Anterix Inc. Files Q1 2024 10-Q Report

TL;DR

Anterix Q1 2024 10-Q filed. Financials out.

AI Summary

Anterix Inc. filed its 10-Q for the period ending June 30, 2024, reporting on its financial performance. The company, formerly known as pdvWireless, Inc., is involved in telephone communications. Specific financial figures for the quarter and year-to-date are detailed within the filing.

Why It Matters

This filing provides investors and analysts with the latest financial health and operational performance of Anterix Inc., crucial for understanding its market position and future prospects.

Risk Assessment

Risk Level: medium — As a publicly traded company filing a 10-Q, there are inherent risks associated with financial reporting and market performance.

Key Numbers

• 0001304492 — Central Index Key (Unique identifier for Anterix Inc. with the SEC)
• 001-36827 — SEC File Number (SEC registration number for Anterix Inc.)

Key Players & Entities

• Anterix Inc. (company) — Filer of the 10-Q
• pdvWireless, Inc. (company) — Former name of Anterix Inc.
• June 30, 2024 (date) — End of the reporting period
• 20240806 (date) — Filing date

FAQ

Key Financial Figures

• $0.0001 — ange on which registered Common Stock, $0.0001 par value ATEX The Nasdaq Stock Market

Filing Documents

• atex-20240630.htm (10-Q) — 540KB
• atex-20240630x10qex311.htm (EX-31.1) — 10KB
• atex-20240630x10qex312.htm (EX-31.2) — 10KB
• atex-20240630x10qex321.htm (EX-32.1) — 6KB
• atex-20240630x10qex322.htm (EX-32.2) — 6KB
• 0001304492-24-000103.txt ( ) — 3567KB
• atex-20240630.xsd (EX-101.SCH) — 32KB
• atex-20240630_cal.xml (EX-101.CAL) — 51KB
• atex-20240630_def.xml (EX-101.DEF) — 98KB
• atex-20240630_lab.xml (EX-101.LAB) — 432KB
• atex-20240630_pre.xml (EX-101.PRE) — 284KB
• atex-20240630_htm.xml (XML) — 283KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION Item 1. Consolidated Financial Statements 5 Consolidated Balance Sheets as of June 30, 2024 (Unaudited) and March 31, 2024 5 Unaudited Consolidated Statements of Operations for the three months ended June 30, 2024 and 2023 6 Unaudited Consolidated Statements of Stockholders' Equity for the three months ended June 30, 2024 and 2023 7 Unaudited Consolidated Statements of Cash Flows for the three months ended June 30, 2024 and 2023 8 Notes to Unaudited Consolidated Financial Statements 10 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 18 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 23 Item 4.

Controls and Procedures

Controls and Procedures 23

OTHER INFORMATION

PART II. OTHER INFORMATION 25 Item 1.

Legal Proceedings

Legal Proceedings 25 Item 1A.

Risk Factors

Risk Factors 25 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 25 Item 3. Defaults Upon Senior Securities 25 Item 4. Mine Safety Disclosures 25 Item 5. Other Information 26 Item 6. Exhibits 27

SIGNATURES

SIGNATURES 28 Table of Contents CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q (the "Quarterly Report") includes statements of our expectations, intentions, plans, projections, guidance and beliefs that constitute "forward-looking statements." These forward-looking statements are principally, but not solely, contained in the section captioned "Management's Discussion and Analysis of Financial Condition and Results of Operations." These statements include, but are not limited to, statements about our strategies, plans, objectives, expectations, projections, guidance, intentions, expenditures and assumptions and other statements contained herein that are not historical facts. Our forward-looking statements are generally, but not always, accompanied by words such as, but not limited to, "aim," "anticipate," "believe," "can," "continue," "could," "estimate," "expect," "goal," "intend" "may," "might," "ongoing," "plan," "possible," "potential," "predict," "project," "seek," "should," "strategy," "target," "will," "would" and similar expressions or phrases, or the negative of those expressions or phrases, or other words that convey the uncertainty of future events or outcomes, which are intended to identify forward-looking statements, although not all forward-looking statements contain these words. We have based these forward-looking statements on our current expectations, guidance and projections and related assumptions about future events and financial trends. While our management considers these expectations, guidance, projections and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond our control. There can be no assurance that actual developments will be as we anticipate. Actual results may differ materially from those expressed or imp

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

: Consolidated Financial Statements

Item 1: Consolidated Financial Statements Anterix Inc. 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 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 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 2 2 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 See accompanying notes to consolidated financial statements. 5 Table of Contents Anterix Inc. Consolidated Statements of Operations (in thousands, except share and per share data) (Unaudited) Three months ended June 30, 2024 2023 Spectrum revenue

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements (Unaudited) 1. Nature of Operations and Basis of Presentation Anterix Inc (the "Company") is the utility industry's partner, empowering enhanced visibility, control and security for a modern grid. The Company's vision is to deliver secure, scalable solutions enabled by private wireless broadband connectivity, for the benefit of utilities and the communities that they serve. 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, the Company is uniquely positioned to deliver solutions that support secure, resilient and customer-controlled operations. The Company is focused on commercializing its spectrum assets and expanding the benefits and solutions it offers to enable the Company's targeted utility and critical infrastructure customers to deploy private broadband networks. Business Developments In June 2024, the Company entered into a license purchase agreement with Oncor Electric Delivery Company LLC ("Oncor") for total estimated consideration of $ 102.5 million under which Oncor will purchase 900 MHz spectrum licenses covering 95 counties to deploy a private wireless broadband network in its transmission and distribution service area (the "Oncor Agreement").The total payment of $ 102.5 million comprises an initial payment of $ 10.0 million received in June 2024 and remaining payments that are due to the Company for each county, at closing. The timing and rights to milestone payments could vary as 900 MHz broadband licenses are granted by the FCC, broadband licenses are assigned to Oncor and incumbents are cleared by the Company. Oncor operates more than 143,000 circuit miles of transmission and distribution lines in Texas, delivering electricity to more than four million homes and businesses across a service territory that has an estimated population of approximately 13 million people. See Note 10 Contingenci

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View this 10-Q filing on SEC EDGAR