Anterix Inc (ATEX) Q4 2025 Earnings Report

- Revenue (Q4 2025): $1.389 million, YoY +10.24%, QoQ -11.30%
- Gross Profit: $1.389 million (gross margin reported as 100% in the quarter data)
- Operating Income: $9.396 million (YoY +175.20%, QoQ +33.62%)
- EBITDA: -$10.514 million (EBITDAR -7.57%)
- Net Income: $9.208 million (YoY +197.84%, QoQ +19.43%)
- EPS (diluted): $0.49-$0.50; Basic: $0.50
- Weighted Avg Shares: ~18.58 million
- Free Cash Flow: -$22.08 million
- Cash and cash equivalents: ~$47.37 million; Net cash position: ~-$41.98 million (net debt)
- Debt: $5.39 million; No debt outstanding at quarter-end
- Contracted proceeds pipeline: ~$150 million outstanding with ~$80 million expected in FY26; cash in quarter end: >$47 million; capital-light model ongoing
- Notable non-cash/grey areas: substantial “other expenses” and non-operating items contributing to the EBITDA gap despite positive net income in the quarter

- Strategy and execution focus: Management reiterated a disciplined cost structure, acceleration program (AnterixAccelerator), and a strategic review led by Morgan Stanley, with no predetermined outcome. They emphasized continued leadership in the 900 MHz private LTE space and a clear pathway to a scalable 5x5 deployment model.
- Demand and ecosystem momentum: The Accelerator program is oversubscribed with utilities in active discussions and negotiations for roughly $250 million of spectrum. Major partners (Ericsson, Nokia, GE) joined the program to shape bespoke product offerings and expedite deployments. This points to a material top-line growth premise from utility adoption and ecosystem readiness.
- Regulatory progress and visibility: The FCC/NbP Rulemaking activity toward a 5x5 opportunity in the 900 MHz band has strong industry support (utilities, multiple technology vendors, and industry associations). Management conveyed optimism about a timely and favorable regulatory outcome and a global leadership stance for the U.S. smart grid/private network deployments.
- Financial discipline and liquidity: The CFO highlighted a lean cost structure with roughly $4 million of operating expense run-rate reductions in H1 FY25, a cash-rich position with no debt and approximately $150 million contracted proceeds outstanding, of which ~$80 million is expected in FY26. He emphasized a capital-light deployment model funded by customers and a pipeline-focused monetization strategy.
- Questions on 5x5 and current commitments: Executives acknowledged utilities’ interest in 3x3 deployments as a near-term capability, while remaining confident that the transition to 5x5 will accelerate, driven by demonstrated performance and the ongoing ecosystem build-out.
- Quotes sourced from the earnings call reflect confidence in accelerators, deployment momentum, and strategic governance: Scott Lang highlighted oversubscription and demand strength for private LTE 900 MHz; Tim Gray emphasized Texas deployment progress and the shift toward a capital-light model; Chris Guttman-McCabe stressed regulatory momentum and broad industry support.

Anterix sits at an inflection point in a nascent but potentially material market for private wireless networks in critical infrastructure. The combination of a debt-free balance sheet, a robust backlog of contracted proceeds, and an oversubscribed accelerator program provides a constructive backdrop for sustainable monetization of the 900 MHz spectrum. The primary catalysts are: (1) regulatory progress toward 5x5 capability and associated private-network demand, (2) conversion of accelerator discussions into signed contracts and long-term deployments, and (3) continued ecosystem participation from leading technology partners. However, investors should be mindful of execution risk in converting pipeline into revenue, potential regulatory delays, and the risk of capital intensity if deployments accelerate faster than cash inflows can sustain. Given the current mix of positive free cash flow generation drive from customer-funded deployments in a capital-light framework, the company’s strategic plan appears achievable, with a moderate-to-high confidence level in achieving FY26 contracted proceeds growth and expanding the reference base for national deployments. Relative to broader telecom services peers, Anterix remains a niche growth story with outsized optionality from regulatory outcomes and private-network monetization rather than a current, material GAAP earnings contributor. Monitoring regulatory milestones, accelerator-to-contract conversions, and deployment progress will be key near-term indicators of sustained upside.