Company Summary: Anterix Inc.

Business Overview

• Core Focus: Anterix Inc. is a provider of private wireless broadband solutions targeted at the utility and critical infrastructure sectors.
• Main Asset: Largest holder of licensed spectrum in the 900 MHz band (896-901/935-940 MHz) across the United States, including Hawaii, Alaska, and Puerto Rico.
• Business Model: Primarily focuses on:
  • Commercializing spectrum assets via long-term leases and sales to utility and critical infrastructure customers.
  • Converting nationwide narrowband spectrum into valuable broadband licenses.
  • Offering long-term leasing and platform services in complex systems to monetize spectrum assets.

Key Business Strategies

• Convert nationwide 900 MHz spectrum into broadband licenses.
• Clear incumbents and secure broadband licenses in strategic counties with existing or prospective customer contracts.
• Support digital transformation, infrastructure modernization, and cybersecurity for utilities and critical infrastructure.
• Develop industry collaborations, including industry engagement initiatives and the Utility Strategic Advisory Board.
• Facilitate private wireless networks (PLTE) for secure, resilient, and customer-controlled operations.

Spectrum and Licensing

• Spectrum Holdings:
  • Licenses covering over 51% of the 900 MHz band nationwide.
  • In high-value metro areas, hold more than 6 MHz on average.
• Spectrum Assets:
  • Acquired mainly from Sprint in 2014.
  • FCC-approved licenses for 194 counties as of March 31, 2025.
  • Engaged in multiple spectrum sale agreements (e.g., with Oncor, LCRA, SDG&E, Evergy, Xcel Energy, TECO).
  • Converted narrowband licenses to broadband licenses in 67 counties, resulting in gains recognized in financial statements.
• Upcoming Initiatives:
  • Petition to expand broadband segment from 3x3 MHz to 5x5 MHz.
  • Ongoing efforts to clear incumbents and secure licenses in additional counties.

Customer Base

• Main Customers:
  • Utilities including:
    • Ameren (Missouri and Illinois)
    • Evergy (Kansas and Missouri)
    • Xcel Energy (eight states)
    • Tampa Electric (Florida)
    • SDG&E (California)
    • LCRA (Texas)
    • Oncor (Texas)
  • Additional demand from other utilities and critical infrastructure sectors (ports, railroads, water/oil/gas, mining).
• Customer Engagement:
  • Long-term lease agreements (e.g., 20-30 years with renewal options) with upfront prepayments.
  • Agreements include spectrum transfers, license approvals, spectrum clearing, and milestone payments.
  • Several agreements have prepayments totaling hundreds of millions USD, with delivery of spectrum licenses occurring over years.

Employees and Operations

• Number of Employees: 84 (as of March 31, 2025)
• Offices:
  • Woodland Park, New Jersey (main HQ, 10-year lease renewed in 2017)
  • McLean, Virginia (renewed lease in 2024 for 3.5 years)
  • Abilene, Texas (equipment storage, lease through 2029)

Financial Highlights (Fiscal Year Ended March 31, 2025)

• Revenue:
  • Spectrum revenue: $6.03 million (44% increase from $4.19 million in 2024)
• Net Loss:
  • $11.37 million (up 25% from $9.13 million in 2024)
• Expenses:
  • General & Administrative: $42.67 million (decreased slightly from $44.42 million)
  • Sales & Support: $6.11 million (up from $5.69 million)
  • Severance & related charges: $3.77 million (up from $0)
  • Gains:
    • On exchange of licenses: $22.8 million
    • On sale of intangible assets: $18.3 million
• Cash & Equivalents: $47.4 million as of March 31, 2025
• Stockholders: 18,695,874 shares outstanding as of June 18, 2025

Key Recent Activities

• Appointed Scott Lang as CEO and Thomas Kuhn as Executive Chairman.
• Executed spectrum sale agreements (notably with Oncor for $102.5 million).
• Initiated a strategic review process and industry engagement initiatives.
• Secured FCC approval for spectrum segment expansion.
• Returned capital to shareholders through stock repurchases.

Summary: Anterix designs and facilitates private wireless broadband networks for utilities and critical infrastructure across the U.S., leveraging its extensive spectrum holdings and long-term leasing agreements. The company is actively working to expand spectrum licenses, support industry modernization, and generate revenue through spectrum sales, licenses, and platform solutions, with a current focus on utilities with multi-decade lease arrangements and significant upfront payments.