Anterix (ATEX) J.P. Morgan 54th Annual Global Technology, Media and Communications Conference summary

Strategic priorities and business outlook

• Focused on executing spectrum contracts, monetizing a 10 MHz asset, and expanding product offerings to drive recurring revenue.

• Exploring new uses for spectrum, including direct-to-device satellite connectivity through a partnership with Lynk Global, enabled by recent FCC experimental license approval.

• FCC's Report and Order granted significant flexibility, moving the spectrum to 'flexible use' and opening satellite opportunities without restrictive build-out requirements.

• Asset valuation for the 10 MHz spectrum is benchmarked between $2.5 billion and $7 billion, based on comparable auction and private market transactions.

• Current contracts price spectrum at $1.70 per MHz-POP, significantly above the current trading value, indicating substantial upside.

Spectrum clearing, product development, and optionality

• Approximately 90% of counties are cleared for 3 MHz by 3 MHz, and about 40% for 5 MHz by 5 MHz, with strong margins expected as clearing progresses.

• Details on clearing costs are withheld to maintain negotiation leverage, but management is confident in achieving healthy margins.

• The Lynk Global partnership is testing direct satellite-to-device connectivity across various enterprise devices and geographies, with commercial discussions and product development underway.

• Experimental testing is expected to yield results within a few months, potentially leading to commercial offerings and further regulatory engagement.

• Management emphasizes optionality, remaining open to partnerships, new use cases, and potential spectrum sales to maximize shareholder value.

Sales momentum, competitive landscape, and valuation

• Recent acceleration in contract signings attributed to regulatory approvals, proof points from existing deployments, and solutions to previous friction points such as tower access and SIM management.

• Utilities increasingly recognize the need for private, secure broadband networks due to industry trends like data center growth and distributed energy.

• Competitive threats include other spectrum holders and technologies, but management believes their offering is differentiated by reliability and ownership benefits.

• Share price has more than doubled in recent months, driven by spectrum expansion, contract wins, and cost management, but still trades at a significant discount to asset value.

• Focus remains on increasing recurring revenue and communicating the underlying asset value to close the valuation gap.