Anterix Inc. (ATEX)
NASDAQ:ATEX
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Anterix
(NASDAQ:ATEX)
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Rating:69Neutral
Price Target:
$54.00
▲(50.46% Upside)
Action:Reiterated
Date:04/21/26
The score is driven by strong earnings-call momentum (raised cash-proceeds guidance, cost cuts, zero debt, and contract progress) and constructive technical strength, balanced by uneven financial execution—especially negative TTM cash flow and volatile revenue—and limited valuation support due to a negative P/E and no dividend yield.
Positive Factors
Balance Sheet Strength
Anterix’s zero-debt position with ~$30M cash and raised projected cash proceeds to $120M materially strengthens financial flexibility. This reduces refinancing risk, funds continued license clearing and product investment, and gives runway to support multi-year utility deployment timelines if collections proceed.
Negative Factors
Negative Cash Flow & Cash Burn
Persistent negative TTM operating and free cash flow raises concerns about cash conversion and earnings quality. If customer collections or upfront payments lag, the company may need external funding for continued spectrum clearing and product rollouts, which could dilute returns or slow deployments over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Balance Sheet Strength
Anterix’s zero-debt position with ~$30M cash and raised projected cash proceeds to $120M materially strengthens financial flexibility. This reduces refinancing risk, funds continued license clearing and product investment, and gives runway to support multi-year utility deployment timelines if collections proceed.
Read all positive factors
Anterix (ATEX) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.20B
Dividend YieldN/A
Average Volume (3M)357.49K
Price to Earnings (P/E)14.7
Beta (1Y)0.47
Revenue Growth0.51%
EPS GrowthN/A
CountryUS
Employees86
SectorCommunication Services
Sector Strength97
IndustryTelecommunications Services
Share Statistics
EPS (TTM)4.36
Shares Outstanding18,732,890
10 Day Avg. Volume399,102
30 Day Avg. Volume357,492
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 Cap0.97
Enterprise Value/Revenue197.11
Enterprise Value/Gross Profit197.11
Enterprise Value/Ebitda-28.32
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)-1.86
Revenue Forecast (FY)$6.68M
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
Positive
35.89
Price Trends
47.43
Positive
39.08
Positive
30.17
Positive
Market Momentum
5.02
Negative
73.91
Negative
83.93
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 35.89 is below the 20-day moving average (MA) of 57.16, below the 50-day MA of 47.43, and above the 200-day MA of 30.17, indicating a bullish trend. The MACD of 5.02 indicates Negative momentum. The RSI at 73.91 is Negative, neither overbought nor oversold. The STOCH value of 83.93 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 |
|---|---|---|---|---|---|---|---|
73 Outperform | $485.55M | 52.85 | 10.01% | ― | 11.70% | ― | |
69 Neutral | $1.20B | 14.71 | 39.78% | ― | 0.51% | ― | |
61 Neutral | $433.12M | -49.04 | -1.96% | 4.63% | 1.29% | 57.21% | |
60 Neutral | $48.67B | 4.58 | -11.27% | 4.14% | 2.83% | -41.78% | |
56 Neutral | $882.39M | -19.87 | -5.04% | 0.97% | 4.44% | -19.31% | |
56 Neutral | $542.51M | 17.24 | 7.85% | ― | -1.15% | ― |
* Communication Services Sector Average
ATEX
Anterix
64.02
38.20
147.95%
ATNI
ATN International
28.16
14.14
100.84%
SHEN
Shenandoah Telecommunications Co
15.95
3.57
28.87%
RBBN
Ribbon Communications
3.08
-0.42
-12.00%
OOMA
Ooma
17.65
4.53
34.53%
Anterix Corporate Events
Business Operations and Strategy
Anterix Sells Spectrum to Enable Benton PUD Private Network
Positive
Apr 21, 2026
On April 21, 2026, Anterix announced that its subsidiary PDV Spectrum Holding Company agreed to sell a 10 MHz 900 MHz spectrum license to Public Utility District No. 1 of Benton County in Washington state, enabling what is described as the first p...
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...
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.