Anterix Inc. (ATEX) FY2026 10-K Annual Report
Anterix Inc. (ATEX) 10-K annual report for fiscal year 2026, filed with SEC EDGAR on Jun 25, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
Anterix Inc. FY2026 10-K Analysis
Business Overview
- • Core business model evolving from long-term spectrum leasing to integrated spectrum acquisition, clearing, sale, lease, and recurring revenue product/service offerings
- • Launched TowerX tower site access service and CatalyX turnkey connectivity management solution in fiscal 2026
- • Strategic shift to broader operating model with gross revenue recognition for spectrum sales post-Dec 2025, reflecting matured commercial approach
- • Recognized $34.8M gain on intimate asset sales and $105.4M gain from narrowband to broadband license exchanges; 64 employees as of March 31, 2026
- • FCC’s 2026 Report and Order expanded 900 MHz broadband segment from 6 MHz to 10 MHz, enhancing spectrum utility and licensing eligibility across 3,233 US counties
Management Discussion & Analysis
- • Revenue $6.5M, up 8% YoY from $6.0M driven by agreements with TECO, Xcel Energy and Ameren
- • Net income $90.6M vs net loss $(11.4)M; operating expenses down 10.4% to $52.7M from $58.8M
- • Best seg: Gain on exchange of intangible assets $105.4M vs $22.8M; worst expense seg: G&A $36.1M vs $42.7M (down 15%)
- • Cash flow: Operating cash inflow $5.5M vs outflow $(29.3)M, Investing $40.5M vs $22.8M, Financing inflow $3.6M vs outflow $(6.6)M; $1.0M buybacks, no excise tax paid
- • Outlook/risk: $25.3M contracted proceeds for FY27, significant contingent liabilities, possibility of raising capital, market and regulatory risks noted
Risk Factors
- • Regulatory risk: FCC 2026 Report and Order build-out and channel acquisition requirements may delay or increase costs to obtain broadband licenses, impacting revenue timing and profitability
- • Macroeconomic risk: Inflation, trade restrictions, tariffs, and geopolitical conflicts causing supply chain issues limiting technology availability for customers deploying networks on Anterix’s spectrum
- • Operational risk: Dependency on clearing incumbents and negotiating with Complex Systems operators who can block or delay broadband license acquisition in key populated areas
- • Competitive risk: Potential competition from buyer of T-Mobile’s 800 MHz spectrum and carriers like Verizon, AT&T, with greater resources and pricing flexibility threatens Anterix’s customer agreements and pricing
- • Financial risk: $194.2M federal NOLs limited to 80% taxable income offset and subject to ownership change rules, with significant uncertainty on timing of profitability and need for additional financing
Anterix Inc. FY2026 Key Financial MetricsXBRL
Revenue
$7M
▲ +7.8% YoY
Net Income
$91M
▲ +897.0% YoY
Operating Margin
1444.9%
▲ +163908bp YoY
Net Margin
1394.2%
▲ +158273bp YoY
ROE
34.6%
▲ +4181bp YoY
Total Assets
$465M
▲ +39.7% YoY
EPS (Diluted)
$4.83
▲ +891.8% YoY
Operating Cash Flow
$6M
▲ +118.8% YoY
Source: XBRL data from Anterix Inc. FY2026 10-K filing on SEC EDGAR. All figures in USD.
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