Anterix (ATEX) investor relations material

Executive summary

• Net income for the quarter was $25.2 million, a $40.7 million improvement from a $15.5 million loss, driven by $33.9 million in non-cash gains from license exchanges and reduced operating expenses.

• Strong utility engagement in the oversubscribed accelerator program, with seven utilities deploying 900 MHz private LTE at scale and thousands of devices connected.

• Focus on commercializing 900 MHz spectrum assets for utility and critical infrastructure customers, with ongoing expansion of broadband license delivery and customer contracts.

• Cash and cash equivalents stood at $41.4 million at quarter end, with management confident in liquidity for at least 12 months.

• Advanced a $3 billion pipeline of prospective contract opportunities across 60+ potential customers.

Financial highlights

• Spectrum revenue was $1.4 million for the quarter, compared to $1.5 million in the prior year.

• Operating expenses decreased to $13.8 million, with a 20% year-over-year reduction.

• Recorded $33.9 million gain on exchange of intangible assets and $1.0 million gain on sale of intangible assets.

• $137–$140 million in contracted proceeds outstanding, with $10 million received during the quarter and $70 million expected in the remainder of fiscal 2026.

• Net cash used in operating activities was $3.1 million; cash and cash equivalents at quarter-end were $41.4 million.

Outlook and guidance

• Management expects cash and contracted proceeds to be sufficient for at least 12 months, but may seek additional capital depending on future contracts and spectrum acquisition costs.

• Approximately $70 million in contracted proceeds expected to be received during the remainder of fiscal 2026.

• Confident in a capital-light model, with customer-funded deployments enabling scalable growth without significant CapEx.

• No specific guidance on timing of future gains due to dependency on FCC approval and customer-driven timing.

• Expectation of over $1 billion in gains from future broadband license conversions, recognized as licenses are granted.