Anterix(ATEX) - 2026 Q1 - Quarterly Results

Financial and Operational Highlights 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] - 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] - The company continues to advance a significant sales pipeline, with approximately $3 billion in prospective contract opportunities across more than 60 potential customers[8] Financial Statements 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 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 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 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 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] Business Overview and Outlook 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] - 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][9]