Anterix (ATEX) investor relations material

Executive summary

• Reported net income of $53.5 million for Q2 FY2026, a significant turnaround from a net loss of $12.8 million in the prior year quarter, driven by gains on license exchanges and sales.

• Marked one-year anniversary of CEO, highlighting strengthened foundation, customer relationships, and strategic positioning for industry impact and growth.

• Launched TowerX and CatalyX solutions, targeting a $1 billion annual addressable market in utility private wireless networks.

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

• Progressed negotiations with new customers, including a large utility organization, aiming for broader contract deployment.

Financial highlights

• Spectrum revenue was $1.6 million for the quarter, nearly unchanged year-over-year.

• Recorded a total gain of $71 million in the quarter: $60 million from license exchanges and $11 million from license sales.

• Operating expenses decreased to $11.9 million from $14.7 million year-over-year, mainly from lower headcount, professional services, and stock compensation.

• Cash and cash equivalents at quarter-end were $39.1 million, with no debt outstanding.

• Received $29 million in milestone customer payments and $19 million in accelerated payments, raising projected FY2026 cash proceeds to $100 million from prior $80 million guidance.

Outlook and guidance

• Over $60 million in customer proceeds expected to be received by the end of fiscal 2026.

• $114 million in contracted proceeds outstanding, with $29 million received in the quarter.

• Management expects cash and equivalents, along with contracted proceeds, to be sufficient for at least the next 12 months.

• No guidance provided on future non-cash gains from license exchanges due to dependency on FCC timing.

• Future capital needs depend on customer contracts, spectrum acquisition costs, and ability to deliver broadband licenses.