ATEX Anterix Inc.
Price Chart
Executive Summary
Anterix reported Q4 FY2026 GAAP diluted EPS of $0.98 vs consensus of $1.37, a 28.5% miss, though this appears to be a timing mismatch between GAAP income and Street expectations for spectrum-sale-driven earnings. Revenue of $1.96M beat the $1.6M consensus by 22.5%. The company executed multiple new spectrum sale agreements totaling $23.9M for the full year and noted $127M in contracted proceeds received with $50M outstanding. The FCC expanding the 900 MHz broadband segment from 6 MHz to 10 MHz is a significant regulatory catalyst that expands the addressable market.
Actionable Insight
The EPS miss vs consensus appears driven by GAAP vs Street-metric mismatch — the company trades on its spectrum monetization trajectory rather than quarterly EPS. Key near-term catalysts: the FCC's 900 MHz expansion (6-to-10 MHz) and future spectrum sale conversions from the $48.7M contracted pipeline. Monitor the June 11 earnings call for FY2027 guidance on spectrum clearing costs and customer delivery milestones.
Key Facts
- Q4 FY2026 GAAP diluted EPS $0.98, consensus was $1.37 (28.5% miss); GAAP net income of $18.5M vs $9.2M a year ago
- Q4 spectrum revenue $1.96M, consensus was $1.6M (22.5% beat)
- Full year FY2026 GAAP diluted EPS $4.83 vs ($0.61) in prior year, driven by $105.4M gain on license exchanges and $34.8M gain on spectrum sales
- Contracted proceeds outstanding of $50M; expected future cash proceeds of $25.3M in FY2027 and $23.4M thereafter from 8 utility customers
- FCC in Feb 2026 adopted order expanding 900 MHz broadband segment from 6 MHz to 10 MHz, broadening the addressable spectrum pool
- No debt; cash and equivalents $98.5M; $226.7M remaining under $250M buyback authorization
- Executed new spectrum sale agreements worth $23.9M in FY2026 with CPS Energy, Texas-New Mexico Power and NorthWestern Energy
- Post year-end signed additional $0.8M agreement with Benton PUD in April 2026
Financial Impact
EPS miss of 28.5% vs consensus but GAAP net income strong at $18.5M for Q4, $90.6M for FY; spectrum revenue beat by 22.5%; $50M in contracted proceeds outstanding with further $48.7M expected through FY2034
Risk Factors
- EPS miss of 28.5% vs consensus could trigger short-term selling despite strong operational trends
- Spectrum revenue is lumpy and milestone-dependent; delays in license deliveries could push cash inflows
- Clearing costs of $27.2M in FY2026 may persist and pressure cash flow if customer take rates slow
- Buyback program has $226.7M remaining but only $1M was deployed in FY2026 — signals management may be conserving cash
Market Snapshot
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3310128 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
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Jun 10, 2026
2d ago
|
8-K
| $65.00 awaiting T+5 | awaiting T+5 | — | $82.50 (+26.92%) |
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Jun 10, 2026
2d ago
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Press Release
| $65.00 awaiting T+5 | awaiting T+5 | — | $82.50 (+26.92%) |
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Jun 1, 2026
12d ago
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Press Release
| $65.36 $66.64 | ▼ −1.96% | ▼ −4.71% | $82.50 (−26.22%) |
|
May 18, 2026
26d ago
|
Press Release
| $54.98 $63.73 | ▲ +15.91% | ▲ +14.30% | $82.50 (+50.05%) |
|
Apr 21, 2026
7w ago
|
8-K
| $44.14 $47.71 | ▲ +8.09% | ▲ +7.00% | $82.50 (+86.91%) |
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Apr 21, 2026
7w ago
|
Press Release
| $44.14 $47.71 | ▲ +8.09% | ▲ +7.00% | $82.50 (+86.91%) |
|
Apr 6, 2026
9w ago
|
8-K
| $40.37 $35.95 | ▼ −10.95% | ▼ −15.08% | $82.50 (+104.36%) |
US Market Status
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