Anterix recently released its 10-K report. The company is focused on commercializing 900 MHz spectrum for utility and other critical infrastructure customers, primarily to support private broadband networks and related services. It also offers CatalyX, spectrum-related services, Anterix Security Collective, and rural broadband services, and it holds licensed 900 MHz spectrum across the contiguous United States, Hawaii, Alaska, and Puerto Rico.
In Item 7, Anterix said its management’s discussion and analysis should be read alongside its consolidated financial statements and notes, and that its results are based on U.S. GAAP estimates and assumptions. The company also reiterated that many statements in the section are forward-looking and that actual results could differ from expectations.
Anterix said it changed its business strategy during fiscal 2026, moving beyond a model centered mainly on long-term spectrum leasing. It now also secures and expands spectrum holdings, clears and retunes spectrum, monetizes spectrum through sales and leases, and develops products and services intended to generate recurring revenue.
During the year, Anterix signed several spectrum license sale agreements: Benton PUD for $0.8 million on April 16, 2026; NWE for $7.7 million on March 30, 2026; TNMP for $3.2 million on March 25, 2026; and CPS for $13.0 million on January 30, 2026. It also said the FCC adopted a 2026 Report and Order on February 18, 2026, expanding the 900 MHz band to 10 MHz.
The company reported net income of $90.6 million for fiscal 2026, compared with a net loss of $11.4 million in fiscal 2025. Spectrum revenue rose 8% to $6.5 million from $6.0 million, while operating expenses fell to $52.7 million from $58.8 million.
General and administrative expense declined 15% to $36.1 million from $42.7 million. Sales and support expense increased 13% to $6.9 million from $6.1 million, product development expense fell 18% to $4.7 million from $5.7 million, and severance and other related charges rose 22% to $4.6 million from $3.8 million.
The biggest driver of the year-over-year improvement was a $105.4 million gain on exchange of intangible assets, up from $22.8 million in fiscal 2025. Anterix said it exchanged narrowband licenses for broadband licenses in 219 counties during fiscal 2026, recording $139.6 million for the new broadband licenses and disposing of $34.2 million tied to the relinquished narrowband licenses.
It also recorded a $34.8 million gain on sale of intangible assets, compared with $18.3 million a year earlier. In fiscal 2026, it transferred 64 broadband licenses to LCRA and 91 broadband licenses to Oncor.
Interest income fell to $1.6 million from $2.2 million, and income tax expense rose to $5.1 million from $1.9 million, reflecting higher federal and state provisions tied to the gains on sales and exchanges of intangible assets.
At March 31, 2026, Anterix had $98.5 million in cash and cash equivalents. It said customer contract proceeds are its principal source of liquidity and that cash on hand, together with contracted customer proceeds, should cover financial obligations for at least 12 months from the report date.
Cash provided by operating activities was $5.5 million in fiscal 2026, compared with cash used of $29.3 million in fiscal 2025. Cash provided by investing activities was $40.5 million, versus $22.8 million a year earlier, and cash provided by financing activities was $3.6 million, compared with cash used of $6.6 million in fiscal 2025. The market has reacted to these announcements by moving the company's shares 1.4% to a price of $80.195. For the full picture, make sure to review Anterix's 10-K report.
