The FCC's 900 MHz expansion is a structural catalyst that increases the addressable spectrum market for Anterix. With $98.5M cash, no debt, and a visible $48.7M contracted-proceeds pipeline, the company is well-capitalized to fund spectrum clearing and commercial expansion. Monitor the FY2027 contracted-proceeds conversion rate and any additional spectrum sale agreements for revenue acceleration.
Price Chart
Executive Summary
Anterix reported fiscal Q4 2026 GAAP net income of $18.5M ($0.99 basic EPS), swinging from $9.2M ($0.50) a year ago, driven by $22.0M in gains on license sales and $11.1M in gains on license exchanges. Full-year revenue grew 7.8% to $6.5M, and the company ended the year with $98.5M cash and no debt. The FCC's February 2026 order expanding the 900 MHz broadband allocation from 6 MHz to 10 MHz is a major regulatory catalyst, and the company disclosed a $48.7M contracted-proceeds pipeline for FY2027 and beyond.
Key Financial Metrics
Key Facts
- FCC adopted 2026 Report and Order expanding 900 MHz broadband from 6 MHz to 10 MHz on Feb 18, 2026
- Full-year FY2026 net income of $90.6M vs loss of $11.4M in FY2025
- Cash and cash equivalents of $98.5M at March 31, 2026, up from $47.4M a year ago, with no debt
- Received $127M of contracted proceeds from customers during FY2026; $50M outstanding at year-end
- Disclosed $48.7M in estimated future contracted proceeds ($25.3M in FY2027, $23.4M thereafter)
- Launched TowerX and CatalyX service offerings, expanding beyond pure spectrum sales
- Full-year FY2026 spectrum revenue of $6.5M, up 7.8% from $6.0M in FY2025
- Full-year FY2026 operating cash flow of $5.5M vs -$29.3M in FY2025
Financial Impact
Full-year net income swung from -$11.4M to +$90.6M; cash balance doubled to $98.5M; $48.7M contracted proceeds pipeline disclosed
Risk Factors
- Timing of contracted proceeds is subject to broadband license delivery milestones and potential penalties
- Spectrum clearing costs ($27.2M in FY2026) could increase if FCC timelines accelerate
- Revenue concentration in utility sector; commercial adoption of new TowerX/CatalyX services unproven
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001304492-26-000024 |
| Document: atex-20260610.htm | 0001304492-26-000024 |
| Document: 0001304492-26-000024-index-headers.html | 0001304492-26-000024 |
| Document: 0001304492-26-000024-index.html | 0001304492-26-000024 |
| Document: 0001304492-26-000024.txt | 0001304492-26-000024 |
| 8-K Data (Synthetic) | 0001304492-26-000024 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 9, 2026 17d ago | 144 | $84.96 | awaiting T+20 | — | $79.64 (−6.26%) |
Sep 18, 2026 5w ago | 8-K | $83.62 $77.87 | ▼ −6.88% | ▼ −5.97% | $79.64 (−4.76%) |
Sep 11, 2026 6w ago | Insider Cluster | $77.59 $84.96 | ▲ +9.50% | ▲ +6.98% | $79.64 (+2.64%) |
Aug 27, 2026 8w ago | Insider Cluster | $92.33 $81.75 | ▼ −11.46% | ▼ −11.22% | $79.64 (−13.74%) |
Aug 26, 2026 8w ago | Insider Cluster | $94.67 $81.42 | ▲ +14.00% | ▲ +14.28% | $79.64 (+15.88%) |
Aug 18, 2026 9w ago | Insider Cluster | $88.68 $77.42 | ▲ +12.70% | ▲ +11.86% | $79.64 (+10.19%) |
Aug 18, 2026 9w ago | Insider Cluster | $88.68 $77.42 | ▲ +12.70% | ▲ +11.86% | $79.64 (+10.19%) |
Aug 14, 2026 10w ago | Insider Cluster | $91.53 $77.59 | ▼ −15.23% | ▼ −13.24% | $79.64 (−12.99%) |
Jul 29, 2026 12w ago | Press Release | $93.58 | awaiting T+20 | — | $79.64 (−14.90%) |
Jul 17, 2026 14w ago | DEFA14A | $100.35 $91.53 | ▼ −8.79% | ▼ −13.24% | $79.64 (−20.64%) |
US Market Status
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