Anterix (ATEX) Q4 2026 earnings summary

Executive summary

• Significant increase in utility engagement, with commercial discussions shifting from evaluation to deployment and pricing, indicating accelerating demand for spectrum solutions.

• Four new utility contracts signed in the last three months, including major agreements in Texas and the Northwest, with some customers moving directly to 10 MHz agreements post-FCC ruling.

• Fiscal year 2026 saw new spectrum sale agreements totaling $23.9 million and a post-year-end agreement for $0.8 million.

• Expansion beyond utilities, with growing interest from other industries and successful initial testing of direct-to-device satellite connectivity with Lynk Global.

• Launched new services: TowerXT and CatalyX® for connectivity management.

Financial highlights

• Fiscal 2026 generated positive cash flow, with $127 million collected versus $80 million anticipated, driven by accelerated customer deliveries.

• FY2026 net income was $90.6 million, reversing a loss of $11.4 million in FY2025.

• Revenue for FY2026 was $6.5 million, up from $6.0 million year-over-year.

• Recorded $105.4 million in non-cash exchange gains from converting narrowband to broadband licenses and $34.8 million in gains on sale of broadband licenses.

• Ended the year with no debt and over $98 million in cash, plus $50 million remaining to be collected from signed contracts.

Outlook and guidance

• Expect approximately $40 million in operating expenses for fiscal 2027, with $25 million in cash collections anticipated in the current year from existing contracts.

• Estimated contracted customer proceeds for FY2027 are $25.3 million, with $23.4 million expected thereafter through FY34.

• $13 million in revenue from the CPS Energy contract to be recognized in Q4 FY 2027, with additional upside possible from new contracts.

• Clearing costs expected to be consistent with prior quarters, with potential for slight increase.