Anterix Inc. Files Q3 2024 Report on Nasdaq

Ticker: ATEX · Form: 10-Q · Filed: Nov 13, 2024 · CIK: 1304492

Sentiment: neutral

Topics: 10-Q, SEC filing, compliance

Related Tickers: ATEX

TL;DR

ATEX filed its 10-Q for Sept 30, 2024. All good on filings.

AI Summary

Anterix Inc. filed its quarterly report for the period ending September 30, 2024. The company, registered in Delaware with file number 001-36827, is listed on the Nasdaq Capital Market under the ticker ATEX. Anterix Inc. confirmed it has filed all required reports for the preceding 12 months and the past 90 days, and has submitted all Interactive Data Files electronically.

Why It Matters

This filing provides an update on Anterix Inc.'s regulatory compliance and reporting status, crucial for investors monitoring the company's adherence to SEC requirements.

Risk Assessment

Risk Level: low — This report is a routine quarterly filing confirming compliance with SEC regulations and does not contain new material financial or operational information.

Key Numbers

Key Players & Entities

FAQ

What is the reporting period for this 10-Q filing?

The quarterly period ended September 30, 2024.

What is Anterix Inc.'s commission file number?

Anterix Inc.'s commission file number is 001-36827.

On which exchange is Anterix Inc.'s common stock traded?

Anterix Inc.'s common stock is traded on The Nasdaq Stock Market LLC (Nasdaq Capital Market).

Has Anterix Inc. filed all required reports for the preceding 12 months?

Yes, Anterix Inc. indicated it has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months.

Has Anterix Inc. submitted all required Interactive Data Files electronically?

Yes, Anterix Inc. indicated it has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months.

Filing Stats: 4,671 words · 19 min read · ~16 pages · Grade level 17.8 · Accepted 2024-11-13 16:06:43

Key Financial Figures

Filing Documents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION Item 1. Consolidated Financial Statements 5 Consolidated Balance Sheets as of September 30, 2024 (Unaudited) and March 31, 2024 5 Unaudited Consolidated Statements of Operations for the three and six months ended September 30, 2024 and 2023 6 Unaudited Consolidated Statements of Stockholders' Equity for the three and six months ended September 30, 2024 and 2023 7 Unaudited Consolidated Statements of Cash Flows for the three and six months ended September 30, 2024 and 2023 9 Notes to Unaudited Consolidated Financial Statements 11 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 21 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 26 Item 4.

Controls and Procedures

Controls and Procedures 27

OTHER INFORMATION

PART II. OTHER INFORMATION 28 Item 1.

Legal Proceedings

Legal Proceedings 28 Item 1A.

Risk Factors

Risk Factors 28 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 28 Item 3. Defaults Upon Senior Securities 28 Item 4. Mine Safety Disclosures 28 Item 5. Other Information 29 Item 6. Exhibits 30

SIGNATURES

SIGNATURES 31 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) 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 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 September 30, Six months e

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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