Anterix NASDAQ: ATEX is focused on monetizing its expanded 900 MHz spectrum position, developing new recurring-revenue products and exploring satellite direct-to-device connectivity, Chief Regulatory and Communications Officer Chris Guttman-McCabe said during a JPMorgan investor discussion hosted by telecom analyst Sebastiano Petti.
Guttman-McCabe said Anterix’s priorities over the next several months include continuing to secure spectrum contracts, investigating new product opportunities under recently hired Chief Product Officer Ross Slutsky and exploring additional uses and users for its spectrum. He described the company as sitting at the intersection of telecommunications, grid modernization and critical infrastructure.
“We enable the communications connectivity for the critical infrastructure sector,” Guttman-McCabe said, adding that this connectivity is tied to broader trends including artificial intelligence, data centers, load growth and direct-to-device communications.
FCC Order Expands Spectrum Flexibility
Guttman-McCabe said the Federal Communications Commission’s recent Report and Order largely matched Anterix’s petition for a 5 MHz by 5 MHz broadband configuration in the 900 MHz band. He said the order moved the company’s band to “flexible use,” which he said opens the door to satellite direct-to-device applications.
He said the order did not include conditions that would materially constrain Anterix’s flexibility, and that the rules aligned with what the company requested.
“We think we have a lot of flexibility, a lot of optionality as to how to move forward and monetize the spectrum,” Guttman-McCabe said.
Discussing asset valuation, Guttman-McCabe referenced a range previously cited by Chief Financial Officer Elena Kvochko of $2.5 billion to $7 billion for Anterix’s 10 MHz spectrum position. He said the low end is based on applying 600 MHz auction pricing to the company’s remaining spectrum, while the high end reflects AWS-3 auction pricing. He also pointed to private low-band spectrum transactions that were priced higher, around $3 per MHz-POP.
Guttman-McCabe said Anterix’s 11 contracts to date imply approximately $1.70 per MHz-POP, while he said the company’s shares were trading at roughly $0.33 per MHz-POP based on a market capitalization a little over $1 billion.
Clearing Progress and Costs
On spectrum clearing, Guttman-McCabe said Anterix has about 90% of U.S. counties cleared for the original 3 MHz by 3 MHz configuration and about 40% cleared for 5 MHz by 5 MHz. He declined to provide detailed clearing cost or margin guidance, saying the company does not want to create a more difficult environment in negotiations with incumbents or customers.
He said Anterix remains comfortable that it can clear spectrum in a way that produces “a really healthy margin and absolute value” for shareholders, while acknowledging that some areas will be harder to clear than others.
Satellite Direct-to-Device Trial With Lynk
Anterix also announced that the FCC granted an experimental license to test use of its 900 MHz spectrum with Lynk Global for satellite direct-to-device connectivity. Guttman-McCabe said the test will evaluate direct connections from a low Earth orbit satellite to multiple device types, including land mobile radio equipment, smartphones, Toughbooks, edge devices and higher-end routers.
The trial will take place across roughly a half dozen geographies, he said, with both companies participating. The experimental license runs for one year, but Guttman-McCabe said he expects meaningful testing results in the next few months, possibly within two months.
Guttman-McCabe said potential commercial outcomes could include an integrated Anterix-Lynk product, a Lynk product, an Anterix product or arrangements with other satellite providers. He said satellite connectivity could serve as primary coverage where Anterix’s terrestrial 900 MHz networks have not been built, or as a resilient backup overlay where networks are already deployed.
He added that Anterix plans to use information from the trial to support a future FCC case for satellite use of the band.
Utility Deal Momentum and New Products
Guttman-McCabe said Anterix has 11 customers building private networks across 18 states and expects future deals to move faster than the first wave. He attributed the acceleration to a combination of the 5 MHz by 5 MHz approval, proof points from existing customers and growing utility needs around data centers, load growth and distributed energy.
He said Anterix no longer needs to convince utilities of the value of private connectivity, describing private, secure broadband networks as increasingly important for the sector.
The company has also addressed deployment friction points identified by its Utility Strategic Advisory Board. Guttman-McCabe highlighted TowerX, a product developed with Crown Castle to help customers access tower infrastructure, and a SIM-related product developed with a large SIM provider to support roaming and the transition from public to private networks.
Strategic Review and Additional Markets
Asked about the company’s strategic review, Guttman-McCabe said Anterix continues to be “passively active,” meaning it listens to inbound interest as a public company while maintaining its current strategy. He said the move to 5 MHz by 5 MHz makes Anterix more appealing to a broader range of entities, including funds, strategic partners and spectrum companies, though any outcome would depend on those parties and the company’s board.
Beyond investor-owned electric utilities, Guttman-McCabe said the expanded 5 MHz by 5 MHz configuration could allow customers to serve multiple entities within their footprints. He said satellite direct-to-device connectivity and broader enterprise interest could create opportunities in other sectors, though he did not provide a timeline for those verticals becoming material contributors.
Guttman-McCabe also said Anterix has begun notifying participants in its AnterixAccelerator program that the window for that pricing is closing. He said remaining potential deals range in size up to nine figures and collectively total the full $250 million previously discussed under the program.
Asked about an unnamed large investor-owned utility with two operating companies, Guttman-McCabe said discussions remain “robust” and continue to move forward.
About Anterix NASDAQ: ATEX
Anterix, Inc is a specialized telecommunications company focused on delivering private broadband networks for utilities and other critical infrastructure industries. The company owns and operates dedicated 900 MHz spectrum that enables reliable, secure and high-performance wireless communications to support grid modernization, smart metering, distribution automation and other mission-critical applications. By leveraging this spectrum, Anterix helps electric, water and gas utilities deploy advanced communications capabilities to enhance operational efficiency and resiliency.
At the core of Anterix’s offering is its licensed 900 MHz spectrum, which provides superior propagation characteristics compared with unlicensed options and allows for cost-effective coverage over expansive service territories.
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