Anterix Inc. is the utility industry’s partner that empowers enhanced visibility, control and security for a modern grid through private wireless broadband connectivity. The company’s vision is to deliver secure, scalable solutions enabled by its licensed 900 MHz spectrum for the benefit of utilities and the communities they serve. As the largest holder of licensed spectrum in the 900 MHz band throughout the contiguous United States, plus Hawaii, Alaska and Puerto Rico, Anterix is uniquely positioned to provide private broadband networks that support resilient, customer‑controlled operations. Its core activity involves converting nationwide narrowband holdings into valuable broadband spectrum and then offering long‑term leases or sales of that spectrum to enable utilities and critical‑infrastructure customers to deploy private LTE networks that can evolve with their business needs.

Anterix generates revenue principally from the sale and lease of its 900 MHz broadband spectrum to utility and critical‑infrastructure customers. Revenue streams consist of upfront and milestone payments received under long‑term lease agreements, such as the 30‑year Ameren contracts that have generated $44.0 million in milestone payments and a total scheduled prepayment of $47.7 million, the 20‑year Evergy agreement that yielded a $30.2 million prepayment, the 20‑year Xcel Energy deal with $80.0 million in scheduled prepayments of which $8.0 million, $21.2 million, $21.2 million and $16.8 million have been received to date, and the 20‑year TECO agreement that includes $34.5 million in scheduled prepayments with $6.9 million already collected. In addition, the company realizes proceeds from outright spectrum sales, exemplified by the $102.5 million agreement with Oncor, the $13.5 million LCRA expansion agreement and the $50.0 million SDG&E transaction. Gains on the disposition of intangible assets, such as the $18.3 million gain from transferring four broadband licenses to Oncor and the $22.8 million gain from exchanging narrowband for broadband licenses in 67 counties, also contribute to revenue. Furthermore, Anterix earns income from spectrum‑related services and from the conversion of narrowband to broadband licenses, which creates additional gains as licences are granted.

The company operates through the following segments:

• Single Operating Segment: The company manages its business as a single operating and reportable segment, with all assets located in the United States and no revenue generated from outside the country.

Anterix occupies a distinctive position in the wireless communications industry as the nation’s largest holder of licensed 900 MHz spectrum, controlling more than half of the band across the United States. This extensive footprint gives it a competitive edge over national carriers such as Verizon, AT&T, T‑Mobile and EchoStar, as well as specialized spectrum holders and the FirstNet public‑safety network that also target the utility and public‑safety markets. Advantages stem from the company’s ability to re‑allocate spectrum from narrowband to broadband use, its long‑standing relationships with major utilities that facilitate lease and sale negotiations, and its expertise in clearing incumbents to meet the FCC’s broadband eligibility requirements. Furthermore, Anterix’s ongoing work with federal and state agencies to promote the benefits of private wireless broadband strengthens its influence over regulatory outcomes that affect the adoption of its solutions.

Anterix serves a customer base composed principally of electric utilities and other critical‑infrastructure operators. Notable customers identified in the filing include Ameren Corporation, Oncor Electric Delivery Company LLC, Lower Colorado River Authority, Xcel Energy Services Inc., Tampa Electric Company, San Diego Gas & Electric, Evergy Services Inc., and the dozens of utilities participating in the Utilities Broadband Alliance, which counts 38 electric utilities and subsidiaries among its over 100 members. The company also works with the Anterix Active Ecosystem, encompassing more than 125 innovative technology companies that provide deployment and application solutions for private broadband. Beyond the electric sector, Anterix has identified potential demand from ports, railroads, water, oil and gas and mining operations, though current revenue is concentrated among utility customers who collectively serve millions of end‑users across the country.