Anterix (ATEX) Shares Surge Following Financial Results And Strategic Agreements

Shares of Anterix Inc. (NASDAQ: ATEX) have experienced a significant uptick following the announcement of its financial results and a new collaboration deal. As of the latest update, ATEX stock has risen by 18.93%, reaching $36.89.

Positive Financial Performance Boosts Investor Confidence

Anterix (ATEX) revealed its fiscal 2024 fourth quarter and full fiscal year financial results. The company reported a strong cash flow, largely attributed to $106.5 million received from contracted cash proceeds. Additionally, Anterix entered a new spectrum lease agreement with a Florida utility, valued at $34.5 million, of which $6.9 million was received in December 2023.

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Anterix also secured a $30.0 million spectrum sale agreement with the Lower Colorado River Authority, receiving $15.0 million during the fiscal year. Furthermore, the company transferred broadband licenses in San Diego and Imperial Counties to San Diego Gas & Electric Company, resulting in a $7.4 million gain from the sale of intangible assets.

Strategic Moves and Spectrum Agreements

In a series of strategic transactions, Anterix exchanged narrowband for broadband licenses in 28 counties, recording a $35.0 million gain, and returned $24.7 million to shareholders through share repurchases. During the quarter, the company received a $16.8 million milestone payment from Xcel Energy, exchanged licenses in four counties for a $2.0 million gain, and reported a $2.2 million investment in spectrum clearing.

Anterix’s strategic initiatives also included an agreement with Oncor Electric Delivery Company. Under this agreement, Oncor will acquire 900 MHz broadband spectrum from Anterix to establish a private wireless broadband network across its service area. This network is expected to enhance Oncor’s capabilities, including improved data transmission, operational intelligence, and overall communication resilience.

Expanding Utility Network and Enhancing Energy Resilience

Oncor, a notable customer for Anterix, will leverage these new licenses to transition to next-generation broadband for critical data and voice services. The partnership not only addresses complex systems but also expands Anterix’s nationwide network of utility connections. This agreement underscores the advantages of private LTE networks. Anterix is set to collaborate with Oncor and other Texas utilities to bolster energy resilience and reliability within the ERCOT market.

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