Start here if you're new
what it is
Anterix sells access to a radio band so utilities can build their own wireless networks.
how it gets paid
Last year Anterix made $6M in revenue.
why it's growing
Revenue grew 43.9% last year. Revenue was up 189% vs. prior year, and EPS was up 1200% vs. prior year.
what just happened
Anterix posted $5M of quarterly revenue and $3.85 EPS, both far above last year.
At a glance
B+ balance sheet — decent shape, but not bulletproof
10/100 earnings predictability — expect surprises
5.6x trailing p/e — the market's not buying it — or you found a deal
-$0.61 fy2024 eps est
$6M fy2024 rev est
xvary composite: 49/100 — below average
What they do
Anterix sells access to a radio band so utilities can build their own wireless networks.
Anterix owns the biggest pile of 900 MHz licenses (radio band rights) in the U.S. It controls about 60% of channels in the top 20 metro areas. That is why leaving is painful for your customers: they would need to rebuild around a different band.
How they make money
$6M
annual revenue · their business grew +43.9% last year
total revenue
$6M
+43.9%
The products that matter
licenses utility spectrum
900 MHz Spectrum Licenses
$5.4M · 90% of revenue
this is the business. it generated $5.4M of the company's $6M in annual revenue, and everything else is rounding error.
core asset
utility contract pipeline
Utility Partnership Deals
$0.6M · other services
the current services line is only $0.6M, but management needs these agreements to prove the spectrum can become repeatable revenue instead of a one-idea thesis.
proof point
Key numbers
$6M
annual revenue
You have $6M of sales against a near-$694M market value. That gap is the whole story.
n/a
operating margin
Prior margin KPI failed sanity check — verify in filings. The business spent far more than it made. On $6M of revenue, that margin means losses are still about $11.7M.
60%
top-20 metro share
Anterix holds about 60% of channels in the top 20 metro areas. That makes the asset harder to ignore.
$3M
long-term debt
Debt is small at $3M. That helps, but it does not fix a business that is still loss-making.
Financial health
B+
strength
- balance sheet grade B+ — solid but not elite
- risk rank 3 — safer than 50% of stocks
- price stability 30 / 100
- long-term debt $3M (0% of capital)
B+ — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for ATEX right now.
source: institutional data · return history unavailable
What just happened
beat estimates
Anterix posted $5M of quarterly revenue and $3.85 EPS, both far above last year.
Revenue was up 189% vs. prior year, and EPS was up 1200% vs. prior year. That looks huge because one quarter can move a tiny base fast.
$5M
revenue
$3.85
eps
n/a
n/a
the number that mattered
Revenue hit $5M, up 189% vs. prior year. On a $6M annual base, that is the number that tells you the business is still tiny.
source: company earnings report, 2026
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What could go wrong
the top threat here is fcc approval for broader 900 mhz utility use. this is not a side issue. it is the bridge between a $6M revenue line and the $694M valuation investors are underwriting.
med
fcc approval delay or denial
The company's central commercial pitch depends on utilities being able to use the 900 mhz band the way Anterix wants. If that path stalls, the spectrum stays interesting but far less monetizable.
Impact: the current $694M equity value keeps leaning on a business producing only $6M a year.
med
cash burn before scale arrives
A reported $15.5M net loss in Q1 2025 tells you the operating model is not self-funding. The company can wait for the thesis to play out, but waiting costs money.
Impact: more dilution or additional financing would matter more when quarterly revenue is still around $1.6M.
med
customer concentration
With only $6M in annual revenue, the customer list does not need to be very concentrated for concentration to matter. A small number of utility partners can move the whole top line.
Impact: one delayed or canceled deal could hit a meaningful portion of current revenue.
med
valuation outrunning evidence
116x revenue prices in a platform outcome, not a slow licensing rollout. That makes every quarter a referendum on whether the story is becoming real fast enough.
Impact: if revenue stays near $6M while the thesis drags on, multiple compression can do the damage before the business changes.
four core risks. the simple version: if FCC progress stalls and revenue stays near $6M, the valuation has very little operating support.
source: institutional data · regulatory filings · risk analysis
Pay attention to
regulatory
fcc action on the 900 mhz petition
This is the hinge variable. The petition filed in February 2024 still matters more than any single quarter because the business model runs through it.
earnings
the next quarterly revenue print
Quarterly revenue is still only about $1.6M. You want to see whether that starts moving meaningfully or keeps proving how early this story remains.
commercial traction
follow-on utility agreements after cps energy
One agreement says the pitch resonates. Several agreements would say the model is repeatable. There is a big difference between those two things.
cash profile
losses versus the revenue base
A reported $15.5M net loss in Q1 2025 against a $6M annual revenue base is the ratio to keep in your head. Commercial progress has to close that gap.
Analyst rankings
earnings predictability
10 / 100
A 10/100 score means the numbers are hard to model because the business is still small and event-driven. in human-speak, analysts do not trust near-term forecasts here.
risk rank
3
Risk rank 3 means this is not the most dangerous stock in the market, but it is nowhere near a defensive name. regulatory headlines can still move it fast.
price stability
30 / 100
Price stability at 30/100 means the stock tends to behave like a thesis trade, not a sleepy compounder.
source: institutional data
Institutional activity
institutional ownership data for ATEX is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$29
current price
n/a
target midpoint · n/a from current
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