Overview: Anterix reported QQ1 2025 revenue of $1.525 million, up approximately 150% year over year, signaling early traction in the private wireless spectrum monetization strategy focused on utility and critical infrastructure customers. However, the quarter produced a GAAP net loss of $15.5 million and an EBITDA of about negative $14.9 million, as operating expenses remained outsized relative to top-line growth. Gross margin stood at approximately 88.3%, reflecting a low cost of revenue base, but the company continues to incur high selling, general and administrative expenses (SG&A) and R&D which drive a thin operating margin at this stage of market development.