas may have only one or a limited number of potential customers. The company's ability to commercialize spectrum assets depends on the continued commercial availability of technology, products, and solutions that can utilize the broadband licenses, and chipmakers may not continue to develop the required technology. Adverse economic conditions including inflation, trade restrictions and tariffs, regulatory actions, and geopolitical matters may result in supply chain issues that limit customers' ability to obtain necessary technology.

Regulatory constraints include the requirement to satisfy the 50% Licensed Spectrum Test, the 90% Broadband Segment Test or the 5 x 5 Broadband Segment Test, and the 240 or 399 Channel Requirement to obtain broadband licenses. The voluntary exchange process may not allow the company to clear or relocate incumbents in certain counties in a timely manner. Complex Systems are exempt from Mandatory Retuning, and the Association of American Railroads holds a nationwide geographic license for the 900 MHz A Block and is not subject to Mandatory Retuning. The FCC has retained the 600 MHz auction prices to calculate Anti-Windfall Payments, but upon publication of the 2026 Report and Order in the Federal Register, the county population will be based on the 2020 rather than 2010 Census.

The company may not be successful in commercializing its spectrum assets to targeted utility and critical infrastructure customers on a timely basis and on commercially favorable terms, including the ability to monetize spectrum on financial terms consistent with its business plan and assumptions. The company's commercial agreements are subject to contingencies including the delivery of cleared spectrum and broadband licenses on a timely basis, and there is no assurance that payments received to date will not be subject to repayment. The company faces direct competition from the buyer of T-Mobile's 800 MHz spectrum, which could reduce the number of agreements the company can secure and reduce prices customers are willing to pay. The company's plans depend on its ability to continue to qualify for and obtain broadband licenses from the FCC in accordance with the requirements of the Report and Order, including the enhanced standards required to qualify for the 5 x 5 MHz broadband licenses under the 2026 Report and Order. The voluntary exchange process and the exemption of Complex Systems from mandatory retuning may not allow the company to clear or relocate incumbents in certain counties in a timely manner and on commercially reasonable terms, or at all.

Management's message emphasizes the evolution of the company's business strategy from a model focused predominantly on long-term spectrum leasing to a broader operating model that includes securing and expanding spectrum position, clearing and retuning spectrum, monetizing spectrum through both sales and long-term leases, and developing a growing portfolio of products and services offerings. The company introduced a new brand and visual identity during the fourth quarter reflecting this evolution. Key strategic priorities include progressing prospective customers through the pipeline, engaging with federal and state agencies to encourage policies supporting PLTE solutions, developing expanded value-added product and services offerings, enabling and scaling the Anterix Active Ecosystem, and enhancing product and deployment execution. The company received $127.0 million ³⁵ of contracted proceeds from customers with $50 million ³⁶ of contracted proceeds outstanding.