Anterix Inc. (ATEX)
NASDAQ:ATEX
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Anterix
(NASDAQ:ATEX)
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Rating:66Neutral
Price Target:
$39.00
▲(8.67% Upside)
Action:ReiteratedDate:04/06/26
Overall score is driven primarily by financial performance: a very strong, low-debt balance sheet and improved TTM profitability are offset by negative and volatile cash flow and a recent revenue decline. Technicals are supportive with clear price strength above key moving averages and positive MACD. Earnings call commentary adds confidence via raised cash-proceeds guidance and OpEx reductions, while valuation remains less supportive due to a negative P/E and no dividend yield provided.
Positive Factors
Balance Sheet Strength
Very low leverage and a sizeable equity base provide durable financial flexibility for Anterix to fund spectrum clearing, customer enablement and product development without depending heavily on external debt. This lowers financing risk and supports strategic initiatives over the next several quarters.
Negative Factors
Volatile Cash Generation
Persistent and volatile negative operating and free cash flow indicate the company still burns cash despite reported profitability in the latest TTM. Over a multi-month horizon this raises funding and execution risk for deployments and product rollouts unless contract collections remain timely or additional financing occurs.
Read all positive and negative factors
Positive Factors
Negative Factors
Balance Sheet Strength
Very low leverage and a sizeable equity base provide durable financial flexibility for Anterix to fund spectrum clearing, customer enablement and product development without depending heavily on external debt. This lowers financing risk and supports strategic initiatives over the next several quarters.
Read all positive factors
Anterix (ATEX) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$672.32M
Dividend YieldN/A
Average Volume (3M)287.23K
Price to Earnings (P/E)―
Beta (1Y)0.29
Revenue Growth5.67%
EPS GrowthN/A
CountryUS
Employees86
SectorCommunication Services
Sector Strength97
IndustryTelecommunications Services
Share Statistics
EPS (TTM)-0.35
Shares Outstanding18,732,890
10 Day Avg. Volume278,794
30 Day Avg. Volume287,229
Financial Highlights & Ratios
PEG Ratio-2.44
Price to Book (P/B)4.34
Price to Sales (P/S)112.65
P/FCF Ratio-14.32
Enterprise Value/Market Cap0.96
Enterprise Value/Revenue108.47
Enterprise Value/Gross Profit108.47
Enterprise Value/Ebitda-15.58
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)-1.61
Revenue Forecast (FY)$6.52M
Anterix Business Overview & Revenue Model
Company Description
Anterix Inc. operates as a wireless communications company. The company focuses on commercializing its spectrum assets to enable the targeted utility and critical infrastructure customers to deploy private broadband networks, technologies, and sol...
How the Company Makes Money
Anterix primarily makes money by monetizing its licensed 900 MHz spectrum holdings through agreements with customers—most notably electric and other utilities—who want to deploy private LTE networks. The company’s core revenue model is based on lo...
Anterix Earnings Call Summary
Earnings Call Date:Feb 11, 2026
(Q3-2026)
| % Change Since: |
Next Earnings Date:Jun 17, 2026
Earnings Call Sentiment Positive
The call emphasized strong operational and financial progress — a 20% reduction in operating expenses, improved cash guidance (+20% to $120M), zero debt, significant contract value ($400M across eight flagship customers), and product/regulatory momentum (Anterix Accelerator, new products, FCC consideration for 10 MHz). Management highlighted real-world deployments (Evergy scaling from ~4.5k devices toward 1M+), an improved balance sheet, and positioning for positive GAAP net income. Key risks noted include near-term regulatory uncertainty (pending Feb 18 FCC decision), longer decision cycles for the largest utilities, operational deployment friction at customer sites, and potential incremental spectrum acquisition costs in some markets. Overall, the positives — cost discipline, strengthened balance sheet, commercial wins, product launches, and regulatory progress — outweigh the outlined challenges, though execution and regulatory outcomes remain important near-term catalysts to realize the opportunity.Positive Updates
Operating Expense Reduction
Reduced operating expense run rate by 20%, reflecting a leaner OpEx structure and disciplined spend approach that management says provides flexibility for strategic initiatives.
Negative Updates
Regulatory Uncertainty Pending FCC Decision
Key near-term outcome (FCC Report and Order on Feb 18) remains uncertain; management is cautious and will only provide more detail after the decision, creating short-term visibility risk around the five-by-five (10 MHz) deployment opportunity.
Read all updates
Q3-2026 Updates
Positive
Negative
Operating Expense Reduction
Reduced operating expense run rate by 20%, reflecting a leaner OpEx structure and disciplined spend approach that management says provides flexibility for strategic initiatives.
Read all positive updates
Company Guidance
Management raised full‑year projected cash proceeds to $120,000,000 (from $100,000,000), reported approximately $30,000,000 in cash as of December 31 with zero debt, and said it expects to collect over $80,000,000 in Q4 (including a $6,500,000 initial payment from CPS Energy) from a $13,000,000 CPS contract (50% upfront, 50% at the end of FY2027); they reduced operating expense run rate by 20%, are positioned for their first year of positive GAAP net income, cite eight flagship customers representing $400,000,000 in contract value, note their 900 MHz spectrum is poised to cover >93% of Texas counties, point to Evergy supporting ~4,500 connected devices today with a line of sight to >1,000,000, and flagged the FCC’s Feb 18 consideration of a Report & Order to enable broadband across the full 10 MHz of the band.Anterix Financial Statement Overview
Summary
Income Statement
54
Neutral
Balance Sheet
82
Very Positive
Cash Flow
36
Negative
| Breakdown | TTM | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 5.93M | 6.03M | 4.19M | 1.92M | 1.08M | 921.00K |
| Gross Profit | 5.93M | 6.03M | 4.19M | 1.92M | 1.08M | -685.00K |
| EBITDA | -41.29M | -48.48M | -51.62M | -53.43M | -46.50M | -47.27M |
| Net Income | 81.32M | -11.37M | -9.13M | -16.32M | -37.52M | -54.43M |
Balance Sheet | ||||||
| Total Assets | 417.00M | 333.10M | 324.89M | 278.56M | 287.98M | 253.06M |
| Cash, Cash Equivalents and Short-Term Investments | 37.89M | 47.37M | 60.58M | 43.18M | 105.62M | 117.54M |
| Total Debt | 7.88M | 5.39M | 8.21M | 4.65M | 5.69M | 7.07M |
| Total Liabilities | 181.05M | 176.50M | 163.86M | 98.77M | 101.68M | 40.55M |
| Stockholders Equity | 235.95M | 156.60M | 161.03M | 179.79M | 186.30M | 212.51M |
Cash Flow | ||||||
| Free Cash Flow | -45.26M | -47.45M | 24.66M | -54.38M | -9.50M | -24.13M |
| Operating Cash Flow | -26.56M | -29.26M | 41.99M | -27.25M | 17.91M | -9.96M |
| Investing Cash Flow | 29.84M | 22.75M | 8.09M | -27.13M | -27.41M | -14.17M |
| Financing Cash Flow | -1.82M | -6.59M | -25.14M | -8.06M | -2.42M | 4.22M |
Anterix Technical Analysis
Neutral
35.89
Price Trends
35.54
Positive
28.87
Positive
25.37
Positive
Market Momentum
0.81
Positive
43.59
Neutral
37.52
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ATEX, the sentiment is Neutral. The current price of 35.89 is below the 20-day moving average (MA) of 38.70, above the 50-day MA of 35.54, and above the 200-day MA of 25.37, indicating a neutral trend. The MACD of 0.81 indicates Positive momentum. The RSI at 43.59 is Neutral, neither overbought nor oversold. The STOCH value of 37.52 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for ATEX.
Anterix Risk Analysis
Anterix disclosed 33 risk factors in its most recent earnings report. Anterix reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Anterix Peers Comparison
UnderperformOutperform
Sector (60)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
72 Outperform | $382.25M | 20.48 | 7.20% | ― | 4.22% | ― | |
66 Neutral | $672.32M | -15.45 | 39.78% | ― | 5.67% | ― | |
60 Neutral | $48.67B | 4.58 | -11.27% | 4.14% | 2.83% | -41.78% | |
59 Neutral | $408.47M | -23.34 | -3.26% | 4.63% | -3.10% | 66.00% | |
55 Neutral | $433.74M | 12.80 | 10.15% | ― | 7.38% | 20.81% | |
52 Neutral | $837.27M | -16.17 | -4.06% | 0.97% | 11.59% | -106.83% |
* Communication Services Sector Average
ATEX
Anterix
35.89
3.18
9.72%
ATNI
ATN International
26.58
9.86
58.94%
SHEN
Shenandoah Telecommunications Co
15.14
2.40
18.80%
RBBN
Ribbon Communications
2.47
-1.04
-29.63%
OOMA
Ooma
13.90
1.72
14.12%
Anterix Corporate Events
Business Operations and Strategy
Anterix Sells 900 MHz Licenses to NorthWestern Energy
Positive
Apr 6, 2026
On April 6, 2026, Anterix announced that subsidiary PDV Spectrum Holding sold 900 MHz broadband licenses to NorthWestern Energy, covering portions of Montana, South Dakota, and Wyoming. The deal includes a 6 MHz broadband configuration in nine cou...
Business Operations and Strategy
Anterix Expands Texas Utility Private Wireless Network Footprint
Positive
Apr 1, 2026
On March 25, 2026, Anterix’s subsidiary PDV Spectrum Holding sold a 900 MHz broadband license covering parts of Brazoria and Galveston counties in Texas to Texas‑New Mexico Power, enabling the utility to deploy a mission‑critical...
Business Operations and StrategyFinancial DisclosuresRegulatory Filings and Compliance
Anterix Reports Q3 Results, Gains FCC Spectrum Boost
Positive
Feb 11, 2026
On February 11, 2026, Anterix reported third‑quarter fiscal 2026 results for the period ended December 31, 2025, highlighting about $123 million of contracted proceeds outstanding and visibility to collecting more than $80 million of that in...
Business Operations and Strategy
Anterix Sells 900 MHz Spectrum License to CPS Energy
Positive
Feb 2, 2026
On February 2, 2026, Anterix announced that its subsidiary PDV Spectrum Holding Company sold a 900 MHz broadband spectrum license covering Bexar County, Texas, to CPS Energy under a spectrum purchase agreement that will allow the utility to build ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.