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.
Key Performance Indicators
Revenue
Increasing
1.53M
QoQ: 21.03% | YoY: 150.82%
Gross Profit
Increasing
1.35M
88.26% margin
QoQ: 26.38% | YoY: 271.82%
Operating Income
Decreasing
-15.01M
QoQ: -20.14% | YoY: -428.78%
Net Income
Decreasing
-15.52M
QoQ: -64.96% | YoY: -632.96%
EPS
Decreasing
-0.84
QoQ: -64.71% | YoY: -663.64%
Revenue Trend
Margin Analysis
Financial Highlights
Revenue: $1.525 million (Q1 2025) vs prior-year base; YoY growth 150.8% and QoQ growth 21.0%.
Gross Profit: $1.346 million; Gross Margin: ~88.26%, indicating a high gross margin on a small revenue base.
Operating Income: -$15.012 million; Operating Margin: -9.84% (EBITDA: -$14.926 million; EBITDA Margin: -9.79%).
Net Income: -$15.524 million; Net Margin: -10.18%; EPS: -$0.84.
Balance Sheet / Cash Flow: Cash at period end $59.292 million; net cash position (net debt) of approximately -$46.455 million; Total assets $321.138 million; Total liabilities $172.355 million; Current ratio ~3.98. Net cash provided by operating activities: -$2.361 million; Free cash flow: -$7.761 million; Capex: -$5.40 million; Cash end balance indicates ample liquidity to fund burn and spectrum monetization initiatives.
Deferred Revenue (Non-Current): $119.63 million, suggesting existing obligations that may convert to revenue in the future depending on contract progress and recognition timing.
Income Statement
Metric
Value
YoY Change
QoQ Change
Revenue
1.53M
150.82%
21.03%
Gross Profit
1.35M
271.82%
26.38%
Operating Income
-15.01M
-428.78%
-20.14%
Net Income
-15.52M
-632.96%
-64.96%
EPS
-0.84
-663.64%
-64.71%
Key Financial Ratios
Gross Profit Margin
Excellent
88.30%
Gross profit margin is exceptional, indicating strong pricing power and operational efficiency
Operating Profit Margin
Weak
-9.84%
Operating margin is below industry norms, profitability concerns
Net Profit Margin
Weak
-10.18%
Net profit margin is below industry norms, profitability concerns
Return on Assets
Weak
-0.05%
Return on assets suggests inefficient capital allocation
Return on Equity
Weak
-0.10%
Return on equity suggests inefficient capital allocation
Current Ratio
Strong
3.98
Current ratio indicates excellent liquidity and financial flexibility
Debt to Equity
Conservative
0.04
Debt-to-equity shows conservative leverage and low financial risk
P/E Ratio
Negative
-11.69x
Negative earnings make P/E ratio not meaningful
Price to Book
Premium
4.88x
Trading at premium to book value, reflects strong intangibles or growth
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