Financial and Operational Highlights
Approximately $123 million of contracted proceeds outstanding with line of sight to payment of over $80 million of outstanding contracted proceeds in the fourth quarter of fiscal 2026
Exchanged narrowband for broadband licenses in 12 counties and recorded a $0.8 million gain on exchange of broadband licenses
Delivered broadband licenses covering 10 counties to customers and recorded a $0.3 million gain on sale of broadband licenses
Invested $3 million in spectrum clearing costs
Continued to advance approximately $3 billion pipeline of prospective contract opportunities across 60+ potential customers
On January 27, 2026, the Federal Communications Commission (the "FCC") announced a vote to expand the 900 MHz broadband allocation from 6 MHz to 10 MHz, a milestone stemming from Anterix's joint petition expected to significantly enhance private wireless broadband capabilities for utilities and critical infrastructure providers
On January 30, 2026, the Company entered into a new spectrum sale agreement with CPS Energy for a total contract price of $13 million with 50% payable upfront, and the remaining 50% payable at the end of our fiscal 2027
Liquidity and Balance Sheet
At December 31, 2025, the Company had no debt and cash and cash equivalents of $29.5 million. In addition, the Company had a restricted cash balance of $8.4 million in escrow deposits.
The Company has an authorized share repurchase program for up to $250 million of the Company's common stock on or before September 21, 2026. In the fiscal 2026 third quarter, Anterix had no share repurchase activity. As of December 31, 2025, $226.7 million remains under the share repurchase program.
Conference Call Information
Anterix senior management will hold an analyst and investor conference call to provide a business update at 9:00 A.M. ET on Thursday, February 12, 2026. Participants interested in joining the call's live question and answer session are required to pre-register by clicking on the following link https://investors.anterix.com/events/event-details/q3-fy2026-anterix-earnings-conference-call to obtain a dial-in number and unique PIN. It is recommended that you join the call at least 10 minutes before the conference call begins. The call is also being webcast live and will be accessible on the Investor Relations section of Anterix's website at https://investors.anterix.com/events-presentations. Following the event, a replay of the call will also be available on the Anterix website.
About Anterix Inc.
Anterix is transforming how critical infrastructure stays connected. As the market leader in mission-critical private wireless broadband spectrum for the utility sector, Anterix delivers more secure, private 900 MHz licensed spectrum and advanced intelligent infrastructure solutions that enhance efficiency, strengthen resilience, and accelerate digital transformation. Backed by a growing ecosystem of industry-leading partners, Anterix provides the connectivity foundation that powers a more resourceful and resilient future. Learn more at www.anterix.com.
Forward-Looking Statements
Certain statements contained in this press release constitute forward-looking statements within the meaning of the federal securities laws that involve risks and uncertainties. Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate or imply future events or achievements such as statements in this press release related to Anterix's business, financial results, outlook, regulatory actions or opportunities. Actual events or results may differ materially from those contemplated in this press release. Forward-looking statements speak only as of the date they are made and readers are cautioned not to put undue reliance on such statements, as they are subject to a number of risks and uncertainties that could cause Anterix's actual future results to differ materially from results indicated in the forward-looking statement. Such statements are based on assumptions that could cause actual results to differ materially from those in the forward-looking statements, including: (i) the timing of payments under customer agreements; (ii) Anterix's ability to clear the 900 MHz Broadband Spectrum on a timely basis and on commercially reasonable terms; (iii) Anterix's ability to timely secure broadband licenses; (iv) Anterix's ability to successfully commercialize its spectrum assets to its targeted utility customers in accordance with its plans and expectations; (v) Anterix's ability to execute on its customer engagement initiatives; (vi) the timing and outcome of Anterix's strategic review process; (vii) the FCC may not approve the expansion of the 900 MHz broadband allocation from 6 MHz to 10 MHz and (viii) competition in the market for spectrum and spectrum solutions offered by Anterix. Actual events or results may differ materially from those contemplated in this press release. Anterix's filings with the Securities and Exchange Commission ("SEC"), which you may obtain for free at the SEC's website at http://www.sec.gov, discuss some of the important risk factors that may affect the Company's financial outlook, business, results of operations and financial condition. Anterix undertakes no obligation to update publicly or revise any forward-looking statements contained herein.
Shareholder Contact
Natasha Vecchiarelli Vice President, Investor Relations & Corporate Communications Anterix 973-531-4397 [email protected]
Anterix Inc.
Earnings Release Tables
Consolidated Balance Sheets
(Unaudited, in thousands, except share and per share data)
December 31, 2025
March 31, 2025
ASSETS
Current assets
Cash and cash equivalents
$
29,534
$
47,374
Non-trade receivable
—
2,926
Spectrum receivable
8,702
7,107
Escrow deposits
8,353
547
Prepaid expenses and other current assets
3,473
2,801
Total current assets
50,062
60,755
Escrow deposits
—
7,103
Property and equipment, net
922
1,302
Right of use assets, net
4,276
4,829
Intangible assets
330,777
228,983
Deferred broadband costs
29,494
28,944
Other assets
1,472
1,188
Total assets
$
417,003
$
333,104
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable and other accrued expenses
$
14,893
$
9,075
Accrued severance and other related charges
2,693
2,265
Due to related parties
—
30
Operating lease liabilities
1,412
1,643
Contingent liability
9,150
8,093
Deferred revenue
7,867
6,095
Total current liabilities
36,015
27,201
Operating lease liabilities
3,232
3,747
Contingent liability
6,000
15,336
Deferred revenue
124,729
118,577
Deferred gain on sale of intangible assets
4,911
4,911
Deferred income tax
6,141
6,606
Other liabilities
24
125
Total liabilities
181,052
176,503
Commitments and contingencies (See Note 12)
Stockholders' equity
Preferred stock, $0.0001 par value per share, 10,000,000 shares authorized and no shares outstanding at December 31, 2025 and March 31, 2025
—
—
Common stock, $0.0001 par value per share, 100,000,000 shares authorized and 18,729,705 shares issued and outstanding at December 31, 2025 and 18,612,804 shares issued and outstanding at March 31, 2025
2
2
Additional paid-in capital
556,767
548,542
Accumulated deficit
(320,818
)
(391,943
)
Total stockholders' equity
235,951
156,601
Total liabilities and stockholders' equity
$
417,003
$
333,104
Anterix Inc.
Earnings Release Tables
Consolidated Statements of Operations
(Unaudited, in thousands, except share and per share data)
Three months ended December 31,
Nine months ended December 31,
2025
2024
2025
2024
Spectrum revenue
$
1,573
$
1,566
$
4,543
$
4,642
Operating expenses
General and administrative
8,656
9,203
27,503
33,451
Sales and support
1,439
1,309
4,381
4,516
Product development
1,104
1,120
3,436
4,646
Severance and other related charges
465
3,513
1,820
3,513
Depreciation and amortization
104
