Wed, Jun 26, 8:49 PM (117 days ago)
Anterix Inc.'s fiscal year ending March 31, 2024, showed a net loss decrease to $9.1 million from $16.3 million the previous year, primarily due to increased spectrum revenue and gains from the sale and disposal of intangible assets. Spectrum revenue rose by 118% to $4.2 million, driven by agreements with Evergy and Xcel Energy. Operating expenses remained stable at $56.7 million. Key highlights include a $7.4 million gain from the sale of spectrum licenses to San Diego Gas & Electric and a $35.0 million gain from exchanging narrowband for broadband licenses. Interest income doubled to $2.4 million due to higher interest rates and cash balances. The company also initiated a new $250 million share repurchase program and entered significant agreements with TECO and LCRA for spectrum usage and sales. Anterix believes its cash reserves and contracted proceeds will meet financial obligations for the next 12 months but may seek additional financing to support ongoing business initiatives.