atex-20260630

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, 2026

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 6, 2026, 19,609,786 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, 2026 (Unaudited) and March 31, 2026	5
	Unaudited Consolidated Statements of Operations for the three months ended June 30, 2026 and 2025	6
	Unaudited Consolidated Statements of Stockholders’ Equity for the three months ended June 30, 2026 and 2025	7

	Unaudited Consolidated Statements of Cash Flows for the three months ended June 30, 2026 and 2025	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	28
Item 5.	Other Information	28
Item 6.	Exhibits	30
SIGNATURES		31


	June 30, 2026		March 31, 2026
ASSETS
Current assets
Cash and cash equivalents	$	116,010	$	98,533

Spectrum receivable	14,266		10,638
Broadband licenses held for sale	13,000		—
Escrow deposits	3,910		6,130
Prepaid expenses and other current assets	5,892		4,684
Total current assets	153,078		119,985

Property and equipment, net	761		827
Right of use assets, net	3,757		4,069
Intangible assets	310,285		310,712
Deferred broadband costs	29,503		29,069
Other assets	541		548
Total assets	$	497,925	$	465,210
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities
Accounts payable and other accrued expenses	$	11,915	$	15,028
Accrued severance and other related charges	1,633		2,810

Operating lease liabilities	1,447		1,424
Contingent liability	2,220		2,220
Deferred revenue	14,331		14,513
Total current liabilities	31,546		35,995
Operating lease liabilities	2,641		2,995
Contingent liability	6,000		6,000
Deferred revenue	160,582		146,665
Deferred gain on sale of intangible assets	4,911		4,911
Deferred income tax	6,451		6,323

Total liabilities	212,131		202,889
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, 2026 and March 31, 2026	—		—
Common stock, $0.0001 par value per share, 100,000,000 shares authorized and 19,550,348 shares issued and outstanding at June 30, 2026 and 18,914,271 shares issued and outstanding at March 31, 2026	2		2
Additional paid-in capital	587,850		564,617
Accumulated deficit	(302,058)		(302,298)
Total stockholders’ equity	285,794		262,321
Total liabilities and stockholders’ equity	$	497,925	$	465,210


	Three months ended June 30,
	2026		2025

Spectrum revenue	$	1,958	$	1,418



Operating expenses

General and administrative	9,624		10,449
Sales and support	1,911		1,493
Product development	1,220		1,120
Severance and other related charges	—		620
Depreciation and amortization	101		124
Operating expenses	12,856		13,806
Gain on exchange of intangible assets, net	(10,653)		(33,916)
Gain on sale of intangible assets, net	—		(961)
Loss from disposal of long-lived assets, net	1		8
(Loss) income from operations	(246)		22,481
Interest income	845		442
Other income	15		—

Income before income taxes	614		22,923
Income tax expense (benefit)	374		(2,257)
Net income	$	240	$	25,180
Net income per common share basic	$	0.01	$	1.35
Net income per common share diluted	$	0.01	$	1.35
Weighted-average common shares used to compute basic net income per share	19,085,714		18,621,701
Weighted-average common shares used to compute diluted net income per share	19,627,512		18,704,131


	Number of Shares
	Common stock	Common stock		Additional paid-in capital		Accumulated deficit		Total
Balance at March 31, 2026	18,914	$	2	$	564,617	$	(302,298)	$	262,321
Stock compensation expense	—	—		3,282		—		3,282
Restricted shares issued	39	—		—		—		—
Stock option exercises	602	—		20,267		—		20,267

Shares withheld for taxes	(5)	—		(316)		—		(316)

Net income	—	—		—		240		240
Balance at June 30, 2026	19,550	$	2	$	587,850	$	(302,058)	$	285,794

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


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, 2026		March 31, 2026
Cash and cash equivalents	$	116,010	$	98,533
Escrow deposits	3,910		6,130
Total cash and cash equivalents and restricted cash	$	119,920	$	104,663

	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, 2026		March 31, 2026
Non-current assets - right of use assets, net	$	3,757	$	4,069
Current liabilities - operating lease liabilities	$	1,447	$	1,424
Non-current liabilities - operating lease liabilities	$	2,641	$	2,995


Fiscal Year	Operating Leases
2027 (excluding the three months ended June 30, 2026)	$	1,185
2028	1,584
2029	900
2030	462
2031	405
After 2031	365
Total future minimum lease payments	4,901
Amount representing interest	(813)
Present value of net future minimum lease payments	$	4,088


	June 30, 2026				March 31, 2026
Spectrum Sale Agreements	Current		Long Term		Current		Long Term
SDG&E	$	1,000	$	—	$	1,000	$	—
LCRA Agreement	1,220		—		1,220		—
LCRA Expansion Agreement	—		6,000		—		6,000

Total contingent liabilities (1)	$	2,220	$	6,000	$	2,220	$	6,000


	Three months ended June 30,
(in thousands)	2026		2025
	(Unaudited)		(Unaudited)
Net cash provided by (used in) operating activities	$	2,045	$	(3,140)
Net cash used in investing activities	$	(6,739)	$	(2,665)
Net cash provided by (used in) financing activities	$	19,951	$	(642)


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, 2026 through April 30, 2026
Open market and privately negotiated purchases	—	$	—	—	$	226,672
May 1, 2026 through May 31, 2026
Open market and privately negotiated purchases	—	—		—	226,672
June 1, 2026 through June 30, 2026
Open market and privately negotiated purchases	—	—		—	226,672
Total	—	$	—	—	$	226,672


	Three months ended June 30,
	2026		2025
Spectrum revenue
900 MHz Broadband Spectrum Lease Revenue
Ameren Corporation (“Ameren”)	$	206	$	206
Evergy Services, Inc. (“Evergy”)	385		385
Xcel Energy Services Inc. (“Xcel Energy”)	935		801
Tampa Electric Company (“TECO”) (1)	432		26
Total spectrum revenue	$	1,958	$	1,418


			Anterix Inc.

Date: August 11, 2026			/s/ Scott A. Lang
			Scott A. Lang
			President and Chief Executive Officer
			(Principal Executive Officer)

Date: August 11, 2026			/s/ Elena Marquez
			Elena Marquez
			Chief Financial Officer
			(Principal Financial Officer and Principal Accounting Officer)


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, 2026 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)