Anterix (NASDAQ:ATEX) executives said utility demand for the company’s licensed 900 MHz spectrum accelerated late in fiscal 2026, while management pointed to a stronger balance sheet, new customer wins and emerging non-utility use cases as key themes for the year ahead.
President and CEO Scott Lang said the company ended his first full fiscal year as CEO in a stronger position, citing increased activity with utilities over the past 60 days. Lang said customer conversations have shifted from “education and evaluation” toward deployment, pricing and time to value.
Utility deals and commercial pipeline
Lang highlighted four recent utility agreements signed within a three-month period: CPS Energy, Texas-New Mexico Power, Benton PUD and NorthWestern Energy. He said two of those customers moved directly to 10 MHz agreements shortly after an FCC ruling.
The company also announced Kim Green-Kerr as its new chief revenue officer. Lang said her role is to scale Anterix’s commercial execution for its next phase of growth.
Management repeatedly emphasized flexibility in structuring agreements with utilities. Lang said Anterix can allow a utility to start with 10 MHz or begin with 6 MHz and move to 10 MHz, schedule payment terms around capital availability, or deploy either a single use case or a broader set of solutions.
During the question-and-answer session, Lang said the company has broad pricing discussions underway with both small and large utilities. He described potential opportunities ranging from single-digit millions of dollars to nine-figure opportunities, depending on the utility and market.
Lang also said Anterix has ended its prior accelerator pricing program. “There are no new accelerator deals that are active right now,” he said, adding that pricing is now being customized by utility, market demand and the value of each market.
CatalyX interest rises as Anterix targets recurring revenue
Lang said interest in Anterix’s CatalyX offering has more than doubled since the company’s February earnings call. CatalyX is aimed at reducing friction for utilities deploying private broadband networks, including SIM management and related services.
In response to a question from J.P. Morgan analyst Sebastiano Petti, Lang said every device connected to a network needs a SIM card, and Anterix is using its spectrum licensing expertise and ecosystem relationships to simplify that process for customers. He said the company is establishing master service agreements tied to CatalyX and that interest has come from both existing customers and new prospects.
Chief Regulatory and Communications Officer Chris Guttman-McCabe said these products can be contracted even before a spectrum agreement, potentially helping create “a soft landing” toward a spectrum contract.
Lang said the company is focused on product initiatives that help sell spectrum and help utilities capture value faster. He identified CatalyX and a tower access arrangement with Crown Castle as two early offerings. He said additional products are under evaluation but declined to provide specific timing or financial targets.
Financial results show positive cash flow and no debt
CFO Elena Marquez said Anterix generated positive cash flow in fiscal 2026. The company initially expected $80 million in cash receipts but collected $127 million, which Marquez attributed to accelerated customer deliveries and execution by Anterix’s spectrum teams.
Anterix ended the fiscal year with no debt and more than $98 million in cash, excluding escrow deposits. Marquez said approximately $50 million remains to be collected from contracts already signed, with about $25 million expected in the current fiscal year.
Quarterly GAAP revenue increased to approximately $2 million from $1.6 million in prior quarters, driven by license deliveries in the second half of the fiscal year. Marquez said current GAAP revenue primarily reflects amortization of long-term spectrum leases.
Fiscal 2026 results were largely driven by gains on sale of spectrum and non-cash exchange gains tied to spectrum conversions from narrowband to broadband licenses. Through fiscal year-end, Anterix converted narrowband to broadband licenses across 219 counties, producing $105 million in non-cash exchange gains. The company also sold broadband licenses covering 155 counties and recorded $34.8 million in gains on sale.
Marquez said lower operating expenses contributed to a year of positive net income and earnings per share. In the Q&A, she said operating expenses had been reduced from an approximately $45 million run rate in the first half of fiscal 2025 to about $37 million to $38 million, and she expected fiscal 2027 operating expenses of approximately $40 million at most, including one-time expenses.
Marquez also said Anterix will update its revenue recognition policy in its upcoming Form 10-K to reflect a more flexible commercial approach that includes both leases and sales. Going forward, revenue and cost of sales associated with spectrum sale agreements will be recognized on a gross basis under ASC 606. She said there will be no restatement of prior periods and that revenue recognition will be tied to license delivery dates.
Spectrum value and direct-to-device testing
Executives argued that broader market activity is reinforcing the value of licensed spectrum. Lang cited Amazon’s planned acquisition of Globalstar to support direct-to-device capabilities, AT&T’s $23 billion purchase of EchoStar spectrum and SpaceX’s acquisition of additional spectrum resources as examples of rising demand for scarce spectrum.
Marquez said Anterix has contracted only 15% of its nationwide spectrum on a MHz-pop basis through long-term leases and sales. She said much of the remaining spectrum is concentrated in valuable markets, including top 20 metropolitan areas.
Guttman-McCabe said Anterix is exploring ways to extend the utilization and monetization of its 900 MHz spectrum, including direct-to-device satellite capabilities. The company is working with Lynk Global to test how enterprise-grade satellite networks can integrate with enterprise-grade terrestrial networks.
Guttman-McCabe said initial testing has been successful and will span multiple geographies and a range of devices, including land mobile radios, smartphones, ruggedized computers, routers and edge devices. He said Anterix is assessing whether the capability could be productized through integrated solutions, standalone capabilities or broader ecosystem participation.
Lang closed the call by saying Anterix is seeing strong demand from customers and believes its flexibility, ecosystem and spectrum position give it a strong foundation. “There’s a lot more demand than there is supply,” he said.
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.
