Financial Data and Key Metrics Changes - The company closed the fourth quarter of fiscal year 2025 with over $47 million in cash and no debt, which is viewed as a strategic advantage [12] - The company achieved a reduction of approximately $4 million in operating expense run rate from the first half of fiscal 2025, enhancing efficiency and cash flow [13] - The company expects $80 million in contracted payments during fiscal 2026, providing clear visibility and confidence in future cash flow [12][13] Business Line Data and Key Metrics Changes - The company executed key spectrum sales agreements with Encore and LCRA, resulting in a combined $116 million in contracted proceeds, marking the best year for contracted proceeds [11] - The company has contracted spectrum that covers 93% of Texas counties, creating a replicable regional deployment model [11] Market Data and Key Metrics Changes - The demand for 900 megahertz LTE remains strong, with the company being oversubscribed for the $250 million Anterix Accelerator program [5][16] - The FCC has received strong support from multiple utilities and technology companies for the evolution of the 900 megahertz band to support private, secure wireless networks [9][10] Company Strategy and Development Direction - The company is focused on optimizing its cost structure and streamlining operations to drive growth and return value to shareholders [4] - The strategic review process led by Morgan Stanley is ongoing, with no predetermined outcome [6] - The company is committed to advancing towards a five by five future, unlocking greater potential for the digital grid [8] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the current status of FCC proceedings and the potential for the U.S. to lead in smart grid communications [10] - The company is confident in its market leadership and the robust demand for its offerings, with no hesitation observed from utilities regarding the current three by three deployments [23][34] Other Important Information - The company has a disciplined cost structure and a capital-light model, allowing for scaling without significant capital expenditures [13] - The company is actively engaging with stakeholders in the FCC proceeding to urge a timely and favorable outcome [10] Q&A Session Summary Question: Update on the $250 million accelerator program - The company is pleased with the oversubscription and active negotiations with over a dozen utilities, indicating strong demand for private LTE 900 megahertz [16][17] Question: Engagement with partners in the accelerator program - The company confirmed that utilities are engaging with partners like Ericsson, Nokia, and GE as part of the accelerator program [20][21] Question: Impact of five by five requirements on customer participation - The company has not seen hesitation from utilities regarding the three by three offering, as they are excited about the five by five plan [22][23] Question: Recent additions to the active ecosystem - The company noted that there are over 140 participants in the program, with ongoing focus on strategic growth [29][30] Question: Strategy if competitors acquire 800 megahertz spectrum - The company remains confident in its position with 900 megahertz and believes it will continue to be the preferred choice for utilities [32][34] Question: Goals for contracted proceeds in the next 12-18 months - The company aims to grow from the $116 million contracted proceeds achieved last year, leveraging the accelerator program [36]