Anterix (ATEX) investor relations material

Regulatory and market positioning

• Achieved expansion from 6 MHz to 10 MHz of licensed low-band spectrum, enhancing asset value and market appeal.

• Spectrum is highly scarce, with recent industry transactions (SpaceX, Rocket Lab, Iridium) validating strong demand and limited supply.

• Current market cap values spectrum at $0.60 per MHz-pop, far below recent auction comparables at $2.50, indicating significant upside.

• Flexible use designation allows for both terrestrial and satellite applications, increasing monetization options.

• Ongoing regulatory developments, including SpaceX's FCC filing, could further expand build-out and monetization pathways.

Monetization strategy and customer engagement

• Actively negotiating with about a dozen utilities, with most discussions focused on pricing adjustments reflecting rising spectrum value.

• 85% of nationwide MHz-pops remain to be monetized, with each transaction raising the value of remaining assets.

• Healthy balance sheet with $116 million in cash and no debt enables patience in pursuing optimal deals.

• Optionality exists to monetize spectrum through utility leases, a single large transaction, or satellite partnerships.

• Internal pricing discussions are frequent, reflecting dynamic market conditions and competitive interest.

Industry trends and competitive landscape

• Sub-1 GHz spectrum is extremely limited, with only two main blocks (800 MHz and 900 MHz) available for new entrants.

• Major tech and satellite players (SpaceX, Amazon, Apple, Rocket Lab) are actively seeking low-band spectrum for direct-to-device and hybrid networks.

• Satellite connectivity is increasingly seen as a complement or alternative to terrestrial networks, especially for remote or hard-to-reach areas.

• Utilities are leveraging spectrum for advanced use cases like wildfire mitigation, predictive maintenance, and outage prevention.

• Federal and local regulators are supportive of utility modernization, with spectrum as a key enabler.