Financial Data and Key Metrics Changes - The company ended Q1 of fiscal 2026 debt-free with a healthy cash position of approximately $41 million [13] - During the quarter, the company recorded a total gain of $35 million, which included $34 million from the exchange of narrowband for broadband licenses [14] - The company has removed approximately 20% of its cost base over the last year, enhancing efficiency and long-term cash flow [14] Business Line Data and Key Metrics Changes - The accelerator program has been oversubscribed, with engagements exceeding $500 million in potential contract value, indicating strong market interest [5] - More than 15 utilities engaged in the initial launch of the accelerator program, representing over $2 billion in potential contract value [6] Market Data and Key Metrics Changes - The company has cleared over 80% of incumbents within its spectrum band and has licenses or applications for broadband licenses in approximately 90% of all counties in the United States [15] - The actual network utilization is only a fraction of the total available capacity, with long-term simulations confirming significant headroom for scaling [10] Company Strategy and Development Direction - The company is focused on scaling effectively and delivering lasting value through its accelerator program, financial strength, and utility validation of 900 megahertz private broadband [4] - The company aims to push towards a 10 megahertz offering to meet and anticipate utilities' needs [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's long-term value and market position, emphasizing the importance of methodical utility decision-making [34] - The company sees significant upside potential and is not in serious negotiations for strategic alternatives due to its strong market position [42] Other Important Information - The company plans to return capital to shareholders through various methods, including dividends classified as return of capital and share buybacks [13] - The company is engaged with the FCC to continue clearing spectrum and delivering licenses to meet regulatory commitments [15] Q&A Session Summary Question: Potential gain from remaining narrowband broadband license exchanges - Management clarified that gains from broadband licenses could represent over $1 billion over time, but timing is dependent on the FCC's approval process [22][23] Question: Plan for spectrum where utilities drop out of the pipeline - Management indicated that the drop of a utility from the scorecard does not reflect a loss of commitment, and they will continue to build relationships with replacements [30] Question: Market perception of the company's value - Management highlighted that the lack of announcements does not indicate a lack of progress, emphasizing the methodical nature of utility contracts [34][35] Question: Strategic alternatives process - Management confirmed that the strategic alternatives process is active but passive, as they see significant upside potential in the company [42]

Company Performance - Anterix reported a quarterly loss of $0.48 per share, better than the Zacks Consensus Estimate of a loss of $0.54, and improved from a loss of $0.84 per share a year ago, resulting in an earnings surprise of +11.11% [1] - The company posted revenues of $1.42 million for the quarter ended June 2025, missing the Zacks Consensus Estimate by 6.71%, and down from $1.52 million in the same quarter last year [2] - Anterix has surpassed consensus EPS estimates three times over the last four quarters but has not beaten consensus revenue estimates during the same period [2] Stock Performance - Anterix shares have declined approximately 31.7% since the beginning of the year, contrasting with the S&P 500's gain of 8.4% [3] - The current consensus EPS estimate for the upcoming quarter is -$0.52 on revenues of $1.62 million, and for the current fiscal year, it is -$1.74 on revenues of $6.35 million [7] Industry Outlook - The Communication - Infrastructure industry, to which Anterix belongs, is currently ranked in the top 9% of over 250 Zacks industries, indicating a favorable outlook [8] - Empirical research suggests a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can impact Anterix's stock performance [5]

PART I. FINANCIAL INFORMATION [Consolidated Financial Statements](index=6&type=section&id=Item%201.%20Consolidated%20Financial%20Statements) The consolidated financial statements for the quarter ended June 30, 2025, show a significant shift to a net income of $25.2 million from a net loss of $15.5 million in the prior year's quarter, primarily driven by a non-cash gain of $33.9 million from the exchange of intangible assets [Consolidated Balance Sheets](index=6&type=section&id=Consolidated%20Balance%20Sheets) As of June 30, 2025, total assets were $359.6 million, an increase from $333.1 million at March 31, 2025, primarily due to a rise in intangible assets from $229.0 million to $265.3 million Consolidated Balance Sheet Highlights (in thousands) | Account | June 30, 2025 | March 31, 2025 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $41,432 | $47,374 | | Intangible assets | $265,319 | $228,983 | | **Total assets** | **$359,577** | **$333,104** | | **Liabilities & Equity** | | | | Contingent liability | $23,311 | $23,429 | | Deferred revenue | $128,214 | $124,672 | | **Total liabilities** | **$174,806** | **$176,503** | | **Total stockholders' equity** | **$184,771** | **$156,601** | [Consolidated Statements of Operations](index=7&type=section&id=Consolidated%20Statements%20of%20Operations) For the three months ended June 30, 2025, the company reported a net income of $25.2 million, a significant turnaround from a net loss of $15.5 million in the same period of 2024, primarily driven by a $33.9 million gain on the exchange of intangible assets Quarterly Statement of Operations (in thousands, except per share data) | Metric | Q1 2025 (ended Jun 30) | Q1 2024 (ended Jun 30) | | :--- | :--- | :--- | | Spectrum revenue | $1,418 | $1,525 | | Total operating expenses | $13,806 | $16,630 | | Gain on exchange of intangible assets, net | $33,916 | $93 | | Income (loss) from operations | $22,481 | ($15,012) | | **Net income (loss)** | **$25,180** | **($15,524)** | | Net income (loss) per share basic | $1.35 | ($0.84) | [Consolidated Statements of Cash Flows](index=9&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) For the three months ended June 30, 2025, net cash used in operating activities was $3.1 million, compared to $2.4 million in the prior-year period, with overall cash and cash equivalents decreasing by $6.4 million Quarterly Cash Flow Summary (in thousands) | Cash Flow Activity | Three months ended June 30, 2025 | Three months ended June 30, 2024 | | :--- | :--- | :--- | | Net cash used in operating activities | ($3,140) | ($2,361) | | Net cash used in investing activities | ($2,665) | ($5,400) | | Net cash used in financing activities | ($642) | ($1,071) | | **Net change in cash and cash equivalents** | **($6,447)** | **($8,832)** | [Notes to Unaudited Consolidated Financial Statements](index=11&type=section&id=Notes%20to%20Unaudited%20Consolidated%20Financial%20Statements) The notes detail the company's accounting policies and provide further information on financial statement items, including a $33.9 million gain on intangible asset exchange and $180.1 million in remaining performance obligations - The company operates as a **single operating and reportable segment**, focused on commercializing its **900 MHz spectrum assets** in the United States to utility and critical infrastructure customers[25](index=25&type=chunk)[36](index=36&type=chunk) - A significant **non-cash gain of $33.9 million** was recorded from exchanging narrowband licenses for new broadband licenses in 62 counties, which is the **primary driver of the company's net income** for the quarter[45](index=45&type=chunk) - As of June 30, 2025, the company had **$180.1 million in remaining performance obligations** from contracted revenue, which will be recognized over contract terms of up to 30 years[35](index=35&type=chunk) - The company has a share repurchase program with **$227.7 million remaining** as of June 30, 2025, and **no shares were repurchased** during the quarter[62](index=62&type=chunk)[64](index=64&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=22&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management attributes the $40.7 million year-over-year increase in net income primarily to a $33.8 million increase in the non-monetary gain on the exchange of intangible assets and a $2.4 million decrease in general and administrative expenses [Results of Operations](index=22&type=section&id=Results%20of%20Operations) The company's net income increased by $40.7 million to $25.2 million for the quarter ended June 30, 2025, compared to a net loss of $15.5 million in the prior-year period, mainly due to a $33.9 million gain on the exchange of intangible assets - The **primary driver** for the increase in net income was a **$33.8 million increase** in the gain on exchange of intangible assets, from $0.1 million in Q1 2024 to $33.9 million in Q1 2025[89](index=89&type=chunk) - General and administrative expenses **decreased by $2.4 million (19%)** due to lower headcount-related costs, stock compensation, and consulting fees[89](index=89&type=chunk) - Product development expenses **decreased by $0.6 million (36%)**, primarily from lower contract consulting fees and IT-related costs[89](index=89&type=chunk) [Liquidity and Capital Resources](index=23&type=section&id=Liquidity%20and%20Capital%20Resources) The company's liquidity is primarily sourced from its $41.4 million in cash and cash equivalents and customer contract proceeds, which management asserts are sufficient for at least the next 12 months - The company's principal source of liquidity is its cash and cash equivalents of **$41.4 million** as of June 30, 2025[88](index=88&type=chunk) - As of June 30, 2025, total estimated future payments for agreements with incumbents to acquire, retune, or swap wireless licenses are approximately **$44.2 million**[102](index=102&type=chunk) - The company has a guaranty agreement with Xcel Energy with a maximum potential liability of future undiscounted payments of approximately **$61.2 million** as of June 30, 2025[103](index=103&type=chunk) - The 2023 Share Repurchase Program has **$227.7 million remaining** available for repurchases through September 21, 2026[106](index=106&type=chunk) [Quantitative and Qualitative Disclosures about Market Risk](index=27&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company identifies its primary market risks as interest rate sensitivity and inflation, with interest rate risk considered immaterial and no exposure to foreign currency risk - The company's **primary market risk** is interest income sensitivity from changes in U.S. interest rates, but a 10% change is **not expected to have a material impact**[108](index=108&type=chunk) - The company has **no exposure to foreign currency exchange rate fluctuations** as all operations and transactions are denominated in U.S. dollars[109](index=109&type=chunk) - **Inflationary factors are a risk**, potentially increasing operating expenses and negatively impacting customers' businesses, which could harm commercialization efforts[110](index=110&type=chunk) [Controls and Procedures](index=27&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and procedures were effective as of June 30, 2025, with no material changes in internal control over financial reporting during the quarter - Management concluded that the company's disclosure controls and procedures were **effective** as of the end of the period covered by the report (June 30, 2025)[112](index=112&type=chunk) - **No changes** in internal control over financial reporting occurred during the quarter that have materially affected, or are reasonably likely to materially affect, the company's internal controls[113](index=113&type=chunk) PART II. OTHER INFORMATION [Legal Proceedings](index=29&type=section&id=Item%201.%20Legal%20Proceedings) The company reports that it is not currently involved in any material legal proceedings - The company is **not involved in any material legal proceedings** at this time[117](index=117&type=chunk) [Risk Factors](index=29&type=section&id=Item%201A.%20Risk%20Factors) There have been no material changes from the risk factors previously disclosed in the company's Annual Report on Form 10-K for the fiscal year ended March 31, 2025 - There have been **no material changes** from the risk factors as previously disclosed in the company's 2025 Annual Report[118](index=118&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=29&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company did not repurchase any of its common stock during the three months ended June 30, 2025, with approximately $227.7 million remaining available for future repurchases under the 2023 Share Repurchase Program Issuer Purchases of Equity Securities (Q1 2025) | Period | Total Number of Shares Purchased | Average Price Paid per Share | Maximum Dollar Value that May Yet be Purchased ($ thousands) | | :--- | :--- | :--- | :--- | | April 2025 | — | $ — | $227,662 | | May 2025 | — | $ — | $227,662 | | June 2025 | — | $ — | $227,662 | | **Total** | **—** | **$ —** | **$227,662** | [Defaults Upon Senior Securities](index=29&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) The company reports no defaults upon senior securities - **None**[122](index=122&type=chunk) [Mine Safety Disclosures](index=30&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - **Not applicable**[124](index=124&type=chunk) [Other Information](index=30&type=section&id=Item%205.%20Other%20Information) During the quarter ended June 30, 2025, no director or executive officer adopted or terminated any Rule 10b5-1 or non-Rule 10b5-1 trading arrangement - **No director or officer adopted or terminated any Rule 10b5-1 or non-Rule 10b5-1 trading arrangement** during the three months ended June 30, 2025[125](index=125&type=chunk) [Exhibits](index=31&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including certifications by the Principal Executive Officer and Principal Financial Officer as required by the Sarbanes-Oxley Act - Key exhibits filed include **CEO and CFO certifications** pursuant to Sarbanes-Oxley Sections 302 and 906[127](index=127&type=chunk) - Financial statements and notes are provided in **Inline XBRL format** as Exhibit 101[127](index=127&type=chunk)

[Financial and Operational Highlights](index=1&type=section&id=Financial%20and%20Operational%20Highlights) Anterix reported a strong financial position with $41.4 million in cash and no debt, driven by a $33.9 million gain on license exchanges and a $3 billion contract pipeline Liquidity Position as of June 30, 2025 | Metric | Value (in millions) | | :--- | :--- | | Cash and cash equivalents | $41.4 | | Restricted cash | $7.1 | | Debt | $0 | - The company has an authorized share repurchase program of up to **$250.0 million** No shares were repurchased in Q1 FY2026, leaving **$227.7 million** remaining under the program[4](index=4&type=chunk) - Key operational activities for the quarter include receiving over **$10 million** from customers, recording a **$33.9 million** gain on license exchanges, and investing **$4.0 million** in spectrum clearing costs[8](index=8&type=chunk) - The company continues to advance a significant sales pipeline, with approximately **$3 billion** in prospective contract opportunities across more than **60 potential customers**[8](index=8&type=chunk) [Financial Statements](index=3&type=section&id=Financial%20Statements) The company achieved a net income of **$25.2 million** for Q1 FY2026, a significant improvement from a **$15.5 million** net loss in the prior year, primarily due to a **$33.9 million** gain on intangible asset exchanges [Consolidated Balance Sheets](index=3&type=section&id=Consolidated%20Balance%20Sheets) Total assets increased to **$359.6 million** as of June 30, 2025, driven by higher intangible assets, while total liabilities slightly decreased Key Balance Sheet Items (in thousands) | Account | June 30, 2025 | March 31, 2025 | | :--- | :--- | :--- | | Cash and cash equivalents | $41,432 | $47,374 | | Intangible assets | $265,319 | $228,983 | | **Total assets** | **$359,577** | **$333,104** | | Contingent liability (Current & Non-current) | $23,311 | $23,429 | | Deferred revenue (Current & Non-current) | $128,214 | $124,672 | | **Total liabilities** | **$174,806** | **$176,503** | | **Total stockholders' equity** | **$184,771** | **$156,601** | [Consolidated Statements of Operations](index=4&type=section&id=Consolidated%20Statements%20of%20Operations) The statement of operations shows a significant shift to a **$25.2 million** net income in Q1 FY2026, primarily driven by a **$33.9 million** gain on intangible asset exchanges Statement of Operations Highlights (in thousands, except per share data) | Metric | Q1 FY2026 (ended Jun 30, 2025) | Q1 FY2025 (ended Jun 30, 2024) | | :--- | :--- | :--- | | Spectrum revenue | $1,418 | $1,525 | | Operating expenses | $13,806 | $16,630 | | Gain on exchange of intangible assets, net | ($33,916) | ($93) | | **Income (loss) from operations** | **$22,481** | **($15,012)** | | **Net income (loss)** | **$25,180** | **($15,524)** | | **Net income (loss) per share diluted** | **$1.35** | **($0.84)** | [Consolidated Statements of Cash Flows](index=5&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Net cash used in operating activities was **$3.1 million** in Q1 FY2026, contributing to a net decrease of **$6.4 million** in cash and restricted cash for the quarter Cash Flow Summary (in thousands) | Cash Flow Category | Q1 FY2026 (ended Jun 30, 2025) | Q1 FY2025 (ended Jun 30, 2024) | | :--- | :--- | :--- | | Net cash used in operating activities | ($3,140) | ($2,361) | | Net cash used in investing activities | ($2,665) | ($5,400) | | Net cash used in financing activities | ($642) | ($1,071) | | **Net change in cash and cash equivalents and restricted cash** | **($6,447)** | **($8,832)** | Reconciliation of Cash and Restricted Cash (in thousands) | Account | June 30, 2025 | March 31, 2025 | | :--- | :--- | :--- | | Cash and cash equivalents | $41,432 | $47,374 | | Escrow deposits (Restricted Cash) | $7,145 | $7,650 | | **Total** | **$48,577** | **$55,024** | [Other Financial Information](index=8&type=section&id=Other%20Financial%20Information) Anterix reported no share repurchase activity in Q1 FY2026, with **$227.7 million** remaining under the authorized share repurchase program Share Repurchase Activity (in thousands, except per share data) | Metric | Q1 FY2026 (ended Jun 30, 2025) | Q1 FY2025 (ended Jun 30, 2024) | | :--- | :--- | :--- | | Number of shares repurchased | — | 63 | | Average price paid per share | $— | $32.47 | | Total cost to repurchase | $— | $2,027 | - As of June 30, 2025, **$227.7 million** is remaining under the share repurchase program[20](index=20&type=chunk) [Business Overview and Outlook](index=1&type=section&id=Business%20Overview%20and%20Outlook) Anterix leverages its 900 MHz spectrum to provide private wireless broadband for utilities, leading an ecosystem of over **125 members** to modernize the energy grid - Anterix's core business is centered on leveraging its position as the largest holder of licensed **900 MHz spectrum** to provide private wireless broadband solutions for modernizing utility grids[6](index=6&type=chunk) - The company's forward-looking statements highlight risks and uncertainties, including the timing of customer payments, ability to clear and commercialize spectrum, and competition, which could cause actual results to differ from expectations[7](index=7&type=chunk)[9](index=9&type=chunk)

Core Insights - Anterix reported its first quarter fiscal 2026 results, highlighting financial performance and operational updates [1][2] Financial and Operational Highlights - Spectrum revenue for the three months ended June 30, 2025, was $1.418 million, a decrease from $1.525 million in the same period of 2024 [13] - Operating expenses totaled $13.806 million, down from $16.630 million year-over-year [13] - The company recorded a net income of $25.180 million, compared to a net loss of $15.524 million in the prior year [13] - The gain on exchange of intangible assets was $33.916 million, while the gain on sale of intangible assets was $961,000 [13] Liquidity and Balance Sheet - As of June 30, 2025, Anterix had no debt and cash and cash equivalents of $41.432 million, with an additional restricted cash balance of $7.145 million [3][10] - The company has a share repurchase program authorized for up to $250 million, with $227.7 million remaining as of June 30, 2025 [3][20] Contractual and Pipeline Updates - Anterix has approximately $137 million of contracted proceeds outstanding, with over $10 million received during the first fiscal quarter [7] - The company expects to receive approximately $70 million during the remainder of fiscal 2026 [7] - Anterix is advancing a pipeline of approximately $3 billion in prospective contract opportunities across more than 60 potential customers [7] Conference Call Information - Anterix's senior management will hold a conference call on August 13, 2025, to provide a business update [4]

Company Overview - Anterix collaborates with leading utilities and technology companies to leverage 900 MHz broadband for modernized grid solutions [3] - The company is the largest holder of licensed spectrum in the 900 MHz band across the contiguous United States, Alaska, Hawaii, and Puerto Rico, positioning it uniquely for private wireless broadband solutions [3] - Anterix leads an ecosystem of over 125 members, focusing on utility-first solutions to address current challenges faced by utilities [3] Upcoming Events - Anterix will hold a conference call on August 13, 2025, at 9:00 a.m. ET to discuss its first quarter fiscal 2026 results [1] - A press release regarding the results will be issued after the market closes on August 12, 2025 [1] - Participants must pre-register to join the live Q&A session and are encouraged to join the call at least 10 minutes early [2]

Group 1 - Anterix, Inc. is one of the largest specialized spectrum holders of private LTE networks in the US, indicating a strong market presence and popularity domestically [1] - The company has demonstrated strong performance in recent quarters, showcasing its operational capabilities and market resilience [1] Group 2 - The analyst has experience in the logistics sector for nearly two decades and has been involved in stock investing and macroeconomic analysis for almost ten years, focusing on various sectors including banks, telecommunications, logistics, and hotels [1] - The analyst's investment strategy includes diversification across different industries and market capitalizations, with a mix of long-term holdings for retirement and short-term trading profits [1] - The analyst entered the US market in 2020 and has been utilizing analyses from Seeking Alpha to enhance knowledge and compare with the ASEAN market [1]

Company Overview - Anterix (NASDAQ: ATEX) has a market capitalization of nearly half a billion dollars and is relatively unknown among investors, with low analyst coverage [1] - The company possesses a unique license asset in the 900 MHz spectrum, targeting specific customer segments [1] Investment Focus - The company is positioned within a niche market, appealing to investors interested in undercovered companies, particularly in technology, software, electronics, and energy transition sectors [1] - The analysis emphasizes the potential for asymmetric investment opportunities that could yield market-beating returns [1]

Financial Data and Key Metrics Changes - The company closed the fourth quarter of fiscal year 2025 with over $47 million in cash and no debt, which is viewed as a strategic advantage [12] - The company achieved a reduction of approximately $4 million in operating expense run rate from the first half of fiscal 2025, enhancing efficiency and cash flow [13] - The company expects $80 million in contracted payments during fiscal 2026, providing clear visibility and confidence in future cash flow [12][13] Business Line Data and Key Metrics Changes - The company executed key spectrum sales agreements with Encore and LCRA, resulting in a combined $116 million in contracted proceeds, marking the best year for contracted proceeds [11] - The company has contracted spectrum that covers 93% of Texas counties, creating a replicable regional deployment model [11] Market Data and Key Metrics Changes - The demand for 900 megahertz LTE remains strong, with the company being oversubscribed for the $250 million Anterix Accelerator program [5][16] - The FCC has received strong support from multiple utilities and technology companies for the evolution of the 900 megahertz band to support private, secure wireless networks [9][10] Company Strategy and Development Direction - The company is focused on optimizing its cost structure and streamlining operations to drive growth and return value to shareholders [4] - The strategic review process led by Morgan Stanley is ongoing, with no predetermined outcome [6] - The company is committed to advancing towards a five by five future, unlocking greater potential for the digital grid [8] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the current status of FCC proceedings and the potential for the U.S. to lead in smart grid communications [10] - The company is confident in its market leadership and the robust demand for its offerings, with no hesitation observed from utilities regarding the current three by three deployments [23][34] Other Important Information - The company has a disciplined cost structure and a capital-light model, allowing for scaling without significant capital expenditures [13] - The company is actively engaging with stakeholders in the FCC proceeding to urge a timely and favorable outcome [10] Q&A Session Summary Question: Update on the $250 million accelerator program - The company is pleased with the oversubscription and active negotiations with over a dozen utilities, indicating strong demand for private LTE 900 megahertz [16][17] Question: Engagement with partners in the accelerator program - The company confirmed that utilities are engaging with partners like Ericsson, Nokia, and GE as part of the accelerator program [20][21] Question: Impact of five by five requirements on customer participation - The company has not seen hesitation from utilities regarding the three by three offering, as they are excited about the five by five plan [22][23] Question: Recent additions to the active ecosystem - The company noted that there are over 140 participants in the program, with ongoing focus on strategic growth [29][30] Question: Strategy if competitors acquire 800 megahertz spectrum - The company remains confident in its position with 900 megahertz and believes it will continue to be the preferred choice for utilities [32][34] Question: Goals for contracted proceeds in the next 12-18 months - The company aims to grow from the $116 million contracted proceeds achieved last year, leveraging the accelerator program [36]

Financial Data and Key Metrics Changes - The company closed the fourth quarter of fiscal year 2025 with over $47 million in cash and no debt, which is viewed as a strategic advantage [13] - The company achieved a reduction of approximately $4 million in operating expenses from the first half of fiscal 2025, enhancing efficiency and cash flow [14] - The company expects $80 million in contracted payments during fiscal 2026, providing clear visibility and confidence in future cash flow [14] Business Line Data and Key Metrics Changes - The company executed key spectrum sales agreements with Encore and LCRA, covering 93% of Texas counties, representing the best year of contracted proceeds at a combined $116 million [12] - Milestone payments received included $44 million from Encore and $8.5 million from Ameren, along with an additional $34 million in cash received ahead of schedule [12] Market Data and Key Metrics Changes - The demand for 900 megahertz LTE continues to be strong, with the company being oversubscribed on the $250 million Anterix Accelerator program [5][17] - The FCC has received strong support from multiple utilities and technology companies for the evolution of the 900 megahertz band to support private, secure wireless networks [10][11] Company Strategy and Development Direction - The company is focused on optimizing its cost structure and streamlining operations, which has already shown benefits [4] - The strategic review process led by Morgan Stanley is ongoing, with no predetermined outcome, but the company is entering from a position of strength [5][6] - The company aims to continue being the preferred choice for utilities by leveraging its market leadership and proven deployment models [34] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the current status of the FCC proceedings and the potential for the U.S. to lead in smart grid communications [11] - The company is excited about the momentum seen since the last investor call and believes it is well-positioned to execute its strategies [9][14] Other Important Information - The company is committed to a capital-light model, where customer-funded deployments allow scaling without significant capital expenditures [14] - The company is actively engaging with stakeholders in the FCC process to urge a timely and favorable outcome [11] Q&A Session Summary Question: Can you provide insights on the incentives for the oversubscribed $250 million accelerator program? - Management noted strong demand from over a dozen utilities, with active negotiations ongoing, which is unprecedented in the utility industry [17][19] Question: Have utilities begun to engage with partners as part of the accelerator program? - Management confirmed that utilities are engaging with technology partners like Ericsson, Nokia, and GE to facilitate holistic solutions [21][22] Question: How does the five by five megahertz requirement affect potential customers? - Management indicated that utilities have not hesitated to engage with the current three by three offering, as it meets their needs while they are excited about the five by five future [23][24] Question: What is the strategy if a competitor acquires the 800 megahertz spectrum? - Management expressed confidence in their position with 900 megahertz and the proven deployments, believing they will remain the preferred choice for utilities [32][34] Question: What are the goals for contracted proceeds in the next 12 to 18 months? - Management aims to grow from the previous year's $116 million in contracted proceeds, projecting significant percentage growth due to the accelerator program [36][37]