Financial Data and Key Metrics - The company launched a share repurchase program in September, allowing the repurchase of up to $250 million of outstanding shares over three years [6] - The company expects to receive $53 million in proceeds from existing contracts during the remainder of the fiscal year [6] - Currently, 16 utilities representing approximately $900 million in potential contract proceeds have crossed the demonstrated intent threshold [12] Business Line Data and Key Metrics - Anterix is enabling a nationwide platform for utilities to support a resilient, secure, and clean energy future through collaboration with customers and solutions providers [7] - The Utility Broadband Alliance (UBBA) Annual Summit saw participation from 35 utilities, representing over 60% of Anterix's spectrum value [7][8] - Itron, an Anterix Active Ecosystem member, announced the availability of 900 megahertz compatible devices, enhancing deployment flexibility for utilities [9] Market Data and Key Metrics - The 900 megahertz private wireless broadband is gaining traction, with significant industry focus and executive acknowledgment at events like the UBBA Summit [9][10] - The demonstrated intent scorecard shows positive movement, with seven utilities adding 11 demonstrated intent indicators from August to November [11] Company Strategy and Industry Competition - Anterix is focused on driving the utility industry towards 900 megahertz private wireless broadband, with significant progress in customer engagement and ecosystem development [5][7] - The company is leveraging its share repurchase program and near-term opportunities exceeding $250 million to deliver shareholder value [6][14] - Anterix is actively involved in industry forums and panels, such as the EEI Foundation wildfire mitigation panel, to promote the adoption of 900 megahertz private LTE networks [10] Management Commentary on Operating Environment and Future Outlook - Management remains highly confident in the company's ability to deliver value to shareholders, citing industry movement towards 900 megahertz, utility progress on the demonstrated intent scorecard, and the share repurchase program [14] - The company sees near-term opportunities in excess of $250 million, underpinning its confidence in future growth [6][14] Other Important Information - Wassim Akhdar joined Anterix as Senior Vice President of Product Innovation, bringing extensive experience in delivering innovative solutions to utilities [13] - The company's CatalyX solution, a turnkey subscriber management and roaming solution, was demonstrated at the UBBA Summit, showcasing its potential to enhance private broadband networks [9] Q&A Session Summary Question: Quantification of investment by utilities and ecosystem partners - Anterix estimates that its spectrum represents roughly a third of the spend in network deployment costs, with utilities spending upwards of $150 billion annually on capital projects [17][18] - The company tracks 23 companies with commercial-ready products for 900 megahertz, indicating significant third-party investment in the ecosystem [19] Question: Impact of the Hawaii situation on utility boards - Wildfire mitigation has become a critical focus for utilities, with private LTE 900 megahertz networks being deployed to address these risks [21][22] - The discussion at the EEI Foundation panel highlighted the importance of technology solutions, such as falling conductor protection, in mitigating wildfire risks [23][24] Question: Milestones with Evergy and other contract proceeds - Anterix expects $20 million from Xcel this quarter and $16 million from Xcel and $15 million from LCRA in the March quarter [26][27] - One additional utility representing a $50 million licensing opportunity has moved above the demonstrated intent threshold in the last three months [28] Question: Cash balances, liquidity, and buyback strategy - The company plans to keep $40 million to $50 million in cash to cover annual OpEx, with excess liquidity directed towards the buyback program [30] - The buyback program reflects the company's confidence in near-term opportunities exceeding $250 million [34] Question: Interest in 800 megahertz spectrum and 5G adoption - Anterix is opportunistic about spectrum opportunities, including potential partnerships or acquisitions related to 800 megahertz spectrum [32][33] - Utilities are currently focused on LTE, with future compatibility for 5G through software upgrades, as highlighted by ecosystem partners like Ericsson and Nokia [36][37] Question: Demonstrated Intent (DI) scorecard and Phase III progress - The DI scorecard tracks utilities' progress towards 900 megahertz contracts, with 16 utilities currently above the threshold [12][40] - The DI scorecard provides granularity on utility progress, including contract negotiations and other indicators of intent [41][43] Question: Government spectrum policy and shared spectrum - Anterix is monitoring potential spectrum opportunities, including shared spectrum models like CBRS, but emphasizes the need for control and certainty in utility networks [50][53] - The company believes both shared and exclusive license models will continue to play a role in the spectrum landscape [54] Question: Interest from the satellite industry - Anterix is engaged with leading vendors on potential hybrid terrestrial-satellite solutions, viewing 900 megahertz as a foundational element for future network expansions [56]

Table of Contents Title of each class Trading symbol Name of each exchange on which registered Common Stock, $0.0001 par value ATEX The Nasdaq Stock Market LLC (Nasdaq Capital Market) UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ______________________ FORM 10-Q ______________________ (Mark one) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR ...

Financial Data and Key Metrics Changes - The company received approximately $21 million from the first Excel Spectrum milestone for broadband licenses and expects to receive roughly $80 million of additional near-term proceeds based on the delivery of additional milestones throughout the fiscal year [17] - The company remains debt-free and forecasts free cash flow for fiscal 2024 [17] Business Line Data and Key Metrics Changes - The Demonstrated Intent (DI) scorecard indicates that 15 utilities have crossed the DI threshold, representing more than $850 million in potential contract proceeds, with an additional three utilities close to crossing the threshold representing over $275 million [11] - Since the introduction of the DI scorecard, there have been positive movements recorded on about 50 new measurable indicators of intent [11] Market Data and Key Metrics Changes - The utility sector is spending over $150 billion annually in capital expenditures, indicating a significant market opportunity for the company [28] - The Utility Broadband Alliance (UBBA) surpassed 100 members, reflecting growing interest in private broadband networks within the utility sector [14] Company Strategy and Development Direction - The company aims to become the de facto wireless broadband solution for the utility industry, focusing on capturing valuable customer contracts and demonstrating the value of its spectrum asset [6][12] - The company is actively working with the Utility Strategic Advisory Board and the Utility Broadband Alliance to identify and pursue key solutions for current and potential customers [13][14] Management's Comments on Operating Environment and Future Outlook - Management acknowledges investor frustration with the slow pace of the utility sector but remains optimistic about the progress indicated by the DI scorecard [6][26] - The company sees the current market as an opportunity to drive customer contracts and believes that educational efforts on the value of private broadband networks will lead to increased adoption [16] Other Important Information - The company has a share repurchase program with approximately $26 million available, which it plans to utilize efficiently [17] - The company has successfully closed 100% of contracts with the five utilities that have committed to wide area private wireless broadband since the availability of its broadband spectrum [12] Q&A Session Summary Question: What is the appropriate cash balance for the company? - The CFO indicated a preference for a cash balance that covers at least a year of operating expenses, estimated at roughly $40 million to $45 million [20][21] Question: What are the key issues causing delays in the utility industry? - Management explained that the cautious nature of utility customers, the complexity of organizational decision-making, and the need for regulatory approvals contribute to the delays [22][24] Question: Can you provide insights on the water opportunity? - The company highlighted that the utility sector's significant capital expenditures present monetization opportunities, with a focus on expanding use cases in water management [28][29] Question: What government programs are available to help utilities upgrade the grid? - Management discussed various programs, including the BIO IIJ and GRIP programs, which are expected to provide funding over the next few years [33][34] Question: How does the partnership with NRTC fit into the pipeline? - The company views the partnership with NRTC as an opportunity to reach smaller rural co-ops and municipal organizations, expanding its customer base [48][49] Question: What activities are being undertaken by the 100 companies in the active ecosystem? - A third of the companies in the ecosystem are developing broadband-enabled products, indicating a growing interest in the market [56]

Table of Contents Title of each class Trading symbol Name of each exchange on which registered Common Stock, $0.0001 par value ATEX The Nasdaq Stock Market LLC (Nasdaq Capital Market) UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ______________________ FORM 10-Q ______________________ (Mark one) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) ...

Spectrum Holdings and Licensing - Anterix holds approximately 50% of the 900 MHz band spectrum in the United States, with nationwide coverage including Hawaii, Alaska, and Puerto Rico [14]. - As of March 31, 2023, Anterix was granted broadband licenses for 105 counties, up from 21 counties in 2022 [16]. - The company has negotiated and contracted approximately two-thirds of the transactions required to clear the licensed broadband segment channels [21]. - Anterix's strategy includes converting narrowband spectrum to broadband licenses and offering long-term leasing of broadband spectrum [17]. - The company aims to support digital transformations and infrastructure modernization for critical infrastructure industries [17]. - The company is actively working with federal and state agencies to promote the benefits of private broadband LTE networks for utilities [26]. - The company is focusing on expanding its customer base beyond electric utilities to include ports, railroads, water, oil and gas facilities, and mining operations [29]. - The company is facilitating the adoption of 900 MHz Band 8 radio access network equipment and end-user devices in the U.S. to support PLTE networks [28]. - The company has invested in business development and marketing teams to enhance customer relationships and grow its pipeline [34]. Agreements and Financials - The Ameren Agreements cover a service area of approximately 7.5 million people with a total scheduled prepayment of $47.7 million over 30 years [35]. - The Evergy Agreement, covering a population of approximately 3.9 million people, has a total prepayment of $30.2 million for a 20-year term [38]. - The Xcel Energy Agreement provides dedicated long-term usage of the 900 MHz Broadband Spectrum for a term of 20 years across eight states [40]. - The Xcel Energy Agreement includes total prepayments of $80.0 million, with $8.0 million received in December 2022, and remaining prepayments due by mid-2028 [41]. - The SDG&E Agreement involves a total payment of $50.0 million, with an initial payment of $20.0 million received in February 2021 and the remaining $30.0 million due through fiscal year 2024 [43]. - The LCRA Agreement has total payments of $30.0 million, due through fiscal year 2026, as the relevant cleared 900 MHz Broadband Spectrum is delivered [45]. - Revenue recognition for the Xcel Energy Agreement will occur over approximately 20 years as performance obligations are met, starting in Q2 FY24 [42]. - The company delivered 1.4 x 1.4 cleared 900 MHz Broadband Spectrum to SDG&E in September 2022, resulting in a milestone payment of $0.2 million [43]. Regulatory and Compliance - The FCC approved a Report and Order on May 13, 2020, to modernize the 900 MHz band, creating a 6 MHz broadband segment [51]. - The company entered into an agreement with the Association of American Railroads to cancel licenses in the 900 MHz band, enabling the AAR to relocate operations [57]. - The company is collaborating with incumbents to clear the 900 MHz Broadband Spectrum allocation in Xcel Energy service territories [41]. - The company satisfies the 50% Licensed Spectrum Test in approximately 3,200 out of 3,233 counties in the United States and its territories [59]. - The 90% Broadband Segment Test requires the company to control or have agreements covering 216 channels out of 240 in the broadband segment for licensing [60]. - The company must surrender 240 licensed channels to obtain a 6 MHz broadband license, with the option to make an Anti-Windfall Payment if insufficient channels are available [63]. Market and Competitive Landscape - The wireless communications industry is highly competitive, and the company is continuously monitoring changes to maximize the value of its spectrum assets [29]. - The average cost for channels in aggregate will be lower than the nationwide average of $0.93 per MHz of population covered (POP) from the FCC's 600 MHz auction [63]. - The company began acquiring additional channels in the 900 MHz band in 2015 in anticipation of regulatory changes [68]. - The company has been retuning channels with Covered Incumbents since 2015 to facilitate compliance with the 90% Broadband Segment Test [69]. Employee and Organizational Culture - As of March 31, 2023, the company had 82 full-time employees and engages consultants and contract workers as needed [78]. - The company conducted an Employee Engagement survey in 2021 with 80% participation, indicating a highly engaged workforce [80]. - As of March 31, 2023, 33% of the Board members and 28% of the workforce identify as diverse, with 31% of new hires being females and the overall workforce being 35% female [81]. - The company has implemented a hybrid work model requiring employees to work from the office three days a week, three weeks a month, balancing team development and personal benefits [82]. - The company is committed to fostering an inclusive culture through initiatives like Anterix GROW, which was launched in February 2023 [81]. - Employee sentiment is gauged through surveys, and the company is dedicated to addressing areas needing improvement [82]. - The company has established partnerships with organizations like INROADS and Talent Hue to enhance diverse talent recruitment [81]. - The company provides training and development opportunities, including leadership coaching and mentoring, to support employee growth [82]. Financial Risks and Economic Factors - The primary exposure to market risk is interest income sensitivity, with a 10% change in market interest rates not expected to materially impact financial condition or results of operations [162]. - Inflationary factors have led to increased operating expenses, and continued high inflation could adversely affect the company's business and financial condition [164]. - The company is not currently exposed to market risk from changes in foreign currency as all transactions are denominated in U.S. dollars [163]. - The company continues to monitor market risk exposure, including impacts from health pandemics and macroeconomic volatility [165].

Investor Presentation Safe Harbor Statement FORWARD-LOOKING STATEMENTS Certain statements contained in this presentation, other than historical information, constitute forward- Accordingly, you should not rely upon these forward-looking statements as a representation or warranty looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward- by us or any other person that we will achieve our objectives and plans in any specified time frame, or looking statements inclu ...

Anterix, Inc. (NASDAQ:ATEX) Q3 2023 Earnings Conference Call February 14, 2023 8:30 AM ET Company Participants Natasha Vecchiarelli - IR Robert Schwartz - President, CEO & Director Ryan Gerbrandt - COO Christopher Guttman-McCabe - Chief Regulatory & Communications Officer Conference Call Participants James Ratcliffe - Evercore ISI Simon Flannery - Morgan Stanley George Sutton - Craig-Hallum Walter Piecyk - LightShed Partners Michael Crawford - B. Riley Securities Operator Good day, everyone, and welcome to ...

Table of Contents Title of each class Trading symbol Name of each exchange on which registered Common Stock, $0.0001 par value ATEX The Nasdaq Stock Market LLC (Nasdaq Capital Market) UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ______________________ FORM 10-Q ______________________ (Mark one) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended December 31, 2022 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 1 ...

Financial Data and Key Metrics Changes - At the end of the quarter, the company had $86 million in cash and approximately $50 million in remaining contracted proceeds due to be paid in the next few years, indicating a strong financial position [9][10] - The capital-efficient model allows the vast majority of contracted proceeds to result in free cash flow, with multi-decade customer lease contracts providing significant future value [9] Business Line Data and Key Metrics Changes - The company is focused on becoming the de facto private broadband solution for utilities, with a strong emphasis on closing individual deals to capture the sector [7][10] - There are over 60 prospective customers in the pipeline, demonstrating growing demand for 900 megahertz private LTE [16] Market Data and Key Metrics Changes - The company is seeing increased interest from various sectors, including pipelines, gas companies, freight rail operators, and government installations, reflecting a broader demand for private broadband networks [17] - The public industry focus on private LTE is measurable, with over 50% of the nationwide spectrum value represented by participation from utility leaders and organizations [11] Company Strategy and Development Direction - The company aims to pioneer the transformation of utility sector communication capabilities and monetize its nationwide spectrum asset [18] - The strategic focus remains on the utility sector, with ongoing efforts to address critical challenges such as grid monetization and renewable energy integration [10][19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to close significant contracts, highlighting the complexity and evolving nature of the deals [12][19] - The company remains optimistic about achieving its target of $1.8 billion in contracted proceeds around fiscal 2024, emphasizing long-term value opportunities [41] Other Important Information - The company has established an active ecosystem program with over 80 members, indicating strong collaboration within the industry [11][51] - Legislative support, including the recent Inflation Reduction Act, reinforces the importance of the issues the company is addressing for utilities [19] Q&A Session Summary Question: Update on the fourth contract under LOI - Management clarified that there is no direct correlation between the number of LOIs discussed previously and the current four deals, indicating progress in the pipeline [20][21] Question: Commentary on Phase III of the pipeline - Management noted that the pipeline includes both parent company and operating company opportunities, with significant potential for growth [27][28] Question: Progress on the four deals since the last call - Management indicated that progress is being made across all deals, with varying timelines for completion [31][33] Question: Status of the third LOI not included in the four deals - Management confirmed that all deals remain in the pipeline, with no losses to competition, and emphasized ongoing development across all phases [38][39] Question: Competitive landscape regarding private networks - Management acknowledged increased interest from competitors but emphasized the company's leading position in the private LTE movement and its substantial market footprint [42][44]