Anterix (ATEX) investor relations material

Executive summary

• Nationwide active spectrum pipeline grew from nearly a dozen opportunities to 16, with at least half described as advanced or moving quickly.

• Monetization discussions span utilities, strategic spectrum buyers, satellite, critical infrastructure and enterprise markets, with nationwide and regional options under consideration.

• Strategy expanded beyond long-term leasing to include spectrum sales, clearing and retuning, and products and services intended to generate recurring revenue.

• Management emphasized preserving flexibility and pursuing the approach it believes will maximize long-term shareholder value.

Financial highlights

• Q2 FY2027 spectrum revenue was $1.958M vs. $1.552M a year earlier; H1 revenue was $3.916M vs. $2.970M, with growth mainly from TECO and Xcel agreement deliveries.

• Q2 operating loss was $5.710M vs. operating income of $60.675M; net loss was $4.993M vs. net income of $53.536M.

• Q2 G&A rose 19% to $10.0M and sales and support rose 55% to $2.3M.

• Q2 license-exchange gains were $6.092M vs. $59.602M a year earlier; H1 gains were $16.745M vs. $93.518M.

• Spectrum-clearing investment was $5.4M during the quarter.

Outlook and guidance

• Management remains confident it can clear the full 10 MHz nationwide; ~85% of nationwide spectrum remains available.

• Management expects market activity to remain strong over the next six to nine months and reported no sign of a slowdown.

• Contracted proceeds outstanding were $33.1M, including $9.6M expected during the remainder of FY2027.

• Cash and cash equivalents plus contracted customer proceeds are expected to cover obligations for at least 12 months from the report date; future capital needs depend on activity and execution.

• Spectrum lease revenue is recognized over contract terms of up to 30 years as cleared spectrum and licenses are delivered; sale revenue is recognized upon license delivery.