Anterix Inc. Reports 23% Increase in Spectrum Revenue and Significant Net Income Growth for Quarter Ending December 31, 2024

Anterix Inc. reported its financial results for the quarter ending December 31, 2024, revealing a significant increase in spectrum revenue and a notable net income compared to the same period last year. The company generated $1.566 million in spectrum revenue for the quarter, a 23% increase from $1.271 million in the prior year. For the nine-month period, spectrum revenue rose 58% to $4.642 million from $2.931 million, primarily driven by agreements with major clients such as Xcel Energy and Evergy. The net income for the quarter was $7.710 million, a substantial increase from $328,000 in the previous year, while the nine-month net loss decreased to $20.580 million from a net income of $283,000.

The financial performance reflects several strategic developments within the company. Anterix has been actively working on commercializing its spectrum assets, particularly through agreements like the one with Oncor Electric Delivery Company, which is expected to generate $102.5 million for the purchase of 900 MHz spectrum licenses. Additionally, the company has undergone significant organizational changes, including the retirement of Executive Chairman Morgan O’Brien and the appointment of Scott Lang as the new CEO. These leadership transitions are part of a broader strategy to enhance operational efficiency and market engagement.

Operationally, Anterix has seen changes in its expense structure. General and administrative expenses decreased by 18% to $9.203 million for the quarter, largely due to lower stock compensation expenses. However, severance and related charges increased significantly to $3.513 million, reflecting costs associated with the CEO transition. The company also reported a gain on the disposal of intangible assets of $20.753 million for the quarter, up from $13.737 million a year earlier, indicating successful exchanges of narrowband licenses for broadband licenses.

As of December 31, 2024, Anterix had total assets of $326.679 million, slightly up from $324.894 million at the end of the previous fiscal year. The company’s cash and cash equivalents decreased to $28.797 million from $60.578 million, primarily due to cash used in operating and investing activities. The company continues to focus on expanding its market presence and enhancing its product offerings, with a total of $182.9 million in remaining performance obligations expected to be recognized over the coming years. Looking ahead, Anterix remains optimistic about its growth trajectory, contingent on successful execution of its strategic initiatives and market conditions.