Anterix Inc.

Anterix Inc. (NASDAQ: ATEX) is the nation's largest holder of licensed 900 MHz spectrum, with coverage spanning the contiguous United States, Hawaii, Alaska, and Puerto Rico. The company acquired the majority of its spectrum holdings from Sprint in September 2014 and currently holds or has held licenses covering over 59 percent of MHz Population in the 900 MHz band throughout the United States. Anterix's mission centers on transforming critical infrastructure connectivity by commercializing its spectrum assets and delivering advanced intelligent infrastructure solutions to utility and critical infrastructure enterprises.

The company operates through an integrated, end-to-end business model that encompasses four core activities undertaken in the ordinary course of business: securing and expanding its spectrum position, clearing and retuning spectrum to convert narrowband holdings into broadband, monetizing spectrum through sales or long-term leases, and developing products and services offerings designed to generate recurring revenue. As of March 31, 2026, Anterix had been cumulatively granted broadband licenses for 419 counties by the FCC, with 159 licenses transferred to customers.

Anterix's primary target customers are utility and critical infrastructure enterprises, with the electric utility industry identified as the primary customer segment. The company has established spectrum lease agreements with major utilities including Ameren Corporation, Evergy Services Inc., Xcel Energy Services Inc., and Tampa Electric Company, with total consideration across these agreements exceeding $192 million. Additionally, the company has entered into spectrum sale agreements with utilities including San Diego Gas & Electric, Lower Colorado River Authority, Oncor Electric Delivery Company, and others, representing hundreds of millions in total consideration.

Beyond spectrum monetization, Anterix has launched complementary service offerings including TowerX, a tower site access service developed in partnership with Crown Castle, and CatalyX, a turnkey connectivity management solution. The company also operates the Anterix Active Ecosystem, which includes participation from over 150 technology innovators providing deployment and application solutions for private broadband networks. The company's spectrum assets align with international 3GPP global standards for Band 8 and the newly designated Band 106, supporting both 4G LTE and 5G technologies.