Corrects headline to remove causation between asset sale and revenue

Overview

• US utility spectrum provider's fiscal Q4 spectrum revenue rose yr/yr

• Company recorded gains from sale and exchange of intangible assets in the quarter

• No share repurchases in Q4; $226.7 mln remains under buyback program

Outlook

• Anterix expects contracted customer proceeds of $25.3 mln in fiscal 2027

• Company expects $23.4 mln in contracted customer proceeds from FY28 through FY34

• Company says proceeds depend on broadband license delivery milestones and may be penalized for delays

Result Drivers

• LICENSE DELIVERIES - Co delivered broadband licenses to customers in 92 counties, recording $22 mln gain on sale of intangible assets

• LICENSE EXCHANGES - Co exchanged narrowband for broadband licenses in 46 counties, recording $11.1 mln gain

• SPECTRUM CLEARING COSTS - Co invested $7.4 mln in spectrum clearing costs in Q4

Company press release: ID:nGNX45RyBN

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q4 Spectrum Revenue		$1.96 mln
Q4 EPS		$0.98
Q4 Net Income	Miss	$18.52 mln	$25.69 mln (2 Analysts)
Q4 Pretax Profit	Miss	$20.38 mln	$24.71 mln (2 Analysts)
Q4 Basic EPS		$0.99
Q4 Operating Expenses		$15.22 mln

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 3 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the wireless telecommunications services peer group is "buy"

• Wall Street's median 12-month price target for Anterix Inc is $50.00, about 22.5% below its June 9 closing price of $64.55

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