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Anterix Inc. (ATEX)
NASDAQ:ATEX
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Anterix
(NASDAQ:ATEX)
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Rating:72Outperform
Price Target:
$42.00
▲(15.67% Upside)
Action:UpgradedDate:02/12/26
The score is driven by strong technical momentum and a low P/E, plus a constructive earnings-call outlook (raised cash proceeds guidance, zero debt, commercial/regulatory momentum). Offsetting these positives, financial performance is constrained by volatile/small revenue and negative TTM operating/free cash flow despite improved reported profitability.
Positive Factors
Exclusive 900 MHz Spectrum Position
Anterix's licensed 900 MHz footprint covering >93% of Texas counties is a durable competitive asset for private LTE networks. Licensed spectrum creates high entry barriers, multi-year customer lock-ins and long lead-time buildouts that support recurring spectrum access revenue and strategic utility partnerships.
Strong Balance Sheet & Cash Visibility
Zero net debt, meaningful cash on hand and raised cash proceeds guidance materially improve financial flexibility. This capital runway supports spectrum clearing, product deployment and selective market entry without immediate financing, enabling consistent execution across 2–6 months and reducing dilution risk.
Commercial Momentum & Large Contract Pipeline
Anchor agreements and a $400M flagship contract backlog plus deals like the CPS $13M sale provide structural commercial validation. Long-term spectrum access agreements and the sizable pipeline underpin predictable multi-year cash flows if conversion accelerates, strengthening revenue durability.
Negative Factors
Negative and Volatile Cash Generation
Despite reported GAAP profitability, TTM operating and free cash flows are negative and historically volatile. Persistent cash burn threatens the firm's ability to fund deployment, clear spectrum or support product rollouts without additional cash receipts or financing, posing a structural execution risk.
Deployment & Execution Friction at Customers
Utility operational gaps and deployment complexity slow network turn-up and revenue realization. Needing to provide extensive services increases cost to serve, lengthens payback periods and makes scaling dependent on Anterix's product/service investments and customer change management capabilities over the medium term.
Regulatory Uncertainty & Spectrum Acquisition Risk
Outcomes from FCC rulings on full 10 MHz allocation and potential need to buy adjacent spectrum at market/clearing prices could materially affect capacity, deployment economics and required capital. Regulatory timing and potential incremental spectrum costs are structural risks to scalability and margins.
Anterix (ATEX) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$712.22M
Dividend YieldN/A
Average Volume (3M)464.10K
Price to Earnings (P/E)8.4
Beta (1Y)0.39
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. Volume623,091
30 Day Avg. Volume464,095
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 Cap0.92
Enterprise Value/Revenue110.05
Enterprise Value/Gross Profit110.05
Enterprise Value/Ebitda-15.81
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)3.42
Revenue Forecast (FY)$6.11M
Anterix Business Overview & Revenue Model
Company DescriptionAnterix 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 solutions. It holds licensed spectrum in the 900 MHz band with coverage throughout the United States, Alaska, Hawaii, and Puerto Rico. The company was formerly known as pdvWireless, Inc. and changed its name to Anterix Inc. in August 2019. Anterix Inc. was incorporated in 1997 and is headquartered in Woodland Park, New Jersey.
How the Company Makes MoneyAnterix generates revenue primarily through spectrum leasing agreements, which allow clients to utilize its 900 MHz spectrum for their communications needs. This leasing model provides a stable and recurring revenue stream as clients deploy private networks over the licensed spectrum. Additionally, the company may earn revenue through partnerships with technology providers and system integrators who implement their solutions within client operations. Anterix's focus on critical infrastructure sectors presents opportunities for long-term contracts and collaborations, further enhancing its revenue potential. The company also benefits from a growing demand for private network solutions as businesses increasingly seek secure and reliable communications technologies.
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.Q3-2026 Updates
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.
Balance Sheet Strength and Cash Guidance Raise
Approximately $30,000,000 in cash as of December 31, zero debt, and over $80,000,000 expected to be collected in Q4 (including a $6,500,000 initial CPS Energy payment). Company raised projected cash proceeds for the current fiscal year to $120,000,000 from prior guidance of $100,000,000 (a +20% increase).
Commercial Momentum and Contract Value
Eight flagship customers represent $400,000,000 in contract value. New CPS Energy agreement is a $13,000,000 contract (first commitment under the Anterix Accelerator program) with favorable cash timing: 50% upfront and 50% payable at the end of fiscal 2027.
License Delivery and Profitability Milestone
Accelerated delivery of 900 MHz broadband spectrum resulted in the highest number of licenses delivered in a single year and positioned the company for its first year ever of positive GAAP net income (management attribution).
Product and Commercial Enablement
Successfully launched the Anterix Accelerator program and introduced new products intended to remove deployment barriers and create annual recurring revenue. Appointed Ross Sparrow as first Chief Product Officer to accelerate product roadmap tied to customer operational needs.
Real-World Deployment Scale
Active deployment example: Evergy currently supporting ~4,500 connected devices with a future line of sight to over 1,000,000 devices. Management cites similar scaling plans across other customers and showcased customer endorsements (San Diego Gas & Electric, CPS) at DISTRIBUTECH.
Regulatory Progress Opportunity
Management is encouraged by the FCC's plan to consider a Report and Order (Feb 18) that would enable broadband deployment across the full 10 MHz of the 900 MHz band, which could expand available spectrum capacity and product opportunities.
Geographic Coverage Progress
Management stated the company's foundational 900 MHz spectrum is poised to cover more than 93% of the counties in Texas, positioning it as a significant private wireless partner in that state.
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.
Lengthy Decision Cycles for Large Utilities
Management acknowledged longer decision cycles for the largest utilities (serving millions of customers) due to scale and complexity, which can slow contract conversions and revenue realization.
Deployment Friction and Operational Gaps at Utilities
Utilities often lack internal skills and focus to stand up networks after spectrum purchase; tower access, SIM management, and deployment complexity remain friction points that the company is addressing with new products but which also impede speed to revenue.
Potential Incremental Spectrum Acquisition Costs
If the five-by-five approach requires acquiring adjacent spectrum in some markets, management noted potential need to pay incumbent clearing/market prices (e.g., referenced 600 MHz auction clean prices), which could increase cost basis in certain geographies.
Concentration and Execution Risk
While eight flagship customers represent $400,000,000 in contract value (positive), reliance on a relatively small set of anchor customers and on continued momentum to convert a large pipeline introduces execution concentration risk if deals slow or stall.
Limited Quantitative Quarterly Disclosure
The call provided limited traditional quarterly operating or revenue figures (no explicit quarterly revenue or EPS disclosed on the call), potentially limiting short-term financial transparency for investors until formal filings are released.
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
Strong balance sheet (low leverage, rising equity) supports flexibility, but operating quality is mixed: revenue remains small/volatile with a sharp recent decline, and TTM cash flow is negative despite improved profitability—raising sustainability and earnings-quality concerns.Income Statement
Revenue has grown strongly over the past several annual periods (2022–2025 annual), but remains very small and volatile. Profitability improved meaningfully from deep losses in earlier years to a large profit in TTM (Trailing-Twelve-Months), with positive operating income and net income; however, the latest TTM (Trailing-Twelve-Months) revenue declined sharply versus the prior period, and prior annual results (through 2025 annual) still show operating losses and negative net margins—highlighting an uneven path to sustainable profitability.54
Neutral
Balance Sheet
The balance sheet is conservatively positioned with very low debt relative to equity across all periods, indicating limited leverage risk. Equity has remained sizeable and increased in the latest TTM (Trailing-Twelve-Months) snapshot, supporting financial flexibility. The main weakness is that returns on equity were negative for multiple years before turning strongly positive in TTM (Trailing-Twelve-Months), suggesting the business model’s earnings power has been inconsistent despite a strong capital base.82
Very Positive
Cash Flow
Cash generation is a key concern: operating cash flow and free cash flow are negative in TTM (Trailing-Twelve-Months) and were also negative in multiple annual periods, implying ongoing cash burn. While 2024 annual showed strong positive operating and free cash flow, the pattern is volatile, and the latest results show cash outflows despite reported profitability—raising questions about earnings quality and near-term funding needs if cash burn persists.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
Positive
36.31
Price Trends
25.70
Positive
23.07
Positive
23.68
Positive
Market Momentum
3.17
Negative
80.39
Negative
90.91
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ATEX, the sentiment is Positive. The current price of 36.31 is above the 20-day moving average (MA) of 30.10, above the 50-day MA of 25.70, and above the 200-day MA of 23.68, indicating a bullish trend. The MACD of 3.17 indicates Negative momentum. The RSI at 80.39 is Negative, neither overbought nor oversold. The STOCH value of 90.91 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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 | $712.22M | 8.38 | 42.72% | ― | 5.67% | ― | |
62 Neutral | $325.68M | 148.24 | 2.59% | ― | 4.22% | ― | |
61 Neutral | $436.36M | -30.85 | -1.70% | 4.63% | -3.10% | 66.00% | |
60 Neutral | $48.67B | 4.58 | -11.27% | 4.14% | 2.83% | -41.78% | |
51 Neutral | $388.52M | 10.39 | -11.40% | ― | 7.38% | 20.81% | |
50 Neutral | $736.73M | -18.63 | -4.41% | 0.97% | 11.59% | -106.83% |
* Communication Services Sector Average
ATEX
Anterix
36.45
-1.92
-5.00%
ATNI
ATN International
28.53
12.02
72.84%
SHEN
Shenandoah Telecommunications Co
13.55
2.91
27.35%
RBBN
Ribbon Communications
2.28
-2.45
-51.80%
OOMA
Ooma
12.07
-2.32
-16.12%
Anterix Corporate Events
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 the fourth quarter. The company exchanged narrowband for broadband licenses in 12 counties and delivered broadband licenses in 10 counties, recorded modest gains on these transactions, invested $3 million in spectrum clearing, and continued to advance an approximately $3 billion pipeline across more than 60 prospective customers.
The company ended December 31, 2025, with no debt, $29.5 million in cash and cash equivalents, and $8.4 million of restricted cash in escrow, while leaving $226.7 million available under its share repurchase authorization with no buybacks during the quarter. Strategically, Anterix’s position was bolstered when the FCC on January 27, 2026, announced a vote to expand the 900 MHz broadband allocation from 6 MHz to 10 MHz, and the company signed a new $13 million spectrum sale agreement with CPS Energy on January 30, 2026, with payments split between upfront cash and fiscal 2027.
The most recent analyst rating on (ATEX) stock is a Hold with a $28.00 price target. To see the full list of analyst forecasts on Anterix stock, see the ATEX Stock Forecast page.
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 a mission‑critical private wireless broadband network. The deal advances CPS Energy’s grid automation and digital transformation strategy by enabling advanced field automation, faster outage detection and restoration, and real-time situational awareness, while also marking a key milestone for Anterix’s AnterixAccelerator funding program and reinforcing the company’s role at the center of a growing national shift toward utility-owned 900 MHz private wireless networks, now spanning 15 states and covering more than 93% of Texas counties through Anterix’s utility partners.
The most recent analyst rating on (ATEX) stock is a Buy with a $32.00 price target. To see the full list of analyst forecasts on Anterix stock, see the ATEX Stock Forecast page.
Business Operations and StrategyExecutive/Board Changes
Anterix Eliminates COO Role Amid Leadership Reorganization
Negative
Jan 7, 2026
On January 7, 2026, Anterix Inc. announced that Chief Operating Officer Ryan Gerbrandt will leave the company effective January 9, 2026, as part of an internal reorganization that eliminates the COO role. Subject to his signing a release of claims in favor of the company, Gerbrandt will receive severance benefits applicable to a Legacy Tier 1 Executive under Anterix’s Executive Severance Plan, signaling a notable shift in the firm’s senior leadership structure and cost framework.
The most recent analyst rating on (ATEX) stock is a Hold with a $21.50 price target. To see the full list of analyst forecasts on Anterix stock, see the ATEX Stock Forecast page.
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.