Anterix Inc. (NASDAQ: ATEX) is a wireless spectrum company that licenses 900 MHz broadband spectrum to electric utilities and other critical infrastructure operators in the United States. Revenue comes from transactional spectrum sales and long-term lease agreements with utilities that deploy private LTE networks on Anterix's licensed frequencies. The company holds licenses covering over 51% of the 900 MHz band nationwide, with an average of more than 6 MHz of spectrum in the top 20 U.S. metropolitan market areas, which cover approximately 38% of the U.S. population, as disclosed in the FY2025 10-K filed June 24, 2025. Anterix acquired the majority of its 900 MHz spectrum from Sprint in September 2014. The primary commercial focus is electric utilities, with secondary target markets including ports, railroads, water, oil and gas facilities, and mining operations. Scott A. Lang serves as President and CEO, and Timothy A. Gray serves as CFO.

Revenue model

Anterix generates revenue by selling or leasing 900 MHz broadband spectrum licenses to utility customers. Agreements are structured as multi-payment transactions tied to spectrum delivery milestones. The LCRA agreement, for example, totals $30.0 million payable through FY2026 as cleared spectrum and broadband licenses are delivered. Revenue is recognized as deferred revenue until contractual delivery conditions are met.

Products and services

Anterix's core asset is its portfolio of 900 MHz broadband spectrum licenses, which sit within the international 3GPP Band 8 standard. The company also operates the Anterix Active Ecosystem (AAE), a network of over 125 technology companies providing deployment and application solutions for private broadband on 900 MHz. Additional programs include the Utility Strategic Advisory Board (USAB) and the AnterixAccelerator initiative, all designed to drive adoption of private LTE (PLTE) networks among utility customers.

Customers and end markets

Primary customers are electric utilities deploying private LTE networks for grid operations. Disclosed customers include Xcel Energy (agreement entered October 2022) and LCRA, which signed a $30.0 million spectrum agreement in April 2023 covering 68 counties and more than 30 cities across more than 73,000 square miles in Texas. The Utilities Broadband Alliance (UBBA), whose membership includes 38 electric utilities and subsidiaries among over 100 total members, represents the broader target customer base. Secondary end markets identified in the filing include ports, railroads, water utilities, oil and gas facilities, and mining operations.

Value-chain role

Anterix acts as a spectrum licensor and enabler sitting upstream of private wireless network deployments. It does not build or operate the networks itself. Instead, it clears, packages, and transfers spectrum licenses to end-users, who then deploy PLTE infrastructure using third-party vendors. The company facilitates the broader supply chain through ecosystem-building programs that attract device makers and solution providers to the 900 MHz band.

Geographic exposure

Operations are entirely within the United States. Spectrum holdings cover the 900 MHz band nationally, with the strongest position in the top 20 U.S. metropolitan market areas. The LCRA transaction covers a defined service territory across more than 73,000 square miles in Texas.

Source: SEC 10-K, filed 2025-06-24

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