olivLaw · US equity research
Anterix Inc. ATEX
Telephone Communications (No Radiotelephone) · SIC 4813 · Vertical: Telephone Communications (No Radiotelephone) (SIC 4813)
Anterix holds what it describes as the largest portfolio of licensed 900 MHz spectrum in the United States, and it sells or leases that spectrum, along with services such as TowerX and CatalyX, to utilities and critical infrastructure companies building private broadband networks. As its model has widened from leasing to sales and recurring services, its financial results depend more on the pace of customer contracts, and in the first quarter of fiscal 2027 it reported cash of 116.0 million USD and no debt.
At the close of 04 Nov 2026, Anterix Inc. (ATEX) stock was 77.76 USD (−5.41% on the day), with market capitalisation 1.5 bn USD, P/E 22.2 on diluted EPS of 3.50 USD over the last 12 months, beta 1.02, 52-week range 17.99–108.21 USD. Latest reported quarter (Q1 2027): revenue of 2.0 m USD (+38.1% YoY), net income of 240.0 k USD (−99.0% YoY), diluted EPS 0.01 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 43.8
- weak (30–45)
- Bollinger (20, 2)
- 72.08 – 91.82
- in the lower half of the band · %B 0.29 · band width 24.1%
- SMA 50 / 200
- 83.02 / 66.19
- mixed trend
- MACD (12, 26, 9)
- 0.08 / -0.05
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −9.2% | −1.1% | −8.1 pp | — |
| 3 months | −21.8% | −0.5% | −21.3 pp | — |
| 6 months | +49.8% | +4.4% | +45.4 pp | — |
| Year to date | +256.2% | +12.3% | +243.9 pp | — |
| 1 year | +305.2% | +13.5% | +291.7 pp | −14.4% |
| 3 years | +147.2% | +76.4% | +70.8 pp | +3.2% |
| 5 years | +24.7% | +63.7% | −39.0 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q1 2027 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 | Q4 '26 | Q1 '27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1.6 m | 1.6 m | 1.4 m | 1.4 m | 1.6 m | 1.6 m | 2.0 m | 2.0 m |
| Research & development | 1.8 m | 1.1 m | 1.1 m | 1.1 m | 1.2 m | 1.1 m | 1.3 m | 1.2 m |
| Operating income | -13.1 m | 7.0 m | 9.4 m | 22.5 m | 60.7 m | -9.1 m | 19.8 m | -246.0 k |
| Depreciation & amortisation | 151.0 k | 142.0 k | 76.0 k | 124.0 k | 133.0 k | 104.0 k | 103.0 k | 101.0 k |
| Pre-tax income | -12.5 m | 7.5 m | 9.9 m | 22.9 m | 61.1 m | -8.7 m | 20.4 m | 614.0 k |
| Income tax | 230.0 k | -234.0 k | 674.0 k | -2.3 m | 7.5 m | -2.1 m | 1.9 m | 374.0 k |
| Net income | -12.8 m | 7.7 m | 9.2 m | 25.2 m | 53.5 m | -6.6 m | 18.5 m | 240.0 k |
| Diluted EPS | -0.69 | 0.41 | 0.50 ≈ | 1.35 | 2.86 | -0.35 | 0.98 ≈ | 0.01 |
| Operating cash flow | -2.6 m ≈ | -7.7 m ≈ | -16.6 m | -3.1 m | 1.4 m ≈ | -8.3 m ≈ | 15.5 m | 2.0 m |
| Capex | 41.0 k ≈ | 0 ≈ | 46.0 k | 0 | 0 ≈ | 9.0 k ≈ | 22.0 k | 36.0 k |
| Share repurchases | 0 ≈ | 4.4 m ≈ | 2.0 m | 0 | 990.0 k ≈ | 0 ≈ | 0 | — |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 57 percentile of its own 7-quarter history (min 4.2, median 16.4, max 77.7; quarters with earnings only).
Fiscal years
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 6.5 m | 1.6 m | 921.0 k | 1.1 m | 1.9 m | 4.2 m | 6.0 m | 6.5 m |
| Revenue YoY | +2.3% | −75.9% | −41.1% | +17.7% | +77.0% | +118.4% | +43.9% | +7.8% |
| Net income | -42.0 m | -37.6 m | -54.4 m | -37.5 m | -16.3 m | -9.1 m | -11.4 m | 90.6 m |
| Net income YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS | unavailable | -2.29 | -3.13 | -2.07 | -0.87 | -0.49 | -0.61 | 4.83 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| net % | -646.1% | -2,406.5% | -5,910.3% | -3,461.2% | -850.3% | -217.8% | -188.6% | 1,394.2% |
| Free cash flow | -23.8 m | -28.3 m | -10.2 m | 16.9 m | -29.4 m | 41.7 m | -29.4 m | 5.5 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2026 · 31 Mar 2026
- Cash
- 98.5 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 262.3 m USD
- Total assets
- 465.2 m USD
- Debt / equity
- unavailable
- Current ratio
- 3.33x
- ROE
- 43.3%
- ROA
- 22.7%
- FCF margin
- 84.3%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 921.0 k | 1.1 m | 1.9 m | 4.2 m | 6.0 m | 6.5 m | SEC (XBRL)· 25 Jun 2026verified |
| Cost of revenue | 1.6 m | 5.0 k | 0 | — | — | — | SEC (XBRL)· 14 Jun 2023verified |
| Gross profit | -685.0 k ≈ | 1.1 m ≈ | 1.9 m ≈ | — | — | — | SEC (XBRL)· 14 Jun 2023derived |
| Research & development | 4.3 m | 3.6 m | 4.4 m | 5.7 m | 5.7 m | 4.7 m | SEC (XBRL)· 25 Jun 2026verified |
| Operating income | -54.8 m | -36.8 m | -16.5 m | -10.1 m | -11.7 m | 93.9 m | SEC (XBRL)· 25 Jun 2026verified |
| Depreciation & amortisation | 3.5 m | 1.5 m | 1.4 m | 844.0 k | 548.0 k | 464.0 k | SEC (XBRL)· 25 Jun 2026verified |
| EBITDA | -51.3 m ≈ | -35.4 m ≈ | -15.0 m ≈ | -9.3 m ≈ | -11.2 m ≈ | 94.4 m ≈ | SEC (XBRL)· 25 Jun 2026derived |
| Pre-tax income | -54.3 m | -36.5 m | -15.1 m | -7.5 m | -9.5 m | 95.7 m | SEC (XBRL)· 25 Jun 2026verified |
| Income tax | 124.0 k | 983.0 k | 1.3 m | 1.6 m | 1.9 m | 5.1 m | SEC (XBRL)· 25 Jun 2026verified |
| Net income | -54.4 m | -37.5 m | -16.3 m | -9.1 m | -11.4 m | 90.6 m | SEC (XBRL)· 25 Jun 2026verified |
| Diluted EPS | -3.13 | -2.07 | -0.87 | -0.49 | -0.61 | 4.83 | SEC (XBRL)· 25 Jun 2026verified |
| Weighted average diluted shares | 17.4 m | 18.1 m | 18.8 m | 18.8 m | 18.6 m | 18.8 m | SEC (XBRL)· 25 Jun 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue; Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 117.5 m | 105.6 m | 43.2 m | 60.6 m | 47.4 m | 98.5 m | SEC (XBRL)· 25 Jun 2026verified |
| Receivables | 4.0 k | 0 | — | — | — | — | SEC (XBRL)· 26 May 2022verified |
| Current assets | 121.1 m | 115.8 m | 59.5 m | 73.0 m | 60.8 m | 120.0 m | SEC (XBRL)· 25 Jun 2026verified |
| Property, plant & equipment, net | 3.6 m | 2.9 m | 3.6 m | 2.1 m | 1.3 m | 827.0 k | SEC (XBRL)· 25 Jun 2026verified |
| Total assets | 253.1 m | 278.0 m | 278.6 m | 324.9 m | 333.1 m | 465.2 m | SEC (XBRL)· 25 Jun 2026verified |
| Accounts payable | 500.0 k | 1.0 m | 755.0 k | 696.0 k | 1.1 m | 695.0 k | SEC (XBRL)· 25 Jun 2026verified |
| Current liabilities | 8.6 m | 9.6 m | 31.9 m | 18.0 m | 27.2 m | 36.0 m | SEC (XBRL)· 25 Jun 2026verified |
| Total liabilities | 40.5 m | 91.7 m | 98.8 m | 163.9 m | 176.5 m | 202.9 m | SEC (XBRL)· 25 Jun 2026verified |
| Equity | 212.5 m † | 186.3 m † | 179.8 m † | 161.0 m † | 156.6 m † | 262.3 m † | SEC (XBRL)· 25 Jun 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -10.0 m | 17.9 m | -27.3 m | 42.0 m | -29.3 m | 5.5 m | SEC (XBRL)· 25 Jun 2026verified |
| Capex | 230.0 k | 1.1 m | 2.1 m | 307.0 k | 87.0 k | 31.0 k | SEC (XBRL)· 25 Jun 2026verified |
| Free cash flow | -10.2 m ≈ | 16.9 m ≈ | -29.4 m ≈ | 41.7 m ≈ | -29.4 m ≈ | 5.5 m ≈ | SEC (XBRL)· 25 Jun 2026derived |
| Investing cash flow | -14.2 m | -27.4 m | -27.1 m | 8.1 m | 22.8 m | 40.5 m | SEC (XBRL)· 25 Jun 2026verified |
| Financing cash flow | 4.2 m | -2.4 m | -8.1 m | -25.1 m | -6.6 m | 3.6 m | SEC (XBRL)· 25 Jun 2026verified |
| Share repurchases | 0 | 15.0 m | 8.2 m | 24.7 m | 8.4 m | 990.0 k | SEC (XBRL)· 25 Jun 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 50.0% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 1.5 bn USD
Key indicators
Coverage and freshness
Score by group
50% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 16.32 – 41.23 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · the reported interest expense is far older than the latest period (the filer changed its XBRL tag): a stale figure is not used
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E16.32 – 41.23 (Mid 40.62)6 companies used · median multiple 11.6x · quartiles 4.7x – 11.8xATNI, IDT, T, TDS, UNIT, VZ
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 50.0% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 933.0% | 100 (vs peers) | 13% |
| FCF conversion · Quality | 16.2% | 0 (on a fixed band) | 13% |
| Revenue CAGR 3Y · Growth | 50.2% | 100 (on a fixed band) | 17% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 4.9x | 100 (on a fixed band) | 8% |
| P/E (TTM) · Valuation | 22.2x | 38 (vs peers) | 21% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 0.7% | 9 (on a fixed band) | 17% |
| Shareholder yield (distributions) · Returns | 0.1% | 1 (on a fixed band) | 13% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial100/100 · 1/3 factors with a value
- Growth· partial100/100 · 1/2 factors with a value
- Quality50/100 · 2/3 factors with a value
- Returns· partial1/100 · 1/2 factors with a value
- Valuation25/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Anterix Inc. (ATEX). Latest full fiscal year: 2026; data up to 2026-06-30.
Figures computed from the financial statements: revenue 6.5 m USD in 2026; YoY growth 7.8%; net margin 933.0%; ROE 27.9%.
The estimated value range is 16.32–41.23 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 40.62 USD, the price of 77.76 USD leaves a potential of -47.8% (value / price − 1) and a margin of safety of -91.5% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 50.0% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 933.0%
- Revenue CAGR 3Y: 50.2%
- Current ratio: 4.9x
What contradicts it
- FCF conversion: 16.2%
- FCF yield: 0.7%
- Shareholder yield (distributions): 0.1%
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): ROIC, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, EV/EBITDA, Payout ratio (FCF).
Versus the vertical median
Telephone Communications (No Radiotelephone) (SIC 4813) · same industry (4-digit SIC) · compared with 20 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| AMXAmerica Movil Sab De Cv | 1,508.4 bn | 1,107.5 | 6.8% | 3.2% | −11.2% | +8% / +38% |
| VZVerizon Communications Inc. | 191.4 bn | 11.8 | 15.4% | 11.8% | +2.5% | +12% / +20% |
| TAt&T Inc. | 147.1 bn | 11.8 | 10.5% | 10.2% | +2.7% | −16% / +32% |
| LUMNLumen Technologies, Inc. | 4.6 bn | — | — | -5.8% | −5.4% | −45% / +241% |
| TDSTelephone And Data Systems, Inc. | 4.1 bn | 11.4 | 8.2% | 33.2% | −5.3% | −11% / +83% |
| ATEXAnterix Inc. | 1.5 bn | 22.2 | 27.9% | 933.0% | +7.8% | +305% / +147% |
| UNITUniti Group Inc. | 1.3 bn | 1.7 | 666.9% | 30.4% | +91.5% | −14% / −41% |
| SHENShenandoah Telecommunications Company | 575.2 m | — | -4.4% | -10.2% | +9.1% | −5% / −53% |
| ATNIAtn International, Inc. | 397.3 m | 2.4 | 32.2% | 23.2% | −0.2% | +22% / −15% |
| CXDOCrexendo, Inc. | 174.7 m | 43.6 | 5.6% | 4.5% | +12.0% | −25% / +78% |
| NXPLNextPlat Corp | 21.8 m | — | -43.1% | -17.8% | −17.8% | +34% / −47% |
| IQSTIQSTEL Inc. | 9.0 m | — | -56.0% | -2.2% | +11.9% | −80% / −94% |
| SURGSurgepays, Inc. | 8.2 m | — | — | -47.9% | −6.4% | −92% / −98% |
| KTKT Corporation | — | — | 2.8% | 1.7% | +0.4% | +1% / +41% |
| CTGGQwest Corp | 0 | — | -15.8% | -40.1% | −13.8% | unavailable / unavailable |
| TKCTurkcell Iletisim Hizmetleri A S | — | — | 10.8% | 11.7% | +14.6% | −15% / −5% |
| TIMBTim S.A. | — | — | 17.1% | 16.2% | +4.6% | −22% / +3% |
| PHIPLDT Inc. | — | — | 29.3% | 14.9% | +2.8% | −19% / −22% |
| BCEBce Inc. | — | — | 32.5% | 26.6% | +0.2% | −10% / −46% |
| IDTIDT Corporation | — | 24.3 | 25.4% | 6.7% | +5.4% | +69% / +186% |
| TEOTelecom Argentina SA | — | — | -2.4% | -2.0% | +53.0% | −17% / +26% |
1- and 3-year price returns: for ATEX from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 48.63 Total return -37% · Per year -37% | 85.58 Total return 10% · Per year 10% | 128.37 Total return 65% · Per year 65% |
| 3 years | 57.68 Total return -26% · Per year -9% | 113.18 Total return 46% · Per year 13% | 184.85 Total return 138% · Per year 33% |
| 5 years | 68.42 Total return -12% · Per year -3% | 149.68 Total return 92% · Per year 14% | 266.19 Total return 242% · Per year 28% |
- Exit P/E± 28.30
- Net margin± 19.81
- Annual revenue growth± 14.77
- Annual dilution± 1.66
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Anterix holds what it describes as the largest portfolio of licensed 900 MHz spectrum in the United States, and it sells or leases that spectrum, along with services such as TowerX and CatalyX, to utilities and critical infrastructure companies building private broadband networks. As its model has widened from leasing to sales and recurring services, its financial results depend more on the pace of customer contracts, and in the first quarter of fiscal 2027 it reported cash of 116.0 million USD and no debt.
SWOT
Strengths
- The company holds a 900 MHz spectrum portfolio described as the largest in the country, with licenses across nearly all counties, giving it a position that is hard to replicate 1.
- Liquidity is solid, with a high cash balance and no debt at the end of the first quarter of fiscal 2027 3.
- The company has built partnerships and complementary services such as TowerX and CatalyX that can deepen customer relationships 1.
Weaknesses
- Recurring revenue is still modest, and a large share of results comes from non-cash gains on license exchanges and sales, which makes profit volatile 12.
- The company carries large spectrum clearing costs before revenue appears, and these costs could exceed initial estimates 1.
- Reliance on a small number of large utility customers means that each delayed contract has a visible effect on results 1.
Opportunities
- Expanding the broadband segment to 10 MHz could increase spectrum usefulness and attract new utility and other critical infrastructure customers 1.
- Recurring services for connectivity and tower access could create steadier long-term revenue if customers adopt them widely 1.
- Demand for low-band spectrum, including from satellite providers and other industries, could open new customer categories 1.
Threats
- Competition from spectrum sold by other operators could reduce prices and the number of contracts the company can win 1.
- Regulatory changes, or a decision not to let utilities recover costs from ratepayers, could slow demand 1.
- Supply chain constraints and slow development of equipment for the 900 MHz band could delay deployments, and customers could abandon projects 1.
Risks
- Dependence on a small number of customershigh
In some geographic areas there may be only one potential customer, and if that customer does not proceed, the spectrum there may remain unused 1.
- Delayed receipt of paymentshigh
Customer payments depend on timely delivery of cleared spectrum and FCC broadband licenses, and delays could postpone or reduce revenue 1.
- Competition from other spectrum holdersmedium
Sales of spectrum by other holders could reduce the number of contracts and the price customers are willing to pay for the company's spectrum 1.
- Clearing and compliance costsmedium
The costs of clearing spectrum and meeting licensing conditions may exceed estimates, which could reduce profitability 1.
- Volatility from non-cash gainslow
Reported profit can be dominated by gains on license exchanges and sales, which do not generate cash and can vary sharply from period to period 12.
Investment thesis
What would need to be true (bull case)
- The company's unique position as holder of county-level 900 MHz spectrum, combined with the expansion to 10 MHz, could support growth in sale agreements and recurring revenue as utilities digitize their networks 1.
- A debt-free balance sheet and a high cash balance give flexibility to keep clearing spectrum and developing services without depending on outside financing in the near term 3.
- Partnerships with Crown Castle and the supplier ecosystem could speed up network deployment and make the company's offer more attractive to utilities 1.
What would break the thesis
- Operating revenue remains small, and recent profits have been dominated by accounting gains on license exchanges that do not necessarily reflect cash generation 12.
- Reliance on lengthy utility decision processes and regulatory approvals could delay contracts and payments, and the timing cannot be predicted with certainty 1.
- The arrival of competing utility spectrum, such as the 800 MHz spectrum T-Mobile plans to sell, could reduce the value of the company's spectrum and limit its customer base 1.
What to watch
- Collection of customer contract proceeds and the remaining amount still dueQ2 fiscal 2027
- Number of broadband licenses obtained and gains on exchanges2027
- New spectrum sale or lease agreements with utilities and the evolution of the operating modelnext 10-K
- Effect of the broadband expansion to 10 MHz and competition from other spectrum holders2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Anterix Inc. presents itself as the largest holder of licensed 900 MHz spectrum in the United States, covering the contiguous states, Hawaii, Alaska and Puerto Rico, with a mission to transform critical infrastructure connectivity. The company describes its operating model as an integrated cycle: it acquires and expands its spectrum position, clears and retunes frequencies, monetizes spectrum through sales or long-term leases, and develops products and services designed to generate recurring revenue 1. It says that during fiscal 2026 it moved from a model dominated by leasing to a broader operating model, and spectrum revenue reached 6.5 million USD in fiscal 2026 1.
In fiscal 2026 Anterix had 419 counties with broadband licenses cumulatively granted by the FCC, including 159 licenses transferred to customers, and it converted narrowband licenses to broadband in 219 counties 1. The company says that because the FCC made counties the base unit of measure, it is an essential party in each of the country's 3233 counties 1. Results for the quarter ended June 30, 2026 included 1.96 million USD of spectrum revenue, and the company reported no debt at quarter end 23.
Beyond spectrum, Anterix launched TowerX, a tower access service developed with Crown Castle, and CatalyX, a turnkey SIM connectivity management solution, both designed to generate revenue as customer networks are deployed and operated 1. The company says its Anterix Active Ecosystem includes more than 150 technology innovators 1.
Segments
Spectrum sales and leases
Spectrum sales and leases form the core of the revenue model. In fiscal 2026 the company entered sale agreements with CPS Energy, Texas-New Mexico Power and NorthWestern Energy, and contracted proceeds of 127.0 million USD were received from customers 1. Spectrum revenue was 6.5 million USD in fiscal 2026 1, but gains on the exchange and sale of intangible assets were much larger, showing that annual revenue does not capture the full economic effect of these transactions 1.
Recurring services and products
The company is developing TowerX, CatalyX and the Anterix Active Ecosystem to extend its customer relationships beyond the initial spectrum sale 1. These services are described as generating recurring revenue, but in the period reported the company had not yet broken out this revenue separately in its financial statements 12.
Spectrum clearing and conversion
Clearing incumbents from spectrum and obtaining broadband licenses from the FCC is a distinct operating activity with significant costs. The company invested 6.7 million USD in spectrum clearing costs in the first quarter of fiscal 2027 3, and recorded a 10.7 million USD gain on license exchanges in that quarter 23.
Market context
The target market is utilities and critical infrastructure operators that want private broadband networks on 900 MHz, especially for grid modernization and secure communications. The company says it sees strong and growing indications of demand for PLTE networks on 900 MHz, but stresses that these customers' decisions are complex and require significant capital 1. Demand for low-band spectrum is also supported by recent transactions in other bands, and direct-to-device satellite providers are cited as a trend that could raise interest in these frequencies 1.
The regulatory environment plays a central role: in February 2026 the FCC adopted a report expanding the broadband segment from 6 MHz to 10 MHz, which could increase the usefulness of the company's spectrum 1. Still, the pace of sales depends on agreements with each customer and on rate approvals by regulators 1.
Trends
- Expansion of the 900 MHz broadband segmenttailwind
The FCC's February 2026 decision to expand the broadband segment from 6 MHz to 10 MHz could raise the value of the company's spectrum and support more sale agreements, if customers decide to build networks across the full band 1.
- Rising demand for grid digitizationtailwind
Utilities must install a growing number of smart devices and sensors that generate data, and the company argues existing networks cannot handle this volume well 1. If this pressure turns into investment approved by regulators, demand for the company's spectrum could grow.
- Competition from other spectrum holdersheadwind
T-Mobile's agreement to sell its 800 MHz spectrum, and the possibility that the buyer makes it available to the company's target customers, could reduce the number of contracts the company can win and the price customers are willing to pay 1.
- Timing of payments and approvalsmixed
Utility purchasing processes are long, and payments depend on timely delivery of cleared spectrum and licenses; if delivery is delayed, the company could receive payments later than expected 1. The effect is mixed, because payments in the quarter ended June 30, 2026 were strong, but the timing remains uncertain 3.
Competitive position
Competition comes from spectrum holders, retail wireless carriers such as Verizon, AT&T and T-Mobile, private radio operators and new spectrum entrants, and the company acknowledges that many competitors have greater financial resources and customer relationships 1. The federally created FirstNet network is also cited as a potential source of competition 1.
The company stresses that it is not the only source of spectrum for utilities, and competitors can offer solutions that reduce costs and deployment time, which could reduce the number of agreements it can sign 1. Its advantage lies in holding nearly unique spectrum at county level and in its partner ecosystem 1.
- VerizonVZ
Retail wireless carrier cited as a competitor that can offer spectrum or networks to utility customers.
- AT&TT
Retail wireless carrier named among competitors that can offer communications to utilities.
- T-MobileTMUS
Company that announced the sale of its 800 MHz spectrum, which could create direct competition.
- FirstNet (NPSBN)
Nationwide network dedicated to public safety, created by the federal government, which could become a source of competition for the company's spectrum.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- Why Anterix (ATEX) Surged 169.6% in Q2, According to GabelliYahoo Finance — News · 05 Sept 2026 · EN
The latest news item in our archive is from 05 Sept 2026; the newest SEC filing is from 18 Sept 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Current report18 Sept 2026Other events
- Quarterly report11 Aug 2026
- Current report11 Aug 2026Results of operations · Financial statements and exhibits
- Current report06 Aug 2026Departure or appointment of officers · Shareholder vote · Financial statements and exhibits
- Proxy statement25 Jun 2026
- Annual report25 Jun 2026
- Current report10 Jun 2026Results of operations · Financial statements and exhibits
- Current report (amendment)21 Apr 2026Other events · Financial statements and exhibits
- Current report21 Apr 2026Other events · Financial statements and exhibits
- Current report06 Apr 2026Other events · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2026-03-31 · SEC / Anterix Inc. · 25 Jun 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Anterix Inc. · 11 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Anterix Inc. · 11 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.