atex-20250630

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

______________________

FORM 10-Q

______________________

(Mark One)

x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2025

o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from __________ to __________

Commission File Number: 001-36827

______________________

Anterix Inc.

(Exact name of registrant as specified in its charter)

______________________


Delaware			33-0745043
(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification No.)

3 Garret Mountain Plaza Suite 401 Woodland Park, New Jersey			07424
(Address of principal executive offices)			(Zip Code)

(973) 771-0300

(Registrant’s telephone number, including area code)

(Former name, former address and former fiscal year, if changed since last report)

______________________

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.0001 par value	ATEX	The Nasdaq Stock Market LLC (Nasdaq Capital Market)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. x Yes o No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). x Yes o No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	o	Accelerated filer	o
Non-accelerated filer	x	Smaller reporting company	x
Emerging growth company	o

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). o Yes x No

At August 8, 2025, 18,739,790 shares of the registrant’s common stock were outstanding.


PART I. FINANCIAL INFORMATION
Item 1.	Consolidated Financial Statements	5
	Consolidated Balance Sheets as of June 30, 2025 (Unaudited) and March 31, 2025	5
	Unaudited Consolidated Statements of Operations for the three months ended June 30, 2025 and 2024	6
	Unaudited Consolidated Statements of Stockholders’ Equity for the three months ended June 30, 2025 and 2024	7

	Unaudited Consolidated Statements of Cash Flows for the three months ended June 30, 2025 and 2024	8
	Notes to Unaudited Consolidated Financial Statements	10
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	21
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	26
Item 4.	Controls and Procedures	26
PART II. OTHER INFORMATION		28
Item 1.	Legal Proceedings	28
Item 1A.	Risk Factors	28
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	28
Item 3.	Defaults Upon Senior Securities	28
Item 4.	Mine Safety Disclosures	29
Item 5.	Other Information	29
Item 6.	Exhibits	30
SIGNATURES		31


	June 30, 2025		March 31, 2025
ASSETS
Current assets
Cash and cash equivalents	$	41,432	$	47,374
Non-trade receivable	—		2,926
Spectrum receivable	5,330		7,107
Escrow deposits	5,242		547
Prepaid expenses and other current assets	3,357		2,801
Total current assets	55,361		60,755
Escrow deposits	1,903		7,103
Property and equipment, net	1,170		1,302
Right of use assets, net	4,716		4,829
Intangible assets	265,319		228,983
Deferred broadband costs	29,788		28,944
Other assets	1,320		1,188
Total assets	$	359,577	$	333,104
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities
Accounts payable and other accrued expenses	$	6,617	$	9,075
Accrued severance and other related charges	2,360		2,265
Due to related parties	30		30
Operating lease liabilities	1,531		1,643
Contingent liability	19,067		8,093
Deferred revenue	6,343		6,095
Total current liabilities	35,948		27,201
Operating lease liabilities	3,673		3,747
Contingent liability	4,244		15,336
Deferred revenue	121,871		118,577
Deferred gain on sale of intangible assets	4,911		4,911
Deferred income tax	4,099		6,606
Other liabilities	60		125
Total liabilities	174,806		176,503
Commitments and contingencies (See Note 12)
Stockholders’ equity
Preferred stock, $0.0001 par value per share, 10,000,000 shares authorized and no shares outstanding at June 30, 2025 and March 31, 2025	—		—
Common stock, $0.0001 par value per share, 100,000,000 shares authorized and 18,695,874 shares issued and outstanding at June 30, 2025 and 18,612,804 shares issued and outstanding at March 31, 2025	2		2
Additional paid-in capital	551,532		548,542
Accumulated deficit	(366,763)		(391,943)
Total stockholders’ equity	184,771		156,601
Total liabilities and stockholders’ equity	$	359,577	$	333,104


	Three months ended June 30,
	2025		2024

Spectrum revenue	$	1,418	$	1,525



Operating expenses

General and administrative	10,449		12,851
Sales and support	1,493		1,850
Product development	1,120		1,750
Severance and other related charges	620		—
Depreciation and amortization	124		179
Operating expenses	13,806		16,630
Gain on exchange of intangible assets, net	(33,916)		(93)
Gain on sale of intangible assets, net	(961)		—
Loss from disposal of long-lived assets, net	8		—
Income (loss) from operations	22,481		(15,012)
Interest income	442		694
Other income	—		16

Income (loss) before income taxes	22,923		(14,302)
Income tax (benefit) expense	(2,257)		1,222
Net income (loss)	$	25,180	$	(15,524)
Net income (loss) per common share basic	$	1.35	$	(0.84)
Net income (loss) per common share diluted	$	1.35	$	(0.84)
Weighted-average common shares used to compute basic net income (loss) per share	18,621,701		18,486,964
Weighted-average common shares used to compute diluted net income (loss) per share	18,704,131		18,486,964


	Number of Shares
	Common stock	Common stock		Additional paid-in capital		Accumulated deficit		Total
Balance at March 31, 2025	18,613	$	2	$	548,542	$	(391,943)	$	156,601
Stock compensation expense	—	—		3,632		—		3,632
Restricted shares issued	105	—		—		—		—


Shares withheld for taxes	(22)	—		(642)		—		(642)

Net income	—	—		—		25,180		25,180
Balance at June 30, 2025	18,696	$	2	$	551,532	$	(366,763)	$	184,771

Balance at March 31, 2024	18,453	$	2	$	533,203	$	(372,173)	$	161,032
Stock compensation expense	—	—		4,346		—		4,346
Restricted shares issued	129	—		—		—		—
Stock option exercises	81	—		1,617		—		1,617

Shares withheld for taxes	(19)	—		(661)		—		(661)
Retirement of common stock	(63)	—		—		(2,027)		(2,027)
Net loss	—	—		—		(15,524)		(15,524)
Balance at June 30, 2024	18,581	$	2	$	538,505	$	(389,724)	$	148,783


The following tables provide a reconciliation of cash and cash equivalents and restricted cash reported on the Consolidated Balance Sheets that sum to the total of the same such amounts on the Consolidated Statements of Cash Flows:
	June 30,2025		March 31, 2025
Cash and cash equivalents	$	41,432	$	47,374
Escrow deposits	7,145		7,650
Total cash and cash equivalents and restricted cash	$	48,577	$	55,024

	June 30, 2024		March 31, 2024
Cash and cash equivalents	$	51,715	$	60,578
Escrow deposits	7,577		7,546
Total cash and cash equivalents and restricted cash	$	59,292	$	68,124


	June 30, 2025		March 31, 2025
Non-current assets - right of use assets, net	$	4,716	$	4,829
Current liabilities - operating lease liabilities	$	1,531	$	1,643
Non-current liabilities - operating lease liabilities	$	3,673	$	3,747


Fiscal Year	Operating Leases
2026 (excluding the three months ended June 30, 2025)	$	1,875
2027	1,632
2028	1,146
2029	622
2030	367
After 2030	402
Total future minimum lease payments	6,044
Amount representing interest	(840)
Present value of net future minimum lease payments	$	5,204


	Three months ended June 30,
(in thousands)	2025		2024
	(Unaudited)		(Unaudited)
Net cash used in operating activities	$	(3,140)	$	(2,361)
Net cash used in investing activities	$	(2,665)	$	(5,400)
Net cash used in financing activities	$	(642)	$	(1,071)


Period	Total Number of Shares Purchased	Average Price Paid per Share (2)		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs	Maximum Dollar Value of Shares that May Yet be Purchased Under Publicly Announced Plans or Programs
April 1, 2025 through April 30, 2025
Open market and privately negotiated purchases	—	$	—	—	$	227,662
May 1, 2025 through May 31, 2025
Open market and privately negotiated purchases	—	—		—	227,662
June 1, 2025 through June 30, 2025
Open market and privately negotiated purchases	—	—		—	227,662
Total	—	$	—	—	$	227,662


Exhibit No.			Description of Exhibit
3.1(1)			Amended and Restated Certificate of Incorporation of the Company.
3.2(2)			Certificate of Amendment No. 1 of Amended and Restated Certificate of Incorporation of the Company.
3.3(3)			Certificate of Amendment No. 2 of Amended and Restated Certificate of Incorporation of the Company.
3.4(4)			Amended and Restated Bylaws of the Company.
3.5(5)			Amendment No. 1 to the Amended and Restated Bylaws of the Company.
31.1#			Certification of Principal Executive Officer pursuant to Rules 13a-14 and 15d-14 promulgated pursuant to the Securities Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2#			Certification of Principal Financial Officer pursuant to Rules 13a-14 and 15d-14 promulgated pursuant to the Securities Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1#*			Certification of Principal Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2#*			Certification of Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101			The following financial information from Anterix Inc.’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2025 formatted in Inline XBRL (Extensible Business Reporting Language) includes: (i) the Consolidated Balance Sheets, (ii) the Consolidated Statements of Operations, (iii) the Consolidated Statements of Changes in Stockholders Equity, (iv) the Consolidated Statements of Cash Flows, and (v) Notes to the Consolidated Financial Statements.
104			Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)


	Three months ended June 30,
	2025		2024
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash paid during the period:

Operating leases paid	$	569	$	593
Non-cash investing activity:
Capitalized change in estimated asset retirement obligations	$	(14)	$	—
Network equipment provided in exchange for wireless licenses	$	—	$	47


Derecognition of contingent liability related to sale of intangible assets	$	1,172	$	—
Right of use assets new leases	$	321	$	248
Right of use assets modifications and renewals	$	37	$	247


	Three months ended June 30,
	2025		2024
Spectrum revenue
900 MHz Broadband Spectrum Revenue
Ameren Corporation	$	206	$	156
Evergy	385		386
Xcel Energy	801		801
TECO (1)	26		—
Narrowband Spectrum Revenue
Motorola (2)	—		182
Total spectrum revenue (3)	$	1,418	$	1,525


	Three months ended June 30,
	2025		2024
Balance at the beginning of period	$	228,983	$	216,743
Acquisitions	3,932		2,940
Sale of intangible assets	(1,512)		—
Exchanges - licenses received	40,618		126
Exchanges - licenses surrendered	(6,702)		(33)
Balance at the end of period	$	265,319	$	219,776


			Anterix Inc.

Date: August 12, 2025			/s/ Scott A. Lang
			Scott A. Lang
			President and Chief Executive Officer
			(Principal Executive Officer)

Date: August 12, 2025			/s/ Timothy A. Gray
			Timothy A. Gray
			Chief Financial Officer
			(Principal Financial Officer and Principal Accounting Officer)

SEC Form 10-Q filed by Anterix Inc.