August 6, 2024

ANTERIX INC. REPORTS FIRST QUARTER FISCAL YEAR 2025 RESULTS

WOODLAND PARK, N.J., Aug. 6, 2024 /PRNewswire/ — Anterix (NASDAQ: ATEX) today announced its first quarter fiscal 2025 results and filed its Form 10-Q for the three months ended June 30, 2024. The Company also issued an update on its Demonstrated Intent metric which can be found on Anterix’s website at www.investors.anterix.com/Q12025.

First quarter fiscal 2025 Financial Highlights

Executed a new spectrum sale agreement with Oncor Electric Delivery Company for a total of $102.5 million, of which $10 million was received in June 2024Cash and cash equivalents of $51.7 million as of June 30, 2024Returned $2.0 million to stockholders through share repurchasesSpectrum clearing investment of $5.4 millionExchanged narrowband for a broadband license in 1 county and recorded a gain on exchange of a narrowband license for a broadband license of $0.1 million

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 Wednesday, August 7, 2024. Interested parties can participate in the call by dialing 1-888-999-6281 and asking the operator to be joined into the Anterix call. International callers should dial 1-848-280-6550. 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 work 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 Hawaii, Alaska, and Puerto Rico, we are uniquely positioned to enable private LTE 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
[email protected]

Anterix Inc.

Earnings Release Tables

Consolidated Balance Sheets

(in thousands, except share and per share data)

June 30, 2024

March 31, 2024

(Unaudited)

ASSETS

Current assets

Cash and cash equivalents

$ 51,715

$ 60,578

Spectrum receivable

10,999

8,521

Prepaid expenses and other current assets

2,972

3,912

Total current assets

65,686

73,011

Escrow deposits

7,577

7,546

Property and equipment, net

1,836

2,062

Right of use assets, net

4,493

4,432

Intangible assets

219,776

216,743

Deferred broadband costs

20,458

19,772

Other assets

1,312

1,328

Total assets

$ 321,138

$ 324,894

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities

Accounts payable and accrued expenses

$ 7,748

$ 8,631

Operating lease liabilities

1,807

1,850

Contingent liability

1,000

Deferred revenue

5,968

6,470

Total current liabilities

16,523

17,951

Operating lease liabilities

3,453

3,446

Contingent liability

25,000

15,000

Deferred revenue

114,719

115,742

Deferred gain on sale of intangible assets

4,911

Deferred income tax

7,338

6,281

Other liabilities

411

531

Total liabilities

172,355

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 June 30, 2024 and March 31, 2024

—

Common stock, $0.0001 par value per share, 100,000,000 shares authorized and

18,581,297 shares issued and outstanding at June 30, 2024 and 18,452,892 shares

issued and outstanding at March 31, 2024

Additional paid-in capital

538,505

533,203

Accumulated deficit

(389,724)

(372,173)

Total stockholders’ equity

148,783

161,032

Total liabilities and stockholders’ equity

$ 321,138

$ 324,894

Anterix Inc.

Earnings Release Tables

Consolidated Statements of Operations

(Unaudited, in thousands, except share and per share data)

Three months ended June 30,

2024

2023

Spectrum revenue

$ 1,525

$ 608

Operating expenses

General and administrative

12,851

11,673

Sales and support

1,850

1,275

Product development

1,750

1,069

Depreciation and amortization

179

246

Operating expenses

16,630

14,263

Gain from disposal of intangible assets, net

(93)

(10,785)

Gain from disposal of long-lived assets, net

—

(31)

Loss from operations

(15,012)

(2,839)

Interest income

694

386

Other income

Loss before income taxes

(14,302)

(2,358)

Income tax expense (benefit)

1,222

(240)

Net loss

$ (15,524)

$ (2,118)

Net loss per common share basic and diluted

$ (0.84)

$ (0.11)

Weighted-average common shares used to compute basic and diluted net loss per share

18,486,964

18,951,046

Anterix Inc.

Earnings Release Tables

Consolidated Statements of Cash Flows

(Unaudited, in thousands)

Three months ended June 30,

2024

2023

CASH FLOWS FROM OPERATING ACTIVITIES

Net loss

$ (15,524)

$ (2,118)

Adjustments to reconcile net loss to net cash used in operating activities

Depreciation and amortization

179

246

Stock compensation expense

4,346

4,265

Deferred income taxes

1,057

(272)

Right of use assets

434

283

Gain on disposal of intangible assets, net

(93)

(10,785)

Gain on disposal of long-lived assets, net

—

(31)

Changes in operating assets and liabilities

Prepaid expenses and other assets

974

563

Accounts payable and accrued expenses

(1,558)

1,169

Due to related parties

—

(533)

Operating lease liabilities

(531)

(388)

Contingent liability

10,000

—

Deferred revenue

(1,525)

(608)

Other liabilities

(120)

—

Net cash used in operating activities

(2,361)

(8,209)

CASH FLOWS FROM INVESTING ACTIVITIES

Purchases of intangible assets, including refundable deposits, retuning costs and swaps

(5,400)

(5,170)

Purchases of equipment

—

(25)

Net cash used in investing activities

(5,400)

(5,195)

CASH FLOWS FROM FINANCING ACTIVITIES

Proceeds from stock option exercises

1,617

Repurchases of common stock

(2,027)

—

Payments of withholding tax on net issuance of restricted stock

(661)

(752)

Net cash used in financing activities

(1,071)

(745)

Net change in cash and cash equivalents and restricted cash

(8,832)

(14,149)

CASH AND CASH EQUIVALENTS AND RESTRICTED CASH

Cash and cash equivalents and restricted cash at beginning of the period

68,124

43,182

Cash and cash equivalents and restricted cash at end of the period

$ 59,292

$ 29,033

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION

Cash paid during the period:

Taxes paid

$ —

$ 1

Operating leases paid

$ 593

$ 574

Non-cash investing activity:

Network equipment provided in exchange for wireless licenses

$ 47

$ 438

Right of use assets new leases

$ 248

$ 65

Right of use assets modifications and renewals

$ 247

$ —

The following tables provide a reconciliation of cash and cash equivalents and restricted cash reported on the Consolidated Balance

Sheets that sum to the total of the same such amounts on the Consolidated Statements of Cash Flows:

June 30, 2024

March 31, 2024

Cash and cash equivalents

$ 51,715

$ 60,578

Escrow deposits

7,577

7,546

Total cash and cash equivalents and restricted cash

$ 59,292

$ 68,124

June 30, 2023

March 31, 2023

Cash and cash equivalents

$ 29,033

$ 43,182

Escrow deposits

—

Total cash and cash equivalents and restricted cash

$ 29,033

$ 43,182

Anterix Inc.

Earnings Release Tables

Other Financial Information

(Unaudited, in thousands except per share data)

Three months ended June 30,

2024

2023

Number of shares repurchased and retired

—

Average price paid per share*

$ 32.47

$ —

Total cost to repurchase

$ 2,027

$ —

* Average price paid per share includes costs associated with the repurchases.

As of June 30, 2024, $234.0 million is remaining under the share repurchase program.

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SOURCE Anterix Inc.

ANTERIX INC. REPORTS FIRST QUARTER FISCAL YEAR 2025 RESULTS

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