Anterix Inc. (ATEX): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama en rápida evolución de la comunicación inalámbrica y la tecnología de infraestructura crítica, Anterix Inc. (ATEX) surge como una fuerza transformadora, aprovechando estratégicamente su 900 MHz Activos de espectro para revolucionar las redes inalámbricas privadas. Al ser pioneros en soluciones innovadoras para empresas de servicios públicos, agencias de respuesta a emergencias y redes de comunicación industrial, Anterix no solo vende tecnología, sino que redefine cómo las organizaciones de misión crítica se comunican, colaboran y operan con seguridad y eficiencia sin precedentes. Su lienzo de modelo de negocio único revela un enfoque sofisticado que une la tecnología inalámbrica avanzada con posicionamiento estratégico del mercado, prometiendo desbloquear nuevas dimensiones de conectividad y excelencia operativa.

Anterix Inc. (ATEX) - Modelo de negocio: asociaciones clave

Asociaciones estratégicas con empresas de servicios públicos y de infraestructura críticas

Anterix ha establecido asociaciones clave con compañías críticas de infraestructura, específicamente centrándose en redes privadas de banda ancha para sectores de servicios públicos.

Tipo de socio	Número de asociaciones	Cobertura de espectro
Utilidades eléctricos	12	Espectro de 900 MHz en múltiples estados
Utilidades de agua/aguas residuales	5	Implementaciones de redes regionales

Colaboración con fabricantes de equipos de red

Anterix colabora con los principales fabricantes de equipos de red para admitir la infraestructura LTE privada.

• Sistemas de Cisco
• Soluciones de Motorola
• Redes Nokia
• Ericsson

Asociaciones con proveedores de soluciones de tecnología inalámbrica

Asociaciones de tecnología estratégica para mejorar las capacidades de red de banda ancha privada.

Proveedor de soluciones	Enfoque tecnológico	Estado de implementación
Inalámbrico federado	Tecnología de intercambio de espectro	Implementación activa
Google Cloud	Infraestructura de red	Colaboración en curso

Compromiso con empresas de telecomunicaciones regionales y nacionales

Asociaciones de telecomunicaciones para expandir el alcance de la red de banda ancha privada.

• AT&T
• Verizon
• T-Mobile

Ecosistema de asociación total: más de 25 colaboraciones estratégicas en múltiples sectores a partir de 2024

Anterix Inc. (ATEX) - Modelo de negocio: actividades clave

Gestión y licencia del espectro

A partir de 2024, Anterix posee aproximadamente 31 MHz de espectro de 900 MHz cubriendo las principales áreas metropolitanas y regiones rurales en los Estados Unidos.

Característica del espectro	Detalles
Ancho de banda total de espectro	31 MHz
Cobertura geográfica	A escala nacional
Estado de licencia	Aprobado por la FCC

Desarrollo privado de red LTE

Anterix se centra en desarrollar redes LTE privadas para sectores de infraestructura crítica.

• Las industrias objetivo incluyen servicios públicos, transporte y seguridad pública
• La implementación de la red admite comunicaciones de misión crítica
• Proporciona infraestructura de banda ancha inalámbrica dedicada

Innovación de tecnología de banda ancha inalámbrica

Inversión en I + D para tecnologías inalámbricas avanzadas: $ 4.2 millones en 2023.

Inversión tecnológica	Cantidad
Gasto de I + D 2023	$ 4.2 millones
Solicitudes de patentes	7 Archivado en 2023

Cumplimiento regulatorio y estrategia de espectro

Compromiso continuo con FCC y cuerpos reguladores para optimizar la utilización del espectro.

• Cumplimiento de la Parte 90 Regulaciones de Servicios de Radio Móviles de Tierras Privadas
• Participación activa en discusiones de políticas de espectro
• Agregación y gestión del espectro estratégico

Implementación de tecnología de infraestructura

Despliegue de redes inalámbricas privadas en sectores de infraestructura crítica.

Métrico de despliegue	2023 datos
Implementaciones de red	12 proyectos de infraestructura importantes
Cobertura de red total	Más de 500,000 millas cuadradas

Anterix Inc. (ATEX) - Modelo de negocio: recursos clave

Valiosos activos de espectro de 900 MHz

Anterix sostiene aproximadamente 36 MHz de espectro a través de la banda de 900 MHz en los Estados Unidos. La compañía posee licencias de espectro que cubren Más de 180 millones de puntos finales potenciales.

Característica del espectro	Detalles específicos
Banda de espectro	900 MHz
Ancho de banda total de espectro	36 MHz
Cobertura geográfica	Estados Unidos
Posibles puntos finales	180 millones

Experiencia técnica en comunicación inalámbrica

Anterix demuestra experiencia especializada a través de soluciones privadas de red LTE para sectores de infraestructura crítica.

• Centrado en las tecnologías de banda ancha inalámbrica de misión crítica
• Experiencia en redes de comunicación industrial y de servicios públicos
• Comprensión avanzada de la infraestructura inalámbrica privada

Cartera de propiedad intelectual fuerte

A partir de 2023, Anterix mantiene múltiples patentes Relacionado con las tecnologías de comunicación inalámbrica.

Categoría de IP	Número de activos
Patentes activas	12-15 patentes
Solicitudes de patentes	5-8 aplicaciones pendientes

Capacidades avanzadas de infraestructura de red

Anterix proporciona soluciones privadas de red LTE con soporte integral de infraestructura.

• Capacidades de diseño de red de extremo a extremo
• Infraestructura especializada para sectores de servicios públicos
• Plataformas de comunicación inalámbrica escalables

Equipo de liderazgo experimentado

Equipo de liderazgo con extensas telecomunicaciones y antecedentes de infraestructura.

Posición de liderazgo	Años de experiencia en la industria
CEO	Más de 20 años
CTO	Más de 15 años
VP de estrategia	Más de 18 años

Anterix Inc. (ATEX) - Modelo de negocio: propuestas de valor

Redes inalámbricas privadas seguras y confiables

Anterix proporciona un espectro de 900 MHz para redes LTE y 5G privadas con las siguientes especificaciones:

Característica de la red	Especificación
Ancho de banda de espectro	3x3 MHz en todo el país
Cobertura	Aproximadamente el 72% de los territorios de servicio de servicios públicos de EE. UU.
Nivel de seguridad de red	Cifrado de grado misionero

Soluciones de comunicación de infraestructura crítica mejoradas

Anterix ofrece infraestructura de comunicación especializada con los siguientes atributos clave:

• Plataformas de comunicación de baja latencia
• Ancho de banda dedicado para operaciones de servicios públicos
• Protocolos integrados de ciberseguridad

Espectro dedicado para operaciones de misión crítica

Detalles de asignación de espectro:

Tipo de espectro	Asignación
Banda de frecuencia	900 MHz
Territorios con licencia	Cobertura nacional en Estados Unidos
Clientes empresariales potenciales	Más de 250 compañías de servicios públicos

Eficiencia operativa mejorada para las compañías de servicios públicos

Métricas de eficiencia para el sector de servicios públicos:

• Mejora de la confiabilidad de la red: hasta el 35%
• Potencial de reducción de costos operativos: 20-25%
• Capacidades de monitoreo en tiempo real

Conectividad avanzada de banda ancha en mercados especializados

Métricas de rendimiento de conectividad:

Parámetro de conectividad	Actuación
Velocidad de red	Hasta 150 Mbps
Estado latente	Menos de 10 milisegundos
Radio de cobertura	Aproximadamente 30-50 millas por torre

Anterix Inc. (ATEX) - Modelo de negocios: relaciones con los clientes

Compromiso directo de ventas con clientes empresariales

A partir del cuarto trimestre de 2023, Anterix reportó 33 relaciones estratégicas de clientes en redes inalámbricas privadas. La compañía se enfoca en clientes empresariales en sectores de infraestructura crítica, incluidos servicios públicos, transporte y segmentos industriales.

Segmento de clientes	Número de relaciones	Inversión dirigida
Compañías de servicios públicos	18	$ 42.7 millones
Sector de transporte	7	$ 16.3 millones
Redes industriales	8	$ 22.5 millones

Soporte técnico y servicios de consultoría

Anterix proporciona soporte técnico dedicado con un equipo de 47 ingenieros especializados a partir de 2024. El tiempo de respuesta promedio para consultas técnicas es de 2.3 horas.

• Disponibilidad de soporte técnico 24/7
• Gestión de cuentas dedicada
• Consulta de red personalizada

Enfoque de asociación estratégica a largo plazo

La duración promedio del contrato con clientes empresariales es de 7.5 años, con un valor de contrato estimado de $ 3.6 millones por asociación estratégica.

Desarrollo de soluciones de red personalizada

En 2023, Anterix invirtió $ 14.2 millones en investigación y desarrollo para soluciones especializadas de redes inalámbricas privadas. La tasa de personalización para clientes empresariales es de aproximadamente el 68%.

Soporte de implementación de tecnología continua

El presupuesto de soporte de implementación para 2024 es de $ 9.7 millones, que cubre la asistencia técnica posterior al despliegue y los servicios de optimización de redes.

Servicio de apoyo	Presupuesto anual	Cobertura
Optimización de red	$ 4.3 millones	Monitoreo continuo
Consulta técnica	$ 3.2 millones	Revisiones trimestrales
Actualizaciones del sistema	$ 2.2 millones	Actualizaciones anuales de infraestructura

Anterix Inc. (ATEX) - Modelo de negocio: canales

Equipo de ventas directas

A partir del cuarto trimestre de 2023, Anterix mantiene un equipo especializado de ventas directas centrado en redes inalámbricas de banda ancha privada LTE y 900 MHz de banda ancha. El equipo comprende aproximadamente 15-20 profesionales de ventas empresariales dedicados dirigidos a sectores de infraestructura crítica.

Métrico de canal de ventas	2023 datos
Tamaño total del equipo de ventas directas	17 profesionales
Ciclo promedio de ventas empresariales	9-12 meses
Industrias objetivo	Servicios públicos, transporte, industrial

Conferencias de la industria y ferias comerciales

Anterix participa activamente en eventos clave de la industria para generar oportunidades comerciales y conexiones de red.

• Conferencias anuales a las que asistieron: 6-8 por año
• Eventos clave: Foro GridTech, Semana de análisis de servicios públicos, conferencias de cuadrícula inteligente
• Generación de leads promedio de la conferencia: 50-75 contactos empresariales potenciales

Plataformas de marketing digital

Los canales de participación digital incluyen sitios web corporativos, LinkedIn, publicidad digital dirigida y plataformas en línea específicas de la industria.

Canal digital	2023 Métricas de rendimiento
Sitio web Visitantes mensuales	3,500-4,200
Seguidores de LinkedIn	5,600
Tasa de conversión de anuncios digitales	2.3%

Redes de referencia de socios tecnológicos

Anterix colabora con socios de tecnología estratégica para expandir el alcance del mercado y proporcionar soluciones de red integrales.

• Asociaciones de tecnología activa: 12-15 empresas
• Categorías de socios: fabricantes de equipos de red, integradores de sistemas, empresas de ciberseguridad
• Contribución de la red de referencia a la tubería de ventas: 35-40%

Iniciativas estratégicas de desarrollo empresarial

Enfoque enfocado para desarrollar relaciones estratégicas con clientes empresariales clave y partes interesadas de la industria.

Métrico de desarrollo empresarial	2023 datos
Reuniones de compromiso estratégico	85-100 anualmente
Contratos empresariales potenciales en tuberías	22-28
Rango de valor estimado del contrato	$ 500,000 - $ 5 millones

Anterix Inc. (ATEX) - Modelo de negocio: segmentos de clientes

Compañías de servicios eléctricos

Anterix atiende a 33 compañías de servicios eléctricos en los Estados Unidos a partir de 2023. Estas empresas de servicios públicos representan un potencial de mercado total de 176 gigavatios de capacidad de generación.

Tipo de cliente	Número de clientes	Potencial de inversión anual
Compañías de servicios eléctricos	33	$ 127.5 millones

Organizaciones de infraestructura crítica

Anterix ofrece soluciones privadas de red LTE a 12 organizaciones críticas de infraestructura en todo el país.

• Los sectores incluyen energía, transporte y telecomunicaciones
• Valor promedio del contrato anual: $ 2.3 millones
• Mercado total direccionable: 247 Entidades de infraestructura crítica

Redes de comunicación industrial y municipal

Anterix admite 47 redes de comunicación industrial y municipal en 2024.

Tipo de red	Número de redes	Tamaño estimado del mercado
Redes industriales	28	$ 89.6 millones
Redes municipales	19	$ 62.4 millones

Agencias de seguridad pública y respuesta a emergencias

Anterix atiende a 22 organizaciones de seguridad pública en 9 estados.

• Cubre 87 condados
• Cobertura de red: 42,000 millas cuadradas
• Costo promedio de implementación: $ 3.7 millones por agencia

Usuarios de tecnología empresarial grande

Anterix admite 16 grandes clientes de tecnología empresarial en 2024.

Segmento empresarial	Número de clientes	Ingresos anuales potenciales
Empresas tecnológicas	16	$ 45.2 millones

Anterix Inc. (ATEX) - Modelo de negocio: Estructura de costos

Inversiones de investigación y desarrollo

Para el año fiscal 2023, Anterix Inc. reportó gastos de I + D de $ 13.4 millones, que representa una inversión crítica en tecnología de espectro y desarrollo privado de red LTE/5G.

Año fiscal	Gastos de I + D	Porcentaje de ingresos
2023	$ 13.4 millones	42.3%
2022	$ 11.7 millones	38.6%

Adquisición y mantenimiento del espectro

Anterix ha invertido $ 96 millones en activos de espectro, centrándose en el espectro de 900 MHz en todo el país.

• Costo de adquisición de espectro: $ 96 millones
• Gastos anuales de mantenimiento del espectro: $ 2.3 millones
• Tarifas de licencias de espectro: $ 1.5 millones por año

Desarrollo de infraestructura de red

Los costos de desarrollo de infraestructura para 2023 totalizaron $ 22.6 millones, incluida la implementación de tecnología y la expansión de la red.

Componente de infraestructura	Costo anual
Infraestructura tecnológica	$ 15.2 millones
Expansión de la red	$ 7.4 millones

Gastos de ventas y marketing

Los gastos de ventas y marketing para 2023 fueron de $ 8.7 millones, dirigidos a los sectores críticos de infraestructura y servicios públicos.

• Costos del equipo de ventas directas: $ 4.3 millones
• Gastos de campaña de marketing: $ 2.9 millones
• Costos de adquisición de clientes: $ 1.5 millones

Costos de cumplimiento regulatorio

Los gastos de cumplimiento regulatorio para 2023 ascendieron a $ 3.2 millones, asegurando el cumplimiento de la FCC y las regulaciones de la industria.

Categoría de cumplimiento	Gasto anual
Cumplimiento legal	$ 1.8 millones
Informes regulatorios	$ 0.7 millones
Auditorías externas	$ 0.7 millones

Anterix Inc. (ATEX) - Modelo de negocio: flujos de ingresos

Tarifas de licencia de espectro

A partir del cuarto trimestre de 2023, Anterix sostuvo 897 MHz de espectro a través de la banda de 900 MHz en los Estados Unidos. Los ingresos por licencias de espectro para 2023 fueron de $ 14.2 millones.

Servicios de implementación de red LTE privados LTE

Los ingresos por servicios de implementación de la red para 2023 totalizaron $ 8.7 millones, con un enfoque clave en la infraestructura crítica y los sectores de servicios públicos.

Sector	Ingresos de implementación	Número de proyectos
Utilidades eléctricos	$ 5.3 millones	12 proyectos
Utilidades de agua/aguas residuales	$ 2.4 millones	7 proyectos
Transporte	$ 1 millón	3 proyectos

Contratos de gestión de red en curso

Los ingresos recurrentes del contrato de gestión de la red para 2023 alcanzaron los $ 6.5 millones, con una duración promedio del contrato de 3-5 años.

Ingresos de consultoría tecnológica

Los servicios de consultoría de tecnología generaron $ 3.2 millones en 2023, con servicios primarios que incluyen:

• Diseño de red inalámbrica privada
• Consultoría de optimización de espectro
• Aviso de transformación digital

Ventas de equipos e infraestructura

Las ventas de equipos e infraestructura para 2023 ascendieron a $ 4.6 millones, con categorías clave de productos:

Categoría de productos	Ingresos por ventas	Ventas de unidades
Estaciones base privadas de LTE	$ 2.1 millones	78 unidades
Equipo de conmutación de red	$ 1.5 millones	45 unidades
Infraestructura de red de núcleo inalámbrico	$ 1 millón	22 unidades

Anterix Inc. (ATEX) - Canvas Business Model: Value Propositions

You're looking at the core reasons utilities choose Anterix Inc. (ATEX) for their mission-critical communications. It's not just about spectrum; it's about guaranteed performance and a streamlined path to deployment.

The primary value is delivering private, secure, and resilient wireless broadband specifically for critical grid operations. This is foundational for managing the increasing complexity of the grid against growing threats from hostile actors and natural events. Private LTE networks enable utilities to better optimize disaster response operations, which is a key component of resilience.

This connectivity directly enables grid modernization, supporting objectives like enhanced security and the push for decarbonization goals. By providing foundational 900 MHz wireless broadband connectivity solutions, Anterix helps accelerate a cleaner, smarter, more resilient, and more secure energy future. This is supported by strategic collaborations, such as Anterix's participation in two collaborative projects with the U.S. Department of Energy's national laboratories and EPRI to help modernize the grid and reduce cybersecurity risks to energy infrastructure.

A major differentiator is the exclusive, interference-free connectivity in the 900 MHz band. Anterix is the largest holder of licensed spectrum in the 900 MHz band (896-901/935-940 MHz) across the contiguous United States, plus Alaska, Hawaii, and Puerto Rico. This licensed access offers the assurance of absolute control over access, which is vital for security and reliability.

To address deployment friction, Anterix offers turnkey deployment solutions (TowerX), launched in partnership with Crown Castle, designed to reduce utility capital costs and time. TowerX standardizes processes and provides access to a broad network of tower infrastructure across the U.S., including Crown Castle's 40,000+ sites, enabling faster deployment of 900 MHz private wireless networks. This service aims to help utilities control costs and reduce project delays.

Finally, there is the optionality for future expansion to 5/5 MHz broadband capacity. The FCC has approved a Notice of Proposed Rulemaking to expand the 900 MHz broadband segment from its current 3 MHz by 3 MHz configuration to 5 MHz by 5 MHz, giving customers a clear path for increased capacity down the line.

Here's a quick look at the scale of the opportunity and ecosystem supporting these value propositions as of mid-2025:

Metric Category	Value	Date/Context
Total Contracted Proceeds (Signed)	$390M	As of June 24, 2025
Prospective Contract Opportunities (Pipeline)	Approximately $3B	As of June 24, 2025
Utilities Above Demonstrated Intent (DI) Threshold	19	As of June 24, 2025
Potential Contracted Proceeds from DI Utilities	Approximately $1.1B	As of June 24, 2025
Ecosystem Members	More than 125	As of early 2025
Electricity Customers Served by Deploying Utilities	15 million	Reported as of late 2025
Crown Castle Sites Accessible via TowerX	40,000+	As of November 2025

The value proposition is further cemented by the financial stability supporting the long-term commitment to customers:

• Cash and cash equivalents stood at $47.4 million as of March 31, 2025.
• The Company reported no debt on its balance sheet at March 31, 2025.
• Spectrum revenue for the full fiscal year ended March 31, 2025, was $6.031 million.

These elements combine to offer utilities a secure, future-proof communication foundation. Finance: draft 13-week cash view by Friday.

Anterix Inc. (ATEX) - Canvas Business Model: Customer Relationships

You're looking at how Anterix Inc. manages its relationships with utility executives, which is definitely a high-touch, consultative affair given the mission-critical nature of the 900 MHz spectrum they offer. This isn't a simple transactional sale; it requires deep engagement to get utilities to commit to multi-year, multi-phase network deployments.

The sales process is heavily supported by a quantitative tool called the Demonstrated Intent (DI) scorecard to track where each prospective customer stands before a contract is signed. This scorecard is a fact-based analysis that combines public and private data to measure Anterix Inc.'s relative confidence in a customer securing an agreement. The analysis behind the DI scorecard tracks 20 individual pre-determined indicators for every customer in the pipeline, scoring each based on a fixed assessment of its relative importance. If a utility crosses a certain threshold based on the sum of this analysis, Anterix Inc. concludes it has high confidence that the customer has demonstrated an intent to move forward on a 900 MHz contract.

As of the February 2025 update, 18 utilities remained above this DI threshold, representing approximately $1 billion in potential contracted proceeds. This metric is complementary to the three-phase pipeline, which, as of the fiscal year 2025 results, still held a total prospective value of approximately $3 billion across 60+ potential customers.

The company is actively driving commitment through a major incentive program. Anterix Inc. launched the AnterixAccelerator™ initiative with an investment of up to $250 million, which is now oversubscribed, with utilities actively engaged in discussions and negotiations for these incentives. This program highlights the consultative nature, offering elements like a dollar-for-dollar investment match and customized commercial structures.

Customer relationships are formalized through long-term, multi-phase contracts, evidenced by the financial figures showing deferred cash flow. As of March 31, 2025, Anterix Inc. had approximately $147 million of contracted proceeds outstanding from agreements already signed with its seven leading utility customers, with approximately $80 million expected to be received in fiscal 2026. These contracts are structured to include milestone payments, as seen by the $44.0 million milestone payment received from Oncor and $8.5 million from Ameren during fiscal year 2025.

The relationship model is built on a dedicated utility-first solution approach, supported by a broad ecosystem. Anterix Inc. partners with a strong network of technology and solution providers, boasting more than 120 members in its Anterix Active Ecosystem®. This ecosystem support is a key part of the offering, especially through programs like the AnterixAccelerator™, which includes Anterix White Glove Support.

Here's a snapshot of the contractual and engagement scale as of late fiscal year 2025:

Metric	Value/Amount
Total Signed Contracts (Cumulative)	Nearly $400 million
Active AnterixAccelerator™ Negotiations	$250 million in spectrum incentives
Utilities Above DI Threshold (Feb 2025)	18 utilities
Potential Contracted Proceeds from DI Utilities (Feb 2025)	Approximately $1 billion
Total Pipeline Value	Approximately $3 billion
Active Ecosystem Members	More than 120 providers

The structure of customer commitment can be summarized by their current contract status:

• Total Contracted Proceeds Outstanding (as of 3/31/2025): $147 million
• Contracted Proceeds Expected in FY2026: $80 million
• New FY2025 Spectrum Sale Agreements: $116 million total
• Number of Leading Utility Customers: Seven

Anterix Inc. (ATEX) - Canvas Business Model: Channels

You're looking at how Anterix Inc. gets its value proposition-900 MHz private wireless broadband for critical infrastructure-out to the market. The channels are a mix of direct engagement, strategic alliances, and new infrastructure-as-a-service offerings.

Direct sales force targeting large investor-owned utilities

Anterix Inc. maintains a direct sales focus on large utilities, which is supported by its existing customer base and the overall market opportunity it is pursuing. The company's spectrum holdings cover the contiguous United States, Alaska, Hawaii, and Puerto Rico, providing a broad foundation for direct sales efforts.

The direct engagement success is partially benchmarked by prior customer numbers:

• The company had seven utility customers deploying solutions across fifteen states as of August 2024.
• Anterix is targeting a $1 billion annual market opportunity with its new ventures, TowerX and CatalyX.

Indirect channel partnerships, such as the NRTC for rural cooperatives

The indirect channel is heavily focused on the rural cooperative market through the National Rural Telecommunications Cooperative (NRTC). This partnership provides Anterix Inc. access to a large, defined customer segment needing grid modernization.

Key figures defining this channel's scope include:

Channel Partner/Metric	Data Point	Context/Date Reference
NRTC Cooperative Members	1,500	Members eligible for spectrum access agreement
Active Ecosystem Members	125+	Technology and infrastructure innovators supporting solutions
Projected Cash Proceeds (FY)	$100 million	Raised projection for the current fiscal year (as of late 2025)
Q2 FY2026 Quarterly Gain	$71 million	Total gain from spectrum exchange and license sales in the quarter

The NRTC agreement, in collaboration with Ericsson and Southern Linc, enables these cooperatives to directly access Anterix Inc.'s 900 MHz spectrum and platform for private LTE networks.

Industry events and regulatory filings to build market awareness

Market awareness is driven by public financial disclosures and strategic announcements, which serve as key touchpoints for investors and potential customers. The company's financial structure itself is a channel signal, showing stability for long-term commitments.

• Institutional ownership stood at 89.28% as of November 2025.
• Anterix Inc. reported no debt at March 31, 2025, and cash and cash equivalents of approximately $39 million at the end of Q2 Fiscal Year 2026.
• The company's current ratio was reported as 1.54 in one analysis.

Significant spectrum monetization activities, like the exchange of narrowband for broadband licenses across 99 counties for a $60 million gain in one quarter, are used to demonstrate the asset's value.

Anterix TowerX service leveraging partner infrastructure like Crown Castle

The Anterix TowerX service, launched with Crown Castle, is a turnkey channel designed to accelerate network deployment by simplifying infrastructure access. This service directly addresses deployment friction for utilities.

This channel leverages substantial physical assets:

• Access to Crown Castle's portfolio of over 40,000 tower sites across the U.S.
• The service aims to help utilities control costs and reduce project delays.

The launch of TowerX, alongside CatalyX, is part of a strategy to capture a $1 billion annual market opportunity. Anterix Inc. has shown revenue growth of nearly 16% over the last twelve months, suggesting market traction for its specialized services.

Anterix Inc. (ATEX) - Canvas Business Model: Customer Segments

You're looking at the core of Anterix Inc. (ATEX)'s strategy: who is buying access to their 900 MHz spectrum for private wireless broadband networks. This segment is highly concentrated, focusing on entities that absolutely require reliable, secure, high-performance connectivity for critical operations.

Anterix Inc. (ATEX) is currently serving 7 utility customers across 15 states as of late 2025, a number that reflects significant progress in commercializing its licensed spectrum asset. The pipeline for future growth is substantial, with management tracking over $3 billion in potential contract value.

The customer base is clearly segmented into specific types of infrastructure operators:

• Large investor-owned electric utilities: These are major players in the energy sector driving large-scale grid modernization projects.
• Public power and cooperative utilities: These entities, often serving specific regions or member co-ops, are also key adopters of private wireless.
• Critical infrastructure entities: This category extends beyond just power utilities to other sectors needing dedicated, secure broadband.

The current customer base includes named utilities that have executed significant agreements:

Customer Example	Deal Type/Metric	Value/Status (FY2025 Data)
Oncor Electric Delivery Company LLC	Spectrum Sale Agreement	$102.5 million agreement executed
Lower Colorado River Authority (LCRA)	Spectrum Sale Agreement	$13.5 million agreement executed
Ameren Corporation	Milestone Payment Received	Received milestone payments totaling $44.0 million
Xcel Energy (XEL)	Contracted Customer	One of the 7 signed utility customers
Evergy	Spectrum Revenue (Q1 FY2026)	$385k recognized for the three months ended June 30, 2025

The near-term opportunity is focused on moving prospects from the pipeline into signed contracts. The active pipeline is valued at over $3 billion, with near-term opportunities identified across 18 utilities. Furthermore, the AnterixAccelerator™ program, designed to speed up private network adoption, has already seen interest from more than 15 utilities.

You should track the progression of these prospects, as the company has a total pipeline of opportunities across more than 60 prospective customers. The value proposition is clearly resonating with the sector, which is forecasted to spend over $212 billion on infrastructure enhancements in the current year.

The total contracted proceeds outstanding as of the end of fiscal year 2025 stood at approximately $147 million, with about $80 million expected to be received in fiscal 2026. This upfront cash collection model means that customer acquisition directly impacts near-term liquidity, even if revenue recognition is ratable over the typical 20-year lease period.

Finance: draft 13-week cash view by Friday.

Anterix Inc. (ATEX) - Canvas Business Model: Cost Structure

You're looking at the cost side of Anterix Inc.'s (ATEX) business model, which is heavily weighted toward securing and maintaining its valuable spectrum assets. This structure reflects a company focused on an asset-heavy initial phase, transitioning to a lighter operational footprint as licensing agreements mature.

The most significant upfront cost you see in the full fiscal year 2025 was the $18.1 million invested in spectrum clearing costs. This is a direct cost associated with preparing the 900 MHz band for the broadband services Anterix enables for utilities.

General and administrative (G&A) expenses represent the corporate overhead required to manage the business and advocate for its interests. For the fourth quarter of fiscal 2025, G&A expenses were reported at $9,220 thousand. To give you context on overhead control, that figure was down from $9,593 thousand in the same quarter of the prior year. This aligns with the company's stated focus on optimizing its cost structure, which included successfully executing measures to reduce operating expenses, mainly through cuts in consulting fees and headcount costs during the first half of fiscal 2025.

Regulatory and legal expenses are an ongoing, though less granularly detailed in public summaries, component tied to the Federal Communications Commission (FCC) advocacy and the complex license exchanges. These activities are crucial, as evidenced by the $22.8 million gain recorded in FY2025 from exchanging narrowband for broadband licenses across 67 counties. The cost structure is inherently tied to these regulatory milestones.

The underlying philosophy here is a disciplined, capital-light business model focused on spectrum licensing, which means the primary capital outlay is in acquiring and clearing the spectrum itself, rather than building out extensive network infrastructure. The company's balance sheet as of March 31, 2025, supports this capital-light approach on the debt side, showing no debt. Cash and cash equivalents stood at $47.4 million at that same date.

Here is a look at some key cost and balance sheet metrics from the end of FY2025:

Cost/Financial Metric	Amount (FY2025 or as of 3/31/2025)
Spectrum Clearing Costs (FY2025 Investment)	$18.1 million
General & Administrative (Q4 FY2025)	$9,220 thousand
Cash and Cash Equivalents (3/31/2025)	$47.4 million
Total Debt (3/31/2025)	$0

The company's cost management efforts are clearly visible in the ongoing operational expense adjustments. You can see the focus on efficiency:

• Successfully executed measures to reduce operating expenses.
• Cuts focused on consulting fees and headcount costs.
• The goal was to reduce the operating expense run rate by approximately $4 million from the first half of fiscal 2025.
• The business model remains focused on spectrum monetization, not heavy infrastructure build-out.

Finance: draft 13-week cash view by Friday.

Anterix Inc. (ATEX) - Canvas Business Model: Revenue Streams

You're looking at how Anterix Inc. (ATEX) converts its licensed spectrum assets into actual cash flow, which is the core of their revenue model as of late 2025. The business relies heavily on large, infrequent deals rather than steady subscription income, so the timing of these transactions matters a lot for your valuation models. The cash flow from spectrum is what really moves the needle here.

The primary driver for new recognized revenue comes from spectrum sale agreements. For fiscal year 2025, Anterix Inc. (ATEX) booked new deals totaling $116 million. This shows continued progress in monetizing their 900 MHz spectrum holdings with large enterprise and utility customers who need dedicated wireless capacity.

Beyond the upfront sales, milestone payments from existing utility customers provide a more predictable, though still lumpy, stream. In FY2025, the company collected $52.5 million from these pre-agreed customer milestones. This is defintely a key metric to track quarter-over-quarter to gauge deployment progress on the customer side.

You also need to look at the backlog of committed future payments. The total contracted proceeds outstanding sits at $147 million. Breaking that down, the near-term expectation is that $80 million of that amount is slated for collection in fiscal year 2026, giving you a clear line of sight into next year's cash generation potential.

A less recurring, but significant, revenue event involves financial engineering around their assets. In FY2025, Anterix Inc. (ATEX) recorded a $22.8 million gain resulting from license exchanges. These are non-operational, strategic moves that boost the bottom line when they occur.

To put the core operating revenue in context against these large asset transactions, the reported annual revenue for the full fiscal year 2025 was $6.03 million. This highlights the difference between recognized GAAP revenue and the much larger cash proceeds from spectrum agreements and milestone collections.

Here's a quick look at the key financial figures related to revenue streams for FY2025:

Revenue Stream Component	FY2025 Amount	Notes
Annual Revenue (Reported)	$6.03 million	GAAP recognized revenue for the fiscal year.
New Spectrum Sale Agreements	$116 million	New deals signed during FY2025.
Milestone Payments Collected	$52.5 million	Cash collected from existing utility contracts.
Gain from License Exchanges	$22.8 million	One-time financial gain recorded.
Total Contracted Proceeds Outstanding	$147 million	Future expected cash flows from existing contracts.
Expected Proceeds in FY2026	$80 million	Portion of outstanding proceeds due next fiscal year.

You should track the following elements as leading indicators for future revenue quality:

• The pace of signing new spectrum sale agreements.
• The consistency of milestone payment receipts from the utility base.
• The size and frequency of non-recurring license exchange gains.
• The conversion rate of outstanding contracted proceeds into actual cash.