Anterix Inc. ATEX
Anterix Inc. ("Anterix," "we," "our," or the "Company") is the nation's largest holder of licensed 900 MHz spectrum (896-901/935-940 MHz) with coverage spanning the contiguous United States, Hawaii, Alaska, and Puerto Rico. Our mission is to transform critical infrastructure connectivity, commercialize our spectrum assets and deliver advanced intelligent infrastructure solutions, including private broadband networks, tower access, and turnkey connectivity management, to utility and critical infrastructure enterprises seeking to enhance operational efficiency, strengthen grid resilience, and accelerate digital transformation.
During fiscal 2026, we evolved our business strategy. Building on our foundational 900 MHz spectrum position, we transitioned from a model focused predominantly on long-term spectrum leasing to a broader operating model. In the ordinary course of business, we now secure and expand our spectrum position, clear and retune spectrum, monetize spectrum through both sales and long-term leases, and develop a growing portfolio of products and services offerings around our spectrum that are designed to generate recurring revenue. Together, these activities form the foundation of how we generate revenue today and how we expect to generate revenue over time. Our new brand and visual identity, introduced during the fourth quarter, reflects this evolution.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $6.5M | $6.0M | $4.2M | $1.9M | $1.1M | $921.0K | $1.6M | $6.5M | $6.4M | $4.8M |
| Cost of revenue | — | — | — | $0 | $5.0K | $1.6M | $2.8M | $4.7M | $7.9M | $7.0M |
| Gross profit | — | — | — | $1.9M | $1.1M | -$685.0K | -$1.3M | -$752.0K | -$1.5M | -$2.3M |
| R&D | $4.7M | $5.7M | $5.7M | $4.4M | $3.6M | $4.3M | $3.0M | $2.3M | $2.4M | $2.3M |
| SG&A | $36.1M | $42.7M | $44.4M | $45.2M | $39.5M | $39.3M | $25.5M | $19.6M | $20.9M | $22.6M |
| Total operating expenses | $52.7M | $58.8M | $56.7M | $56.8M | $49.0M | $51.8M | $38.9M | $49.2M | $30.2M | $30.5M |
| Operating income | $93.9M | -$11.7M | -$10.1M | -$16.5M | -$36.8M | -$54.8M | -$37.5M | -$42.7M | -$31.7M | -$32.8M |
| Interest expense | — | — | — | — | — | — | — | — | $3.0K | $5.0K |
| Pre-tax income | $95.7M | -$9.5M | -$7.5M | -$15.1M | -$36.5M | -$54.3M | -$35.2M | -$41.3M | -$31.1M | -$32.7M |
| Income tax | $5.1M | $1.9M | $1.6M | $1.3M | $983.0K | $124.0K | $2.4M | $688.0K | $6.5M | $6.5M |
| Net income | $90.6M | -$11.4M | -$9.1K | -$16.3M | -$37.5M | -$54.4M | -$37.6M | -$42.0M | -$24.6M | -$39.2M |
| EPS, basic | 4.85 | -0.61 | -0.49 | -0.87 | -2.07 | -3.13 | -2.29 | — | — | — |
| EPS, diluted | 4.83 | -0.61 | -0.49 | -0.87 | -2.07 | -3.13 | -2.29 | -2.88 | -1.70 | -2.72 |
| Shares, diluted (wtd. avg.) | $18.8M | $18.6M | $18.8M | $18.8M | $18.1M | $17.4M | $16.4M | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $98.5M | $47.4M | $68.1M | $43.2M | $105.6M | $117.5M | $137.5M | $76.7M | $98.3M | $124.1M |
| Receivables | — | — | — | — | $0 | $4.0K | $61.0K | $444.0K | $935.0K | $636.0K |
| Inventory | — | — | — | — | — | — | — | — | $173.0K | $128.0K |
| Total current assets | $120.0M | $60.8M | $73.0M | $59.5M | $115.8M | $121.0M | $142.2M | $78.3M | $100.3M | $125.7M |
| Property, plant and equipment | $827.0K | $1.3M | $2.1M | $3.6M | $2.9M | $3.6M | $7.0M | $9.8M | $12.8M | $14.5M |
| Other intangibles | — | — | — | — | — | — | — | $184.0K | $197.0K | $210.0K |
| Total assets | $465.2M | $333.1M | $324.9M | $278.6M | $278.0M | $253.1M | $267.4M | $196.8M | $220.3M | $245.5M |
| Accounts payable | $695.0K | $1.1M | $696.0K | $755.0K | $1.0M | $500.0K | $645.0K | $743.0K | $479.0K | $670.0K |
| Total current liabilities | $36.0M | $27.2M | $18.0M | $31.9M | $9.6M | $8.6M | $8.8M | $8.8M | $5.2M | $4.7M |
| Total liabilities | $202.9M | $176.5M | $163.9M | $98.8M | $91.7M | $40.5M | $22.3M | $16.0M | $11.8M | $17.6M |
| Retained earnings | -$302.3M | -$391.9M | -$372.2M | -$338.4M | -$313.8M | -$260.3M | -$205.9M | -$168.5M | -$127.2M | -$102.7M |
| Total equity | $262.3M | $156.6M | $161.0M | $179.8M | $186.3M | $212.5M | $245.1M | $180.8M | $209.3M | $227.9M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $5.5M | -$29.3M | $42.0M | -$27.2M | $17.9M | -$10.0M | -$27.8M | -$23.1M | -$22.0M | -$26.5M |
| Depreciation and amortisation | $464.0K | $548.0K | $844.0K | $1.4M | $1.4M | $3.5M | $3.6M | $2.8M | $2.8M | $2.2M |
| Capital expenditure | $31.0K | $87.0K | $307.0K | $2.1M | $1.1M | $230.0K | $464.0K | $724.0K | $950.0K | $1.6M |
| Investing cash flow | $40.5M | $22.8M | $8.1M | -$27.1M | -$27.4M | -$14.2M | -$7.6M | -$1.7M | -$2.9M | -$2.4M |
| Financing cash flow | $3.6M | -$6.6M | -$25.1M | -$8.1M | -$2.4M | $4.2M | $96.1M | $3.2M | -$898.0K | -$485.0K |
| Buybacks | $990.0K | $8.4M | $24.7M | $8.2M | $15.0M | $0 | $0 | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001304492-26-000027.
Others in SIC 4813
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| VZ | VERIZON COMMUNICATIONS INC | $208.32B | 12.3x | 2.5% |
| T | AT&T INC. | $175.97B | 8.4x | 2.7% |
| LUMN | Lumen Technologies, Inc. | $6.98B | — | -6.6% |
| TDS | TELEPHONE & DATA SYSTEMS INC /DE/ | $4.33B | — | -9.0% |
| UNIT | Uniti Group Inc. | $2.47B | 2.1x | 91.5% |
| IDT | IDT CORP | $1.71B | 22.9x | 2.1% |
| SHEN | SHENANDOAH TELECOMMUNICATIONS CO/VA/ | $696.5M | — | 9.1% |
| ATNI | ATN International, Inc. | $476.4M | — | -1.0% |