ANTERIX INC. REPORTS FIRST QUARTER FISCAL YEAR 2025 RESULTS

Anterix Inc.

Earnings Release Tables

Consolidated Balance Sheets

(in thousands, except share and per share data)

June 30, 2024

March 31, 2024

(Unaudited)

ASSETS

Current assets

Cash and cash equivalents

$                 51,715

$                 60,578

Spectrum receivable

10,999

8,521

Prepaid expenses and other current assets

2,972

3,912

Total current assets

65,686

73,011

Escrow deposits

7,577

7,546

Property and equipment, net

1,836

2,062

Right of use assets, net

4,493

4,432

Intangible assets

219,776

216,743

Deferred broadband costs

20,458

19,772

Other assets

1,312

1,328

Total assets

$               321,138

$               324,894

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities

Accounts payable and accrued expenses

$                   7,748

$                   8,631

Operating lease liabilities

1,807

1,850

Contingent liability

1,000

1,000

Deferred revenue

5,968

6,470

Total current liabilities

16,523

17,951

Operating lease liabilities

3,453

3,446

Contingent liability

25,000

15,000

Deferred revenue

114,719

115,742

Deferred gain on sale of intangible assets

4,911

4,911

Deferred income tax

7,338

6,281

Other liabilities

411

531

Total liabilities

172,355

163,862

Commitments and contingencies

Stockholders' equity

Preferred stock, $0.0001 par value per share, 10,000,000 shares authorized and

no shares outstanding at June 30, 2024 and March 31, 2024

—

—

Common stock, $0.0001 par value per share, 100,000,000 shares authorized and

18,581,297 shares issued and outstanding at June 30, 2024 and 18,452,892 shares

issued and outstanding at March 31, 2024

2

2

Additional paid-in capital

538,505

533,203

Accumulated deficit

(389,724)

(372,173)

Total stockholders' equity

148,783

161,032

Total liabilities and stockholders' equity

$               321,138

$               324,894

Anterix Inc.

Earnings Release Tables

Consolidated Statements of Operations

(Unaudited, in thousands, except share and per share data)

Three months ended June 30,

Spectrum revenue

$                  1,525

$                     608

Operating expenses

General and administrative

12,851

11,673

Sales and support

1,850

1,275

Product development

1,750

1,069

Depreciation and amortization

179

246

Operating expenses

16,630

14,263

Gain from disposal of intangible assets, net

(93)

(10,785)

Gain from disposal of long-lived assets, net

—

(31)

Loss from operations

(15,012)

(2,839)

Interest income

694

386

Other income

16

95

Loss before income taxes

(14,302)

(2,358)

Income tax expense (benefit)

1,222

(240)

Net loss

$              (15,524)

$                (2,118)

Net loss per common share basic and diluted

$                  (0.84)

$                  (0.11)

Weighted-average common shares used to compute basic and diluted net loss per share

18,486,964

18,951,046

Anterix Inc.

Earnings Release Tables

Consolidated Statements of Cash Flows

(Unaudited, in thousands)

Three months ended June 30,

2024

2023

CASH FLOWS FROM OPERATING ACTIVITIES

Net loss

$              (15,524)

$                (2,118)

Adjustments to reconcile net loss to net cash used in operating activities

Depreciation and amortization

179

246

Stock compensation expense

4,346

4,265

Deferred income taxes

1,057

(272)

Right of use assets

434

283

Gain on disposal of intangible assets, net

(93)

(10,785)

Gain on disposal of long-lived assets, net

—

(31)

Changes in operating assets and liabilities

Prepaid expenses and other assets

974

563

Accounts payable and accrued expenses

(1,558)

1,169

Due to related parties

—

(533)

Operating lease liabilities

(531)

(388)

Contingent liability

10,000

—

Deferred revenue

(1,525)

(608)

Other liabilities

(120)

—

Net cash used in operating activities

(2,361)

(8,209)

CASH FLOWS FROM INVESTING ACTIVITIES

Purchases of intangible assets, including refundable deposits, retuning costs and swaps

(5,400)

(5,170)

Purchases of equipment

—

(25)

Net cash used in investing activities

(5,400)

(5,195)

CASH FLOWS FROM FINANCING ACTIVITIES

Proceeds from stock option exercises

1,617

7

Repurchases of common stock

(2,027)

—

Payments of withholding tax on net issuance of restricted stock

(661)

(752)

Net cash used in financing activities

(1,071)

(745)

Net change in cash and cash equivalents and restricted cash

(8,832)

(14,149)

CASH AND CASH EQUIVALENTS AND RESTRICTED CASH

Cash and cash equivalents and restricted cash at beginning of the period

68,124

43,182

Cash and cash equivalents and restricted cash at end of the period

$                59,292

$                29,033

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION

Cash paid during the period:

Taxes paid

$                        —

$                          1

Operating leases paid

$                     593

$                     574

Non-cash investing activity:

Network equipment provided in exchange for wireless licenses

$                        47

$                     438

Right of use assets new leases

$                     248

$                        65

Right of use assets modifications and renewals

$                     247

$                        —

The following tables provide a reconciliation of cash and cash equivalents and restricted cash reported on the Consolidated Balance

Sheets that sum to the total of the same such amounts on the Consolidated Statements of Cash Flows:

June 30, 2024

March 31, 2024

Cash and cash equivalents

$                  51,715

$                  60,578

Escrow deposits

7,577

7,546

Total cash and cash equivalents and restricted cash

$                  59,292

$                  68,124

June 30, 2023

March 31, 2023

Cash and cash equivalents

$                  29,033

$                  43,182

Escrow deposits

—

—

Total cash and cash equivalents and restricted cash

$                  29,033

$                  43,182

Anterix Inc.

Earnings Release Tables

Other Financial Information

(Unaudited, in thousands except per share data)

Three months ended June 30,

2024

Number of shares repurchased and retired

63

—

Average price paid per share*

$                  32.47

$                        —

Total cost to repurchase

$                  2,027

$                        —

*         Average price paid per share includes costs associated with the repurchases.

As of June 30, 2024, $234.0 million is remaining under the share repurchase program.