Anterix Inc
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Anterix Inc AI Insights
Informational only. Not investment advice.Snapshot
- Goodwill/intangibles of 325.3M is 135% of equity (240.3M) - tangible book value is NEGATIVE (-85M). Spectrum asset valuation is critical.[Goodwill and Other Intangible Assets]
- Net income of 95.6M TTM driven by 71.1M gain on sale of PPE - core operations lost 42.2M. Non-recurring income masks operating losses.[Gain on Sale of PPE]
- P/S ratio of 71.1x vs industry median 1.4x - 51x premium reflects spectrum scarcity value, not current revenue generation.[PS Ratio]
Watch Triggers
- Cash and Equivalents: Falls below 20M or new financing announced — At -50M FCF burn, sub-20M cash signals forced dilution or distressed asset sale within 6 months
- Total Revenue: Quarterly revenue exceeds 3M (annualized 12M+) — Revenue doubling would validate spectrum monetization thesis and extend runway
- Operating Income: Operating loss narrows to under 30M annually — Cost discipline extending runway would reduce dilution risk and improve negotiating leverage
Bull Case
Spectrum scarcity: 900 MHz licenses are irreplaceable utility-grade assets. 3Y revenue growth of 57% CAGR shows accelerating utility adoption. Near-zero debt (0.02 D/E) allows patient monetization.
ROE of 50.4% and ROIC of 49.1% TTM (boosted by asset sale) demonstrates value-creation potential when spectrum deals close.
Bear Case
Cash burn crisis: -50.4M FCF TTM with only 39M cash = ~9 months runway. Operating loss of 42.2M requires imminent capital raise or asset sale at potentially distressed terms.
Valuation assumes perfect execution: P/S of 71x requires massive revenue ramp from 5.9M base. Any delay in utility deals could trigger 50%+ downside.
Bull vs Bear Balance
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Forward Thesis
Spectrum monetization will determine if ATEX is worth 10x or 0.5x current valuation within 3 years
- 900 MHz spectrum licenses are scarce, utility-grade assets
- Revenue of 5.9M TTM vs 325M intangible assets = 1.8% yield
- Operating burn of 42M/year with only 39M cash
Valuation Context
Caveats
Public Strategies Rankings
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ATEX Fundamentals
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$944.42M | — | ||
$919.53M | — | ||
12 | — | ||
$5.93M | +0.5% | — | |
$4.35 | — | ||
-703% | +159.6% | — | |
1,371% | +1879.1% | — | |
$-51.89M | — | ||
42.7% | +61.6% | — | |
Beta 5Y (Monthly) | unknown | — |
ATEX Dividend History
ATEX Stock Splits
ATEX SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
02/11/26 | 12/31/25 | 10-Q | |
11/12/25 | 09/30/25 | 10-Q | |
08/12/25 | 06/30/25 | 10-Q | |
06/24/25 | 03/31/25 | Unknown | |
02/11/25 | 12/31/24 | 10-Q | |
11/13/24 | 09/30/24 | 10-Q | |
08/06/24 | 06/30/24 | 10-Q | |
06/26/24 | 03/31/24 | 10-K | |
02/14/24 | 12/31/23 | 10-Q | |
11/13/23 | 09/30/23 | 10-Q | |
08/02/23 | 06/30/23 | 10-Q | |
06/14/23 | 03/31/23 | 10-K | |
02/09/23 | 12/31/22 | 10-Q | |
10/31/22 | 09/30/22 | 10-Q | |
08/08/22 | 06/30/22 | 10-Q | |
05/26/22 | 03/31/22 | 10-K | |
02/03/22 | 12/31/21 | 10-Q | |
11/03/21 | 09/30/21 | 10-Q | |
08/11/21 | 06/30/21 | 10-Q | |
06/15/21 | 03/31/21 | 10-K | |
02/08/21 | 12/31/20 | 10-Q | |
11/16/20 | 09/30/20 | 10-Q | |
02/03/22 | 09/30/20 | 10-Q/A | |
08/06/20 | 06/30/20 | 10-Q | |
05/28/20 | 03/31/20 | 10-K | |
02/04/20 | 12/31/19 | 10-Q | |
11/06/19 | 09/30/19 | 10-Q | |
08/08/19 | 06/30/19 | 10-Q | |
05/20/19 | 03/31/19 | 10-K | |
02/08/19 | 12/31/18 | 10-Q | |
11/07/18 | 09/30/18 | 10-Q | |
08/10/18 | 06/30/18 | 10-Q | |
06/05/18 | 03/31/18 | 10-K | |
02/06/18 | 12/31/17 | 10-Q | |
11/07/17 | 09/30/17 | 10-Q | |
08/08/17 | 06/30/17 | 10-Q | |
06/06/17 | 03/31/17 | 10-K | |
08/09/18 | 12/31/16 | 10-Q/A | |
02/07/17 | 12/31/16 | 10-Q | |
11/03/16 | 09/30/16 | 10-Q | |
08/09/16 | 06/30/16 | 10-Q | |
08/09/18 | 03/31/16 | 10-K/A | |
06/13/16 | 03/31/16 | 10-K | |
02/16/16 | 12/31/15 | 10-Q | |
11/10/15 | 09/30/15 | 10-Q | |
08/11/15 | 06/30/15 | 10-Q | |
06/10/15 | 03/31/15 | 10-K | |
02/19/15 | 12/31/14 | 10-Q | |
12/19/14 | 09/30/14 | S-1 | |
08/11/15 | 06/30/14 | 10-Q | |
12/19/14 | 03/31/14 | S-1 | |
04/27/15 | 12/31/13 | 10-Q/A |