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.