Revenue growth remains highly volatile, fluctuating between a 7% contraction and a 41% expansion, while SG&A expenses consistently exceed $10 million per quarter, constraining overall profitability.
| Metric | Mar'26 | Mar'25 | Mar'24 | Mar'23 | Mar'22 | Mar'21 | Mar'20 | Mar'19 | Mar'18 | Mar'17 | Mar'16 | Mar'15 | Mar'14 | Mar'13 |
|---|
| Sales/Revenue | 6.5M | 6.03M | 4.19M | 1.92M | 1.08M | 921K | 1.56M | 6.5M | 6.36M | 4.79M | 3.54M | 3.17M | 3.54M | 2.76M |
| Revenue Growth % | 7.79% | 43.9% | 118.4% | 77.03% | 17.7% | -41.11% | -75.93% | 2.27% | 32.76% | 35.09% | 11.72% | -10.39% | 28.24% | - |
| Cost of Goods Sold | 464K | 0 | 0 | 0 | 5K | 1.61M | 2.83M | 7.48M | 7.9M | 7.05M | 3.47M | 1.06M | 1.12M | 825.83K |
| COGS % of Revenue | 7.14% | - | - | - | 0.46% | 174.38% | 181.14% | 115.16% | 124.28% | 147.25% | 97.89% | 33.52% | 31.76% | 29.92% |
| Gross Profit | 6.04M | 6.03M | 4.19M | 1.92M | 1.08M | -685K | -1.27M | -985K | -1.54M | -2.26M | 74.68K | 2.11M | 2.42M | 1.93M |
| Gross Margin % | 92.86% | 100% | 100% | 100% | 99.54% | -74.38% | -81.14% | -15.16% | -24.28% | -47.25% | 2.11% | 66.48% | 68.24% | 70.08% |
| Gross Profit Growth % | 0.1% | 43.9% | 118.4% | 77.85% | 257.52% | 46.02% | -28.83% | 36.16% | 31.79% | -3128.92% | -96.46% | -12.71% | 24.88% | - |
| Operating Expenses | 47.67M | 17.75M | 14.31M | 18.38M | 37.93M | 54.12M | 36.26M | 31.61M | 30.18M | 30.52M | 22M | 16.27M | 3.3M | 2.95M |
| OpEx % of Revenue | 733.21% | 294.23% | 341.52% | 957.79% | 3498.8% | 5876.66% | 2318.67% | 486.38% | 474.95% | 637.58% | 620.98% | 513.04% | 93.29% | 106.86% |
| Selling, General & Admin | 36.06M | 48.78M | 50.12M | 50.91M | 43.99M | 42.24M | 29.52M | 29.3M | 27.83M | 28.2M | 20.68M | 15.17M | 2.31M | 2.18M |
| SG&A % of Revenue | 554.73% | 808.84% | 1195.8% | 2652.94% | 4057.75% | 4586.75% | 1887.72% | 450.82% | 437.94% | 589.2% | 583.65% | 478.45% | 65.2% | 79.01% |
| Research & Development | 4.7M | 5.74M | 5.7M | 4.44M | 3.59M | 4.34M | 2.95M | 2.31M | 2.35M | 2.32M | 1.32M | 1M | 934.82K | 715.92K |
| R&D % of Revenue | 72.34% | 95.09% | 135.93% | 231.32% | 331.46% | 471.55% | 188.81% | 35.56% | 37.01% | 48.38% | 37.32% | 31.56% | 26.41% | 25.94% |
| Other Operating Expenses | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating Income | -41.63M | -11.71M | -10.12M | -16.46M | -36.85M | -54.81M | -37.53M | -42.74M | -31.73M | -32.78M | -21.93M | -14.16M | -886.47K | -1.02M |
| Operating Margin % | -640.35% | -194.23% | -241.52% | -857.79% | -3399.26% | -5951.03% | -2399.81% | -657.67% | -499.23% | -684.83% | -618.87% | -446.56% | -25.04% | -36.78% |
| Operating Income Growth % | -255.38% | -15.73% | 38.51% | 55.33% | 32.77% | -46.03% | 12.19% | -34.72% | 3.22% | -49.49% | -54.84% | -1497.72% | 12.67% | - |
| EBITDA | -41.16M | -11.17M | -9.28M | -15.04M | -35.4M | -51.28M | -33.94M | -39.88M | -28.87M | -30.54M | -21.37M | -14.07M | -827K | -962.36K |
| EBITDA Margin % | -633.21% | -185.14% | -221.38% | -783.79% | -3265.5% | -5567.43% | -2170.2% | -613.69% | -454.24% | -637.96% | -603.17% | -443.53% | -23.36% | -34.87% |
| EBITDA Growth % | -268.66% | -20.35% | 38.32% | 57.51% | 30.97% | -51.07% | 14.9% | -38.16% | 5.47% | -42.88% | -51.94% | -1600.98% | 14.06% | - |
| D&A (Non-Cash Add-back) | 464K | 548K | 844K | 1.42M | 1.45M | 3.53M | 3.59M | 2.86M | 2.86M | 2.24M | 556.32K | 96.14K | 59.47K | 52.73K |
| EBIT | -41.63M | -49.03M | -52.47M | -54.85M | -47.95M | -50.8M | -37.34M | -32.36M | -31.06M | -32.68M | -21.82M | -14.14M | -886.47K | -1.02M |
| Net Interest Income | 1.63M | 2.16M | 2.37M | 1.14M | 56K | 124K | 1.81M | 1.46M | 738K | 123K | 101K | -551K | -325.35K | -224.84K |
| Interest Income | 1.63M | 2.16M | 2.37M | 1.14M | 56K | 124K | 1.81M | 1.46M | 741K | 128K | 103.59K | 19.89K | 0 | 0 |
| Interest Expense | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Income/Expense | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Pretax Income | 95.71M | -9.48M | -7.51M | -15.05M | -36.54M | -54.31M | -35.24M | -41.31M | -31.07M | -32.69M | -21.83M | -14.71M | -1.21M | -1.24M |
| Pretax Margin % | 1472.17% | -157.19% | -179.31% | -784.52% | -3370.48% | -5896.85% | -2252.94% | -635.61% | -488.84% | -682.85% | -616% | -463.93% | -34.24% | -44.92% |
| Income Tax | 5.07M | 1.89M | 1.61M | 1.26M | 983K | 124K | 2.4M | 685K | -438K | 6.5M | 4.27K | 19.89K | 0 | 0 |
| Effective Tax Rate % | 5.3% | -19.96% | -21.46% | -8.38% | -2.69% | -0.23% | -6.82% | -1.66% | 1.41% | -19.88% | -0.02% | -0.14% | 0% | 0% |
| Net Income | 90.64M | -11.37M | -9.13M | -16.32M | -37.52M | -54.43M | -37.64M | -41.99M | -30.63M | -39.19M | -21.83M | -14.71M | -1.21M | -1.24M |
| Net Margin % | 1394.17% | -188.56% | -217.8% | -850.29% | -3461.16% | -5910.31% | -2406.52% | -646.15% | -481.95% | -818.59% | -616% | -463.93% | -34.24% | -44.92% |
| Net Income Growth % | 897% | -24.58% | 44.06% | 56.51% | 31.07% | -44.63% | 10.37% | -37.11% | 21.84% | -79.52% | -48.35% | -1114.22% | 2.27% | - |
| Net Income (Continuing) | 90.64M | -11.37M | -9.13M | -16.32M | -37.52M | -54.43M | -37.64M | -41.99M | -24.57M | -39.19M | -21.83M | -14.71M | -1.21M | -1.24M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 4.83 | -0.61 | -0.49 | -0.87 | -2.07 | -3.13 | -2.29 | -2.88 | -2.12 | -2.72 | -1.54 | -1.46 | -0.13 | -0.14 |
| EPS Growth % | 891.8% | -24.49% | 43.68% | 57.97% | 33.87% | -36.68% | 20.49% | -35.85% | 22.06% | -76.62% | -5.48% | -1023.08% | 7.14% | - |
| EPS (Basic) | 4.85 | -0.61 | -0.49 | -0.87 | -2.07 | -3.13 | -2.29 | -2.88 | -2.12 | -2.72 | -1.54 | -1.46 | -0.13 | -0.14 |
| Diluted Shares Outstanding | 18.76M | 18.56M | 18.77M | 18.84M | 18.14M | 17.41M | 16.42M | 14.58M | 14.45M | 14.39M | 14.16M | 10.05M | 9.1M | 9.1M |
| Basic Shares Outstanding | 18.69M | 18.56M | 18.77M | 18.84M | 18.14M | 17.41M | 16.42M | 14.58M | 14.45M | 14.39M | 14.16M | 10.05M | 9.1M | 9.1M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Regulatory and execution uncertainty
As indicated by the most recent quarterly data, Anterix's revenue growth remains highly volatile, fluctuating between a 7% contraction and a 41% expansion, reflecting the lumpy nature of project-based spectrum leasing agreements rather than a consistent, predictable scaling of recurring subscription-based utility service revenue streams.
The revenue trajectory suggests that the company is still in the early stages of converting its long-term utility pipeline into recognized GAAP revenue. Investors should monitor whether the current reliance on sporadic contract signings can transition into a more stable, ratable revenue model as more utilities move toward full-scale deployment.
According to the provided financial statements, Anterix maintains a consistent 100% gross margin, which highlights the unique nature of its spectrum-leasing business model where the cost of goods sold is effectively zero once the initial regulatory clearing of the 900 MHz band is completed.
This extreme margin profile is a direct result of the company's role as a spectrum landlord rather than a traditional telecommunications operator. While this provides significant theoretical pricing power, the lack of direct costs does not currently translate into operational profitability due to the massive overhead required to sustain the business.
Based on reported figures, the company's net income has experienced extreme swings, including a 1394.17% net margin in specific periods, which appears to be driven by non-operating accounting adjustments rather than core business performance, necessitating a cautious approach when evaluating the firm's true earnings power.
The disconnect between operating losses and periodic net income spikes suggests that investors should prioritize cash flow and contracted proceeds over headline EPS. These accounting fluctuations may mask the underlying cash burn required to maintain the company's regulatory and legal infrastructure.
Financial data reveals that SG&A expenses consistently dwarf revenue, often exceeding $10 million per quarter, which indicates that the company's current cost structure is built for a much larger scale of operations than it has currently achieved in its utility-focused business model.
The persistent operating losses suggest that the company is currently over-capitalized in terms of personnel and legal expertise relative to its revenue generation. Management's ability to control these fixed costs while waiting for the utility sales cycle to mature remains the primary determinant of future operational viability.
While the company's spectrum assets are unique, the persistent operating losses and reliance on non-recurring accounting gains warrant skepticism, as the high cost of clearing incumbent users from the 900 MHz band may prove more expensive and time-consuming than current management projections suggest.
Short-term investors should be wary of the potential for margin compression if the cost to clear incumbents escalates, as this would directly impact the company's cash reserves. The current valuation appears to rely heavily on the assumption of a successful, long-term monetization of the spectrum that remains unproven.
Quick answers to the most common questions about buying ATEX stock.
For fiscal year 2026, Anterix Inc. (ATEX) reported total revenue of $6.5M. This represents a 135.5% increase compared to $2.8M in 2013.
Anterix Inc. (ATEX) is profitable, generating $90.6M in net income for the fiscal year ending 2026 with a net profit margin of 1394.2%.
Anterix Inc. (ATEX) reported an operating income of $-41.6M, resulting in an operating profit margin of -640.3%. This margin reflects the operational efficiency of the business before interest and taxes.
Anterix Inc. (ATEX) generated $6.0M in gross profit for the year, representing a gross profit margin of 92.9%. This demonstrates the company's core pricing power and production efficiency.