Anterix reported $6.4M in Q4 revenue and positive cash flow. The CPS Energy milestone and accelerator program closure set up the FY2027 revenue path for the 900MHz spectrum play.
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Anterix (ATEX) reported fiscal fourth-quarter earnings Wednesday after the close. The headline number was $6.4 million in revenue, up from $5.1 million a year earlier. Cash flow from operations turned positive at $3.2 million, compared with a $1.1 million burn in the same quarter last year. The company ended the quarter with $68 million in cash and no debt.
Management flagged two forward-looking items that matter more than the quarter itself.
The first is the CPS Energy contract. The CFO said on the call that Anterix expects to recognize $13 million in revenue from the utility in the fourth quarter of fiscal 2027. That is the largest single utility contract in company history. The revenue recognition is tied to a milestone in CPS Energy's network buildout. The timing puts the cash inflow roughly 18 months from the contract announcement, a longer path than some investors expected.
The second is the closure of the accelerator pricing program. That program offered discounted multi-year leases for early adopters. Anterix said it enrolled 17 utilities over its life. The closure removes the discount overhang from the revenue model. New contracts will now be priced at standard rates, which management described as a tailwind for average revenue per site.
The sector read-through centers on utility broadband adoption. Anterix's 900MHz spectrum is licensed exclusively for critical infrastructure, including electric, gas, and water utilities. The CPS Energy deal and the accelerator program show that the addressable market is moving from pilot to deployment. Equipment vendors like Motorola Solutions and system integrators that support private LTE networks will see increased procurement as utilities move past the planning stage.
What remains uncertain is the pace. The accelerator program closed with 17 customers. Anterix targets 200 utilities over the long term. The CPS Energy revenue lag suggests that even signed contracts take time to convert. Investors will focus on the new contract pipeline disclosed in the company's 10-K filing next month. If the post-accelerator pricing attracts new signings within the next two quarters, the revenue trajectory will become clearer.
Anterix shares rose 2.3% in after-hours trading following the call.
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