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.