Technology
Anterix Inc. Reports Third Quarter Fiscal Year 2024 Results
Published
7 months agoon
By
WOODLAND PARK, N.J., Feb. 14, 2024 /PRNewswire/ — Anterix (NASDAQ: ATEX) today announced its third quarter fiscal 2024 results and filed its 10-Q for the three and nine months ended December 31, 2023.
Third quarter fiscal 2024 Financial Highlights
Cash and cash equivalents of $62.0 million as of December 31, 2023Executed a new spectrum lease agreement with a Florida utility for a total of $34.5 million, of which $6.9 million was received in December 2023Exchanged narrowband for broadband licenses in 10 counties and recorded a gain on exchange of narrowband licenses for broadband licenses of $13.7 millionRepurchased $8.0 million of ATEX stockIncurred spectrum clearing costs of $4.7 million
The Company also issued an update on its Demonstrated Intent metric which can be found on Anterix’s website at
https://www.investors.anterix.com/Q32024.
About Anterix Inc.
At Anterix, we partner with leading utilities and technology companies to harness the power of 900 MHz broadband for modernized grid solutions. Leading an ecosystem of more than 100 members, we offer utility-first solutions to modernize the grid and solve the challenges that utilities are facing today. As the largest holder of licensed spectrum in the 900 MHz band (896-901/935-940 MHz) throughout the contiguous United States, plus Hawaii, Alaska, and Puerto Rico, we are uniquely positioned to enable private LTE solutions that support cutting-edge advanced communications capabilities for a cleaner, safer, and more secure energy future. To learn more and join the 900 MHz movement, please visit www.anterix.com.
Forward-Looking Statements
Certain statements contained in this press release constitute forward-looking statements within the meaning of the federal securities laws that involve risks and uncertainties. Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate or imply future events or achievements such as statements in this press release related to the Anterix’s business or financial results or outlook. Actual events or results may differ materially from those contemplated in this press release. Forward-looking statements speak only as of the date they are made and readers are cautioned not to put undue reliance on such statements, as they are subject to a number of risks and uncertainties that could cause Anterix’s actual future results to differ materially from results indicated in the forward-looking statement. Such statements are based on assumptions that could cause actual results to differ materially from those in the forward-looking statements, including: (i) the timing of payments under customer agreements, (ii) Anterix’s ability to clear the 900 MHz Broadband Spectrum on a timely basis and on commercially reasonable terms; and (iii) Anterix’s ability to qualify for and timely secure broadband licenses. Actual events or results may differ materially from those contemplated in this press release. Anterix’s filings with the Securities and Exchange Commission (“SEC”), which you may obtain for free at the SEC’s website at http://www.sec.gov, discuss some of the important risk factors that may affect the company’s financial outlook, business, results of operations and financial condition. Anterix undertakes no obligation to update publicly or revise any forward-looking statements contained herein.
Shareholder Contact
Natasha Vecchiarelli
Vice President, Investor Relations & Corporate Communications
Anterix
973-531-4397
nvecchiarelli@anterix.com
Anterix Inc.
Earnings Release Tables
Consolidated Balance Sheets
(in thousands, except share and per share data)
December 31, 2023
March 31, 2023
(Unaudited)
ASSETS
Current Assets
Cash and cash equivalents
$ 62,033
$ 43,182
Prepaid expenses and other current assets
15,816
16,277
Total current assets
77,849
59,459
Escrow deposits
7,517
—
Property and equipment, net
2,129
3,606
Right of use assets, net
4,629
3,371
Intangible assets
213,719
202,044
Other assets
15,037
10,078
Total assets
$ 320,880
$ 278,558
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities
Accounts payable and accrued expenses
$ 8,212
$ 6,624
Due to related parties
—
533
Operating lease liabilities
1,888
1,725
Contingent liability
1,000
20,249
Deferred revenue
6,163
2,769
Total current liabilities
17,263
31,900
Operating lease liabilities
3,700
2,922
Contingent liability
15,000
—
Deferred revenue
100,897
57,990
Deferred gain on sale of intangible assets
4,911
—
Deferred income tax
6,332
5,440
Other liabilities
513
513
Total liabilities
148,616
98,765
Commitments and contingencies
Stockholders’ equity
Preferred stock, $0.0001 par value per share, 10,000,000 shares authorized and
no shares outstanding at December 31, 2023 and March 31, 2023
—
—
Common stock, $0.0001 par value per share, 100,000,000 shares authorized and
18,554,424 shares issued and outstanding at December 31, 2023 and 18,921,999
shares issued and outstanding at March 31, 2023
2
2
Additional paid-in capital
529,054
518,160
Accumulated deficit
(356,792)
(338,369)
Total stockholders’ equity
172,264
179,793
Total liabilities and stockholders’ equity
$ 320,880
$ 278,558
Anterix Inc.
Earnings Release Tables
Consolidated Statements of Operations
(Unaudited, in thousands, except share and per share data)
Three months ended December 31,
Nine months ended December 31,
2023
2022
2023
2022
Spectrum revenues
$ 1,271
$ 578
$ 2,931
$ 1,311
Operating expenses
General and administrative
11,252
12,085
34,830
34,871
Sales and support
1,380
1,385
3,965
3,785
Product development
1,238
936
3,454
3,012
Depreciation and amortization
198
373
653
1,107
Operating expenses
14,068
14,779
42,902
42,775
Gain on disposal of intangible assets, net
(13,737)
(5,776)
(33,035)
(9,329)
Gain on sale of intangible assets, net
(32)
—
(7,364)
—
Loss (gain) on disposal of long-lived assets, net
3
(21)
39
1
Gain (loss) from operations
969
(8,404)
389
(32,136)
Interest income
666
409
1,448
670
Other income
31
185
189
232
Income (loss) before income taxes
1,666
(7,810)
2,026
(31,234)
Income tax expense
1,338
210
1,743
625
Net income (loss)
$ 328
$ (8,020)
$ 283
$ (31,859)
Net income (loss) per common share basic
$ 0.02
$ (0.42)
$ 0.02
$ (1.69)
Net income (loss) per common share diluted
$ 0.02
$ (0.42)
$ 0.01
$ (1.69)
Weighted-average common shares used to compute
basic net income (loss) per share
18,704,400
18,930,594
18,858,472
18,834,991
Weighted-average common shares used to compute
diluted net income (loss) per share
18,916,246
18,930,594
19,082,867
18,834,991
Anterix Inc.
Earnings Release Tables
Consolidated Statements of Cash Flows
(Unaudited, in thousands)
Three months ended December 31,
Nine months ended December 31,
2023
2022
2023
2022
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)
$ 328
$ (8,020)
$ 283
$ (31,859)
Adjustments to reconcile net income (loss) to net cash
provided by (used in) operating activities
Depreciation and amortization
198
373
653
1,107
Non-cash compensation expense attributable to stock awards
3,921
4,592
12,024
13,411
Deferred income taxes
519
210
892
613
Gain on disposal of intangible assets, net
(13,737)
(5,776)
(33,035)
(9,329)
Gain on sale of intangible assets, net
(32)
—
(7,364)
—
Loss (gain) on disposal of long-lived assets, net
3
(21)
39
1
Changes in operating assets and liabilities
Prepaid expenses and other assets
(466)
(597)
322
666
Right of use assets
(1,803)
(38)
(1,258)
480
Accounts payable and accrued expenses
1,214
1,175
1,588
43
Due to related parties
—
—
(533)
—
Operating lease liabilities
1,700
(48)
941
(747)
Contingent Liability
15,000
—
15,000
249
Deferred revenue
26,795
7,422
46,301
6,689
Net cash provided by (used in) investing activities
33,640
(728)
35,853
(18,676)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of intangible assets, including refundable deposits
(4,732)
(7,841)
(14,809)
(19,069)
Proceeds from sale of spectrum
249
—
25,427
—
Purchases of equipment
(55)
(398)
(267)
(1,543)
Net cash (used in) provided by operating activities
(4,538)
(8,239)
10,351
(20,612)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from stock option exercises
—
—
7
872
Repurchase of common stock
(7,971)
(3,498)
(18,706)
(8,223)
Payments of withholding tax on net issuance of restricted
stock
(115)
(138)
(1,137)
(1,474)
Net cash used in financing activities
(8,086)
(3,636)
(19,836)
(8,825)
Net change in cash and cash equivalents and
restricted cash
21,016
(12,603)
26,368
(48,113)
CASH AND CASH EQUIVALENTS AND RESTRICTED
CASH
Cash and cash equivalents and restricted cash at beginning
of the period
48,534
70,114
43,182
105,624
Cash and cash equivalents and restricted cash at end of the
period
$ 69,550
$ 57,511
$ 69,550
$ 57,511
SUPPLEMENTAL DISCLOSURE OF CASH FLOW
INFORMATION
Cash paid during the period:
Taxes paid
$ —
$ —
$ 1
$ 12
Non-cash investing activity:
Network equipment provided in exchange for wireless
licenses
$ 48
$ 1
$ 616
$ 30
Deferred gain on sale of intangible assets
$ 22
$ —
$ 4,911
$ —
Derecognition of contingent liability related to sale of
intangible assets
$ 409
$ —
$ 19,249
$ —
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:
December 31, 2023
September 30, 2023
March 31, 2023
Cash and cash equivalents
$ 62,033
$ 48,534
$ 43,182
Escrow deposits
7,517
—
—
Total cash and cash equivalents and restricted cash
$ 69,550
$ 48,534
$ 43,182
December 31, 2022
September 30, 2022
March 31, 2022
Cash and cash equivalents
$ 57,511
$ 70,114
$ 105,624
Escrow deposits
—
—
—
Total cash and cash equivalents and restricted cash
$ 57,511
$ 70,114
$ 105,624
Anterix Inc.
Earnings Release Tables
Other Financial Information
(Unaudited, in thousands except per share data)
Three Months Ended December 31,
Nine Months Ended December 31,
2023
2022
2023
2022
Number of shares repurchased and retired
230
106
563
216
Average price paid per share*
$ 34.77
$ 33.11
$ 33.62
$ 47.05
Total cost to repurchase
$ 7,971
$ 3,498
$ 18,706
$ 8,223
* Average price paid per share includes costs associated with the repurchases.
As of December 31, 2023, $242.0 million is remaining under the share repurchase program.
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SOURCE Anterix Inc.
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Augmented Reality Navigation Market worth $6.33 billion by 2029 – Exclusive Report by MarketsandMarkets™
Published
16 mins agoon
September 20, 2024By
DELRAY BEACH, Fla., Sept. 20, 2024 /PRNewswire/ — The augmented reality (AR) navigation market is expected to reach USD 6.33 billion by 2029 from USD 1.17 billion in 2024, at a CAGR of 40.3% during the 2024-2029 period according to a new report by MarketsandMarkets™. Multiple companies like Volkswagen (Germany), Mercedes-Benz Group AG and many others are investing is augmented reality (AR) navigation which is increasing the opportunity for growth in the AR navigation market. The AR navigation market is continuously developing, with the presence of multiple players. Currently, the North America region is contributing significantly to the growth of the AR navigation market. Similarly, Asia Pacific, Europe and RoW regions are expected to be the growing market for the forecasted period.
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Browse in-depth TOC on “Augmented Reality Navigation Market”
184 – Tables
61 – Figures
195 – Pages
Augmented Reality Navigation Market Report Scope:
Report Coverage
Details
Market Revenue in 2024
$ 1.17 billion
Estimated Value by 2029
$ 6.33 billion
Growth Rate
Poised to grow at a CAGR of 40.3%
Market Size Available for
2020–2029
Forecast Period
2024–2029
Forecast Units
Value (USD Million/Billion)
Report Coverage
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered
By offering, type, application, end-user industry, and region
Geographies Covered
North America, Europe, Asia Pacific, and Rest of World
Key Market Challenge
Limited user acceptance and familiarity with AR navigation
Key Market Opportunities
Integration of 5G technology with AR navigation
Key Market Drivers
Integration of AR in automotive systems drives AR navigation market
AR navigation software to have the highest market share in offering segment of augmented reality (AR) navigation market in the forecast period from 2024 to 2029.
AR navigation software dominates the AR navigation market as it plays a vital role in providing a complete and interactive navigation experience. This category includes different types of software, such as AR mapping and localization software, which are essential for accurate positioning and spatial awareness. AR navigation apps use AR technology to give real-time directions and visual guidance, making navigation more user-friendly and engaging. Moreover, AR SDKs (software development kits) allow developers to create custom AR solutions, promoting innovation and growth in the market. AR Cloud solutions provide persistent and shared spatial data, which enhances the accuracy and usefulness of navigation services. Other software solutions, like AR HUD software and AR data visualization software, also support the industry by enhancing navigation capabilities.
Indoor navigation sub-segment of type segment in augmented reality (AR) navigation market is expected to grow at the highest growth rate during the forecast period.
Indoor navigation involves the use of technology and systems to help people find their way inside buildings like shopping centers, airports, corporate offices, educational institutes, museums, hospitals, and others. Augmented reality navigation technology use sensors, maps, and location-finding tools to give accurate directions and information inside buildings where regular GPS are unavailable.
As indoor spaces become more complex it is rising the demand for easy-to-use AR navigation. Businesses are investing in AR navigation systems to improve customer satisfaction, make operations smoother, and make it easier for people to get around in big, complex buildings. Also, the growing use of smartphones and augmented reality is helping to create more advanced indoor AR navigation systems that provide real-time, interactive guidance and useful information.
As companies realize the importance of offering smooth and easy-to-use navigation experiences for their customers and staff, the demand for indoor navigation technology rises rapidly.
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Augmented reality navigation market in North America has the largest market share in 2023.
Augmented reality navigation industry in North America is sub-segmented into the US, Canada and Mexico. The North America market is undergoing significant growth due to advancement in augmented reality technology, widespread use of HUD and HMD and rising demand of advanced navigation system that provide real-time directions, visual indicators, and interactive features with enhanced wayfinding experience for both outdoor and indoor environment. North America has strong presence of key players and startup companies within the region that promotes new innovation and technological development. US based companies such as Google LLC, Microsoft, Apple Inc. are continuously involved in developing and upgrading the existing technology.
Key Players
The key players in AR navigation companies are Google LLC (US), Apple Inc. (US), Microsoft (US), Neusoft Corporation (China), WayRay AG (Switzerland), FURUNO ELECTRIC CO., LTD. (Japan), ARway Corp. (Canada), Wiser Marine Technologies Ltd. (Canada), Mapbox (US), Treedis (Israel), ViewAR GmbH (Austria), Artisense GmbH (Kudan Germany GmbH.) (Germany), IndoorAtlas (Finland), Hyper (London), SITUM TECHNOLOGIES (Spain), Insider Navigation Inc (Austria), Wemap SAS (France), Resonai Inc. (Israel), Oriient New Media Ltd (Israel), Navigine (US), 22Miles (US), Sygic (Bratislava), Veo (Poland), HERE (Netherlands), and Esri (US).
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Technology
HandicapMD Expands Leading Telemedicine Services for Disabled Parking Permits in Florida
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MIAMI, Sept. 20, 2024 /PRNewswire/ — HandicapMD, the nation’s leading telemedicine platform for disabled parking permits, has launched its services for residents across Florida, marking another milestone in its nationwide expansion. HandicapMD has already helped thousands of patients navigate the complex process of obtaining disabled parking placards through secure online disabled permit evaluations by licensed physicians.
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Autonomous Mobile Robots (AMR) Market to cross $10 Billion TAM with around 500K AMRs shipment by 2030 – LogisticsIQ
Published
16 mins agoon
September 20, 2024By
NEW DELHI, Sept. 20, 2024 /PRNewswire/ — The global Autonomous Mobile Robots (AMRs) market is poised for significant growth, driven by increasing demand for automation across various sectors, including logistics, manufacturing, and healthcare. According to the latest market research by LogisticsIQ (5th Edition), Autonomous Mobile Robots (AMR) Market to cross $10 Billion TAM by 2030 with a CAGR of ~30% between 2024 and 2030. We expect the installed base of AMRs to reach 2 million units in 2030.
Download a Free Sample of our report on Autonomous Mobile Robots Market
Key Market Drivers
Increased Efficiency: Businesses are rapidly adopting AMRs to enhance operational efficiency, reduce labour costs, and streamline workflows.Labor Shortages: The ongoing labour shortages in various industries have accelerated the need for automated solutions, making AMRs a crucial investment for companies.Technological Advancements: Innovations in artificial intelligence (AI), machine learning, and sensor technology are making AMRs more capable and reliable.Growing E-Commerce: The rise of e-commerce has created a demand for efficient warehouse management solutions, further boosting the AMR market.
Regional Insights
North America leads the AMR market, accounting for the largest share due to the early adoption of automation technologies. Meanwhile, the Asia-Pacific region, especially China is expected to witness the fastest growth, fuelled by rapid industrialization and increasing investments in smart factories. US and China are going to contribute ~40% of this market by 2030.
Industry Applications
Autonomous mobile robots are being utilized in various applications, including:
Warehouse Automation: AMRs enhance inventory management and order fulfillment processes. This industry is expected to lead with more than 75% share by 2030.Manufacturing: Robots facilitate material handling and assembly line operations. Traditionally, it has been dominated by AGVs but are getting replaced by AMRs due to more flexibility and scalability features.Healthcare: AMRs assist in transporting medical supplies, improving patient care and operational efficiency. It is a niche market but high growing area to focus further.
Purchase the full report on the Autonomous Mobile Robots Market – Growth, Trends, and Forecast
Top Factors & Challenges in the Autonomous Mobile Robots Market
Top Factors Driving Growth
Increased Demand for Automation: Businesses across industries are increasingly seeking automation to enhance efficiency and reduce operational costs.Technological Advancements: Innovations in AI, machine learning, and sensor technologies improve the capabilities and reliability of AMRs, making them more attractive to businesses.Labor Shortages: Ongoing labour shortages, especially in sectors like logistics and manufacturing, are pushing companies to adopt AMRs to maintain productivity.Growth of E-Commerce: The surge in online shopping requires efficient warehouse and logistics solutions, driving the adoption of AMRs for inventory management and order fulfillment.Improved Safety Standards: AMRs can reduce workplace accidents by taking over hazardous tasks, leading to safer working environments.Customization and Scalability: Many AMR solutions offer customizable features that allow businesses to scale operations according to their specific needs.
Top Challenges
High Initial Costs: The upfront investment for AMRs can be substantial, which may deter smaller businesses from adoption.Integration with Existing Systems: Integrating AMRs into current operational workflows and legacy systems can be complex and resource-intensive.Regulatory Compliance: Navigating regulatory requirements and safety standards can pose challenges, especially in highly regulated industries.Limited Awareness and Understanding: Some businesses may lack knowledge about AMR technology and its potential benefits, hindering adoption.Technical Limitations: While technology is advancing, AMRs may still struggle with navigating complex environments or handling unexpected obstacles.Cybersecurity Concerns: As AMRs become more connected, they may be vulnerable to cybersecurity threats, requiring robust security measures.
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What will you get in this report?
500 Pages and 160+ Exhibits Market ReportRevenue and Shipment data segmented:By form factor (Deck-load, Tugger/Pull, Forklift)By Navigation (Tape/Wire/Magnet, Reflector, QR Codes, LiDAR, Camera, Sensor, Fusion)By Function (Goods to person (G2P), Person to Goods (P2G), Conveying, Piece picking, Towing, Pallet Handling)By Application (Manufacturing, Logistics and Warehousing, Shipping, Delivery, Cleaning, Security, Hospital, Retail)Detailed excel file with 150+ market tables (Revenue and Shipment) including forecast till 2030A bottom-up analysis of Autonomous Mobile Robots Market for 19 countries (United States, Canada, Germany, UK, France, Italy, Spain, Nordics, China, Japan, South Korea, Australia, India, Taiwan, Thailand, Malaysia, Singapore, Indonesia, Phillippines) in 5 regionsIn-depth analysis of 700 companies in the ecosystem with more than 160 company profiles.Focus Group Discussion with 100+ key industry stakeholders across the value chain to collect the first-hand information to validate our analysis. Stakeholders include components and technology providers, system integrators, robot manufacturers (OEM/ODM), robotic software & service providers, and end-user industry verticals. Apart this, study also focuses on different components and integral parts of Autonomous Mobile Robots like Motion Control, Batteries & Chargers, Cameras / Vision Sensor, LiDAR, Sensor Fusion, QR Code and Wireless Communication.2 Analyst Sessions to brainstorm furtherInvestment details excel file with 175+ M&A and ~1000 funding dealsLogisticsIQ™ Exclusive Market Map (700+ Players across more than 15 categories)
About LogisticsIQ
LogisticsIQ is a dedicated market research and advisory firm in Logistics & Supply Chain sector, empowering decision makers from top fortune 1000 companies, financial and research institutions, private equity and high potential start-ups with market insights to make better decisions. We enable this by analysing the right mix of the best data, the best research methodologies, and the best industry panel to deliver value to our clients.
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Autonomous Mobile Robots (AMR) Market to cross $10 Billion TAM with around 500K AMRs shipment by 2030 – LogisticsIQ
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