The EPS miss vs consensus appears driven by GAAP vs Street-metric mismatch — the company trades on its spectrum monetization trajectory rather than quarterly EPS. Key near-term catalysts: the FCC's 900 MHz expansion (6-to-10 MHz) and future spectrum sale conversions from the $48.7M contracted pipeline. Monitor the June 11 earnings call for FY2027 guidance on spectrum clearing costs and customer delivery milestones.
Price Chart
Executive Summary
Anterix reported Q4 FY2026 GAAP diluted EPS of $0.98 vs consensus of $1.37, a 28.5% miss, though this appears to be a timing mismatch between GAAP income and Street expectations for spectrum-sale-driven earnings. Revenue of $1.96M beat the $1.6M consensus by 22.5%. The company executed multiple new spectrum sale agreements totaling $23.9M for the full year and noted $127M in contracted proceeds received with $50M outstanding. The FCC expanding the 900 MHz broadband segment from 6 MHz to 10 MHz is a significant regulatory catalyst that expands the addressable market.
Key Financial Metrics
Key Facts
- Q4 FY2026 GAAP diluted EPS $0.98, consensus was $1.37 (28.5% miss); GAAP net income of $18.5M vs $9.2M a year ago
- Q4 spectrum revenue $1.96M, consensus was $1.6M (22.5% beat)
- Full year FY2026 GAAP diluted EPS $4.83 vs ($0.61) in prior year, driven by $105.4M gain on license exchanges and $34.8M gain on spectrum sales
- Contracted proceeds outstanding of $50M; expected future cash proceeds of $25.3M in FY2027 and $23.4M thereafter from 8 utility customers
- FCC in Feb 2026 adopted order expanding 900 MHz broadband segment from 6 MHz to 10 MHz, broadening the addressable spectrum pool
- No debt; cash and equivalents $98.5M; $226.7M remaining under $250M buyback authorization
- Executed new spectrum sale agreements worth $23.9M in FY2026 with CPS Energy, Texas-New Mexico Power and NorthWestern Energy
- Post year-end signed additional $0.8M agreement with Benton PUD in April 2026
Financial Impact
EPS miss of 28.5% vs consensus but GAAP net income strong at $18.5M for Q4, $90.6M for FY; spectrum revenue beat by 22.5%; $50M in contracted proceeds outstanding with further $48.7M expected through FY2034
Risk Factors
- EPS miss of 28.5% vs consensus could trigger short-term selling despite strong operational trends
- Spectrum revenue is lumpy and milestone-dependent; delays in license deliveries could push cash inflows
- Clearing costs of $27.2M in FY2026 may persist and pressure cash flow if customer take rates slow
- Buyback program has $226.7M remaining but only $1M was deployed in FY2026 — signals management may be conserving cash
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3310128 |
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%) |
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