Anterix Inc. — Second Quarter Fiscal 2027 Earnings Summary

Financial Performance:

• Spectrum revenue was $1.958 million for the three months ended September 30, 2026, compared to $1.552 million in the same period in 2025.
• For the six months ended September 30, 2026, spectrum revenue was $3.916 million, up from $2.970 million in the prior year period.
• Net loss was $4.993 million for the three months ended September 30, 2026, versus net income of $53.536 million in the prior year period.
• Net loss was $4.753 million for the six months ended September 30, 2026, compared to net income of $78.716 million in the prior year period.
• Net loss per share (basic and diluted) was $0.25 for both the three and six months ended September 30, 2026.
• Operating expenses were $13.760 million for the three months ended September 30, 2026, compared to $11.927 million in the prior year period; for the six months, expenses were $26.616 million versus $25.733 million.
• General and administrative expenses were $10.029 million for the three months ended September 30, 2026, compared to $8.398 million in the prior year period.
• Sales and support expenses were $2.253 million for the three months ended September 30, 2026, compared to $1.449 million in the prior year period.
• Product development expenses were $1.177 million for the three months ended September 30, 2026, compared to $1.212 million in the prior year period.
• Severance and other related charges were $205,000 for the three months ended September 30, 2026, compared to $735,000 in the prior year period.
• Depreciation and amortization was $96,000 for the three months ended September 30, 2026, compared to $133,000 in the prior year period.
• A gain on exchange of intangible assets, net, of $6.092 million was recorded for the three months ended September 30, 2026, compared to a gain of $59.602 million in the prior year period.
• A gain on exchange of intangible assets, net, of $16.745 million was recorded for the six months ended September 30, 2026, compared to a gain of $93.518 million in the prior year period.
• Interest income was $949,000 for the three months ended September 30, 2026, compared to $379,000 in the prior year period.
• Net cash used in operating activities was $6.142 million for the three months ended September 30, 2026, compared to net cash provided of $1.404 million in the prior year period.
• Net cash used in operating activities was $4.097 million for the six months ended September 30, 2026, compared to net cash used of $1.736 million in the prior year period.
• Net cash used in investing activities was $5.425 million for the three months ended September 30, 2026, compared to $604,000 in the prior year period.
• Net cash used in investing activities was $12.164 million for the six months ended September 30, 2026, compared to $3.269 million in the prior year period.
• Net cash provided by financing activities was $2.286 million for the three months ended September 30, 2026, compared to net cash used of $907,000 in the prior year period.
• Net cash provided by financing activities was $22.237 million for the six months ended September 30, 2026, compared to net cash used of $1.549 million in the prior year period.
• Cash and cash equivalents were $107.467 million as of September 30, 2026, compared to $98.533 million as of March 31, 2026.
• Restricted cash (escrow deposits) was $3.172 million as of September 30, 2026, compared to $6.130 million as of March 31, 2026.
• Total assets were $497.913 million as of September 30, 2026, compared to $465.210 million as of March 31, 2026.
• Total liabilities were $210.761 million as of September 30, 2026, compared to $202.889 million as of March 31, 2026.
• Total stockholders' equity was $287.152 million as of September 30, 2026, compared to $262.321 million as of March 31, 2026.
• Deferred revenue was $14.331 million (current) and $159.005 million (long-term) as of September 30, 2026, compared to $14.513 million (current) and $146.665 million (long-term) as of March 31, 2026.
• Spectrum receivable was $16.063 million as of September 30, 2026, compared to $10.638 million as of March 31, 2026.
• Broadband licenses held for sale were $13.607 million as of September 30, 2026, compared to $0 as of March 31, 2026.
• Intangible assets were $317.823 million as of September 30, 2026, compared to $310.712 million as of March 31, 2026.
• Deferred broadband costs were $29.423 million as of September 30, 2026, compared to $29.069 million as of March 31, 2026.
• No debt was outstanding as of September 30, 2026.

Guidance and Future Outlook:

• Approximately $33.1 million of contracted proceeds are outstanding, with approximately $9.6 million expected to be received during the remainder of fiscal 2027.
• The Federal Communications Commission advanced a Notice of Proposed Rulemaking on October 29, 2026, to modify Supplemental Coverage from Space (SCS) rules, including consideration of adding the 900 MHz band to the list of SCS bands.

Business Segments and Product Lines:

• Anterix exchanged narrowband for broadband licenses in 6 counties.
• Anterix invested $5.4 million in spectrum clearing costs.
• iPhone 18 Pro and iPhone Duo were announced as the first iPhone models to operate on dedicated private LTE networks using Anterix 900 MHz (Band 106) spectrum.

Market and Competitive Landscape:

• Anterix is described as the market leader in mission-critical private wireless broadband spectrum for the utility sector.
• The company provides secure, private 900 MHz licensed spectrum and advanced intelligent infrastructure solutions.

Risks and Challenges:

• Risks include the timing of payments under customer agreements.
• Risks include the ability to clear the 900 MHz broadband spectrum on a timely basis and on commercially reasonable terms.
• Risks include the ability to timely secure broadband licenses.
• Risks include the ability to successfully commercialize spectrum assets and services to targeted utility or other customers.
• Risks include the ability to execute on customer engagement initiatives.
• Risks include competition in the market for spectrum and spectrum solutions offered by Anterix.

Management Commentary and Tone:

• The press release states Anterix is transforming how critical infrastructure stays connected.

• Management highlighted the commercialization milestone of iPhone 18 Pro and iPhone Duo operating on Anterix spectrum.

• Management noted the regulatory advancement regarding the 900 MHz band and SCS rules.

Other Key Points:

• The Company has an authorized share repurchase program for up to $250.0 million of common stock on or before September 22, 2029.
• There was no share repurchase activity in the fiscal 2027 second quarter.
• As of September 30, 2026, $250.0 million remained available under the share repurchase program.
• Proceeds from stock option exercises were $2.894 million for the three months ended September 30, 2026, and $23.161 million for the six months ended September 30, 2026.
• Payments of withholding tax on net issuance of restricted stock were $608,000 for the three months ended September 30, 2026, and $924,000 for the six months ended September 30, 2026.
• A conference call for analysts and investors is scheduled for 9:00 A.M. ET on November 11, 2026.