Anterix Q3 Earnings Call Highlights

Key Points

• Management says the company has been “refreshed” after a year-long operational reset, cutting operating expenses by about 20%, adding senior leadership, and launching new products and the Anterix Accelerator to drive recurring, margin-accretive revenue.
• Anterix highlighted growing customer traction—eight “flagship customers” representing roughly $400 million of contract value, examples like Evergy and a $13M CPS Energy deal—and reported the highest number of licenses delivered in a single year while finishing the quarter with about $30M cash, zero debt, expected Q4 collections of >$80M, and raised fiscal‑year cash proceeds guidance to $120M.
• On regulation, management is “cautiously optimistic” about an FCC Feb. 18 order that could enable broadband across the full 10 MHz of the 900 MHz band, but said deployment timing and pricing will vary by market due to incumbent-clearing realities.

Anterix NASDAQ: ATEX executives used the company’s fiscal 2026 third quarter investor update call to highlight a broad operational reset over the past year, point to growing utility interest in private wireless networks using 900 MHz spectrum, and discuss steps taken to reduce costs and improve cash generation. Management also flagged a near-term Federal Communications Commission (FCC) milestone that could expand broadband deployment across the full 10 megahertz of the 900 MHz band.

Management says company has been “refreshed” and is focused on scaling

President and CEO Scott Lang opened the call by saying Anterix is “not the same company” it was a year ago, citing a “complete and total refresh of the critical components” of the business. Lang said the company has significantly reduced operating expenses while strengthening the balance sheet, launched the Anterix Accelerator Program, introduced new products designed to reduce deployment barriers and create opportunities for annual recurring revenue, and built out a senior leadership team.

Lang also pointed to a brand refresh unveiled at DISTRIBUTECH as a signal of where the company is headed. He said Anterix’s 900 MHz broadband spectrum is “increasingly viewed not as optional, but as foundational,” describing how utilities are planning their networks and deploying connected devices at scale.

Utility deployments and customer momentum highlighted at DISTRIBUTECH

Lang provided examples of how existing customers are using Anterix’s spectrum, including Evergy, which he said is supporting roughly 4,500 connected devices today with “a future line of sight to over 1 million connected devices.” He described this as an example of real-world scaling to connect and secure critical infrastructure assets.

He also referenced comments from San Diego Gas & Electric at DISTRIBUTECH describing the “scale and meaningful operational impact” of its collaboration with Anterix. Lang said CPS Energy, described as Anterix’s newest customer, had more than 20 team members at Anterix’s booth and is “excited to get started.”

Lang said the company’s 900 MHz spectrum is poised to cover more than 93% of counties in Texas. He described Anterix as a “trusted partner for utility private wireless” and said the company has eight “flagship customers” representing $400 million in contract value.

Management said it remains in active negotiations with a range of utilities, from smaller utilities moving faster to some of the largest utilities where “scale and complexity naturally lengthen decision cycles.”

New products and leadership aimed at recurring revenue

Lang said Anterix recently launched two products intended to address friction points as utilities move from a spectrum purchase decision to deployment. He said utilities he has spoken with are “excited” about what the products could do and are learning more.

To lead product development, Anterix appointed Ross Sparrow as its first Chief Product Officer. Lang said Sparrow is working closely with customers and ecosystem partners to ground the product roadmap in “real-world operational needs” while increasing the value delivered per megahertz.

In response to an analyst question about product revenue potential, Lang said historically there has been “close to $8 for every $1 that’s spent on us” that has “flown around us versus through us,” and he indicated the company is working to capture more of that opportunity. He said the company is in discussions with at least one utility interested in both products and characterized the potential uplift versus spectrum alone as “a significant increase,” while declining to provide percentages. Lang also said the products are intended to be long-term, recurring, “sticky,” and margin-accretive, and that they help utilities move faster by reducing complexity around steps that follow a spectrum purchase, including tower access and SIM management.

Financial update: lower OpEx run rate, cash position, and updated cash proceeds outlook

CFO Elena Marquez said the company has reduced its operating expense run rate by 20% and accelerated delivery of 900 MHz broadband spectrum to customers, resulting in the highest number of licenses delivered in a single year. Marquez said this positions Anterix for its “first year ever of positive GAAP net income.”

Marquez highlighted the CPS Energy agreement as a $13 million contract and the first commitment under the Anterix Accelerator Program. She said the agreement includes “favorable cash timing,” with 50% payable upfront and the remaining 50% payable at the end of fiscal 2027. She also said the agreement provides a potential path toward top-line revenue, as both parties committed to negotiate a master agreement for additional products and services.

On liquidity, Marquez said Anterix had approximately $30 million in cash as of December 31, with zero debt. She said the company expects to collect over $80 million during the fourth quarter, including a $6.5 million initial payment from CPS Energy. Marquez added that Anterix raised its projected cash proceeds for the current fiscal year to $120 million from $100 million guided the prior quarter.

Regulatory outlook: FCC expected to consider 10 MHz broadband order

Lang said Anterix is encouraged by the FCC’s plan to consider a report and order on February 18 that would enable broadband deployment across the full 10 megahertz of the 900 MHz band. He thanked the FCC and Chairman Carr for advancing policies supporting private wireless broadband for critical infrastructure and grid modernization.

During Q&A, management said it is “cautiously optimistic” and expects to share more detail about what a 5-by-5 framework would mean for the company after the FCC action. Chief Regulatory and Communications Officer Chris Guttman-McCabe added that spectrum realities differ market to market due to incumbents and clearing requirements, and said Anterix’s balance sheet and contract structure allow flexibility in delivering spectrum “when they want it” and on a timeline aligned with customers’ capital allocation. He noted that clearing-related payments become part of Anterix’s basis and inform pricing.

Lang also discussed engagement with public utility commissioners at NARUC, saying commissioners are focused on connectivity, affordability, and the need for utilities to be responsive and secure the grid. He said regulator conversations have advanced compared with a year ago as utilities share “real success stories” about private broadband wireless deployments.

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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