Anterix Inc. (ATEX)

Key figures

The last twelve months reported, with the latest price and balance sheet.

Revenue, last twelve months

$7.0M

Revenue growth

18.9%

Net income, last twelve months

$65.7M

Earnings per share

$3.50

Operating margin

1011.3%

Net margin

933.0%

Free cash flow

$10.6M

Return on equity

23.0%

Market value

$1.7B

Price to earnings

25.2x

Cash

$116.0M

Debt

$0

Debt to equity

0.00

Shares outstanding

19.6M

Financial statements

Revenue, profit and cash flow by fiscal year, each year linked to its annual report.

By quarter

What the company said with its results

From the first quarter of fiscal 2027 results, filed 11 August 2026.

• Spectrum revenue rose to $2.0 million. Spectrum revenue was $1,958 thousand, compared with $1,418 thousand in the same quarter a year earlier.
• Net income fell to $240 thousand. Net income was $240 thousand, or $0.01 per diluted share, against $25.2 million, or $1.35 per diluted share, a year earlier.
• Exchange gain was smaller than last year. Gain on exchange of intangible assets was $10.7 million, against $33.9 million a year earlier. Income from operations was a loss of $246 thousand, against income of $22.5 million.
• Interest income rose year over year. Interest income was $845 thousand, up from $442 thousand. Other income was $15 thousand, and income tax expense was $374 thousand.
• Contracted proceeds outstanding $33.1 million. About $33.1 million of contracted proceeds was outstanding at quarter end, with more than $15.7 million received from customers in the quarter. The March 31, 2026 figure was $50 million.
• Narrowband exchanged for broadband in six counties. The company exchanged narrowband for broadband licenses in 6 counties in the quarter and recorded a $10.7 million gain. The prior release covered 219 counties for the full fiscal year.
• Benton PUD spectrum sale agreement. A 10 MHz 900 MHz spectrum license sale agreement with Benton PUD was entered on April 16, 2026, for a total contract price of $0.8 million. The prior release also listed it.
• Broadband licenses held for sale. Broadband licenses held for sale were $13.0 million at June 30, 2026, shown as a current asset. No balance was shown at March 31, 2026.
• Operating expenses fell to $12.9 million. Operating expenses were $12.9 million, down from $13.8 million. General and administrative expense was $9.6 million, against $10.4 million.
• Sales and product costs rose. Sales and support expense was $1.9 million, up from $1.5 million. Product development was $1.2 million, up from $1.1 million.
• No severance charge in the quarter. No severance and other related charges were recorded in the quarter, against $620 thousand a year earlier. Accrued severance was $1.6 million at June 30, 2026.
• Stock compensation expense eased. Stock compensation expense in the cash flow statement was $3.3 million, against $3.6 million a year earlier.
• Operating cash flow turned positive. Operating cash flow was $2.0 million, against $3.1 million used a year earlier. Deferred revenue added $13.7 million to operating cash flow.
• Spectrum clearing spend of $6.7 million. Purchases of intangible assets and other related costs were $6.7 million, which the company calls spectrum clearing costs. Purchases of equipment were $36 thousand.

Company events

The newest 8-K filings of 120 held.

Every filing

The newest filings with the SEC of 268 held.

Insider trades

Form 4 trades by officers, directors and 10% owners, last 12 months.

Planned insider sales

Form 144 notices, filed when the sell order goes to the broker.

Large holders

Schedule 13D and 13G filings by holders of more than 5% of the voting shares.

Short interest

Shares sold short and not yet bought back, on each FINRA settlement date.

Funds that hold it

From each fund's latest Form 13F.

187 funds held it at 30 Jun 2026: 99 added and 47 trimmed in the quarter. The largest:

Peers

Companies in the same industry.

• Verizon Communications Inc. (VZ): revenue $138.9B, market value $179.5B
• AT&T Inc. (T): revenue $128.9B, market value $139.6B
• Lumen Technologies, Inc. (LUMN): revenue $11.8B, market value $4.9B
• Telephone & Data Systems Inc. (TDS): revenue –, market value $4.0B
• Uniti Group Inc. (UNIT): revenue $3.5B, market value $1.1B
• Shenandoah Telecommunications Co. (SHEN): revenue $371.1M, market value $543.1M

What the company does

Anterix holds licensed spectrum in the 900 MHz band (896-901/935-940 MHz) with coverage across the contiguous United States, Hawaii, Alaska and Puerto Rico, and describes itself as the nation's largest holder of this spectrum. It sells and leases that spectrum, and offers related products and services, to utility and critical infrastructure enterprises that want private broadband networks. Most of the spectrum was acquired from Sprint in September 2014. The company manages its business as a single operating and reportable segment. It had 64 employees as of 31 March 2026, and all of its identifiable assets are in the United States.

How it makes money

The company says it moved from a model built mainly on long-term spectrum leases to a broader one. It now secures and expands its spectrum position, clears and retunes spectrum, sells and leases it, and develops products and services around it. Until recently it sold spectrum only to utilities operating within Complex Systems, case by case. It now offers either a sale or a lease.

Sale revenue or gains are recognized county by county as the company delivers cleared spectrum and the associated broadband licenses. If the company fails to deliver, customers have termination rights and can seek a refund. Under the company's model it pays to secure the broadband licenses, including clearing costs, and the company says it expects customers to fund network deployment and operation.

The spectrum and the FCC rules

The FCC historically allocated about 10 MHz in the 900 MHz band, split into 40 blocks of 10 channels, for 399 channels in total. A 2020 order created a 6 MHz broadband segment of 240 channels. On 18 February 2026 the FCC adopted a new order that allows a 10 MHz broadband segment made up of two 5 MHz segments.

The FCC uses the county as the unit for deciding who may hold a broadband license, and there are 3,233 counties. A applicant must hold more than 50% of the licensed channels in a county, and the company says it alone meets that test in about 3,200 of them. As of 31 March 2026 the FCC had granted the company broadband licenses for 419 counties, including 159 transferred to customers. The company says it has agreements covering about 87% of the transactions needed to clear the broadband segment. It holds, or has held, licenses covering over 59% of MHzPop in the band.

Products built around the spectrum

CatalyX is a connectivity management service covering SIM provisioning, device management and roaming between private and public networks, through a single dashboard. TowerX is a tower access service developed with Crown Castle, which has more than 40,000 sites. The spectrum sits in 3GPP Band 8, and 3GPP has approved Band 106 and n106 as a subset of Band 8 in the United States.

Who buys from it

Electric utilities are the main target customers. The company also names ports, railroads, water, oil and gas facilities and mining operations as other groups it has identified. It also takes part in the Utilities Broadband Alliance, whose more than 100 members include 38 electric utilities and subsidiaries, and it runs a Utility Strategic Advisory Board.

Who it competes with

Competitors include spectrum holders, retail wireless providers such as Verizon, AT&T and T-Mobile, and private radio operators. The filing also names FirstNet, the nationwide public safety broadband network, as a source of competition. It notes that the buyer of T-Mobile's 800 MHz spectrum may offer that spectrum to the company's target utility customers.

Its people and offices

Of the 64 employees, 63 are full time. Staff work onsite nine days a month under a hybrid model. Executive offices are in Woodland Park, New Jersey, and McLean, Virginia. The company was incorporated in California in 1997 and reincorporated in Delaware in 2014.

*From Anterix's annual report on Form 10-K for the year ended 31 March 2026. [The filing](https://www.sec.gov/Archives/edgar/data/1304492/000130449226000027/atex-20260331.htm)*

From the company's 10-K.