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ANTERIX INC. REPORTS FIRST QUARTER FISCAL YEAR 2025 RESULTS

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Anterix (NASDAQ: ATEX) reported its Q1 fiscal 2025 results, highlighting a new spectrum sale agreement with Oncor Electric Delivery Company for $102.5 million, with $10 million received in June 2024. The company's cash and cash equivalents stood at $51.7 million as of June 30, 2024. Anterix returned $2.0 million to stockholders through share repurchases and invested $5.4 million in spectrum clearing. The company also exchanged a narrowband license for a broadband license in one county, recording a $0.1 million gain. Anterix will hold an analyst and investor conference call on August 7, 2024, to provide a business update.

Anterix (NASDAQ: ATEX) ha riportato i risultati del primo trimestre fiscale 2025, evidenziando un nuovo accordo di vendita di spettro con Oncor Electric Delivery Company per 102,5 milioni di dollari, con 10 milioni di dollari ricevuti a giugno 2024. Le disponibilità liquide e le equivalenti in contante della società ammontavano a 51,7 milioni di dollari al 30 giugno 2024. Anterix ha restituito 2,0 milioni di dollari agli azionisti attraverso il riacquisto di azioni e ha investito 5,4 milioni di dollari nel ripristino dello spettro. La società ha anche scambiato una licenza a banda stretta con una licenza a banda larga in una contea, registrando un guadagno di 0,1 milioni di dollari. Anterix terrà una conferenza telefonica per analisti e investitori il 7 agosto 2024 per fornire un aggiornamento aziendale.

Anterix (NASDAQ: ATEX) reportó sus resultados del primer trimestre fiscal 2025, destacando un nuevo acuerdo de venta de espectro con Oncor Electric Delivery Company por 102,5 millones de dólares, con 10 millones de dólares recibidos en junio de 2024. El efectivo y equivalentes de efectivo de la compañía ascendían a 51,7 millones de dólares al 30 de junio de 2024. Anterix devolvió 2,0 millones de dólares a los accionistas mediante recompra de acciones e invirtió 5,4 millones de dólares en la liberación de espectro. La empresa también intercambió una licencia de banda estrecha por una licencia de banda ancha en un condado, registrando una ganancia de 0,1 millones de dólares. Anterix realizará una llamada de conferencia para analistas e inversores el 7 de agosto de 2024 para proporcionar una actualización empresarial.

Anterix (NASDAQ: ATEX)는 2025 회계 연도 1분기 결과를 보고하며, Oncor Electric Delivery Company와 1억 2500만 달러의 새로운 스펙트럼 판매 계약을 체결했으며, 1000만 달러는 2024년 6월에 수령했다고 밝혔다. 회사의 현금 및 현금등가물은 2024년 6월 30일 기준으로 5170만 달러에 달했습니다. Anterix는 주식 매입을 통해 200만 달러를 주주에게 반환하고, 스펙트럼 정리에 540만 달러를 투자했습니다. 또한, 한 카운티에서 협대역 라이센스를 광대역 라이센스로 교환하며 10만 달러의 이익을 기록했습니다. Anterix는 2024년 8월 7일에 분석가 및 투자자 컨퍼런스 콜을 개최하여 비즈니스 업데이트를 제공할 예정입니다.

Anterix (NASDAQ: ATEX) a annoncé ses résultats du premier trimestre fiscal 2025, mettant en avant un nouvel accord de vente de spectre avec Oncor Electric Delivery Company pour 102,5 millions de dollars, dont 10 millions de dollars reçus en juin 2024. La trésorerie et équivalents de trésorerie de la société s'élevaient à 51,7 millions de dollars au 30 juin 2024. Anterix a restitué 2,0 millions de dollars aux actionnaires par le biais de rachats d'actions et a investi 5,4 millions de dollars dans le dégagement de spectre. L'entreprise a également échangé une licence à bande étroite contre une licence à large bande dans un comté, enregistrant un gain de 0,1 million de dollars. Anterix tiendra une conférence téléphonique pour analystes et investisseurs le 7 août 2024 pour fournir une mise à jour sur l'entreprise.

Anterix (NASDAQ: ATEX) berichtete über die Ergebnisse des ersten Quartals des Geschäftsjahres 2025 und hob einen neuen Frequenzverkaufsvertrag mit der Oncor Electric Delivery Company über 102,5 Millionen US-Dollar hervor, von denen 10 Millionen US-Dollar im Juni 2024 erhalten wurden. Liquide Mittel und Zahlungsmitteläquivalente des Unternehmens beliefen sich zum 30. Juni 2024 auf 51,7 Millionen US-Dollar. Anterix gab 2,0 Millionen US-Dollar an Aktionäre durch Aktienrückkäufe zurück und investierte 5,4 Millionen US-Dollar in die Freigabe des Spektrums. Das Unternehmen tauschte auch eine Narrowband-Lizenz gegen eine Broadband-Lizenz in einem Landkreis und verzeichnete einen Gewinn von 0,1 Millionen US-Dollar. Anterix wird am 7. August 2024 eine Analysten- und Investorenkonferenzschaltung abhalten, um ein Unternehmensupdate bereitzustellen.

Positive
  • New spectrum sale agreement with Oncor Electric Delivery Company for $102.5 million
  • $10 million received from Oncor deal in June 2024
  • $2.0 million returned to stockholders through share repurchases
  • Gain of $0.1 million on exchange of narrowband license for broadband license
Negative
  • Spectrum clearing investment of $5.4 million

Insights

Anterix's Q1 FY2025 results reveal a significant spectrum sale agreement with Oncor Electric Delivery Company, totaling $102.5 million. This deal, with an initial $10 million received in June 2024, demonstrates Anterix's ability to monetize its spectrum assets effectively. The company's cash position of $51.7 million as of June 30, 2024, provides a solid financial foundation.

However, the $5.4 million investment in spectrum clearing and $2.0 million returned to stockholders through share repurchases indicate ongoing operational costs and capital allocation strategies. The exchange of narrowband for broadband licenses, while resulting in a modest $0.1 million gain, showcases Anterix's strategic approach to optimizing its spectrum portfolio.

Overall, these results suggest a positive trajectory for Anterix, with substantial revenue potential from spectrum sales balanced against ongoing investments and shareholder returns.

Anterix's spectrum sale to Oncor Electric Delivery Company is a significant milestone in the utilities sector's adoption of private LTE networks. This $102.5 million deal underscores the growing demand for dedicated spectrum to support grid modernization and enhanced operational efficiency.

The company's strategy of exchanging narrowband for broadband licenses is astute, aligning with the industry's shift towards higher-capacity networks. This approach not only enhances Anterix's spectrum portfolio but also positions them favorably in the evolving telecommunications landscape.

The $5.4 million investment in spectrum clearing is important for ensuring the quality and usability of Anterix's assets. As utilities increasingly seek robust, secure communications infrastructure, Anterix's focused approach on spectrum optimization could lead to more lucrative deals in the future, potentially accelerating the adoption of private LTE networks in the utility sector.

WOODLAND PARK, N.J., Aug. 6, 2024 /PRNewswire/ -- Anterix (NASDAQ: ATEX) today announced its first quarter fiscal 2025 results and filed its Form 10-Q for the three months ended June 30, 2024. The Company also issued an update on its Demonstrated Intent metric which can be found on Anterix's website at www.investors.anterix.com/Q12025.

First quarter fiscal 2025 Financial Highlights

  • Executed a new spectrum sale agreement with Oncor Electric Delivery Company for a total of $102.5 million, of which $10 million was received in June 2024
  • Cash and cash equivalents of $51.7 million as of June 30, 2024
  • Returned $2.0 million to stockholders through share repurchases
  • Spectrum clearing investment of $5.4 million
  • Exchanged narrowband for a broadband license in 1 county and recorded a gain on exchange of a narrowband license for a broadband license of $0.1 million

Conference Call Information

Anterix senior management will hold an analyst and investor conference call to provide a business update at 9:00 A.M. ET on Wednesday, August 7, 2024. Interested parties can participate in the call by dialing 1-888-999-6281 and asking the operator to be joined into the Anterix call. International callers should dial 1-848-280-6550. A replay of the call will be accessible on the Investor Relations section of Anterix's website at https://www.anterix.com/events/.

About Anterix Inc. 

At Anterix, we work with leading utilities and technology companies to harness the power of 900 MHz broadband for modernized grid solutions. Leading an ecosystem of more than 100 members, we offer utility-first solutions to modernize the grid and solve the challenges that utilities are facing today. As the largest holder of licensed spectrum in the 900 MHz band (896-901/935-940 MHz) throughout the contiguous United States, plus Hawaii, Alaska, and Puerto Rico, we are uniquely positioned to enable private LTE solutions that support cutting-edge advanced communications capabilities for a cleaner, safer, and more secure energy future. To learn more and join the 900 MHz movement, please visit www.anterix.com.

Forward-Looking Statements 

Certain statements contained in this press release constitute forward-looking statements within the meaning of the federal securities laws that involve risks and uncertainties. Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate or imply future events or achievements such as statements in this press release related to the Anterix's business or financial results or outlook. Actual events or results may differ materially from those contemplated in this press release. Forward-looking statements speak only as of the date they are made and readers are cautioned not to put undue reliance on such statements, as they are subject to a number of risks and uncertainties that could cause Anterix's actual future results to differ materially from results indicated in the forward-looking statement. Such statements are based on assumptions that could cause actual results to differ materially from those in the forward-looking statements, including: (i) the timing of payments under customer agreements, (ii) Anterix's ability to clear the 900 MHz Broadband Spectrum on a timely basis and on commercially reasonable terms; and (iii) Anterix's ability to qualify for and timely secure broadband licenses. Actual events or results may differ materially from those contemplated in this press release. Anterix's filings with the Securities and Exchange Commission ("SEC"), which you may obtain for free at the SEC's website at http://www.sec.gov, discuss some of the important risk factors that may affect the Company's financial outlook, business, results of operations and financial condition. Anterix undertakes no obligation to update publicly or revise any forward-looking statements contained herein.

Shareholder Contact 

Natasha Vecchiarelli
Vice President, Investor Relations & Corporate Communications
Anterix
973-531-4397
nvecchiarelli@anterix.com 

 

Anterix Inc.

Earnings Release Tables

Consolidated Balance Sheets

(in thousands, except share and per share data)



June 30, 2024


March 31, 2024


(Unaudited)



ASSETS




Current assets




Cash and cash equivalents

$                 51,715


$                 60,578

Spectrum receivable

10,999


8,521

Prepaid expenses and other current assets

2,972


3,912

Total current assets

65,686


73,011

Escrow deposits

7,577


7,546

Property and equipment, net

1,836


2,062

Right of use assets, net

4,493


4,432

Intangible assets

219,776


216,743

Deferred broadband costs

20,458


19,772

Other assets

1,312


1,328

Total assets

$               321,138


$               324,894

LIABILITIES AND STOCKHOLDERS' EQUITY




Current liabilities




Accounts payable and accrued expenses

$                   7,748


$                   8,631

Operating lease liabilities

1,807


1,850

Contingent liability

1,000


1,000

Deferred revenue

5,968


6,470

Total current liabilities

16,523


17,951

Operating lease liabilities

3,453


3,446

Contingent liability

25,000


15,000

Deferred revenue

114,719


115,742

Deferred gain on sale of intangible assets

4,911


4,911

Deferred income tax

7,338


6,281

Other liabilities

411


531

Total liabilities

172,355


163,862

Commitments and contingencies




Stockholders' equity




Preferred stock, $0.0001 par value per share, 10,000,000 shares authorized and

no shares outstanding at June 30, 2024 and March 31, 2024


Common stock, $0.0001 par value per share, 100,000,000 shares authorized and

18,581,297 shares issued and outstanding at June 30, 2024 and 18,452,892 shares

issued and outstanding at March 31, 2024

2


2

Additional paid-in capital

538,505


533,203

Accumulated deficit

(389,724)


(372,173)

Total stockholders' equity

148,783


161,032

Total liabilities and stockholders' equity

$               321,138


$               324,894

 

Anterix Inc.

Earnings Release Tables

Consolidated Statements of Operations

(Unaudited, in thousands, except share and per share data)



Three months ended June 30,


2024


2023

Spectrum revenue

$                  1,525


$                     608

Operating expenses




General and administrative

12,851


11,673

Sales and support

1,850


1,275

Product development

1,750


1,069

Depreciation and amortization

179


246

Operating expenses

16,630


14,263

Gain from disposal of intangible assets, net

(93)


(10,785)

Gain from disposal of long-lived assets, net


(31)

Loss from operations

(15,012)


(2,839)

Interest income

694


386

Other income

16


95

Loss before income taxes

(14,302)


(2,358)

Income tax expense (benefit)

1,222


(240)

Net loss

$              (15,524)


$                (2,118)

Net loss per common share basic and diluted

$                  (0.84)


$                  (0.11)

Weighted-average common shares used to compute basic and diluted net loss per share

18,486,964


18,951,046

 

Anterix Inc.

Earnings Release Tables

Consolidated Statements of Cash Flows

(Unaudited, in thousands)



Three months ended June 30,


2024


2023

CASH FLOWS FROM OPERATING ACTIVITIES




Net loss

$              (15,524)


$                (2,118)

Adjustments to reconcile net loss to net cash used in operating activities




Depreciation and amortization

179


246

Stock compensation expense

4,346


4,265

Deferred income taxes

1,057


(272)

Right of use assets

434


283

Gain on disposal of intangible assets, net

(93)


(10,785)

Gain on disposal of long-lived assets, net


(31)

Changes in operating assets and liabilities




Prepaid expenses and other assets

974


563

Accounts payable and accrued expenses

(1,558)


1,169

Due to related parties


(533)

Operating lease liabilities

(531)


(388)

Contingent liability

10,000


Deferred revenue

(1,525)


(608)

Other liabilities

(120)


Net cash used in operating activities

(2,361)


(8,209)

CASH FLOWS FROM INVESTING ACTIVITIES




Purchases of intangible assets, including refundable deposits, retuning costs and swaps

(5,400)


(5,170)

Purchases of equipment


(25)

Net cash used in investing activities

(5,400)


(5,195)

CASH FLOWS FROM FINANCING ACTIVITIES




Proceeds from stock option exercises

1,617


7

Repurchases of common stock

(2,027)


Payments of withholding tax on net issuance of restricted stock

(661)


(752)

Net cash used in financing activities

(1,071)


(745)

Net change in cash and cash equivalents and restricted cash

(8,832)


(14,149)

CASH AND CASH EQUIVALENTS AND RESTRICTED CASH




Cash and cash equivalents and restricted cash at beginning of the period

68,124


43,182

Cash and cash equivalents and restricted cash at end of the period

$                59,292


$                29,033

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION




Cash paid during the period:




Taxes paid

$                        —


$                          1

Operating leases paid

$                     593


$                     574

Non-cash investing activity:




Network equipment provided in exchange for wireless licenses

$                        47


$                     438

Right of use assets new leases

$                     248


$                        65

Right of use assets modifications and renewals

$                     247


$                        —

 

 

The following tables provide a reconciliation of cash and cash equivalents and restricted cash reported on the Consolidated Balance

Sheets that sum to the total of the same such amounts on the Consolidated Statements of Cash Flows:



June 30, 2024


March 31, 2024

Cash and cash equivalents


$                  51,715


$                  60,578

Escrow deposits


7,577


7,546

Total cash and cash equivalents and restricted cash


$                  59,292


$                  68,124








June 30, 2023


March 31, 2023

Cash and cash equivalents


$                  29,033


$                  43,182

Escrow deposits



Total cash and cash equivalents and restricted cash


$                  29,033


$                  43,182

 

Anterix Inc.

Earnings Release Tables

Other Financial Information

(Unaudited, in thousands except per share data)



Three months ended June 30,


2024


2023

Number of shares repurchased and retired

63


Average price paid per share*

$                  32.47


$                        —

Total cost to repurchase

$                  2,027


$                        —


*         Average price paid per share includes costs associated with the repurchases.

As of June 30, 2024, $234.0 million is remaining under the share repurchase program.

 

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SOURCE Anterix Inc.

FAQ

What was Anterix's (ATEX) major financial highlight in Q1 fiscal 2025?

Anterix's major financial highlight in Q1 fiscal 2025 was executing a new spectrum sale agreement with Oncor Electric Delivery Company for a total of $102.5 million, with $10 million received in June 2024.

How much cash and cash equivalents did Anterix (ATEX) have as of June 30, 2024?

Anterix reported cash and cash equivalents of $51.7 million as of June 30, 2024.

How much did Anterix (ATEX) return to stockholders in Q1 fiscal 2025?

Anterix returned $2.0 million to stockholders through share repurchases in Q1 fiscal 2025.

What was Anterix's (ATEX) investment in spectrum clearing for Q1 fiscal 2025?

Anterix invested $5.4 million in spectrum clearing during Q1 fiscal 2025.

Anterix Inc.

NASDAQ:ATEX

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