Anterix (NASDAQ:ATEX) said it is seeing accelerating interest in its licensed low-band spectrum portfolio as demand grows among utilities, wireless providers and satellite connectivity companies. The company also reported first-quarter fiscal 2027 revenue of $2 million, an approximately $11 million gain from broadband license exchanges, and a quarter-end cash balance of about $116 million with no debt.
President and CEO Scott Lang said commercial activity has continued to build since the company’s June update, with nearly a dozen active opportunities under discussion. He said those opportunities span seven-digit, eight-digit and nine-digit potential transactions, though the company did not disclose customers, expected timing or deal values.
SpaceX Filing Adds to Spectrum Discussion
Management pointed to a SpaceX ex parte filing submitted to the Federal Communications Commission across three dockets, including Anterix’s proceeding. SpaceX advocated for a satellite build-out deployment option, according to Lang. Anterix filed a letter supporting the proposal, saying it could expand options for use of the company’s spectrum.
Chris Guttman-McCabe, Anterix’s chief regulatory and communications officer, said the company’s existing licensees have two ways to meet build-out requirements and that a satellite-based option could provide a third. He said the company viewed the SpaceX proposal as supportive of greater flexibility in meeting those requirements.
Anterix has also conducted direct-to-device testing with Lynk. Lang described the first round of tests as successful, while Guttman-McCabe said the companies were discussing how to evolve the work. Management said it had not heard concerns from utility customers that a satellite layer would conflict with the security or exclusivity of their private-network deployments.
Clearing Progress and Utility Pipeline
The company said it has cleared 40% of U.S. counties for the full 10 MHz broadband configuration following the FCC’s expansion of the band. Guttman-McCabe said Anterix can pursue clearing on a market-specific, regional or nationwide basis depending on customer requirements and commercial opportunities.
He said the company has historically met requested clearing delivery schedules and delivered broadband availability ahead of contracted timelines for most customers. Anterix said it believes it can clear and monetize the full U.S. footprint, though management did not provide a total estimated cost to complete nationwide clearing.
Chief Financial Officer Elena Marquez said clearing costs could vary materially depending on whether the company continues to monetize spectrum geography by geography or works with a potential nationwide buyer seeking accelerated deployment. She said Anterix did not want to provide detailed clearing-cost figures because of the need to preserve negotiating leverage with incumbents.
Guttman-McCabe added that the amount of spectrum Anterix must obtain from the FCC’s inventory can vary by county. Each time the company clears an incumbent, it gains access to that incumbent’s channels, which can reduce the need to acquire inventory spectrum, he said.
Financial Position and Spectrum Valuation References
For the first quarter of fiscal 2027, Anterix reported GAAP revenue of $2 million and operating expenses of $9.5 million. The company received approximately $16 million in customer payments and $20 million from stock option exercises during the quarter, according to Marquez.
Anterix invested about $7 million in spectrum clearing during the period and expects to receive approximately $10 million in additional contracted proceeds during the remainder of fiscal 2027. Marquez said the company expects at least single-digit-million-dollar gains from broadband license exchanges in the following quarter, while noting that Anterix does not provide formal guidance.
Management said executed utility spectrum transactions have averaged approximately $1.40 per MHz-POP, compared with an average of approximately $2.50 per MHz-POP in the FCC’s most recent AWS-3 auction. Marquez said Anterix’s current market capitalization implied a spectrum value of approximately $0.60 per MHz-POP.
About 3 billion MHz-POPs, or roughly 85% of the company’s total MHz-POPs, remain available for monetization, including major metropolitan markets, she said. Using the company’s prior transaction average, Marquez said the gross value of the remaining asset would be more than $4 billion; using the AWS-3 auction average, it would be about $7.5 billion. Those figures were presented as valuation reference points rather than forecasts of realized proceeds.
Capital Allocation and Commercial Tools
Lang said Anterix’s TowerX and CatalyX offerings are helping reduce friction for utilities considering spectrum deployment by supporting customers’ network-planning and implementation roadmaps. He said it remains early to determine how those offerings will translate into direct commercial revenue, but they have contributed to deal acceleration, customer interest and discussions beyond the utility sector.
Marquez said the company continues to evaluate capital allocation, including its share repurchase authorization, which had approximately $226 million remaining and expires in late September. She said share repurchases remain part of Anterix’s toolkit and that the company could renew the program, but emphasized that management is balancing buybacks against investments intended to increase the availability and value of its spectrum.
Lang said the company is focused on maximizing shareholder value and would not accept what he characterized as a subpar transaction for its spectrum assets.
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.
