Anterix Inc. reported its financial results for the second quarter of fiscal year 2024, highlighting significant changes in revenue, profitability, and strategic developments compared to the previous fiscal period. As of September 30, 2024, the company had cash and cash equivalents of $43.1 million, a decrease from $60.6 million as of March 31, 2024. Total current assets also fell to $56.8 million from $73.0 million during the same period. Total assets decreased slightly to $317.2 million from $324.9 million.
Spectrum revenue for the second quarter of 2024 reached $1.6 million, a 47% increase from $1.1 million in Q2 2023. Year-to-date spectrum revenue was $3.1 million, up from $1.7 million in the prior year. Revenue growth was attributed to increased contributions from major clients, including Xcel Energy and Evergy. However, the company reported a net loss of $12.8 million for Q2 2024, a stark contrast to a net income of $2.1 million in Q2 2023. For the six months ended September 30, 2024, the net loss was $28.3 million, compared to a minimal loss of $45,000 in the same period last year.
Operating expenses for Q2 2024 were $14.7 million, slightly higher than $14.6 million in Q2 2023. Product development expenses surged by 55% to $1.8 million, driven by increased consulting and headcount-related costs. The company also experienced a significant decline in gains from the disposal of intangible assets, reporting no gains in Q2 2024 compared to $8.5 million in Q2 2023.
Strategically, Anterix entered into a license purchase agreement with Oncor Electric Delivery Company in June 2024 for $102.5 million, with an initial payment of $10 million received. This agreement is expected to enhance the company's position in the utility sector, where it holds the largest licensed spectrum in the 900 MHz band across the contiguous U.S. Additionally, the company has been monitoring macroeconomic conditions that may impact its customer base and overall revenue.
As of September 30, 2024, Anterix's accumulated deficit increased to $402.5 million from $372.2 million at the end of the previous fiscal period. Total stockholders' equity also declined to $139.1 million from $161.0 million. The company continues to focus on its strategic initiatives while managing its financial performance amid challenging market conditions.
About Anterix Inc.
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