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Anterix(ATEX) - 2025 Q2 - Quarterly Report
ATEXAnterix(ATEX)2024-11-13 21:06

Financial Performance - Spectrum revenue for the three months ended September 30, 2024, was 1,551,000,comparedto1,551,000, compared to 1,052,000 for the same period in 2023, representing a 47.4% increase[13] - Net loss for the three months ended September 30, 2024, was (12,766,000),comparedtoanetincomeof(12,766,000), compared to a net income of 2,073,000 for the same period in 2023[13] - Operating expenses for the three months ended September 30, 2024, were 14,681,000,slightlyupfrom14,681,000, slightly up from 14,571,000 in the same period last year, an increase of 0.8%[13] - Interest income for the three months ended September 30, 2024, was 585,000,comparedto585,000, compared to 396,000 for the same period in 2023, an increase of 47.7%[13] - The company experienced a net loss of 12,766,000forthequarterendingSeptember30,2024,comparedtoanetlossof12,766,000 for the quarter ending September 30, 2024, compared to a net loss of 28,290,000 for the six months ending September 30, 2023[20] - Basic net loss per common share for the three months ended September 30, 2024, was (12,766,000),comparedtonetincomeof(12,766,000), compared to net income of 2,073,000 for the same period in 2023[61] - Net loss for the six months ended September 30, 2024 increased by approximately 28.2millionto28.2 million to 28.3 million from 45thousandforthesameperiodin2023[90]AssetsandLiabilitiesTotalcurrentassetsdecreasedfrom45 thousand for the same period in 2023[90] Assets and Liabilities - Total current assets decreased from 73,011,000 as of March 31, 2024, to 56,774,000asofSeptember30,2024,adeclineof22.256,774,000 as of September 30, 2024, a decline of 22.2%[10] - Cash and cash equivalents decreased from 60,578,000 as of March 31, 2024, to 43,129,000asofSeptember30,2024,adecreaseof28.843,129,000 as of September 30, 2024, a decrease of 28.8%[10] - The company reported a contingent liability of 25,000,000 as of September 30, 2024, up from 15,000,000asofMarch31,2024[10]Totalliabilitiesincreasedfrom15,000,000 as of March 31, 2024[10] - Total liabilities increased from 163,862,000 as of March 31, 2024, to 178,174,000asofSeptember30,2024,anincreaseof8.7178,174,000 as of September 30, 2024, an increase of 8.7%[10] - The company’s accumulated deficit increased from (372,173,000) as of March 31, 2024, to (402,490,000)asofSeptember30,2024[10]CashandcashequivalentsattheendoftheperiodonSeptember30,2024,were(402,490,000) as of September 30, 2024[10] - Cash and cash equivalents at the end of the period on September 30, 2024, were 50,737,000, a decrease from 68,124,000atthebeginningoftheperiod[21]StockandEquityAsofSeptember30,2024,AnterixInc.reportedatotalstockholdersequityof68,124,000 at the beginning of the period[21] Stock and Equity - As of September 30, 2024, Anterix Inc. reported a total stockholders' equity of 139,063,000, down from 161,032,000asofMarch31,2024,reflectingadecreaseofapproximately13.6161,032,000 as of March 31, 2024, reflecting a decrease of approximately 13.6%[15] - The company had a total of 18,618,000 shares outstanding as of September 30, 2024, an increase from 18,453,000 shares as of March 31, 2024[15] - The Company has 234.0 million remaining under the share repurchase program as of September 30, 2024[58] - The average price paid per share for repurchases during the six months ended September 30, 2024, was 32.47,withatotalcostof32.47, with a total cost of 2,027,000[57] Revenue and Deferred Revenue - Total spectrum revenue for the three months ended September 30, 2024, was 1,551million,a47.41,551 million, a 47.4% increase from 1,052 million in the same period of 2023[26] - Contract liabilities increased to 126,627thousandasofSeptember30,2024,comparedto126,627 thousand as of September 30, 2024, compared to 80,265 thousand in the same period of 2023, reflecting a significant growth in advanced consideration received[31] - Revenue allocated to remaining performance obligations was 184.3millionasofSeptember30,2024,toberecognizedovertheremainingcontracttermsupto30years[33]TheCompanyrecordedadeferredrevenueof184.3 million as of September 30, 2024, to be recognized over the remaining contract terms up to 30 years[33] - The Company recorded a deferred revenue of 4,415,000 for the six months ending September 30, 2024, down from 19,506,000forthesameperiodinthepreviousyear[20]Thecompanyrecorded19,506,000 for the same period in the previous year[20] - The company recorded 67.1 million in deferred revenue related to prepayments received under the Xcel Energy Agreement as of September 30, 2024[68] Expenses - Anterix Inc. reported stock compensation expenses of 3,408,000forthequarterendingSeptember30,2024,comparedto3,408,000 for the quarter ending September 30, 2024, compared to 7,754,000 for the same period in the previous year[20] - Product development expenses rose by 0.6million,or550.6 million, or 55%, to 1.8 million for the three months ended September 30, 2024, primarily due to higher headcount and IT-related costs[87] - Sales and support expenses increased by 0.6million,or240.6 million, or 24%, to 3.2 million for the six months ended September 30, 2024, mainly due to higher headcount costs and fees related to the Oncor Agreement[92] - Product development expenses rose by 1.3million,or591.3 million, or 59%, to 3.5 million for the six months ended September 30, 2024, driven by higher consulting fees, headcount costs, and IT expenses[91] Cash Flow - The company reported a cash flow used in operating activities of 5,009,000forthesixmonthsendingSeptember30,2024,comparedtoacashflowprovidedof5,009,000 for the six months ending September 30, 2024, compared to a cash flow provided of 2,213,000 for the same period in the previous year[20] - Net cash used in operating activities was approximately 5.0millionforthesixmonthsendedSeptember30,2024,primarilyduetoanoperatinglossandchangesinaccountspayable[98]Netcashusedininvestingactivitieswas5.0 million for the six months ended September 30, 2024, primarily due to an operating loss and changes in accounts payable[98] - Net cash used in investing activities was 10.9 million for the six months ended September 30, 2024, compared to net cash provided of 14.9millionforthesameperiodin2023[100]Netcashusedinfinancingactivitieswas14.9 million for the same period in 2023[100] - Net cash used in financing activities was 1.4 million for the six months ended September 30, 2024, down from $11.8 million in the same period in 2023[102] Market and Economic Conditions - The company is closely monitoring macroeconomic conditions, including inflation, which may adversely affect its commercialization efforts and financial condition[70] - Inflationary factors have increased certain operating expenses, potentially harming commercialization efforts and revenues[115] - The company continues to monitor market risk exposure, including impacts from health pandemics and macroeconomic volatility[116]