• Like a **Crown Castle for dedicated utility wireless spectrum**.
• Like a **private, secure AT&T or Verizon for critical infrastructure** (e.g., electric grids).
• Like a **Kinder Morgan for utility wireless data pipelines**.

• 900 MHz Spectrum Licensing: Anterix licenses its nationwide, contiguous 900 MHz broadband spectrum to critical infrastructure entities, primarily utilities, for their private wireless network deployments.
• Private Broadband Network Enablement: Anterix facilitates the development and adoption of private broadband networks by collaborating with ecosystem partners and advocating for their 900 MHz spectrum within critical infrastructure sectors.

Anterix (ATEX) primarily sells its 900 MHz spectrum and related services to other companies, specifically large utility companies and critical infrastructure providers, for their private broadband networks.

Its major customers and partners, which are public companies, include:

• Southern Company (NYSE: SO)
• Ameren Corporation (NYSE: AEE)
• Evergy, Inc. (NASDAQ: EVRG)

These utility companies utilize Anterix's licensed 900 MHz spectrum to build and operate secure, reliable private broadband networks for critical applications such as grid modernization, automation, SCADA systems, and advanced metering infrastructure.

Scott Lang, President & Chief Executive Officer

Scott Lang was appointed President and CEO of Anterix in October 2024. He brings over 30 years of experience at the intersection of telecommunications and electric utilities. Prior to Anterix, Mr. Lang served as Chairman and CEO of Turvo, a logistics software company, from November 2019 to July 2023. He was also the Founding Chairman, CEO, and President of Silver Spring Networks from 2004 to 2015, and later served as its Executive Chairman and Chairman. He played a significant role in positioning Silver Spring Networks as a leader in the utility sector before its sale to Itron in 2018. Earlier in his career, Mr. Lang held senior positions at Electronic Data Systems and Perot Systems.

Elena Marquez, Chief Financial Officer

Elena Marquez was appointed Chief Financial Officer of Anterix in September 2025, overseeing finance strategy, planning, treasury, and financial reporting. Before her promotion, she served as Vice President of Finance and Controller at Anterix from 2021 to 2025. Ms. Marquez has more than 15 years of finance and accounting experience, having held senior finance roles in public and pre-IPO multinational companies within the financial services and biotech industries. This includes leading a four-year transformation initiative at Prudential Financial.

Morgan O'Brien, Executive Chairman

Morgan O'Brien serves as the Executive Chairman of Anterix. He has been instrumental in the company's strategic direction and is recognized for his leadership in establishing Anterix as a technology and thought leader for grid modernization, particularly in creating a new market in collaboration with the utility sector.

Ryan Gerbrandt, Chief Operating Officer

Ryan Gerbrandt is the Chief Operating Officer of Anterix. He is responsible for guiding the day-to-day operations of the company.

Heather Martin, Chief Marketing Officer and Chief of Staff

Heather Martin joined Anterix in September 2025 as Chief Marketing Officer and Chief of Staff. In this dual role, she is responsible for the company's external market strategy and internal strategic execution, aiming to enhance Anterix's brand authority in the utility and critical infrastructure sectors. With over 20 years of global marketing and executive experience, Ms. Martin most recently led enterprise-wide transformation efforts for NRG Energy's portfolio of retail energy brands, which operated across North America, South Africa, and the Caribbean. Her career also includes pivotal roles in shaping brand strategy and integrated campaigns for major companies like Dell, Shell Energy, Microsoft, and General Motors through her work with national advertising agencies.

Regulatory and Commercialization Challenges

Financial Performance and Liquidity

Competition

The widespread adoption and deployment of Citizens Broadband Radio Service (CBRS) for private broadband networks represents an emerging threat. While Anterix's 900 MHz spectrum offers superior propagation characteristics ideal for critical infrastructure and wide-area utility coverage, CBRS provides an alternative path for organizations, including utilities, to deploy private LTE/5G networks using shared spectrum in the 3.5 GHz band. This alternative can potentially reduce the demand for dedicated licensed spectrum from Anterix, particularly for urban deployments or specific applications where CBRS's higher frequency and shared nature are deemed acceptable or more cost-effective.

Anterix (ATEX) is poised for future revenue growth over the next 2-3 years, driven by several key initiatives and market trends:

1. Continued Spectrum Sale Agreements and Milestone Payments: Anterix's primary revenue driver is the monetization of its 900 MHz spectrum for private broadband networks for utilities. The company has a history of executing significant spectrum sale agreements, such as the $102.5 million deal with Oncor and the $13.5 million agreement with LCRA in fiscal year 2025. Anterix also continues to receive milestone payments from existing customers, with approximately $147 million in contracted proceeds still outstanding, of which $80 million is expected in fiscal year 2026. The company's pipeline of prospective contract opportunities, valued at approximately $3 billion across more than 60 potential customers, further underscores this growth driver.
2. Expansion of the 900 MHz Broadband Segment (5x5 MHz): A significant growth catalyst is the potential expansion of the 900 MHz broadband segment from its current 3x3 MHz configuration to a more robust 5x5 MHz configuration, as proposed by the FCC in January 2025. This expansion would enhance the capacity and capabilities of Anterix's spectrum, making it even more attractive to utilities seeking to deploy private LTE solutions for modernized grid operations.
3. Growth of the AnterixAccelerator™ Program: The AnterixAccelerator™ program, launched in March 2025, is designed to expedite utility adoption of private broadband networks. This program has garnered strong engagement, with oversubscribed interest from utilities actively involved in discussions and negotiations for $250 million in 900 MHz spectrum incentives. This initiative is expected to translate into future spectrum deployments and associated revenue.
4. Development of Value-Added Solutions and Services: Beyond core spectrum sales, Anterix plans to explore and offer additional value-added solutions and services. These offerings will aim to support utility network deployments and operations, potentially creating new revenue streams and strengthening customer relationships as utilities continue to modernize their infrastructure.

Share Repurchases

• Anterix authorized a new $250 million share repurchase program on September 22, 2023, which is set to run for a three-year period until September 21, 2026.
• As of March 31, 2025, approximately $227.7 million remained authorized under this share repurchase program.
• In fiscal year 2025, Anterix repurchased $8.4 million in shares, following $24.676 million in shares repurchased during fiscal year 2024.

Share Issuance

• Anterix has issued restricted stock units (RSUs) to executives, with vesting schedules extending to September 29, 2026, and subsequent annual installments.

Inbound Investments

• In February 2025, Anterix initiated a formal strategic review process with Morgan Stanley & Co. LLC as its financial advisor, following inbound interest in the company.

Capital Expenditures

• Anterix launched the AnterixAccelerator initiative in March 2025, committing up to $250 million to accelerate utility adoption of private wireless broadband networks.
• In fiscal year 2025, the company invested $18.1 million in spectrum clearing costs.
• For fiscal year 2024, Anterix incurred approximately $15 million in spectrum clearing costs, which included spectrum acquisitions and anti-windfall payments, with an additional $10 million committed for further clearing.