Anterix Inc. Files Q3 FY25 10-Q Report

Ticker: ATEX · Form: 10-Q · Filed: Feb 11, 2025 · CIK: 1304492

Sentiment: neutral

Topics: 10-Q, earnings, telecommunications

TL;DR

Anterix Q3 FY25 10-Q filed. Financials are in.

AI Summary

Anterix Inc. filed its 10-Q for the period ending December 31, 2024. The company reported its financial results for the third quarter of fiscal year 2025. Key financial data and operational details for the period are included in the filing.

Why It Matters

This filing provides investors with the latest financial performance and operational updates for Anterix Inc., crucial for understanding the company's current standing and future prospects.

Risk Assessment

Risk Level: medium — The filing is a routine 10-Q, but the company operates in a dynamic telecommunications sector, which inherently carries medium risk.

Key Players & Entities

FAQ

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

The 10-Q filing is for the period ending December 31, 2024.

When was this 10-Q filed with the SEC?

This 10-Q was filed on February 11, 2025.

What is Anterix Inc.'s fiscal year end?

Anterix Inc.'s fiscal year ends on March 31.

What was Anterix Inc.'s former name?

Anterix Inc. was formerly known as pdvWireless, Inc. and Pacific DataVision, Inc.

What is the SIC code for Anterix Inc.?

The Standard Industrial Classification code for Anterix Inc. is 4813, which corresponds to TELEPHONE COMMUNICATIONS (NO RADIO TELEPHONE).

Filing Stats: 4,630 words · 19 min read · ~15 pages · Grade level 18 · Accepted 2025-02-11 16:06:18

Key Financial Figures

Filing Documents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION Item 1. Consolidated Financial Statements 5 Consolidated Balance Sheets as of December 31, 2024 (Unaudited) and March 31, 2024 5 Unaudited Consolidated Statements of Operations for the three and nine months ended December 31, 2024 and 2023 6 Unaudited Consolidated Statements of Stockholders' Equity for the three and nine months ended December 31, 2024 and 2023 7 Unaudited Consolidated Statements of Cash Flows for the nine months ended December 31, 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 22 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 28 Item 4.

Controls and Procedures

Controls and Procedures 29

OTHER INFORMATION

PART II. OTHER INFORMATION 30 Item 1.

Legal Proceedings

Legal Proceedings 30 Item 1A.

Risk Factors

Risk Factors 30 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 30 Item 3. Defaults Upon Senior Securities 30 Item 4. Mine Safety Disclosures 31 Item 5. Other Information 31 Item 6. Exhibits 32

SIGNATURES

SIGNATURES 34 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) December 31, 2024 March 31, 2024 (Unaudited) ASSETS Current assets Cash and cash equivalents $ 28,797 $ 60,578 Spectrum receivable 8,147 8,521 Escrow deposits 198 — Prepaid expenses and other current assets 3,139 3,912 Total current assets 40,281 73,011 Escrow deposits 7,433 7,546 Property and equipment, net 1,579 2,062 Right of use assets, net 4,717 4,432 Intangible assets 246,215 216,743 Deferred broadband costs 25,976 19,772 Other assets 478 1,328 Total assets $ 326,679 $ 324,894 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities Accounts payable and other accrued expenses $ 9,009 $ 8,631 Accrued severance and other related charges 2,290 — Operating lease liabilities 1,745 1,850 Contingent liability 5,397 1,000 Deferred revenue 5,962 6,470 Total current liabilities 24,403 17,951 Operating lease liabilities 3,609 3,446 Contingent liability 22,033 15,000 Deferred revenue 120,099 115,742 Deferred gain on sale of intangible assets 4,911 4,911 Deferred income tax 6,736 6,281 Other liabilities 143 531 Total liabilities 181,934 163,862 Commitments and contingencies Stockholders' equity Preferred stock, $ 0.0001 par value per share, 10,000,000 shares authorized and no shares outstanding at December 31, 2024 and March 31, 2024 — — Common stock, $ 0.0001 par value per share, 100,000,000 shares authorized and 18,586,786 shares issued and outstanding at December 31, 2024 and 18,452,892 shares issued and outstanding at March 31, 2024 2 2 Additional paid-in capital 543,939 533,203 Accumulated deficit ( 399,196 ) ( 372,173 ) Total stockholders' equity 144,745 161,032 Total liabilities and stockholders' equity $ 326,679 $ 324,894 See accompanying notes to consolidated financial statements. 5 Table of Contents Anterix Inc. Consolidated Statements of Operations (in thousands, except share and

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 Executive Chairman Retirement On December 30, 2024, the Company announced Morgan O'Brien's retirement as a director, as Executive Chairman of the Board of Directors of the Company (the "Board"), and as an executive of the Company, each effective as of December 31, 2024. In addition, the Company entered into a consulting agreement with Mr. O'Brien. See Note 5 Related Party Transactions for further discussion. Furthermore, on December 30, 2024 the Company also announced that Thomas Kuhn, a current director and Vice Chair of the Board, was appointed as the Chairman of the Board, effective January 1, 2025. See Note 12 Subsequent Events for further discussion. Chief Executive Officer Transition On October 8, 2024, the Company announced the appointment of Scott Lang as President and Chief Executive Officer, to succeed Robert Schwartz effective by November 1, 2024 (the "CEO Transition"). As part of the CEO Transition, the Board also designated Mr. Lang as the Company's principal executive officer for purposes of the rules a

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