Anterix (ATEX) investor relations material

Executive summary

• Achieved $72.1 million net income for the nine months ended December 31, 2025, reversing a prior year net loss, primarily due to large non-cash gains on spectrum license exchanges and sales.

• Secured $400 million in contract value from 8 flagship utility customers and reported $123 million in contracted proceeds outstanding, with over $80 million expected in Q4 FY2026.

• Launched new utility-focused products and services, including the Anterix Accelerator Program, TowerX, and CatalyX, to drive recurring revenue and support broadband deployment.

• Entered a $13 million spectrum sale agreement with CPS Energy, with half payable upfront and half at the end of FY2027.

• FCC announced a vote to expand 900 MHz broadband allocation from 6 MHz to 10 MHz, expected to enhance private wireless broadband for utilities.

Financial highlights

• Operating expenses for the nine months decreased 20% year-over-year to $37.5 million, mainly due to lower headcount and professional services.

• Projected cash proceeds for the fiscal year increased to $120 million, with cash and cash equivalents at $29.5 million as of December 31, 2025.

• Spectrum revenue was $1.6 million for the quarter and $4.5 million for the nine months, with all revenue from U.S. utility and critical infrastructure customers.

• Deferred revenue increased to $132.6 million, reflecting milestone payments from customer contracts.

• Over $80 million to be collected in Q4, including a $6.5 million initial payment from CPS Energy.

Outlook and guidance

• Management expects cash and equivalents, along with contracted proceeds, to be sufficient for at least 12 months, but may seek additional capital depending on contract timing and spectrum acquisition costs.

• Pipeline of prospective contract opportunities remains robust at approximately $3 billion across 60+ potential customers.

• Expecting first year of positive GAAP net income and further regulatory support, with the FCC considering a Report and Order to enable broadband deployment across the full 10 MHz of the 900 MHz band.

• Ongoing active negotiations with a range of utilities, including some of the largest in the country.