WOODLAND PARK, N.J., June 24, 2025 (GLOBE NEWSWIRE) -- Anterix $(ATEX)$ today announced fiscal 2025 fourth quarter and full fiscal year financial results and filed its 10-K for the year ended March 31, 2025. The Company also issued an update on its Demonstrated Intent metric which can be found on Anterix's website at https://investors.anterix.com/events-presentations.
Full Year FY2025 Financial and Operational Highlights
-- Appointed Scott Lang as President and Chief Executive Officer effective
October 8, 2024
-- Appointed Thomas Kuhn as Executive Chairman of the Board in January 2025
-- Executed new spectrum sale agreements with Oncor Electric Delivery
Company LLC ("Oncor") for $102.5 million in June 2024 and Lower Colorado
River Authority ("LCRA") for $13.5 million in January 2025
-- Received milestone payments of $8.5 million from Ameren Corporation
("Ameren") and $44.0 million from Oncor
-- Approximately $147 million of contracted proceeds outstanding with
approximately $80 million to be received in fiscal 2026
-- Exchanged narrowband for broadband licenses in 67 counties and recorded a
$22.8 million gain
-- Invested $18.1 million in spectrum clearing costs
-- Secured FCC approval of a Notice of Proposed Rulemaking to expand the
current paired 3 x 3 MHz broadband segment to a paired 5 x 5 MHz
broadband segment within the 900 MHz band in January 2025
-- Initiated a strategic review process after receiving inbound interest in
the Company in February 2025 which remains ongoing
-- Launched the AnterixAccelerator$(TM)$ industry engagement initiative in
March 2025 to speed up utility adoption of private broadband networks;
the program is now oversubscribed with utilities actively engaged in
discussions and negotiations for $250 million in 900 MHz spectrum
incentives
-- Approximately $3 billion pipeline of prospective contract opportunities
across 60+ potential customers
Fourth Quarter FY2025 Financial Highlights
-- Exchanged narrowband for broadband licenses in 47 counties and recorded a
$2.0 million gain
-- Transferred four broadband licenses to Oncor and recorded an
$18.3 million gain on the sale of intangible assets
-- Invested $5.5 million in spectrum clearing costs
-- Successfully identified and executed on several measures to reduce
operating expenses, mainly through cuts in consulting fees and headcount
costs
Liquidity and Balance Sheet
At March 31, 2025, the Company had no debt and cash and cash equivalents of $47.4 million. In addition, the Company had a restricted cash balance of $7.7 million in escrow deposits.
The Company has an authorized share repurchase program for up to $250.0 million of the Company's common stock on or before September 21, 2026. In the fiscal 2025 fourth quarter and full fiscal, Anterix had share repurchase activity of $2.0 million and $8.4 million, respectively. As of March 31, 2025, $227.7 million is remaining under the share repurchase program.
Conference Call Information
Anterix senior management will hold an analyst and investor conference call to provide a business update at 9:00 A.M. ET on Wednesday, June 25, 2025. Participants interested in joining the call's live question and answer session are required to pre-register by clicking on the following link https://investors.anterix.com/events/event-details/q4-fy2025-anterix-earnings-conference-call to obtain a dial-in number and unique PIN. It is recommended that you join the call at least 10 minutes before the conference call begins. The call is also being webcast live and will be accessible on the Investor Relations section of Anterix's website at https://investors.anterix.com/events-presentations. Following the event, a replay of the call will also be available on the Anterix website.
About Anterix Inc.
At Anterix, we work with leading utilities and technology companies to harness the power of 900 MHz broadband for modernized grid solutions. Leading an ecosystem of more than 125 members, we offer utility-first solutions to modernize the grid and solve the challenges that utilities are facing today. As the largest holder of licensed spectrum in the 900 MHz band (896-901/935-940 MHz) throughout the contiguous United States, plus Alaska, Hawaii, and Puerto Rico, we are uniquely positioned to enable private wireless broadband solutions that support cutting-edge advanced communications capabilities for a cleaner, safer, and more secure energy future. To learn more and join the 900 MHz movement, please visit www.anterix.com.
Forward-Looking Statements
Certain statements contained in this press release constitute forward-looking statements within the meaning of the federal securities laws that involve risks and uncertainties. Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate or imply future events or achievements such as statements in this press release related to Anterix's business, financial results, outlook, or opportunities. Actual events or results may differ materially from those contemplated in this press release. Forward-looking statements speak only as of the date they are made and readers are cautioned not to put undue reliance on such statements, as they are subject to a number of risks and uncertainties that could cause Anterix's actual future results to differ materially from results indicated in the forward-looking statement. Such statements are based on assumptions that could cause actual results to differ materially from those in the forward-looking statements, including: (i) the timing of payments under customer agreements; (ii) Anterix's ability to clear the 900 MHz Broadband Spectrum on a timely basis and on commercially reasonable terms; (iii) Anterix's ability to timely secure broadband licenses; (iv) Anterix's ability to successfully commercialize its spectrum assets to its targeted utility customers in accordance with its plans and expectations; (v) Anterix's ability to execute on its customer engagement initiatives; (vi) the timing and outcome of Anterix's strategic review process; (vii) whether Anterix will be able to identify, develop or execute on any actions as a result of its strategic review process and (viii) competition in the market for spectrum and spectrum solutions offered by Anterix. Actual events or results may differ materially from those contemplated in this press release. Anterix's filings with the Securities and Exchange Commission ("SEC"), which you may obtain for free at the SEC's website at http://www.sec.gov, discuss some of the important risk factors that may affect the Company's financial outlook, business, results of operations and financial condition. Anterix undertakes no obligation to update publicly or revise any forward-looking statements contained herein.
Shareholder Contact
Natasha Vecchiarelli
Vice President, Investor Relations & Corporate Communications
Anterix
973-531-4397
nvecchiarelli@anterix.com
Anterix Inc.
Earnings Release Tables
Consolidated Balance Sheets
(in thousands, except share and per share data)
March 31, 2025 March 31, 2024
---------------- ------------------
ASSETS
Current assets
Cash and cash equivalents $ 47,374 $ 60,578
Non-trade receivable 2,926 --
Spectrum receivable 7,107 8,521
Escrow deposits 547 --
Prepaid expenses and other
current assets 2,801 3,912
----------- -----------
Total current assets 60,755 73,011
Escrow deposits 7,103 7,546
Property and equipment, net 1,302 2,062
Right of use assets, net 4,829 4,432
Intangible assets 228,983 216,743
Deferred broadband costs 28,944 19,772
Other assets 1,188 1,328
----------- -----------
Total assets $ 333,104 $ 324,894
=========== ===========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable and other
accrued expenses $ 9,075 $ 8,631
Accrued severance and other
related charges 2,265 --
Due to related parties 30 --
Operating lease liabilities 1,643 1,850
Contingent liability 8,093 1,000
Deferred revenue 6,095 6,470
----------- -----------
Total current liabilities 27,201 17,951
Operating lease liabilities 3,747 3,446
Contingent liability 15,336 15,000
Deferred revenue 118,577 115,742
Deferred gain on sale of intangible
assets 4,911 4,911
Deferred income tax 6,606 6,281
Other liabilities 125 531
----------- -----------
Total liabilities 176,503 163,862
----------- -----------
Commitments and contingencies
Stockholders' equity
Preferred stock, $0.0001 par
value per share, 10,000,000
shares authorized and no shares
outstanding at March 31, 2025 and
March 31, 2024 -- --
Common stock, $0.0001 par value
per share, 100,000,000 shares
authorized and 18,612,804 shares
issued and outstanding at March
31, 2025 and 18,452,892 shares
issued and outstanding at March
31, 2024 2 2
Additional paid-in capital 548,542 533,203
Accumulated deficit (391,943) (372,173)
----------- -----------
Total stockholders' equity 156,601 161,032
----------- -----------
Total liabilities and
stockholders' equity $ 333,104 $ 324,894
=========== ===========
Anterix Inc.
Earnings Release Tables
Consolidated Statements of Operations
(in thousands, except share and per share data)
Three Months Ended March
31, Year Ended March 31,
-------------------------- ----------------------------
2025 2024 2025 2024
Spectrum revenue $ 1,389 $ 1,260 $ 6,031 $ 4,191
Operating expenses
General and
administrative 9,220 9,593 42,671 44,423
Sales and
support 1,594 1,728 6,110 5,693
Product
development 1,089 2,243 5,735 5,697
Severance and
other related
charges 258 -- 3,771 --
Depreciation
and
amortization 76 191 548 844
Operating
expenses 12,237 13,755 58,835 56,657
---------- ---------- ---------- ----------
Gain on
exchange of
intangible
assets, net (1,953) (1,989) (22,799) (35,024)
Gain on sale of
intangible
assets, net (18,294) -- (18,294) (7,364)
Loss from
disposal of
long-lived
assets, net 3 5 3 44
---------- ---------- ---------- ----------
Income
(loss) from
operations 9,396 (10,511) (11,714) (10,122)
Interest income 446 926 2,159 2,374
Other income 40 44 75 233
Income (loss)
before income
taxes 9,882 (9,541) (9,480) (7,515)
Income tax expense
(benefit) 674 (130) 1,892 1,613
---------- ---------- ----------
Net income
(loss) $ 9,208 $ (9,411) $ (11,372) $ (9,128)
========== ========== ========== ==========
Net income (loss)
per common share
basic $ 0.50 $ (0.51) $ (0.61) $ (0.49)
Net income (loss)
per common share
diluted $ 0.49 $ (0.51) $ (0.61) $ (0.49)
Weighted-average
common shares
used to compute
basic net income
(loss) per share 18,577,700 18,483,292 18,562,446 18,765,190
Weighted-average
common shares
used to compute
diluted net
income (loss) per
share 18,709,205 18,483,292 18,562,446 18,765,190
Anterix Inc.
Earnings Release Tables
Consolidated Statements of Cash Flows
(in thousands)
Three Months Ended
March 31, Year Ended March 31,
------------------- ----------------------
2025 2024 2025 2024
CASH FLOWS FROM
OPERATING
ACTIVITIES
Net income (loss) $ 9,208 $(9,411) $(11,372) $ (9,128)
Adjustments to
reconcile net
income (loss) to
net cash (used in)
provided by
operating
activities
Depreciation and
amortization 76 191 548 844
Stock
compensation
expense 2,912 3,483 13,531 15,507
Deferred income
taxes (130) (51) 325 841
Rights of use
assets 431 2,770 1,657 1,512
Gain on exchange
of intangible
assets, net (1,953) (1,989) (22,799) (35,024)
Gain on sale of
intangible
assets, net (18,294) -- (18,294) (7,364)
Loss from
disposal of
long-lived
assets, net 3 5 3 44
Changes in
operating assets
and liabilities
Non-trade
receivable (2,926) -- (2,926) --
Prepaid
expenses and
other assets (139) (1,493) 1,126 (1,171)
Accounts
payable and
other accrued
expenses 167 348 550 1,936
Accrued
severance and
other related
charges (25) -- 2,265 --
Due to related
parties 30 -- 30 $(533.SI)$
Operating
lease
liabilities (507) (2,865) (1,960) (1,924)
Contingent
liability (4,001) -- 5,999 15,000
Deferred
revenue (1,389) 15,152 2,460 61,453
Other
liabilities (18) -- (406) --
------- ------ ------- -------
Net cash
(used in)
provided by
operating
activities (16,555) 6,140 (29,263) 41,993
------- ------ ------- -------
CASH FLOWS FROM
INVESTING
ACTIVITIES
Purchases of
intangible
assets, including
refundable
deposits,
retuning costs
and swaps (5,474) (2,222) (18,095) (17,031)
Proceeds from sale
of spectrum 40,935 -- 40,935 25,427
Purchases of
equipment (46) (40) (87) (307)
------- ------ ------- -------
Net cash
provided by
(used in)
investing
activities 35,415 (2,262) 22,753 8,089
------- ------ ------- -------
CASH FLOWS FROM
FINANCING
ACTIVITIES
Proceeds from
stock option
exercises 1,691 770 3,651 777
Repurchase of
common stock (1,955) (5,970) (8,398) (24,676)
Payments of
withholding tax
on net issuance
of restricted
stock -- (104) (1,843) (1,241)
------- ------ ------- -------
Net cash
used in
financing
activities (264) (5,304) (6,590) (25,140)
------- ------ ------- -------
Net change
in cash and
cash
equivalents
and
restricted
cash 18,596 (1,426) (13,100) 24,942
CASH AND CASH
EQUIVALENTS AND
RESTRICTED CASH
Cash and cash
equivalents and
restricted cash
at beginning of
the year 36,428 69,550 68,124 43,182
------- ------ ------- -------
Cash and cash
equivalents and
restricted cash
at end of the
year $ 55,024 $68,124 $ 55,024 $ 68,124
======= ====== ======= =======
The following tables provide a reconciliation of cash and cash equivalents and restricted cash reported on the Consolidated Balance Sheets that sum to the total of the same such amounts on the Consolidated Statements of Cash Flows:
March 31, 2025 March 31, 2024 March 31, 2023
-------------- --------------- -----------------
Cash and cash
equivalents $ 47,374 $ 60,578 $ 43,182
Escrow deposits 7,650 7,546 --
---------- --- ---------- --- ----------
Total cash
and cash
equivalents
and
restricted
cash $ 55,024 $ 68,124 $ 43,182
========== === ========== === ==========
December 31,
2024 December 31, 2023
--------------- -----------------
Cash and cash
equivalents $ 28,797 $ 62,033
Escrow deposits 7,631 7,517
--- ---------- --- ----------
Total cash
and cash
equivalents
and
restricted
cash $ 36,428 $ 69,550
=== ========== === ==========
Anterix Inc.
Earnings Release Tables
Other Financial Information
(in thousands except per share data)
Three Months Ended
March 31, Year Ended March 31,
---------------------- ---------------------
2025 2024 2025 2024
Number of shares
repurchased and
retired 50 173 245 736
Average price
paid per share* $ 38.63 $ 33.80 $ 33.71 $ 33.72
Total cost
to
repurchase $ 1,955 $ 5,970 $ 8,398 $24,676
* Average price paid per share includes costs associated
with the repurchases, excluding excise taxes associated
with the share repurchases.
As of March 31, 2025, $227.7 million is remaining under the share repurchase program.
(END) Dow Jones Newswires
June 24, 2025 16:30 ET (20:30 GMT)