Anterix Inc.

Anterix, Inc.

Overview

• Owns and monetizes licensed 900 MHz spectrum (896–901 / 935–940 MHz) across the contiguous U.S., Hawaii, Alaska, and Puerto Rico.
• Transitioning from a lease-centric model to a broader operating model that includes securing and expanding spectrum, clearing/retuning incumbents, selling and leasing spectrum, and building a portfolio of spectrum-based products and services.
• Targets private wireless networks for utilities and critical infrastructure customers to support grid modernization, operational resilience, cybersecurity, remote automation, real-time monitoring, and edge-enabled applications.
• Introduced a new brand identity and expanded product ecosystem in fiscal 2026 to reflect this evolution.

Business model and strategic evolution (fiscal 2026)

• Four recurring activities:
  1. Secure and expand spectrum holdings.
  2. Clear and retune incumbents to convert narrowband to broadband.
  3. Monetize spectrum through sales or long-term leases.
  4. Develop and deliver products and services to drive recurring revenue as networks are deployed and operated.
• Launched integrated platform offerings to reduce deployment complexity and enable scalable solutions:
  • TowerX: turnkey tower-site access service (in collaboration with Crown Castle).
  • CatalyX: turnkey connectivity management (SIM management, private-to-public roaming, device visibility).
  • Anterix Active Ecosystem (AAE): ecosystem of more than 150 technology innovators.
• Customer focus: utilities and critical infrastructure enterprises implementing private LTE/PLTE networks on 900 MHz spectrum.
• In February 2026 the FCC adopted the 2026 Report and Order, expanding the broadband segment to 10 MHz (5 x 5). The company continues to pursue licenses, clearing, and monetization under the updated framework.

Spectrum assets and licensing status

• Primary asset: 900 MHz band (Band 8 family) licensed nationwide across the contiguous U.S. and some territories.
• Licensing framework and strategy:
  • Originally structured with a 3 x 3 MHz broadband segment and two narrowband segments under the FCC’s 2020 Report and Order, using eligibility tests (50% Licensed Spectrum Test, 90% Broadband Segment Test, and 240 Channel Requirement). The 2026 Order introduced 5 x 5 rules and a 10 MHz broadband segment.
  • Complex Systems exemption: incumbents operating Complex Systems are exempt from Mandatory Retuning, affecting license eligibility in certain counties.
  • Pursues voluntary exchanges, acquisitions, retuning, and Anti-Windfall Payments to qualify for broadband licenses across counties.
  • Began filing for broadband licenses in May 2021 and has filed applications and surrendered underlying licenses as broadband licenses are granted.

Licenses and counties (high-level)

• 419 counties licensed for broadband by the FCC (159 licenses transferred to customers).
• 155 counties with broadband licenses delivered to customers.
• The county-level framework uses 3,233 U.S. counties as the base unit for license eligibility.
• 900 MHz assets include a substantial number of channels across counties, with ongoing clearing and conversion activities where incumbents remain.

Customers and contracts

• Active long-term Spectrum Lease Agreements:
  • Ameren Corporation (Dec 2020)
  • Evergy Services, Inc. (Sept 2021)
  • Xcel Energy Services Inc. (Oct 2022)
  • Tampa Electric Company (TECO) (Nov 2023)
• Active Spectrum Sale Agreements (broadband licenses):
  • CPS Energy (Jan 2026)
  • Texas-New Mexico Power (TNMP) (Mar 2026)
  • NorthWestern Energy (NWE) (Mar 2026)
• Spectrum Sale Agreements entered prior to Dec 31, 2025:
  • San Diego Gas & Electric (SDG&E) (Feb 2021)
  • Lower Colorado River Authority (LCRA) (Apr 2023)
  • LCRA Expansion Agreement (Jan 2025)
  • Oncor Electric Delivery Company LLC (Jun 2024)
• New spectrum sale agreement after year-end: Benton County (Benton PUD) (Apr 2026).
• The company is in discussions with additional utilities and has identified at least eleven target utility customers with active programs.

Revenue, contracted proceeds and transaction gains (selected figures)

• As of March 31, 2026, total consideration across contracts was approximately $412.4 million.
  • Spectrum Lease Agreements — Total: $192.4 million
    • Payments Received: $172.1 million
    • Payments Remaining: $20.3 million
    • Ameren: $47.7M total; $31.4M received; $16.3M remaining
    • Evergy: $30.2M total; $30.2M received; $0 remaining
    • Xcel: $80.0M total; $76.0M received; $4.0M remaining
    • TECO: $34.5M total; $34.5M received; $0 remaining
  • Spectrum Sale Agreements (as of 3/31/2026) — Total: $24.0 million
    • Payments Received: $6.5 million
    • Payments Remaining: $17.4 million
    • CPS Energy: $13.0M total; $6.5M received; $6.5M remaining
    • TNMP: $3.2M total; $0 received; $3.2M remaining
    • NorthWestern Energy: $7.7M total; $0 received; $7.7M remaining
  • Spectrum Sale Agreements entered prior to 12/31/2025 — Total: $196.0 million
    • Payments Received: $181.5 million
    • Payments Remaining: $14.5 million
    • SDG&E: $50.0M total; $45.6M received; $3.1M remaining
    • LCRA: $30.0M total; $29.3M received; $0.7M remaining
    • LCRA Expansion: $13.5M total; $6.0M received; $6.5M remaining
    • Oncor: $102.5M total; $100.6M received; remaining shown as delivered across 95 counties
• Transaction gains and financial actions:
  • $34.8 million gain on sale of intangible assets (broadband licenses/intangibles).
  • $105.4 million gain from exchanging narrowband for broadband licenses.
  • Repurchased 43,175 shares of Anterix stock for $1.0 million.
  • Contracted proceeds received increased by $127.0 million, with about $50.0 million outstanding at period end.

Employees and facilities (as of March 31, 2026)

• Total employees: 64 (63 full-time).
• Corporate offices: Woodland Park, NJ; McLean, VA; Abilene, TX (leased facilities with multi-year terms).

Products, ecosystem, and partnerships

• CatalyX: connectivity management platform combining SIM management, device management, and roaming control for private LTE networks and hybrid private/public roaming.
• TowerX: turnkey access to private wireless deployments via a network of tower sites, in partnership with Crown Castle to access 40,000+ sites.
• Anterix Active Ecosystem (AAE): network of 150+ technology innovators supporting 900 MHz deployments.
• Active work on 3GPP Band 8 and Band 106/n106 alignment to support LTE and 5G devices for U.S. deployers; ongoing participation in standards work including consideration of future 6G workstreams.

Regulatory and market context

• 900 MHz realignment and broadband licensing are governed by FCC rules (2020 Report and Order and the 2026 Report and Order), including eligibility tests, build-out requirements, and Complex Systems exemptions.
• The 2026 Order expanded the broadband segment to 10 MHz (two 5 MHz blocks) and changed license-eligibility mechanics, which affects county-level strategy and license pursuit.
• FirstNet (FRNA/NPSBN) is a potential competitive influence for certain customers.

Key takeaways

• Anterix is the largest holder of licensed 900 MHz spectrum in the U.S. and is shifting to a model that combines spectrum sales and leases with a growing suite of products and services to support deployments.
• The company maintains active contracts with a core set of utilities and continues to expand its pipeline and customer base.
• It operates with a lean workforce and uses partnerships and its technology ecosystem to accelerate deployment and reduce customer deployment risk.
• The company has material contracted consideration and has recorded material gains from spectrum-related transactions.