Executive Summary
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
QoQ: 21.03% | YoY:150.82%
QoQ: 26.38% | YoY:271.82%
QoQ: -20.14% | YoY:-428.78%
QoQ: -64.96% | YoY:-632.96%
QoQ: -64.71% | YoY:-663.64%
Key Insights
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 mil...
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
operatingProfitMargin
-984%
operatingCashFlowPerShare
$-0.13
freeCashFlowPerShare
$-0.42
priceEarningsRatio
-11.69
Management Commentary
Note: The dataset provided does not include an earnings call transcript for QQ1 2025. As a result, there are no management quotes or thematic highlights available from the call to anchor the qualitative narrative. The analysis below relies on the disclosed financials and implied trajectory from the balance sheet and cash flow metrics.
Forward Guidance
Management guidance for QQ1 2025 is not included in the data provided. Given the current revenue scale and the large non-current deferred revenue balance, the near-term trajectory hinges on successful monetization of the 900 MHz spectrum through utility/private networks and on improving operating leverage. In absence of explicit guidance, the following factors are pivotal for the trajectory: (1) cadence and magnitude of new customer deployments and contract wins in the utility/private network space; (2) scale of deferred revenue recognition and related gross-to-net margin dynamics as agreements convert to revenue; (3) ongoing cost discipline to reduce SG&A and R&D as a percentage of revenue; (4) any capital structure actions if additional liquidity is desired to accelerate network deployments. Investors should monitor quarterly bookings, pipeline visibility with utility customers, funding runway, and potential incremental licensing or partnership arrangements that could accelerate revenue growth.