Anterix (ATEX) Noble Capital Markets Virtual Equity Conference summary

Strategic positioning and business model

• Holds the largest licensed 900 MHz spectrum in the U.S., enabling private LTE solutions for utilities and critical infrastructure.

• Focuses on investor-owned utilities (IOUs) with large footprints and strong credit, offering long-term leases and sales contracts.

• Business model leverages upfront payments, resulting in a healthy balance sheet and enabling a $250 million share repurchase program.

• Pipeline includes over 60 potential customers valued at approximately $3 billion, with current contracts totaling $375 million.

• Ecosystem of 150+ partners supports device, service, and solution integration for utility customers.

Market opportunity and industry trends

• Utilities face increasing demand for secure, resilient, and modernized grid communications due to evolving power generation and consumption patterns.

• Private wireless networks are preferred over fiber for cost and performance, enabling real-time monitoring and control of millions of devices.

• The 900 MHz low-band spectrum offers superior coverage and cost efficiency, requiring fewer cell sites than higher bands.

• Demand for private LTE is driven by the need to digitize, automate, and future-proof utility operations.

• Expansion into other verticals, such as water and gas utilities, and rural telecom co-ops is underway.

Financial performance and outlook

• $200 million collected from $375 million in signed contracts; remaining $175 million to be paid over the next few years, with $100 million expected in the next fiscal year.

• Fully funded with $52 million in cash and no debt as of June 30, 2024.

• Operating expenses are about $45 million annually, with clearing costs of $20 million expected to decline after fiscal 2026.

• Federal NOLs of $312 million provide significant tax advantages.

• Share repurchase program is opportunistic, tied to cash inflows from customer payments.