Anterix(ATEX) - 2025 Q4 - Annual Results

Financial Performance - Anterix reported a net income of $9.2 million for Q4 FY2025, compared to a net loss of $9.4 million in Q4 FY2024, marking a significant turnaround [14]. - Total spectrum revenue for FY2025 was $6.0 million, an increase of 43.9% from $4.2 million in FY2024 [14]. - For the three months ended March 31, 2025, the net income was $9.208 million, a significant improvement compared to a net loss of $9.411 million in the same period of 2024 [16]. - The company experienced a gain on the sale of spectrum amounting to $40.935 million during the three months ended March 31, 2025 [16]. - Depreciation and amortization expenses for the year ended March 31, 2025, totaled $548 million, compared to $844 million in the previous year [16]. - The company reported a loss from disposal of long-lived assets of $3 million for the three months ended March 31, 2025 [16]. Cash and Assets - As of March 31, 2025, Anterix had cash and cash equivalents of $47.4 million, down from $60.6 million a year earlier [12]. - The company reported a total cash and cash equivalents and restricted cash of $55.024 million as of March 31, 2025, down from $68.124 million a year earlier [17]. - Anterix's total assets increased to $333.1 million as of March 31, 2025, compared to $324.9 million a year earlier [12]. Share Repurchase and Capital Management - The company has a remaining share repurchase authorization of $227.7 million as of March 31, 2025, after repurchasing $8.4 million worth of shares in FY2025 [5]. - The total cost to repurchase shares in the three months ended March 31, 2025, was $1.955 million, with an average price paid per share of $38.63 [19]. - As of March 31, 2025, there is $227.7 million remaining under the share repurchase program [20]. - The number of shares repurchased and retired in the three months ended March 31, 2025, was 50, compared to 173 shares in the same period of 2024 [19]. Strategic Initiatives and Opportunities - The company executed new spectrum sale agreements totaling $116 million, including $102.5 million with Oncor and $13.5 million with LCRA [7]. - Anterix has approximately $147 million of contracted proceeds outstanding, with about $80 million expected to be received in FY2026 [7]. - The company initiated a strategic review process in February 2025, following inbound interest, which is still ongoing [7]. - Anterix launched the AnterixAccelerator™ initiative in March 2025, which is now oversubscribed with utilities engaged in discussions for $250 million in spectrum incentives [7]. - The company has a pipeline of approximately $3 billion in prospective contract opportunities across over 60 potential customers [7]. Cash Flow - Cash flows from operating activities resulted in a net cash used of $16.555 million for the three months ended March 31, 2025, compared to a net cash provided of $6.140 million in the same period of 2024 [16]. - The net cash provided by investing activities for the three months ended March 31, 2025, was $35.415 million, a significant increase from a net cash used of $2.262 million in the same period of 2024 [16].