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Anterix Inc. Reports Third Quarter Fiscal Year 2024 Results

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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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Schematic Raises $4.8M in Funding For the Last Mile of Pricing and Packaging For SaaS Companies

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3 mins ago

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September 20, 2024

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Schematic is transforming pricing and packaging for B2B SaaS companies, allowing product and engineering teams to implement flexible models with minimal maintenance. By eliminating fragmented, homegrown systems, Schematic helps businesses adapt to modern buying preferences and maximize revenue. Now publicly available, the platform includes embeddable UI components and integrates deeply with Stripe. Backed by $4.8M in seed funding, Schematic offers a streamlined solution for managing the full pricing and packaging lifecycle.

BOULDER, Colo., Sept. 20, 2024 /PRNewswire-PRWeb/ — Schematic is transforming pricing and packaging for B2B SaaS companies by getting product and engineering teams out of billing projects. With just a few lines of code, businesses can implement pricing and packaging into any application, bridging the gap between outdated, inflexible billing tools and the demands of modern software businesses.

“Maintaining pricing and packaging has been messy for product and engineering teams. Tools exist for finance, but none bridge the gap to support feature fulfillment and user experience. Schematic fills that gap, offering control and transparency from rollout to revenue,” said Fynn Glover, CEO

The company announced today that it is now available to the public after a year in development with a select set of beta customers, and that it is launching Components – embeddable UI elements for purchasing experiences – and a deep integration with Stripe providing a full stack solution for pricing and packaging.

The current pricing and packaging landscape is dominated by fragmented systems and frankenstein implementations. Schematic surveyed 100s of product and engineering leaders and found that their homegrown systems and processes weren’t built for flexibility or to support modern buying preferences such as metering and modular packaging. Consistently, teams struggled to adequately resource pricing and packaging initiatives and, as a result, left significant money on the table.

“Historically, maintaining pricing and packaging for product and engineering teams has been a mess. The market has tools for finance teams in spades, but none that bridge the gap to the application to support feature fulfillment, the end user experience, and internal tools, so we end up building them from scratch. We built Schematic to address that gap, and our product allows businesses to handle the entire lifecycle of a feature from rollout to revenue, offering best-in-class control and transparency to end users out of the box,” said Fynn Glover, CEO of Schematic.

The company wants to eliminate the need for businesses to reinvent the wheel to support pricing and packaging in applications. Schematic offers the flexibility to launch, package, meter, and monitor features from one place, without the tax of architecting and maintaining homegrown systems.

Pricing and packaging sits within a $30B market that includes the tools to license, fulfill, and bill end customers. It faces significant challenges due to the consumerization of B2B SaaS that has led to evolving buying preferences and expectations, pressure on back office operations, and legacy tools that are difficult to implement, costly, and do not integrate well with modern tools and applications. This has led to fragmented, homegrown systems and processes that divert resources to maintain and delay growth initiatives.

Schematic believes that an integrated platform, rather than disconnected tools and processes, should support customers from purchase to feature delivery and the operators tasked with supporting them. The launch of Components extends Schematic’s value proposition with embeddable UI elements that deliver best-in-class purchasing experiences to SaaS customers.

Schematic’s co-founders Jasdeep Garcha, Benjamin Papillon, Giovanni Hobbins, and Fynn Glover are seasoned entrepreneurs with experience on many sides of this problem having most recently led Operations, Product, Growth, and Engineering functions at Automox, Twilio, and Relay Payments. They have previously built successful startups and bring their expertise to Schematic to address the evolving needs of B2B SaaS companies.

The company is launching with $4.8M in seed funding led by MHS Capital with participation from NextView Ventures, Active Capital, Atlanta Ventures, and the founders of LaunchDarkly, Salesloft, Salesforce Pardot, and Crowdstrike.

“The decision to back Schematic was easy, given the clear market need and the team’s proven track record. Schematic is poised for rapid growth by providing an integrated solution for SaaS pricing and packaging,” said Vijay Naggapan, partner with MHS Capital.

Schematic’s platform allows businesses to outsource pricing and packaging with a few lines of code, enabling them to quickly launch new packaging models, take the burden off of engineering almost entirely, and flexibly adjust their pricing and packaging to individual customer preferences. The product has been in beta for a year with customers ranging from early-stage startups to growth-stage scale-ups, all benefiting from the flexibility and control it provides.

“There should be a standard for how digital businesses operate pricing and packaging. Schematic provides that standard, eliminating fragmented systems that frustrate teams and slow down businesses,” said Fynn.

“Schematic has allowed us to manage entitlements and metering with ease, setting us up in just a few days,” said Daniel Chalef, CEO of Zep, an early-stage SaaS company that replaced manual processes with Schematic’s automation. By implementing Schematic Zep has adapted to customer demands for new offerings easily without major engineering investments.

Learn more about Schematic. The product is free for early stage businesses.

Media Contact

Jasdeep Garcha, Schematic, 1 9192158521, jasdeep@schematichq.com, https://schematichq.com/

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SOURCE Schematic

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Edifier Announces Opening of SoundStudio Showroom in New York

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3 mins ago

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September 20, 2024

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Edifier, a leading audio brand, is thrilled to introduce its cutting-edge audio products to the American market with a pop-up showroom, allowing customers to explore and experience the latest innovations in audio technology firsthand.

RICHMOND, BC, Sept. 20, 2024 /PRNewswire/ — Edifier, the renowned audio brand, is set to open its SOUNDSTUDIO pop-up showroom in New York City from September 21 to September 28, 2024. Located at 545 W 23rd St, New York, the event will showcase Edifier’s flagship products, offering attendees a unique opportunity to experience top-tier audio equipment.

Visitors will have a chance to explore a wide range of Edifier products, including Planar Magnetic Headphones (STAX SPIRIT S10, S5, S3), Earbuds (NeoDots, NeoBuds Pro 2), Over-ear Headphones (WH950NB, W830NB, W800BT Pro), Table Speakers (D32, D12, MP230), 2.0 Speakers (R1280DB, S1000W, S3000MKII), and the Q Series Speakers (QR65, QD35, QS30). This carefully curated lineup is designed to cater to different audio preferences, from high-fidelity listening to immersive soundscapes.

Edifier is hosting this event to highlight its audio products and further solidify its position as a leader in the American audio market, offering attendees the chance to engage with the brand, share their “Passion for Sound,” and be among the first to experience the brand’s innovative audio solutions.

The showroom will feature Edifier’s latest state-of-the-art speakers and headphones in a stylish studio space, allowing visitors to experience their performance and design in real-life settings. This immersive environment will enable the American public to appreciate Edifier’s meticulous attention to audio quality and design, while fostering a friendly atmosphere for social gatherings and hands-on testing of the Edifier audio range.

The event will include special appearances from NBA, NFL, and AFL stars, including Edifier W830NB ambassadors Jared McCain (Philadelphia 76ers) and Donte DiVincenzo (New York Knicks), Tyrod Taylor (New York Jets) and Tyler Nubin (New York Giants). Attendees will have the opportunity to see how Edifier’s W830NB headphones play a vital role in keeping these sports stars connected to their passion for sound.

Attendees will not only have the chance to experience Edifier’s cutting-edge products but will also be treated to exclusive giveaways. Prizes include W800BT Plus headphones, W320TN earbuds, MP100 Plus speakers, NeoBuds Pro 2, W830NB headphones, and the Comfo Run series.

Frank He, Marketing Director at Edifier, stated “Edifier are delighted to be holding this event in New York. The event is crucial for showcasing the company’s leading products and innovative technology. The presence of the AFL, NFL and NBA stars discussing their use of the Edifier W830NB headphones reinforces Edifier’s status as a top contender in the consumer audio market.”

There are many surprises to explore throughout the week! Don’t miss out on this unique opportunity to meet your favorite athletes and experience EDIFIER’s cutting-edge audio technology firsthand. More highlights and sidelights will be detailed on the Edifier global Instagram account (@edifier_global).

Full Event Schedule:

Sep 21st: Kick off the week with our Grand Opening, featuring electrifying beats by DJ Leisan Valieva.Sept 22nd: Get close with Tyrod Taylor of the New York Jets at an exclusive Meet and Greet.Sept 23rd: Get close with Tyler Nubin of the New York Giants at an exclusive Meet and Greet.Sept 24th: Join us for an incredible appearance with Jared McCain of the 76ers and Donte DiVincenzo of the New York Knicks!

About Edifier:

Edifier specializes in the design and manufacture of premium audio solutions that showcase technological innovation and design excellence. Founded in 1996 and headquartered in Beijing, China, Edifier delivers outstanding sound experience through a wide range of audio systems for personal entertainment and professional use. Renowned for its award-winning design philosophy, expertise and innovation in acoustic technology, and superior manufacturing standards, Edifier is one of today’s leading innovators of audio electronics.  

More information about Edifier is available online at www.edifier.com/global

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Volar Air Mobility and Exim Finance Partner to Pioneer Green Financing Solutions for Sustainable Aviation

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September 20, 2024

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MONTREAL, Sept. 20, 2024 /PRNewswire/ — Volar Air Mobility has formed a strategic partnership with Exim Finance to accelerate the commercialization of electric aircraft. This collaboration, formalized by a Memorandum of Understanding (MoU), focuses on developing innovative green financing solutions to support sustainable aviation globally.

The partnership centers around Volar’s RX-series Electric Aircraft, including the RX4E, the world’s first four-seater electric plane expected to receive commercial approval. Together, Volar and Exim Finance will create financial models that include green financing options and carbon credit offsets, making eco-friendly aircraft more accessible.

Key highlights of the collaboration include:

Development of sustainable financing models for RX-series Electric Aircraft.Introduction of carbon credit offsets to promote green aviation.Broadening access to electric aircraft in emerging markets.Aligning with global decarbonization goals like the UAE’s Net Zero by 2050.

Revolutionizing Air Mobility, Driving Innovation and Sustainability

Volar Air Mobility sets itself apart with an aircraft-agnostic technology platform, allowing it to integrate a variety of sustainable aircraft. The RX4E, a fully electric four-seater, is leading the charge toward a greener aviation future. Volar’s focus is on making electric air travel affordable and accessible in developing regions, supporting environmental goals while boosting local economies. By collaborating with Volar, Exim Finance is breaking new ground in green aviation. Exim Finance offers a range of financial services across Asia, Africa, Europe, and North America.

Industry Leaders Comment on the Partnership

Mr. Salah Ibrahim Al Nasser, Chairman of Exim Finance, commented: “We are honored to be part of this significant initiative aimed at transforming the future of aviation through sustainable practices. As a financial institution committed to supporting innovation and environmental responsibility, EXIM Finance recognizes the critical importance of green aviation in reducing the industry’s carbon footprint. By partnering with key stakeholders, this Memorandum of Understanding represents a major step forward in creating a more sustainable aviation ecosystem.”

Mr. Henry Hooi, Chairman of Volar Air Mobility Holding Company Limited, added: “Volar Air Mobility is honored to be working with EXIM Finance on a pioneering initiative to develop a series of green financing solutions to enable green aviation. The opportunity is to co-develop pioneering solutions in UAE to enable broader adoption of green aviation globally, thus contributing meaningful environmental impacts and fulfilling the aspirations of many, including those outlined in the UAE Net Zero by 2050.”

Mr. Saif Aldarmaki, Founding Partner of Volar Air Mobility Industries, stated: “This partnership reflects our shared commitment to revolutionizing the green aviation sector. By working with Exim Finance, we are taking a bold step forward in realizing the promise of electric aviation and supporting the global transition to sustainable technologies.”

Mr. Anwar Hussein, Managing Partner and Co-founder of Volar Air Mobility Industries, emphasized the collaboration’s significance, stating: “With this MoU, we are laying the groundwork for the future of green aviation financing. Our combined expertise will allow us to create financing structures that support early adopters of electric aircraft and help expand the global market for eco-friendly aviation solutions.”

About Volar Air Mobility

Volar Air Mobility is a green air mobility technology company focused on the commercialization of electric aircraft worldwide. The company holds exclusive commercialization rights for the RX-series Electric Aircraft, developed by the Liaoning General Aviation Academy (LGAA), and is dedicated to fostering sustainable aviation technologies that contribute to a greener future.

About Exim Finance

Exim Finance provides investment, corporate, and commercial banking solutions across several continents, helping drive growth through innovative financial solutions. With a strong global presence, Exim Finance leverages a diverse team whose extensive connections with Export Banks and Credit Insurance providers enable them to deliver tailored financial solutions that empower clients’ success.

For more information, visit www.volarairmobility.com and www.eximfinance.ae.

Media Contact:
Miss Wyam Amiri
Inovartic Investment
Abu Dhabi, UAE
Email: 383409@email4pr.com 
Phone: +971561090758

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SOURCE Volar Air Mobility

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