ANTERIX INC. REPORTS SECOND QUARTER FISCAL YEAR 2025 RESULTS
PR Newswire
WOODLAND PARK, N.J., Nov. 13, 2024
WOODLAND PARK, N.J., Nov. 13, 2024 /PRNewswire/ -- Anterix $(ATEX)$ today announced its second quarter fiscal 2025 results and filed its Form 10-Q for the three and six months ended September 30, 2024. The Company also issued an update on its Demonstrated Intent metric which can be found on Anterix's website at https://www.investors.anterix.com/Q22025/.
"Our results in the second quarter of fiscal 2025 reflect Anterix's strong market positioning and continued progress in our journey to drive 900 MHz private wireless broadband networks throughout the utility sector. In my first month as President and CEO at Anterix, I have been impressed by our team and the upcoming opportunities for our group. I see an incredible runway for Anterix to grow, with the value of private broadband networks to utilities being stronger than I have ever seen across my 30-year career," commented Scott Lang, Anterix President and CEO.
"Looking ahead, I am extremely encouraged by our active customer pipeline and the discussions ongoing with prospective clients. In the coming months, we plan to have a dedicated focus on a number of key objectives from enhancing pipeline relationships and innovating our customer approach. The future is bright at Anterix, and I look forward to updating the market on our progress in the quarters ahead."
Financial and Operational Highlights
-- Cash and cash equivalents of $43.1 million as of September 30, 2024
-- Received a $7.5 million milestone payment from Ameren Corporation
-- Approximately $168 million of contracted proceeds due to be received with
$110 million expected through fiscal 2026
-- Spectrum clearing costs of $5.5 million
-- Approximately $3 billion pipeline of prospective contract opportunities
across 60+ potential customers
Liquidity and Balance Sheet
At September 30, 2024, Anterix had no debt and cash and cash equivalents of $43.1 million. In addition, the Company had a restricted cash balance of $7.6 million in escrow deposits.
The Company has an authorized share repurchase program for up to $250.0 million of the Company's common stock on or before September 21, 2026. In the fiscal second quarter of 2025, Anterix did not have any share repurchase activity and approximately $234.0 million remains under the current share repurchase program as of September 30, 2024.
Conference Call Information
Anterix senior management will hold an analyst and investor conference call to provide a business update at 9:00 A.M. ET on Thursday November 14, 2024. Interested parties can participate in the call by dialing 1-833-816-1120 and asking the operator to be joined into the Anterix call. International callers should dial 1-412-317-1861. A replay of the call will be accessible on the Investor Relations section of Anterix's website at https://www.anterix.com/events/.
About Anterix Inc.
At Anterix, we partner with leading utilities and technology companies to harness the power of 900 MHz broadband for modernized grid solutions. Leading an ecosystem of more than 100 members, we offer utility-first solutions to modernize the grid and solve the challenges that utilities are facing today. As the largest holder of licensed spectrum in the 900 MHz band (896-901/935-940 MHz) throughout the contiguous United States, plus Alaska, Hawaii, and Puerto Rico, we are uniquely positioned to enable private wireless broadband solutions that support cutting-edge advanced communications capabilities for a cleaner, safer, and more secure energy future. To learn more and join the 900 MHz movement, please visit www.anterix.com.
Forward-Looking Statements
Certain statements contained in this press release constitute forward-looking statements within the meaning of the federal securities laws that involve risks and uncertainties. Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate or imply future events or achievements such as statements in this press release related to the Anterix's business or financial results or outlook. Actual events or results may differ materially from those contemplated in this press release. Forward-looking statements speak only as of the date they are made and readers are cautioned not to put undue reliance on such statements, as they are subject to a number of risks and uncertainties that could cause Anterix's actual future results to differ materially from results indicated in the forward-looking statement. Such statements are based on assumptions that could cause actual results to differ materially from those in the forward-looking statements, including: (i) the timing of payments under customer agreements, (ii) Anterix's ability to clear the 900 MHz Broadband Spectrum on a timely basis and on commercially reasonable terms; and (iii) Anterix's ability to qualify for and timely secure broadband licenses. Actual events or results may differ materially from those contemplated in this press release. Anterix's filings with the Securities and Exchange Commission ("SEC"), which you may obtain for free at the SEC's website at http://www.sec.gov, discuss some of the important risk factors that may affect the Company's financial outlook, business, results of operations and financial condition. Anterix undertakes no obligation to update publicly or revise any forward-looking statements contained herein.
Shareholder Contact
Natasha Vecchiarelli
Vice President, Investor Relations & Corporate Communications
Anterix
973-531-4397
nvecchiarelli@anterix.com
Anterix Inc.
Earnings Release Tables
Consolidated Balance Sheets
(in thousands, except share and per share data)
September 30, 2024 March 31, 2024
------------------------ ------------------------
(Unaudited)
ASSETS
Current assets
Cash and cash
equivalents $ 43,129 $ 60,578
Spectrum receivable 12,063 8,521
Prepaid expenses and
other current assets 1,582 3,912
------------------------ ------------------------
Total current assets 56,774 73,011
Escrow deposits 7,608 7,546
Property and equipment,
net 1,726 2,062
Right of use assets, net 4,987 4,432
Intangible assets 221,863 216,743
Deferred broadband costs 23,759 19,772
Other assets 520 1,328
------------------------ ------------------------
Total assets $ 317,237 $ 324,894
======================== ========================
LIABILITIES AND
STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable and
accrued expenses $ 7,086 $ 8,631
Operating lease
liabilities 1,806 1,850
Contingent liability 1,000 1,000
Deferred revenue 5,915 6,470
------------------------ ------------------------
Total current
liabilities 15,807 17,951
Operating lease
liabilities 3,845 3,446
Contingent liability 25,000 15,000
Deferred revenue 120,712 115,742
Deferred gain on sale of
intangible assets 4,911 4,911
Deferred income tax 7,670 6,281
Other liabilities 229 531
------------------------ ------------------------
Total liabilities 178,174 163,862
------------------------ ------------------------
Commitments and
contingencies
Stockholders' equity
Preferred stock,
$0.0001 par value per
share, 10,000,000
shares authorized and
no shares outstanding
at September 30, 2024
and March 31, 2024 -- --
Common stock, $0.0001
par value per share,
100,000,000 shares
authorized and
18,618,271 shares
issued and outstanding
at September 30, 2024
and 18,452,892 shares
issued and outstanding
at March 31, 2024 2 2
Additional paid-in
capital 541,551 533,203
Accumulated deficit (402,490) (372,173)
------------------------ ------------------------
Total stockholders'
equity 139,063 161,032
------------------------ ------------------------
Total liabilities and
stockholders'
equity $ 317,237 $ 324,894
======================== ========================
Anterix Inc.
Earnings Release Tables
Consolidated Statements of Operations
(MORE TO FOLLOW) Dow Jones Newswires
November 13, 2024 16:05 ET (21:05 GMT)