Anterix Inc. returned to profitability in the fiscal year ended March 31, 2026, reporting a net income of $90.6 million compared to a net loss of $11.4 million in the prior year. The company’s financial performance was bolstered by significant gains on the sale and exchange of intangible assets, which totaled $140.2 million for the full year, alongside $67.7 million in proceeds from spectrum sales. For the fourth quarter, net income rose to $18.5 million from $9.2 million in the same period last year, with earnings per share of $0.98.

The company executed new spectrum sale agreements with CPS Energy, Texas-New Mexico Power, and NorthWestern Energy during FY26 for total contracted proceeds of $23.9 million. Subsequent to the year end in April 2026, Anterix entered into a new spectrum sale agreement with Benton PUD for a total contract price of $0.8 million. Additionally, the FCC adopted the 2026 Report and Order on February 18, 2026, to expand the 900 MHz broadband segment from 6 MHz to 10 MHz.

Operational Highlights

Anterix delivered broadband licenses to customers covering 155 counties during the fiscal year, recording a $34.8 million gain on the sale of intangible assets. The company also exchanged narrowband for broadband licenses in 219 counties, resulting in a $105.4 million gain. In the fourth quarter alone, the company delivered licenses covering 92 counties and exchanged licenses in 46 counties. Operational investments included $27.2 million in spectrum clearing costs for the full year and $7.4 million in the fourth quarter.

Financial Results

Total revenue for the year increased to $6.5 million from $6.0 million in the prior year. Operating income for the year reached $93.9 million, a significant improvement from an operating loss of $11.7 million in FY25. The company reported net income per share of $4.83 for the full year, compared to a loss per share of $0.61 in the previous year. Fourth quarter sales reached $1.958 million, beating estimates of $1.570 million.

Liquidity and Capital Allocation

As of March 31, 2026, Anterix held $98.5 million in cash and cash equivalents with no debt on its balance sheet. The company also maintained a restricted cash balance of $6.1 million in escrow deposits. Anterix has an authorized share repurchase program for up to $250.0 million of its common stock, valid through September 21, 2026. During FY26, the company repurchased $1.0 million of shares, leaving $226.7 million remaining under the authorization. There was no repurchase activity in the fourth quarter.

Strategic Outlook

Management emphasized the company's strong financial position, noting $127 million in cash collections for the year against an anticipated $80 million. The company is expanding into non-utility markets and exploring direct-to-device satellite capabilities through a partnership with Lync Global. Interest in its Catalyx offering has more than doubled since the previous earnings call. The company has contracted approximately 15% of its nationwide spectrum on a megahertz-pop basis, with significant assets remaining in top metropolitan areas.