Anterix reported a materially positive first quarter of fiscal 2026 (QQ1 2026) driven by substantial non-operating gains from spectrum license exchanges, enabling a positive net income of $25.18 million on revenue of $1.418 million. The quarter also featured robust gross margins and a capital-light operating model. Management emphasized accelerating private LTE adoption through the Accelerator program, ongoing financial discipline, and tangible utility engagement that validated the 900 MHz spectrum roadmap. While topline revenue remains modest, the company benefits from a sizable, contracted backlog and a path to further licensing gains as FCC processing and utility deployment advance.
Key takeaways include: (1) a debt-free, liquidity-rich balance sheet with approximately $41 million cash and roughly $70 million of remaining contracted proceeds to be collected in FY2026, (2) an oversubscribed Accelerator program with potential contract value exceeding $500 million and over 15 utilities engaged, and (3) a clear long-term value proposition anchored in the 6â10 MHz spectrum expansion, ongoing spectrum clearing progress (80% cleared, ~90% of counties license-eligible), and a scalable, capital-light deployment model. Management signals that the core cash generation will come as utility contracts convert to licensed spectrum and deployments scale, though near-term gains from additional license exchanges remain timing-dependent and are not guided.