Anterix closed fiscal year 2026 with $98 million in cash and no debt on its balance sheet, a notable financial position for a company still in the commercial ramp phase of spectrum monetization. The $127 million in cash collected during the year, well above the $80 million analyst estimate, signals strong demand realization rather than just bookings. A debt-free structure limits financial risk even as the company continues investing in customer acquisition and spectrum deployment support. Investors appear to be pricing in the scarcity premium of Anterix's 900 MHz FCC-licensed spectrum as a durable moat.