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ATEX

Anterix Inc.

ATEX

Anterix Inc. • NASDAQ
$20.56 ▲ 0.34% (+0.07)
Market Cap $384.90 M
52w High $42.91
52w Low $17.58
Dividend Yield 0%
P/E 4.01
Volume 79.94K
Outstanding Shares 18.72M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q2-2026 $1.552M ▲ $-59.123M ▼ $53.536M ▲ 3.449K% ▲ $2.86 ▲ $61.187M ▲
Q1-2026 $1.418M ▲ $-21.063M ▼ $25.18M ▲ 1.776K% ▲ $1.35 ▲ $-11.644M ▼
Q4-2025 $1.389M ▼ $-8.007M ▼ $9.208M ▲ 662.923% ▲ $0.5 ▲ $-10.514M ▼
Q3-2025 $1.566M ▲ $-5.466M ▼ $7.71M ▲ 492.337% ▲ $0.41 ▲ $-10.066M ▲
Q2-2025 $1.551M $14.681M $-12.766M -823.082% $-0.69 $-12.979M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q2-2026 $39.07M ▼ $420.375M ▲ $180.028M ▲ $240.347M ▲
Q1-2026 $41.432M ▼ $359.577M ▲ $174.806M ▼ $184.771M ▲
Q4-2025 $47.374M ▲ $333.104M ▲ $176.503M ▼ $156.601M ▲
Q3-2025 $28.797M ▼ $326.679M ▲ $181.934M ▲ $144.745M ▲
Q2-2025 $43.129M $317.237M $178.174M $139.063M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2026 $53.536M ▲ $1.404M ▲ $-604K ▲ $-907K ▼ $1.389M ▲ $1.404M ▲
Q1-2026 $25.18M ▲ $-3.14M ▲ $-2.665M ▼ $-642K ▼ $-6.447M ▼ $-7.106M ▲
Q4-2025 $9.208M ▲ $-16.555M ▼ $35.415M ▲ $-264K ▲ $18.596M ▲ $-22.075M ▼
Q3-2025 $7.71M ▲ $-7.699M ▼ $-1.717M ▲ $-4.893M ▼ $-14.309M ▼ $-2.258M ▲
Q2-2025 $-12.766M $-2.648M $-5.545M $-362K $-8.586M $-2.689M

Revenue by Products

Product Q3-2025Q4-2025Q1-2026Q2-2026
Ameren Corporation
Ameren Corporation
 $0 ▲$0 ▲$0 ▲$0 ▲
Evergy
Evergy
 $0 ▲$0 ▲$0 ▲$0 ▲
Spectrum
Spectrum
 $0 ▲$0 ▲$0 ▲$0 ▲
Motorola
Motorola
 $0 ▲$0 ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Anterix’s income statement still looks like that of an early-stage commercialization story rather than a mature telecom operator. Revenue has only just begun to show up and remains tiny relative to expenses, so the company continues to run operating and net losses year after year. Those losses have narrowed somewhat recently but are still meaningful, reflecting ongoing spending on people, technology, sales efforts, and ecosystem development while spectrum monetization ramps slowly. In simple terms, the business model is not yet proven at scale and depends heavily on future contract wins and spectrum deals to shift from loss-making to sustainably profitable operations.

Balance Sheet

Balance Sheet The balance sheet is anchored by a sizable base of assets, including spectrum rights, with a modest cash position and very limited debt. Shareholders’ equity remains positive but has gradually been eroded by repeated annual losses. There is no sign of an overleveraged structure, which reduces financial risk, but the cushion is not unlimited. Over time, if losses persist without a clear step-up in monetization, the company may need either to further optimize costs, use more debt, or raise additional equity to support its plans. Overall, it is asset-rich, lightly indebted, but slowly consuming its equity base.

Cash Flow

Cash Flow Cash flow patterns show a company investing ahead of revenue. Operating cash flow has swung between positive and negative, reflecting the lumpiness of deals and timing of payments, while free cash flow has generally been negative because of ongoing investment in the network, spectrum, and related infrastructure. This means cash is being used, not generated, and the business still relies on its existing cash reserves and past financings. The key risk is duration: the longer it takes to convert the spectrum portfolio into steady, recurring cash inflows, the tighter the cash position can become, even if the long-term opportunity is attractive.

Competitive Edge

Competitive Edge Anterix’s competitive position rests on a very specific and hard-to-replicate asset: its broad holdings of licensed 900 MHz spectrum dedicated to private wireless networks for utilities and critical infrastructure. The combination of scarce spectrum, regulatory barriers to new entrants, and a large partner ecosystem gives it a meaningful moat in this niche. Its focus on mission-critical, utility-grade communications further differentiates it from general-purpose wireless providers. The flip side is concentration risk: the addressable market is focused, sales cycles are long, and customer decisions are conservative, so growth depends on steadily building trust and converting large, complex deals one by one.

Innovation and R&D

Innovation and R&D Innovation at Anterix is less about basic research and more about turning its spectrum into a full solution stack for utilities. The company is pushing private LTE (and eventually 5G) networks at 900 MHz, building programs to lower adoption barriers, and partnering on tower access, roaming, and hybrid networks that mix multiple spectrum bands. Its ecosystem strategy—bringing many vendors and integrators together—is a form of “R&D by partnership,” extending capabilities without carrying all the development cost internally. The opportunity is to ride long-term trends like grid modernization, AI-driven analytics, and the growth of connected devices; the risk is that technical and regulatory complexity, plus cautious utility spending, can delay the payoff from these efforts.

Summary

Anterix is essentially a spectrum and infrastructure monetization story aimed at utilities and critical infrastructure, not a traditional telecom operator with a broad consumer base. Financials show a company still in the investment and build-out phase: limited revenue, ongoing losses, negative free cash flow, but a sizable spectrum asset base and low leverage. Strategically, its moat is strong—anchored in exclusive spectrum rights, regulatory barriers, and a large partner ecosystem—but success hinges on converting that advantage into a steady stream of long-term contracts. The main things to watch are the pace and size of new utility agreements, how cash burn evolves versus remaining liquidity, and any regulatory or technology milestones (such as expanded 5G capabilities) that could either accelerate or slow adoption. Overall, this is a focused, high-potential, high-execution-risk telecom niche player, still early in its monetization curve.

NEWS

November 27, 2025 · 4:54 PM UTC

ATEX Provides Corporate Update

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November 14, 2025 · 5:00 PM UTC

ATEX Provides Corporate Update

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November 12, 2025 · 5:20 PM UTC

Anterix Inc. Reports Second Quarter Fiscal Year 2026 Results

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November 12, 2025 · 4:00 PM UTC

Anterix Launches Groundbreaking Utility Tower Access Product with Crown Castle to Accelerate 900 MHz Private Network Deployments

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November 3, 2025 · 6:12 PM UTC

ATEX Announces Filing of Technical Report for Valeriano Project on Updated Mineral Resource Estimate

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