Earnings release
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Anterix Inc. Reports Second Quarter Fiscal Year 2026 Results Woodland Park, NJ – November 12, 2025 – Anterix (NASDAQ: ATEX) today announced its second quarter fiscal 2026 results and filed its Form 10-Q for the three and six months ended September 30, 2025. The Company also issued an update on its Demonstrated Intent metric which can be found on Anterix’s website at https://investors.anterix.com/events-presentations. Financial and Operational Highlights – Received $29 million of contracted proceeds from customers with $114 million of contracted proceeds outstanding – Accelerated $19 million in customer proceeds into fiscal 2026 with over $60 million of proceeds expected to be received by the end of fiscal 2026 – Launched suite of solutions and services offerings, TowerX and CatalyX representing an annual total addressable market opportunity of roughly $1 billion dollars ◦ TowerX is a first-of-its-kind tower optimization and access program, providing access to 40,000+ tower sites while enabling faster deployment of 900 MHz private wireless networks for utilities ◦ CatalyX is a solution using cutting-edge SIM and eSIM management to allow utilities to deploy their private wirelessnetworks faster while seamlessly using commercial broadband where needed – Exchanged narrowband for broadband licenses in 99 counties and recorded a $60 million gain on exchange of broadband licenses – Delivered broadband licenses covering 26 counties to customers and recorded an $11 million gain on sale of broadband licenses – Invested $13 million in spectrum clearing costs – Continued to advance approximately $3 billion pipeline of prospective contract opportunities across 60+ potential customers Liquidity and Balance Sheet At September 30, 2025, the Company had no debt and cash and cash equivalents of $39.1 million. In addition, the Company had a restricted cash balance of $9.4 million in escrow deposits. The Company has an authorized share repurchase program for up to $250.0 million of the Company’s common stock on or before September 21, 2026. In the fiscal 2026 second quarter, Anterix had share repurchase activity of $1.0 million and approximately $226.7 million remains under the share repurchase program as of September 30, 2025 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,November 13, 2025. Participants interested in joining the call’s live question and answer session are required to pre-register by clicking on the following link https://investors.anterix.com/events/event-details/q2-fy2026-anterix-earnings-conference-call to obtain a dial-in number and unique PIN. It is recommended that you join the call at least 10 minutes before the conference call begins. The call is also being webcast live and will be accessible on the Investor Relations section of Anterix’s website at https://investors.anterix.com/events- presentations. Following the event, a replay of the call will also be available on the Anterix website. 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 125 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 Alaska, Hawaii, and Puerto Rico, we are uniquely positioned to enable private wireless broadband 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. TM ®,
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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 Anterix’s business, financial results, outlook, or opportunities. 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 aresubject 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; (iii) Anterix’s ability to timely secure broadband licenses; (iv) Anterix’s ability to successfully commercialize its spectrum assets to its targeted utility customers in accordance with its plans and expectations; (v) Anterix’s ability to execute on its customer engagement initiatives; (vi) the timing and outcome of Anterix’s strategic review process; (vii) whether Anterix will be able to identify, develop or execute on any actions as a result of its strategic review process and (viii) competition in the market for spectrum and spectrum solutions offered by Anterix. 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
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Anterix Inc. Earnings Release Tables Consolidated Balance Sheets (Unaudited, in thousands, except share and per share data) September 30, 2025 March 31, 2025 ASSETS Current assets Cash and cash equivalents $ 39,070 $ 47,374 Non-trade receivable — 2,926 Spectrum receivable 7,549 7,107 Escrow deposits 8,993 547 Prepaid expenses and other current assets 3,192 2,801 Total current assets 58,804 60,755 Escrow deposits 407 7,103 Property and equipment, net 1,018 1,302 Right of use assets, net 4,313 4,829 Intangible assets 325,320 228,983 Deferred broadband costs 29,076 28,944 Other assets 1,437 1,188 Total assets $ 420,375 $ 333,104 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities Accounts payable and other accrued expenses $ 14,820 $ 9,075 Accrued severance and other related charges 2,697 2,265 Due to related parties — 30 Operating lease liabilities 1,430 1,643 Contingent liability 8,802 8,093 Deferred revenue 6,872 6,095 Total current liabilities 34,621 27,201 Operating lease liabilities 3,300 3,747 Contingent liability 7,104 15,336 Deferred revenue 123,544 118,577 Deferred gain on sale of intangible assets 4,911 4,911 Deferred income tax 6,486 6,606 Other liabilities 62 125 Total liabilities 180,028 176,503 Commitments and contingencies (See Note 12) Stockholders’ equity Preferred stock, $0.0001 par value per share, 10,000,000 shares authorized and noshares outstanding at September 30, 2025 and March 31, 2025 — — Common stock, $0.0001 par value per share, 100,000,000 shares authorized and18,707,440 shares issued and outstanding at September 30, 2025 and 18,612,804 shares issued and outstanding at March 31, 2025 2 2 Additional paid-in capital 554,562 548,542 Accumulated deficit (314,217) (391,943) Total stockholders’ equity 240,347 156,601 Total liabilities and stockholders’ equity $ 420,375 $ 333,104
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Anterix Inc. Earnings Release Tables Consolidated Statements of Operations (Unaudited, in thousands, except share and per share data) Three months ended September 30, Six months ended September 30, 2025 2024 2025 2024 Spectrum revenue $ 1,552 $ 1,551 $ 2,970 $ 3,076 Operating expenses General and administrative 8,398 11,397 18,847 24,248 Sales and support 1,449 1,357 2,942 3,207 Product development 1,212 1,776 2,332 3,526 Severance and other related charges 735 — 1,355 — Depreciation and amortization 133 151 257 330 Operating expenses 11,927 14,681 25,733 31,311 Gain on exchange of intangible assets, net (59,602) — (93,518) (93) Gain on sale of intangible assets, net (11,469) — (12,430) — Loss from disposal of long-lived assets, net 21 — 29 — Income (loss) from operations 60,675 (13,130) 83,156 (28,142) Interest income 379 585 821 1,279 Other income — 9 — 25 Income (loss) before income taxes 61,054 (12,536) 83,977 (26,838) Income tax expense 7,518 230 5,261 1,452 Net income (loss) $ 53,536 $ (12,766) $ 78,716 $ (28,290) Net income (loss) per common share basic $ 2.86 $ (0.69) $ 4.22 $ (1.53) Net income (loss) per common share diluted $ 2.86 $ (0.69) $ 4.21 $ (1.53) Weighted-average common shares used to compute basicnet income (loss) per share 18,687,082 18,586,075 18,654,570 18,531,169 Weighted-average common shares used to computediluted net income (loss) per share 18,705,801 18,586,075 18,710,311 18,531,169
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Anterix Inc. Earnings Release Tables Consolidated Statements of Cash Flows (Unaudited, in thousands) Three months ended September 30, Six months ended September 30, 2025 2024 2025 2024 CASH FLOWS FROM OPERATING ACTIVITIES Net income (loss) $ 53,536 $ (12,766) $ 78,716 $ (28,290) Adjustments to reconcile net income (loss) to net cashprovided by (used in) operating activities Depreciation and amortization 133 151 257 330 Stock compensation expense 2,947 3,408 6,579 7,754 Deferred income taxes 2,387 332 (120) 1,389 Right of use assets 403 398 516 832 Gain on exchange of intangible assets, net (59,602) — (93,518) (93) Gain on sale of intangible assets, net (11,469) — (12,430) — Loss from disposal of long-lived assets, net 21 — 29 — Changes in operating assets and liabilities Non-trade receivable — — 2,926 — Prepaid expenses and other assets (26) 551 351 1,525 Accounts payable and other accrued expenses 4,668 21 2,112 (1,537) Accrued severance and other related charges 337 — 432 — Due to related parties (30) — (30) — Operating lease liabilities (474) (501) (660) (1,032) Contingent liability 6,371 — 7,425 10,000 Deferred revenue 2,202 5,940 5,744 4,415 Other liabilities — (182) (65) (302) Net cash provided by (used in) operating activities 1,404 (2,648) (1,736) (5,009) CASH FLOWS FROM INVESTING ACTIVITIES Purchases of intangible assets and other related costs (13,181) (5,504) (17,147) (10,904) Proceeds from sale of spectrum 12,577 — 13,878 — Purchases of equipment — (41) — (41) Net cash used in investing activities (604) (5,545) (3,269) (10,945) CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from stock option exercises 157 343 157 1,960 Repurchases of common stock (990) — (990) (2,027) Payments of withholding tax on net issuance of restrictedstock (74) (705) (716) (1,366) Net cash used in financing activities (907) (362) (1,549) (1,433) Net change in cash and cash equivalents and restricted cash (107) (8,555) (6,554) (17,387) CASH AND CASH EQUIVALENTS AND RESTRICTED CASH Cash and cash equivalents and restricted cash at beginningof the period 48,577 59,292 55,024 68,124 Cash and cash equivalents and restricted cash at end of theperiod $ 48,470 $ 50,737 $ 48,470 $ 50,737
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Three months ended September 30, Six months ended September 30, 2025 2024 2025 2024 SUPPLEMENTAL DISCLOSURE OF CASH FLOWINFORMATION Cash paid during the period: Taxes paid, including excise tax $ 859 $ 885 $ 859 $ 885 Operating leases paid $ 546 $ 606 $ 1,115 $ 1,199 Non-cash investing activity: Capitalized change in estimated asset retirementobligations $ 77 $ — $ 63 $ — Network equipment provided in exchange for wirelesslicenses $ — $ — $ — $ 47 Derecognition of contingent liability related to sale ofintangible assets $ 13,776 $ — $ 14,948 $ — Right of use assets new leases $ — $ 42 $ 321 $ 290 Right of use assets modifications and renewals $ 10 $ 850 $ 47 $ 1,097 The following tables provide a reconciliation of cash and cash equivalents and restricted cash reported on the Consolidated BalanceSheets that sum to the total of the same such amounts on the Consolidated Statements of Cash Flows: September 30, 2025 June 30, 2025 March 31, 2025 Cash and cash equivalents $ 39,070 $ 41,432 $ 47,374 Escrow deposits 9,400 7,145 7,650 Total cash and cash equivalents and restricted cash $ 48,470 $ 48,577 $ 55,024 September 30, 2024 June 30, 2024 March 31, 2024 Cash and cash equivalents $ 43,129 $ 51,715 $ 60,578 Escrow deposits 7,608 7,577 7,546 Total cash and cash equivalents and restricted cash $ 50,737 $ 59,292 $ 68,124
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Anterix Inc. Earnings Release Tables Other Financial Information (Unaudited, in thousands except per share data) Three months ended September 30, Six months ended September 30, 2025 2024 2025 2024 Number of shares repurchased and retired 43 — 43 63 Average price paid per share* $ 22.94 $ — $ 22.94 $ 32.47 Total cost to repurchase $ 990 $ — $ 990 $ 2,027 * Average price paid per share includes costs associated with the repurchases, excluding excise taxes associated with the share repurchases. As of September 30, 2025, $226.7 million is remaining under the share repurchase program.