Anterix Inc.
- Open
- 95.94
- Day high
- 95.94
- Day low
- 90.00
- Prev close
- 93.58
- Volume
- 251K
- Mkt cap
- $1.8B
- P/E (TTM)
- 19.2
- EPS (TTM)
- $4.85
- P/B
- 6.9
- P/S
- 279.0
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$10.2M over the last 3 months (0 open-market buys, 10 sales)
- 🏛Institutions accumulating (13F)
Anterix Inc. (ATEX) is a Communication Services company listed on NASDAQ. The stock is up 325% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 10 sales (SEC Form 4).
Anterix Inc. (ATEX) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 2 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
ATEX earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jun 11, 2026 | $-0.56 | $-0.41 | +26.8% | $2M | +25.1% |
| Feb 11, 2026 | $-0.57 | $-0.35 | +38.0% | $2M | +7.2% |
| Nov 12, 2025 | $-0.65 | $-0.14 | +78.5% | $2M | +8.6% |
| Aug 12, 2025 | $-0.54 | $-0.48 | +11.1% | $1M | -9.7% |
| Jun 24, 2025 | $-0.43 | $-0.36 | +16.3% | $1M | -18.8% |
| Nov 13, 2024 | $-0.59 | $-0.69 | -16.9% | $2M | -11.4% |
| Feb 14, 2024 | $-0.61 | $-0.55 | +9.8% | $1M | -30.2% |
| Nov 13, 2023 | $-0.64 | $-0.55 | +14.1% | $1M | -2.6% |
| Aug 2, 2023 | $-0.59 | $-0.11 | +81.4% | $608000 | -55.0% |
| Jun 14, 2023 | $-0.71 | $-0.40 | +43.7% | $608000 | -41.5% |
| Feb 9, 2023 | $-0.71 | $-0.66 | +7.0% | $578000 | -29.7% |
| May 20, 2022 | $-0.06 | $-0.60 | -900.0% | $335000 | -16.3% |
ATEX insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jul 14, 2026 | Marquez Elenaofficer: Chief Financial Officer | Tax | 231 | $100.96 |
| Jul 14, 2026 | Guttman-McCabe Christopherofficer: Chief Reg & Comm Officer | Tax | 1,516 | $100.96 |
| Jun 22, 2026 | Lang Scott A.director, officer: President and CEO | Sell | 170 | $80.25 |
| Jun 18, 2026 | Marquez Elenaofficer: Chief Financial Officer | Sell | 4,291 | $79.50 |
| Jun 18, 2026 | Marquez Elenaofficer: Chief Financial Officer | Option | 1,226 | $40.00 |
| Jun 17, 2026 | Guttman-McCabe Christopherofficer: Chief Reg & Comm Officer | Option | 50,876 | $34.40 |
| Jun 17, 2026 | Guttman-McCabe Christopherofficer: Chief Reg & Comm Officer | Option | 20,000 | $37.42 |
| Jun 17, 2026 | Ashe Gena Lofficer: Chief Legal Officer & Corp Sec | Option | 11,000 | $34.96 |
| Jun 17, 2026 | YAZDI MAHVASHdirector | Sell | 7,000 | $80.00 |
| Jun 17, 2026 | Ashe Gena Lofficer: Chief Legal Officer & Corp Sec | Tax | 4,661 | $82.50 |
| Jun 17, 2026 | Guttman-McCabe Christopherofficer: Chief Reg & Comm Officer | Sell | 16,381 | $83.72 |
| Jun 17, 2026 | Guttman-McCabe Christopherofficer: Chief Reg & Comm Officer | Sell | 26,411 | $82.27 |
| Jun 17, 2026 | Lang Scott A.director, officer: President and CEO | Tax | 48,470 | $82.50 |
| Jun 17, 2026 | Guttman-McCabe Christopherofficer: Chief Reg & Comm Officer | Option | 6,715 | $42.14 |
| Jun 17, 2026 | Guttman-McCabe Christopherofficer: Chief Reg & Comm Officer | Sell | 13,324 | $84.29 |
Source: ATEX SEC Form 4 filings, latest Jul 14, 2026. For informational purposes only — not investment advice.
See the full ATEX insider & 13F page →Anterix Inc. company profile
Overview
Anterix Inc. (NASDAQ:ATEX) is a wireless communications company that specializes in commercializing spectrum assets to enable utilities and critical infrastructure operators to deploy private broadband networks. Founded in 1997 and originally known as pdvWireless, Inc., the company rebranded to Anterix in August 2019. The company holds licensed spectrum in the 900 MHz band with coverage throughout the United States, Alaska, Hawaii, and Puerto Rico. Headquartered in Woodland Park, New Jersey, Anterix has positioned itself as a key enabler of grid modernization for electric utilities through private wireless broadband technology.
Business
Anterix operates in the telecommunications services sector, specifically focusing on spectrum licensing and private wireless network solutions for utilities and critical infrastructure operators. The company's core business revolves around its ownership of valuable 900 MHz spectrum licenses that cover virtually the entire United States. The 900 MHz spectrum band is particularly valuable for utility applications because it offers superior propagation characteristics compared to higher frequency bands. This means the radio waves can travel longer distances and penetrate buildings and obstacles more effectively, making it ideal for utility operations that need reliable communication across vast service territories including rural areas. Anterix's primary offering is private LTE (Long Term Evolution) broadband networks that utilities can use to modernize their electrical grid infrastructure. These private networks allow utilities to securely communicate with smart grid devices, monitor power lines in real-time, coordinate maintenance operations, and respond to outages more efficiently. The company has been working to upgrade its spectrum capabilities to support 5G technology and has petitioned the FCC to expand its spectrum allocation from 3x3 MHz to 5x5 MHz configuration. The company operates as a single business segment focused entirely on spectrum licensing to utilities, with virtually 100% of its revenue derived from spectrum licensing agreements with electric utility companies. Beyond spectrum licensing, Anterix has developed CatalyX, a commercial platform solution that provides connectivity and SIM management services to help utilities manage their private wireless networks.
Revenue model
Anterix generates revenue primarily through long-term spectrum licensing agreements with electric utility companies. These contracts typically involve upfront payments and ongoing fees for the exclusive use of 900 MHz spectrum in specific geographic territories. The company's customers are primarily investor-owned utilities (IOUs) and municipal electric cooperatives that need reliable, secure communications infrastructure to modernize their electrical grids. The business model is characterized by high upfront contract values but lumpy revenue recognition, as utilities often pay significant amounts upon contract signing and network deployment milestones. As of the most recent quarter, Anterix has approximately $400 million in total contracted spectrum deals, with about $150 million in uncollected contract proceeds remaining to be received over the coming years. Several factors influence Anterix's profit margins and business prospects. Positive margin drivers include the company's monopoly-like position in 900 MHz spectrum ownership, increasing utility focus on grid modernization driven by extreme weather events and cybersecurity concerns, government infrastructure spending through programs like the Bipartisan Infrastructure Law, and the growing adoption of renewable energy sources that require more sophisticated grid management. The company's established ecosystem of over 100 technology partners also creates network effects that make its solutions more attractive. Margin pressures come from the lengthy utility decision-making processes that can delay contract closings, high ongoing operational expenses to maintain spectrum licenses and develop the ecosystem, competition from alternative spectrum solutions like CBRS (Citizens Broadband Radio Service), and the need for continuous investment in clearing existing spectrum users to make frequencies available for utility use.
Competitive moat
Anterix possesses a strong regulatory moat based on its exclusive ownership of 900 MHz spectrum licenses covering virtually the entire United States. This spectrum was acquired through FCC auctions and represents a scarce, government-regulated asset that cannot be easily replicated by competitors. The 900 MHz band's superior propagation characteristics make it particularly valuable for utility applications, creating a natural technical advantage. The company's moat is further strengthened by network effects through its ecosystem of over 100 technology partners, including equipment manufacturers, system integrators, and software providers. This ecosystem creates switching costs for utilities and makes Anterix's solution more comprehensive and attractive compared to alternatives. The company has also built domain expertise in utility operations and regulatory requirements, which creates additional barriers for new entrants. However, the moat faces potential challenges from alternative spectrum solutions, particularly CBRS spectrum which operates in the 3.5 GHz band and is available through a sharing framework rather than exclusive licensing. Large telecommunications carriers and cloud hyperscalers are also showing interest in private network solutions, though they typically focus on higher frequency bands that may not be as suitable for utility applications. The regulatory nature of the spectrum business also creates some vulnerability, as changes in FCC policy or spectrum allocation rules could potentially impact the company's competitive position. Additionally, the long utility sales cycles and high customer concentration create execution risks that could affect the durability of the company's competitive advantages.
Risks & safety
Anterix maintains a strong financial position with minimal solvency risk, though the company faces ongoing cash burn from operations. • Liquidity and Debt: Cash position of $29 million as of December 31, 2024, with no meaningful debt (debt-to-equity ratio of 0.037). Current ratio of 1.65 indicates adequate short-term liquidity. • Cash Flow: Negative operating cash flow of $7.7 million and negative free cash flow of $2.3 million in Q3 2025, though the company expects to receive approximately $80 million in contracted proceeds in fiscal 2026. • Valuation Metrics: Trading at P/E ratio of 18.5x based on recent positive earnings, though this is distorted by one-time items. Price-to-book ratio of 3.9x reflects premium valuation. Negative EBITDA of $10.1 million makes traditional valuation metrics challenging. • Other Considerations: $150 million in uncollected contract proceeds provides significant asset backing, though realization depends on customer performance and contract terms. The company has been actively repurchasing shares and exploring strategic alternatives including a formal review process with Morgan Stanley.
Recent development
Over the past few years, Anterix has made significant strategic progress in commercializing its spectrum assets and building its utility customer base. The company has successfully signed seven utility customers across 15 states, with total contracted spectrum deals reaching approximately $400 million. Notable recent wins include a $102.5 million agreement with Oncor Electric Delivery Company and a $13.5 million expansion with Lower Colorado River Authority covering 102 counties in Texas. The company has been actively developing its technology ecosystem, launching the CatalyX platform for connectivity and SIM management, and building partnerships with over 100 technology companies. Anterix has also been pursuing regulatory expansion by petitioning the FCC to modify 900 MHz rules from 3x3 MHz to 5x5 MHz configuration, which would significantly enhance the spectrum's capabilities for utility applications. Under new CEO Scott Lang, who joined in 2024, the company has initiated several strategic initiatives including an industry engagement program to accelerate utility adoption of private wireless networks and a formal strategic review process with Morgan Stanley to explore potential opportunities. The company has also identified potential cost reductions of approximately 20% annually and has been more aggressive with share repurchases, returning approximately $4 million to shareholders in the most recent quarter. Recent developments include growing momentum in the utility sector driven by extreme weather events, cybersecurity concerns, and grid modernization requirements, with the company maintaining 18 utilities in its highest "Demonstrated Intent" category representing significant potential contract value.
ATEX company profile · for informational purposes only — not investment advice.
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