Revenue is highly erratic, with a -100% quarter-over-quarter swing in 2027Q1, and operating margins have ranged from -640.3% to +39.1%, reflecting one-time gains rather than sustainable profitability.
Anterix Inc. (ATEX) annual income statement — 14-year revenue, gross profit & net income history
| Metric | TTM | 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 |
|---|
| Revenue | 7.04M | 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 % | 18.86% | 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 Revenue | 0 | 464K | 0 | 0 | 0 | 5K | 1.61M | 2.83M | 7.48M | 7.9M | 7.05M | 3.47M | 1.06M | 1.12M | 825.83K |
| Gross Profit | 7.04M | 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 % | 100% | 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 | -64.16M | 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 |
| Other Operating Expenses | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| EBITDA | 71.64M | -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 % | 1017.53% | -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 % | 172.7% | -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% | - |
| Depreciation & Amortization | 441K | 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 |
| D&A / Revenue % | 6.26% | 7.14% | 9.09% | 20.14% | 74% | 133.76% | 383.6% | 229.6% | 43.98% | 44.99% | 46.88% | 15.7% | 3.03% | 1.68% | 1.91% |
| Operating Income (EBIT) | 71.2M | -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 % | 1011.26% | -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% | - |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3K | 5K | 3.02K | 570.74K | 325.35K | 224.84K |
| Interest Coverage | - | - | - | - | - | - | - | - | - | -10354.33x | -6536.60x | -7217.26x | -24.78x | -2.72x | -4.51x |
| Interest / Revenue % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0.05% | 0.1% | 0.09% | 17.99% | 9.19% | 8.15% |
| Non-Operating Income | 2.19M | 1000K | 1000K | 1000K | 1000K | 312K | 499K | 1000K | 1000K | 660K | 95K | 101.81K | -550.85K | -325.35K | -224.84K |
| Pretax Income | 73.4M | 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 % | 1042.42% | 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 | 7.7M | 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 % | 10.49% | 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 | 65.69M | 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 % | 933.04% | 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 % | 123.97% | 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% | - |
| EPS (Diluted) | 3.35 | 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 % | 124.5% | 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 | 19.63M | 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 |
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.
Key Metrics
Top Statement Risk
Dependence on spectrum clearing
Metrics are mathematically derived from official filings.
Lumpy Spectrum Lease Revenue
Revenue growth is erratic, swinging from -100% to +41% quarter-over-quarter, reflecting the lumpy nature of spectrum lease signings. According to reported figures, 2026Q4 revenue reached $2.0M, but 2027Q1 saw no revenue, indicating a highly transactional model.
The revenue trajectory is not a smooth utility-like curve but a series of discrete events tied to utility contract signings. The 41% growth in 2026Q4 was followed by a complete absence of revenue in 2027Q1, suggesting that the company's earnings power is not yet recurring. This pattern implies that investors should focus on the contracted proceeds pipeline rather than quarterly revenue, as the latter is subject to extreme volatility.
Authorized Returns Not Applicable
As a spectrum holder rather than a traditional rate-regulated utility, Anterix does not have an authorized ROE. Operating margins swung from -9.8% in 2025Q1 to +39.1% in 2026Q2, per financial statements, reflecting one-time gains rather than stable regulatory returns.
The absence of a rate case construct means that margin quality is driven by the timing of large transactions and cost control. The 39.1% operating margin in 2026Q2 was likely boosted by a non-recurring item, as the company's core operations remain pre-scale. This suggests that the market should not interpret these margins as indicative of sustainable profitability, but rather as artifacts of specific deals or accounting adjustments.
High Fixed Costs, No Pass-Through
Operating losses persist despite high gross margins, with operating margin at -640.3% in 2027Q1, as reported. The cost structure is dominated by G&A and spectrum clearing expenses, which are not recoverable through a regulatory mechanism, unlike fuel costs for traditional utilities.
The company's cost recovery is entirely dependent on signing new leases to spread fixed costs. The -640.3% operating margin in 2027Q1, while extreme, reflects the low revenue base and the high fixed overhead. This implies that the path to profitability requires a significant increase in contracted proceeds, and any escalation in clearing costs could further strain cash flow.
Net Income Distorted by One-Time Gains
Net margin of 1394.17% in 2027Q1 is a clear anomaly, likely due to a one-time tax benefit, as per the data. Excluding such items, the company's core operations are loss-making, with negative operating income in most quarters.
The reported EPS of $0.01 in 2027Q1 versus a consensus of -$0.17 appears to be a beat, but it is not driven by operational performance. The net income of $240K on zero revenue indicates a non-cash gain, possibly from a valuation allowance release. Investors should adjust for these items to assess the underlying earnings power, which remains negative and dependent on future lease signings.
Capital Spending Not Yet Productive
D&A has declined from $191K in 2024Q4 to $101K in 2027Q1, suggesting limited capital investment. According to the data, revenue growth has not translated into EPS growth, with EPS swinging from -$0.84 to $2.86, indicating that CAPEX is not yet generating a stable return.
The low and declining D&A suggests that the company is not investing heavily in physical assets, consistent with a spectrum-holding model. The lack of a clear relationship between CAPEX and earnings implies that the value creation is tied to the spectrum asset itself, not to capital deployment. The market's valuation likely hinges on the potential for future lease income rather than current earnings.
2026Q2 Spike: A One-Off Event
The most significant inflection is the 2026Q2 quarter, where operating income jumped to $60.7M and EPS to $2.86, per financial statements. This appears to be a one-time gain, as subsequent quarters returned to losses, indicating a non-recurring event rather than a sustainable shift.
The 2026Q2 results are an outlier that may reflect a large spectrum sale or a favorable settlement. The subsequent return to negative operating income in 2026Q3 and 2027Q1 suggests that this was not a turning point in the company's operational trajectory. Investors should be cautious about extrapolating from this quarter, as it does not represent the company's ongoing earnings power.
What Could Invalidate the Bull Case
The company's valuation may be justified by the spectrum asset, but the income statement shows persistent operating losses and a reliance on one-time gains. As reported, operating margin was -640.3% in 2027Q1, and revenue was zero, suggesting that the market's optimism may be premature.
The strongest challenge to the narrative is the lack of recurring revenue and the high cash burn. The company's ability to convert its pipeline into long-term leases is unproven, and any delays in FCC approvals or utility capex cycles could extend the pre-scale period. Additionally, the cost to clear the spectrum could escalate, reducing the net value of the asset. If the contracted proceeds do not materialize as expected, the current valuation may not be supported by fundamentals.