Short answer
Anterix Inc. (ATEX) filed its fiscal 2026 10-K annual report with the SEC on Jun 25, 2026. It reported revenue of $7M (+7.8% year over year) and net income of $91M.
- Top risk flagged: 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
FY2026 key financial metrics · XBRL
- Revenue
- $7M
- +7.8% YoY
- Net income
- $91M
- +897.0% YoY
- Operating margin
- 1444.9%
- +1639.1 pp YoY
- EPS (diluted)
- $4.83
- +891.8% YoY
- ROE
- 34.6%
- +41.8 pp YoY
- Operating cash flow
- $6M
- +118.8% YoY
Source: XBRL data from the Anterix Inc. (ATEX) FY2026 10-K on SEC EDGAR. USD.
Anterix Inc. FY2026 10-K analysis
AI summary of each section, grounded in the filing text
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
Generated from the filing text; verify against the original. How to read a 10-K
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