Anterix(US:ATEX)2024-11-13 21:06Financial Performance - Spectrum revenue for the three months ended September 30, 2024, was $1,551,000, 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), 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, 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, compared to $396,000 for the same period in 2023, an increase of 47.7%[13] - The company experienced a net loss of $12,766,000 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), 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 $28.2 million to $28.3 million from $45 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 $56,774,000 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 $43,129,000 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 $15,000,000 as of March 31, 2024[10] - Total liabilities increased from $163,862,000 as of March 31, 2024, to $178,174,000 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) 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 $68,124,000 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 $161,032,000 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, 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 $1,551 million, a 47.4% increase from $1,052 million in the same period of 2023[26] - Contract liabilities increased to $126,627 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 $184.3 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 $19,506,000 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 $3,408,000 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 $0.6 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 $0.6 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 $1.3 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 $5,009,000 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 $5.0 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 $14.9 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]