"It has zero debt, a great balance sheet, an expansive $3 billion pipeline of customer opportunities, a seasoned thought leadership position, an exceptionally talented and committed team, and we're just getting started."
— Scott Lang
03Detailed Report
ATEX
Company ATEX
Period
Q2 2025
CurrencyUSD
Report TypeQuarterly Earnings
GeneratedMay 17, 2026
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Executive Summary
Anterix delivered a Q2 FY25 result that underscores the company’s transition from a spectrum-asset developer to a revenue-generating private wireless solutions provider for utilities. Revenue for QQ2 2025 was USD 1.551 million, up on a year-over-year basis but accompanied by a substantial operating loss driven by elevated SG&A and R&D expenses. The company remains debt-free with a solid liquidity position and a sizable contracted proceeds backlog (~USD 168 million through 2026), which provides visibility and optionality for shareholder value creation via buybacks and strategic investments. Management guidance remains qualitative, emphasizing spectrum monetization, cost efficiencies, and accelerated customer deployments, including potential early delivery of spectrum that could improve near-term cash flow. Management commentary around a multi-year private-network opportunity, a 5G-capable spectrum asset, and regulatory advances paints a constructive long-run opportunity, even as near-term profitability remains negative as investments scale.
Key Performance Indicators
Revenue
Increasing
1.55M
QoQ: 1.70% | YoY: 47.43%
Gross Profit
Increasing
1.55M
1.00% margin
QoQ: 15.23% | YoY: 83.99%
Operating Income
Decreasing
-13.13M
QoQ: 12.54% | YoY: -681.23%
Net Income
Decreasing
-12.77M
QoQ: 17.77% | YoY: -715.82%
EPS
Decreasing
-0.69
QoQ: 17.86% | YoY: -727.27%
Revenue Trend
Margin Analysis
Financial Highlights
- Revenue: USD 1.551 million in Q2 FY25, up YoY by ~47.4% and QoQ by ~1.7% (per provided earnings metrics). - Gross profit: USD 1.551 million (gross margin reported as 100.0% in the data, noting possible reporting gaps or missing cost of revenue details). - EBITDA: USD -12.979 million; Operating income: USD -13.13 million; Net income: USD -12.766 million; EPS: -0.69. - Cash and equivalents: USD 43.129 million; No debt on the balance sheet; Net cash position negative to zero debt with USD 43.1 million cash. - Balance sheet: Total assets USD 317.237 million; Total liabilities USD 178.174 million; Total stockholders’ equity USD 139.063 million. - Cash flow: Operating cash flow USD -2.648 million; Free cash flow USD -2.689 million; Net change in cash USD -8.555 million; End cash USD 50.737 million. - Forward liquidity: USD 168 million in contracted proceeds expected over the next several years; ~USD 110 million to be received by end of fiscal 2026. - Valuation/ratios: Current ratio 3.59; Gross margin 1.00x (per dataset); EBITDA margin about -8.37%; Enterprise value multiple negative in some peers; price-to-sales ratios in the peer group are high, reflecting early-stage/private-network capital allocations.
Income Statement
Metric
Value
YoY Change
QoQ Change
Revenue
1.55M
47.43%
1.70%
Gross Profit
1.55M
83.99%
15.23%
Operating Income
-13.13M
-681.23%
12.54%
Net Income
-12.77M
-715.82%
17.77%
EPS
-0.69
-727.27%
17.86%
Key Financial Ratios
Gross Profit Margin
Weak
1.00%
Gross profit margin is below industry norms, profitability concerns
Operating Profit Margin
Weak
-8.47%
Operating margin is below industry norms, profitability concerns
Net Profit Margin
Weak
-8.23%
Net profit margin is below industry norms, profitability concerns
Return on Assets
Weak
-0.04%
Return on assets suggests inefficient capital allocation
Return on Equity
Weak
-0.09%
Return on equity suggests inefficient capital allocation
Current Ratio
Strong
3.59
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
-13.71x
Negative earnings make P/E ratio not meaningful
Price to Book
Premium
5.03x
Trading at premium to book value, reflects strong intangibles or growth
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