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Anterix Inc. (ATEX-2.96%) has submitted its 10-Q filing for the quarterly period ended December 31, 2024.
The filing includes financial statements for the quarter, reporting a net income of $7.7 million, compared to $0.3 million for the same quarter in the previous year. The increase in net income was primarily due to higher spectrum revenues and gains on the disposal of intangible assets.
Spectrum revenue for the quarter was $1.6 million, up from $1.3 million in the previous year. This increase was mainly attributed to agreements with Xcel Energy and Evergy.
Operating expenses totaled $15.3 million, an increase from $14.1 million in the previous year. This was primarily due to severance and other related charges related to the CEO transition.
The company recorded a gain on disposal of intangible assets of $20.8 million, up from $13.7 million in the previous year. This was due to the exchange of narrowband licenses for broadband licenses.
Interest income for the quarter was $0.4 million, down from $0.7 million in the previous year, due to a lower average cash balance.
Anterix reported a tax benefit of $0.2 million for the quarter, compared to a tax expense of $1.3 million in the previous year, primarily due to changes in the state effective tax rate.
The filing also details the company's liquidity and capital resources, noting cash and cash equivalents of $28.8 million as of December 31, 2024. The company believes these resources, along with contracted proceeds from customers, will be sufficient to meet its financial obligations for the next 12 months.
Anterix highlighted several business developments, including a new license purchase agreement with Lower Colorado River Authority and the retirement of Executive Chairman Morgan O'Brien.
The company continues to focus on commercializing its spectrum assets and expanding its offerings to utility and critical infrastructure customers.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Anterix Inc. quarterly 10-Q report dated February 11, 2025. To report an error, please email earnings@qz.com.