Here are 1-3 brief analogies for Anterix (ATEX):

• Anterix is like a Crown Castle or American Tower for dedicated radio spectrum, enabling utilities to build their own private broadband networks.
• Think of Anterix as a specialized 'digital landlord' for the airwaves, providing exclusive 900 MHz spectrum for utility companies to build their own private wireless infrastructure.

• 900 MHz Licensed Spectrum: Anterix commercializes access to its nationwide licensed spectrum in the 900 MHz band for wireless communications.
• Private Broadband Network Solutions: Anterix enables utility and critical infrastructure customers to deploy and utilize private broadband networks and related technologies.

Anterix (ATEX) primarily sells its spectrum assets and related solutions to other companies, specifically targeting the utility and critical infrastructure sectors. Its major customers, as identified through public announcements and investor communications, are primarily large utility companies focused on deploying private broadband networks for grid modernization and critical operations.

The following are some of Anterix's major customer companies:

• Southern Company (SO)
• Ameren (AEE)
• San Diego Gas & Electric (a subsidiary of Sempra Energy (SRE))
• Evergy (EVRG)
• Xcel Energy (XEL)

The key risks to Anterix's (ATEX) business are primarily centered around the commercialization and deployment of its 900 MHz spectrum assets for private broadband networks for utilities.

1. Spectrum Clearing Costs and Delays: Anterix faces the risk of increasing costs and potential delays associated with clearing its 900 MHz spectrum. This involves making payments to incumbent users for retuning or swaps to free up the spectrum for broadband use. These ongoing and rising expenses can impact deal economics and slow down cash conversion until clearing milestones are completed. Delays by current channel users, such as members of the Association of American Railroads (AAR), in completing their channel clearing could further impede Anterix's ability to commercialize broadband licenses and delay its customers' network deployments.

2. Elongated Utility Decision Cycles and License Delivery Delays: The sales cycle for Anterix's spectrum to large utility customers can be lengthy due to extended procurement and deployment processes within these organizations. This "slippage risk" can lead to delays in achieving milestone-based collections, recognizing revenue, and receiving anticipated cash inflows. The delivery of county-level licenses also contributes to this timing risk, potentially pushing out the schedules for cash conversion and network deployments.

3. Competition: Anterix operates in a competitive landscape, and its targeted utility and critical infrastructure customers may consider alternative solutions. The National Public Safety Broadband Network (NPSBN), also known as "FirstNet," could offer an additional source of competition to Anterix's 900 MHz spectrum assets.

Anterix (ATEX) operates in the United States, Alaska, Hawaii, and Puerto Rico, focusing on providing private broadband networks to utility and critical infrastructure customers utilizing its licensed 900 MHz spectrum.

The addressable markets for Anterix's main products and services are primarily in the U.S. and include:

• Anterix's pipeline of opportunities for private broadband networks for utilities is valued at over $3 billion, with $1 billion in near-term opportunities across 18 utilities in the U.S.
• The company's recently launched TowerX and CatalyX solutions have a combined Total Addressable Market (TAM) of approximately $1 billion in the U.S.
• The U.S. private LTE and 5G network market for licensed projects, which aligns with Anterix's offerings, is projected to grow from USD 1.28 billion in 2025 to USD 4.64 billion by 2031. This market serves critical infrastructure sectors, including defense installations, utility substations, and hospitals.

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

1. Expansion of 900 MHz Broadband Spectrum and Deployments: A significant catalyst for Anterix is the Federal Communications Commission's (FCC) unanimous decision in February 2026 to expand the 900 MHz broadband segment from 6 MHz to 10 MHz in a 5x5 configuration. This expansion is expected to unlock higher-capacity, low-band private broadband for mission-critical uses across utilities and critical infrastructure sectors, positioning 900 MHz as a foundational layer for private operational connectivity and improving performance and economics for private broadband networks. This regulatory development is anticipated to accelerate the adoption and deployment of Anterix's spectrum.
2. Success of the Anterix Accelerator Program and Deployment-Focused Services: Anterix's Accelerator program, which offers matching spectrum value to expedite utility adoption of 900 MHz private LTE, is generating substantial interest. The program is reportedly oversubscribed, with potential contracts exceeding $500 million, signaling strong demand within the utility sector. This initiative, along with a broader strategy to provide deployment-focused services and cultivate a partner ecosystem, is designed to mitigate implementation risks and support the long-term operations of utilities, thereby driving spectrum monetization.
3. Monetization of a Robust Customer Pipeline: Anterix has identified a substantial pipeline valued at approximately $3 billion, encompassing over 60 potential customers, primarily in the utility sector. The company has already secured eight flagship customers with contracts totaling around $400 million, establishing a solid foundation for future revenue. Converting these prospective contracts into active deployments is expected to be a significant driver of revenue growth.
4. Introduction and Growth of New Products and Services: Anterix has launched new solutions, such as TowerX and CatalyX, aimed at streamlining deployments and creating opportunities for recurring revenue streams. These new offerings, including services like tower access and SIM management, are designed to address friction points in utility deployments and expand the company's service portfolio beyond core spectrum licensing. The company believes these initiatives can tap into a $1 billion annual market opportunity.
5. Increasing Utility Adoption of Private Broadband Networks: A fundamental shift is occurring in the utility industry, where communications systems are increasingly viewed as essential components of grid infrastructure. Utilities are opting for secure, self-managed private broadband networks to modernize their grids, enhance field automation, improve outage detection, and integrate new technologies safely. Anterix is positioned to capitalize on this trend by leveraging its 900 MHz spectrum to enable these critical utility-controlled private broadband networks.

Share Repurchases

• In September 2021, Anterix's Board of Directors authorized a share repurchase program for up to $50 million over a two-year period.
• As of March 31, 2025, Anterix had an authorized share repurchase program for up to $250.0 million of its common stock, set to expire on or before September 21, 2026.
• Anterix repurchased $24.7 million of shares in fiscal year 2024 and $8.4 million in fiscal year 2025.

Share Issuance

• Anterix received $1.691 million in proceeds from stock option exercises for the fiscal year ended March 31, 2025.
• For the fiscal year ended March 31, 2024, proceeds from stock option exercises amounted to $0.770 million.

Inbound Investments

• In February 2025, Anterix initiated a strategic review process following inbound interest in the company, which was ongoing as of June 2025.

Capital Expenditures

• Anterix invested $17.0 million in spectrum clearing costs during fiscal year 2024.
• For fiscal year 2025, spectrum clearing costs totaled $18.1 million.
• Expected capital expenditures for spectrum clearing include approximately $5 million in the fourth quarter of fiscal year 2025 and $15-20 million in fiscal year 2026.