Anterix Inc

Anterix reported a narrower-than-expected loss for the first quarter of fiscal 2027, with revenue rising 38.1% year over year on higher spectrum revenues. Spectrum revenues climbed to $1.96 million from $1.42 million a year earlier, though the figure fell just short of the Zacks Consensus Estimate of $1.97 million. On a GAAP basis, net income was $0.24 million, or 1 cent per share, down from $25.18 million, or $1.35 per share, in the prior-year quarter, as a lower gain on the exchange of intangible assets weighed on profitability. Excluding non-recurring items, the non-GAAP net loss was 53 cents per share, narrower than the consensus estimate loss of 55 cents and compared with a loss of 48 cents a year earlier. Operating expenses totaled $12.86 million versus $13.81 million in the year-ago quarter, and the company ended the period with $119.92 million in cash and restricted cash, no outstanding debt, and $226.7 million remaining under its buyback authorization. Management expects to receive approximately $9.6 million of contracted customer cash proceeds in fiscal 2027.

Gabelli's Global Content & Connectivity Fund reported that Anterix Inc. (NASDAQ:ATEX) surged 169.6% in the second quarter of 2026, making it the top contributor to the fund's performance. The rally followed the Federal Communications Commission's approval in February to expand broadband allocation in the 900 MHz band to 10 MHz from 6 MHz, allowing Anterix to offer enhanced capacity and potentially address additional use cases. In May, the FCC also approved an experimental license for Anterix to explore Lynk Global's satellite direct-to-device communications network in its licensed 900 MHz broadband spectrum. As of June 30, 2026, Anterix represented 8.8% of the fund's net assets. The fund's Class I shares gained 12.88% in Q2, outperforming its communication-services benchmark but trailing the broader MSCI AC World Index.

Anterix executives said the company sees growing demand and limited supply for its low-band 900 MHz spectrum, citing recent spectrum transactions and potential satellite-direct-to-device applications as factors that could expand monetization options beyond its traditional utility customer base. During an Oppenheimer fireside chat, Chief Financial Officer Elena Marquez said Anterix completed a regulatory effort in February that expanded its band capacity from 6 MHz to 10 MHz, and that the company is currently engaged in active discussions with about a dozen utility opportunities, many involving pricing renegotiations. Marquez estimated Anterix was trading at roughly $0.60 per MHz-pop based on a market capitalization of approximately $1.8 billion and 3 billion MHz-pops, compared with the approximately $2.50 nationwide average from Auction 113, which would imply a gross asset value of about $7.5 billion for Anterix's spectrum. Chief Regulatory and Communications Officer Chris Guttman-McCabe said a recent SpaceX filing with the Federal Communications Commission raised the possibility of using satellite coverage to satisfy certain spectrum build-out requirements, and that Anterix has filed for an experimental license with direct-to-device satellite company Lynk, with initial tests including data connectivity, text messaging and web browsing described as successful but in early stages. Anterix ended the quarter with no debt and $116 million in cash.

Anterix shares have risen 31.2% since its last earnings report, outperforming the S&P 500. The company reported a narrower-than-expected non-GAAP net loss of 41 cents per share for the fourth quarter of fiscal 2026, beating the Zacks Consensus Estimate of a loss of 56 cents. Spectrum revenues grew to $1.96 million from $1.39 million a year earlier, driven by spectrum agreements and monetization of its 900 MHz assets. For fiscal 2027, management expects approximately $25.3 million in contracted customer cash proceeds, with an additional $23.4 million scheduled for receipt thereafter. No analysts have revised earnings estimates in the past two months, and the stock currently carries a Zacks Rank #3 (Hold).

Anterix, Inc. has surged 163% over the past year, outperforming the industry's growth of 102.7% and Ericsson's 38.5% gain, but lagging Bandwidth Inc.'s 265.5% surge. The company is benefiting from electric utilities' digital transformation, as its unique portfolio of 900 MHz broadband spectrum licenses enables private LTE networks for grid modernization. Anterix recently launched a $250 million AnterixAccelerator program to help utilities accelerate broadband deployment, though elongated utility decision cycles remain a risk, with $50 million in contracted proceeds still outstanding at fiscal year-end. Zacks Investment Research rates the stock a Hold.