Executive Summary
Anterix’s QQ3 2025 results underscore a strategic inflection point rather than a conventional quarterly earnings beat. Reported revenue of $1.566 million and gross profit of $1.424 million yielded an operating income of $7.032 million and a net income of $7.71 million (EPS $0.41), yet EBITDA remained negative at $(10.066) million due to non-cash and non-operating factors driving a wide gap between GAAP profitability and cash-based performance. The company’s balance sheet remains healthy with a cash position of approximately $36.4 million and a net cash position (net debt of $(23.4) million). Notably, management emphasizes substantial contracting leverage: nearly $400 million of contracted deployments across 900 MHz private LTE, with ~$150 million of proceeds still to collect and an expected ~$80 million in proceeds during the fiscal year ending March 31, 2026. The quarter is characterized by material milestones that could re-rate the stock on longer-duration catalysts: (i) continued 900 MHz expansion via five-by-five discussions with the FCC, (ii) a 20% annualized OpEx run-rate reduction and meaningful G&A drive, (iii) a disciplined capital allocation stance including ~4.4–6.5 million of share repurchases year-to-date, and (iv) a strategic review with Morgan Stanley to evaluate growth opportunities.
Key Performance Indicators
QoQ: 153.56% | YoY:154.95%
QoQ: 160.39% | YoY:2 250.61%
QoQ: 159.42% | YoY:2 242.86%
Key Insights
Revenue: $1.566M (YoY +23.2%, QoQ +0.97%); Gross Profit: $1.424M (GM 90.93%; YoY +32.71%, QoQ -8.19%); Operating Income: $7.032M (margin 4.49%; YoY +154.95%, QoQ +153.56%); EBITDA: $(10.066)M (EBITDA Margin -6.43%); Net Income: $7.71M (margin 4.92%; YoY +2250.61%, QoQ +160.39%); EPS: $0.41 (YoY +2242.86%, QoQ +159.42%); Free Cash Flow: $(2.26)M; Net Cash Provided by Operating Activities: $(7.70)M; Cash at End of Period: $36.43M; Net Debt: $(23.44)M; Current Ratio: 1.65; Intangible Assets: $246.2...
Financial Highlights
Revenue: $1.566M (YoY +23.2%, QoQ +0.97%); Gross Profit: $1.424M (GM 90.93%; YoY +32.71%, QoQ -8.19%); Operating Income: $7.032M (margin 4.49%; YoY +154.95%, QoQ +153.56%); EBITDA: $(10.066)M (EBITDA Margin -6.43%); Net Income: $7.71M (margin 4.92%; YoY +2250.61%, QoQ +160.39%); EPS: $0.41 (YoY +2242.86%, QoQ +159.42%); Free Cash Flow: $(2.26)M; Net Cash Provided by Operating Activities: $(7.70)M; Cash at End of Period: $36.43M; Net Debt: $(23.44)M; Current Ratio: 1.65; Intangible Assets: $246.22M; Total Assets: $326.68M; Total Liabilities: $181.93M; Equity: $144.75M; Uncollected Contract Proceeds: ~$150M ( ~$80M expected in FY2026 ).
Income Statement
| Metric |
Value |
YoY Change |
QoQ Change |
| Revenue |
1.57M |
23.21% |
0.97% |
| Gross Profit |
1.42M |
32.71% |
-8.19% |
| Operating Income |
7.03M |
154.95% |
153.56% |
| Net Income |
7.71M |
2 250.61% |
160.39% |
| EPS |
0.41 |
2 242.86% |
159.42% |
Key Financial Ratios
operatingProfitMargin
449%
operatingCashFlowPerShare
$-0.41
freeCashFlowPerShare
$-0.12
Management Commentary
Key management themes from the earnings call center on market leadership, regulatory momentum, and cost discipline. Highlights include: (i) Scott Lang emphasized scale and ecosystem leadership, noting 93% of Texas under contract and more than $400 million of signed contracts with zero debt, plus ~$150 million of proceeds yet to be collected; (ii) Chris Guttman-McCabe highlighted FCC NPRM to expand 900 MHz from 3x3 to 5x5, a major milestone for private utility broadband; (iii) Tim Gray announced a ~20% run-rate OpEx reduction from the prior quarter, with significant savings from consultant and professional services; (iv) Morgan Stanley has been engaged to evaluate strategic opportunities to accelerate growth; (v) Tim Gray and Scott Lang outlined a constructive funding path with ~$80 million of proceeds expected in FY2026 and ongoing shareholder return via opportunistic buybacks; (vi) LCRA expansion and Texas-wide deployment are showcased as concrete proofs of concept with real-world performance. Quotes illustrate urgency and strategic intent: “We have executed on nearly $400 million of contracts to deploy 900 megahertz private wireless networks, zero debt, approximately $150 million of proceeds still to collect” (Scott Lang); “FCC NPRM moving the 900 megahertz band closer to a five-by-five offering” (Chris Guttman-McCabe); “operational expense run rate reduction of approximately 20%” (Tim Gray).
We have executed on nearly $400 million of contracts to deploy 900 megahertz private wireless networks, zero debt, approximately $150 million of proceeds still to collect from these signed contracts.
— Scott Lang
We have identified an operational expense run rate reduction of approximately 20% from our annualized run rate, which will further enhance our efficiency and increase our cash flows.
— Tim Gray
Forward Guidance
Management did not provide formal full-year revenue or earnings guidance for the QQ3 2025 period; rather, they framed visibility around liquidity, contract proceeds, and strategic catalysts. Key near-term guidance points include: (a) continuing the cost-out program that delivered a 20% run-rate reduction, (b) expected receipt of roughly $80 million of uncollected contract proceeds in FY2026, (c) a robust contracted backlog (~$400 million) and ~150 million in proceeds yet to be collected, (d) capex guidance of $15–$20 million annually with the current quarter around $5 million, and (e) progress on five-by-five rulemaking that could unlock additional value for utilities. Our assessment: the absence of explicit revenue targets leaves upside skew contingent on FCC policy progression, utility procurement cycles, and the ability to monetize five-by-five via incremental spectrum and pricing flexibility. Key factors to monitor include the timing of five-by-five adoption by utilities, the pace of regulatory proceedings (public comments and FCC decision timeline), progress on the Morgan Stanley strategic review outcomes, and the durability of the 20% OpEx savings as volumes scale. Investors should watch for: (1) updates on the Morgan Stanley process and any strategic partnerships or minority equity investments; (2) the rate of cash collection from existing contracts; (3) any incremental share repurchase activity given strong cash generation and high liquidity; (4) regulatory milestones for five-by-five NPRM and its potential impact on spectrum monetization and capex requirements.