Anterix Investor Call: FCC Expands 900 MHz to 10 MHz, Boosting Spectrum Value and Utility Deals

Key Points

• FCC expanded the 900 MHz band to 10 MHz, increasing capacity for private broadband networks and management says this “dramatically” boosts the spectrum’s value and monetization potential across utilities and critical infrastructure.
• Commercial momentum is accelerating: Anterix reports 10 customers serving more than 53 million people and over $400 million in contracted spectrum proceeds, citing recent deals with Texas-New Mexico Power and NorthWestern Energy and a notably stronger pipeline.
• Economic and strategic impacts: CFO estimates the 10 MHz framework implies roughly $2.5 billion to over $7 billion in spectrum value (up from ~$1.5B–$4B for 6 MHz), the company will drop its “demonstrated intent” disclosure in Q4, and a passive strategic review remains ongoing.

Anterix NASDAQ: ATEX used its April 2026 investor update call to highlight what President and CEO Scott Lang called a “powerful milestone” for the company: the Federal Communications Commission’s decision to expand the 900 MHz band’s broadband configuration from 6 MHz to 10 MHz. Management said the change increases capacity for private wireless broadband networks and strengthens the company’s ability to monetize its nationwide spectrum position across utilities and potentially other critical infrastructure markets.

FCC expands 900 MHz framework to 10 MHz

Lang said the FCC on Feb. 18 adopted a Report and Order that expands Anterix’s “900 MHz spectrum modernization opportunity from 6 MHz to 10 MHz,” which he said the company believes represents “a dramatic increase in the value of our asset for our shareholders and our customers.” Lang framed the FCC action as “not the starting point” but “the accelerant,” adding that Anterix is “executing from a position of greater focus, stronger fundamentals, and a platform already delivering real results in the field.”

Chief Regulatory and Communications Officer Chris Guttman-McCabe said the decision followed roughly two years of efforts to expand the band. He noted that in early 2024 a coalition of utilities and industry associations joined Anterix in petitioning the FCC, and he characterized the timeline from petition to notice of proposed rulemaking to final order as unusually fast. Guttman-McCabe said the order “reflect[s] almost exactly what we had originally proposed” and enables a “full 10 MHz of broadband configuration,” which he described as “a super pipe for mission-critical communications.”

Customer activity and recent agreements

Lang said Anterix now has “10 customers, collectively serving more than 53 million people,” and has secured “more than $400 million in contracted spectrum proceeds to date.” He also pointed to recent agreements with Texas-New Mexico Power and NorthWestern Energy as evidence of increasing momentum following the FCC order.

According to Lang, a 6 MHz contract with Texas-New Mexico Power expanded the company’s reach to “over 93% of the great state of Texas.” He also highlighted NorthWestern Energy as a “milestone contract” for a “full 10 MHz private wireless deployment,” arguing the agreements signal movement “beyond simple adoption toward true industry standardization.”

During the Q&A, Lang said pipeline activity is “stronger than I have ever seen it,” and compared the current environment to “night and day” versus one year ago. He said Anterix is pursuing both smaller transactions and larger opportunities, describing the near-term cadence as “hitting some nice singles and doubles” while remaining focused on “bigger elephants.” He also confirmed that conversations with a previously mentioned “fairly large IOU” are continuing and that recently announced deals did not include that one.

Satellite experimental license with Lynk Global

Lang and Guttman-McCabe also discussed a new initiative with Lynk Global. Lang said Anterix partnered with Lynk to file for an experimental license to test integration of Lynk’s satellite direct-to-device capabilities with Anterix’s 900 MHz private wireless. “Satellite coverage is not yet ubiquitous,” Lang said, but added the company is “leaning in early” to position customers “to take advantage of what’s next.”

Guttman-McCabe said the testing will include “handsets, computers, edge devices, routers, and more” across “multiple geographic locations,” and he suggested the expanded 900 MHz band could create “broader strategic optionality” beyond utilities. He cited potential applicability to “industrial IoT networks, transportation and logistics hubs, water and wastewater systems, and…satellite providers.”

Asked whether the satellite work could become a standalone product, Guttman-McCabe said “stay tuned,” outlining possible outcomes including a product and a joint go-to-market approach. In response to questions about Lynk’s scale and funding, he characterized Lynk as a “technology leader” and emphasized the effort is a “test” conducted under an experimental license.

Economic implications and disclosure changes

CFO Elena Marquez said the 10 MHz framework improves the company’s economic profile by increasing “monetizable spectrum capacity in each eligible county by 67%” compared with 6 MHz. She said the 6 MHz asset had an implied valuation range of approximately “$1.5 billion to over $4 billion” based on 600 MHz and AWS3 auction pricing, and that “applying the same methodology” to 10 MHz implies “approximately $2.5 billion to over $7 billion.” Marquez added that signed contracts have fallen within that range, “with one deal priced above.”

Marquez said the FCC order preserves deployment flexibility by allowing customers to scale from partial broadband to full 10 MHz over time, and she reported that since the Feb. 18 vote, several customers have shifted focus toward securing 10 MHz configurations, citing NorthWestern Energy as an example.

She also said the order reaffirms a voluntary clearing process and that clearing will remain “a disciplined, market-by-market investment with costs tied to near-term contract opportunities.” When asked about incremental clearing costs for broader 5x5 configurations, Marquez said the company does not intend to provide more exact guidance, describing a desire to preserve negotiating leverage with incumbents and customers. Guttman-McCabe added that excluding a “major incumbent,” more than half of counties are likely available for licensing, “almost even approaching two-thirds.”

Marquez also announced a change to investor disclosures: due to the expanded opportunity set, Anterix will remove its “demonstrated intent metric disclosure beginning in the fourth fiscal quarter,” shifting to what she called a more strategic approach to maintain negotiation leverage and flexibility.

Strategic review and outlook

In response to questions about the company’s strategic review, Lang said it remains “passively active,” with ongoing inbound interest and conversations. He said the company will “keep our door open” while maintaining focus on operating discipline and watching operating expenses, with a broader update planned for the next earnings call in June.

Closing the call, Lang said the 10 MHz expansion “meaningfully enhanced the value of the Anterix opportunity” and reiterated management’s view that “the time to act is now,” adding that the company would provide additional updates at its upcoming earnings call.

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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