Key Highlights

● Fiscal 2026 cash receipts were $127 million versus an initial expectation of about $80 million.

● The company ended fiscal 2026 with no Debt and over $98 million in cash.

● Four Utility agreements were signed in about three months.

● Fiscal 2027 operating expenses are guided to about $40 million at most.

Anterix Inc. (NASDAQ:ATEX) is scheduled to report its second quarter fiscal 2027 results on Wednesday, November 11, 2026, giving investors a near-term checkpoint on a Business that monetizes 900 MHz spectrum for utilities. Anterix was also reported to have joined Russell 2000 style indexes in June 2026.

Cash Receipts Beat Expectations

On the fiscal 2026 call in June 2026, management said cash receipts for the year were $127 million, versus an initial expectation of about $80 million. The company ended the fiscal year with no debt and more than $98 million in cash, excluding Escrow deposits, and about $50 million remained to be collected on signed contracts, with roughly $25 million expected in the current fiscal year.

Annual profit was driven mainly by non-cash items, including $105 million of exchange gains from converting narrowband licenses to broadband in 219 counties and $34.8 million of gains on broadband license sales covering 155 counties. Management guided fiscal 2027 operating expenses to about $40 million at most, down from a run rate near $45 million in early fiscal 2025, and quarterly GAAP Revenue rose to roughly $2 million from $1.6 million as license deliveries arrived in the second half.

Gross Revenue Rules and Utility Deals

The accounting shift is worth noting. Management said revenue from spectrum sale agreements will be recognized on a gross basis under ASC 606 beginning with the upcoming annual filing, and that prior periods will not be restated, so year-over-year comparisons may look uneven. Commercially, four utility agreements were signed in about three months, including CPS Energy, Texas-New Mexico Power, Benton PUD and NorthWestern Energy, and the FCC's February 2026 expansion of the band from 6 MHz to 10 MHz supported larger deals.

Management also noted that only about 15% of nationwide spectrum, measured in MHz-pops, is under long-term Lease or sale. Russell index membership may broaden the holder base but does not change these fundamentals. The company also named Kim Green-Kerr as chief revenue officer, cited a tower access arrangement with Crown Castle (NYSE:CCI), all of which could influence how quickly additional agreements are signed.

Collections and Insider Filings

On November 11, investors may compare cash receipts and collections against the roughly $25 million expected this fiscal year, and look for commentary on the pace of new utility agreements and the CatalyX offering, which management said drew more than double the interest compared with February. They may also check how the gross-basis revenue presentation appears in reported figures and whether operating expenses remain consistent with the $40 million ceiling. Form 4 filings have shown insider sales under pre-arranged trading plans, which are routine disclosures but may be tracked alongside other signals. Analyst fair-value estimates differ widely from market prices, so scenario ranges may be wide.

Debt-Free, but Gain-Driven

Anterix presents a debt-free Balance Sheet and a growing list of utility counterparties, yet its reported profit has leaned heavily on non-cash gains and its revenue presentation is changing. The November 11 report could clarify how cash collections, expenses and the new accounting treatment fit together. Forward-looking items, such as expense limits and expected collections, are management estimates rather than certainties.