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Is Anterix (ATEX) Quietly Reframing Its Connectivity Moat With New 900 MHz FCC Flexibility?

Simply Wall St · 1d ago
  • In Q2 2026, Gabelli Investment Management highlighted Anterix Inc. in its Global Content & Connectivity Fund letter after the FCC approved expanded broadband use in the 900 MHz band and granted the company an experimental license to test satellite direct-to-device communications.
  • These FCC decisions materially broaden Anterix’s potential network applications for critical infrastructure customers, potentially reshaping how its 900 MHz spectrum can be used across both terrestrial and satellite connectivity.
  • We’ll now explore how the FCC’s approval to expand 900 MHz broadband usage may influence Anterix’s existing investment narrative and long-term positioning.

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Anterix Investment Narrative Recap

To own Anterix, you have to believe that private 900 MHz broadband will become core infrastructure for utilities, and that the company can steadily convert its spectrum into long term contracts and cash flows. The recent FCC move to expand broadband use and allow satellite testing directly targets that thesis, potentially reinforcing the key near term catalyst of new utility deals while partially easing, but not removing, the central regulatory and spectrum clearing risk.

Among recent developments, Anterix’s Q4 FY2026 results showed US$90.64 million of net income on just US$6.5 million of sales, highlighting how much of today’s profitability still comes from noncash spectrum related gains. In the context of the FCC’s expanded 900 MHz broadband decision, that reliance underscores why future monetization, contract timing and clearing costs remain at the heart of both the upside case and the main risk around the durability of those earnings.

Yet against that upside, investors should also be aware of how heavily current results rely on noncash spectrum gains and what happens if those begin to...

Read the full narrative on Anterix (it's free!)

Anterix's narrative projects $6.9 million revenue and $935.0 thousand earnings by 2028. This requires 5.3% yearly revenue growth and a $94.7 million earnings decrease from $95.6 million today.

Uncover how Anterix's forecasts yield a $55.33 fair value, a 36% downside to its current price.

Exploring Other Perspectives

ATEX 1-Year Stock Price Chart
ATEX 1-Year Stock Price Chart

Some of the most optimistic analysts were already assuming revenue of about US$7.5 million and earnings of roughly US$1.0 million by 2028, which makes their thesis far more aggressive than consensus and could be further tested or reshaped by the FCC’s spectrum expansion and the heavy reliance on future spectrum monetization you have just read about.

Explore 3 other fair value estimates on Anterix - why the stock might be worth as much as 30% more than the current price!

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.