Jerome Darling's questions to Anterix Inc (ATEX) leadership • Q3 2025
Question
Jerome Darling of JPMorgan Chase & Co. asked for the CapEx outlook for the fourth quarter and fiscal year 2026, following the announcement of significant cost controls. He also asked how investors should think about the total value of the deal pipeline if the 5x5 spectrum expansion is approved, questioning if it could exceed the previously guided $3 billion from 60+ customers.
Answer
CFO Timothy Gray projected clearing-related CapEx to be around $5 million for the current quarter (Q4) and in the $15 million to $20 million range for fiscal year 2026. President and CEO Scott Lang responded that while the 5x5 expansion makes the total addressable market 'larger,' he was not prepared to give a new specific number for the pipeline's value. He emphasized that the company has significant room to be aggressive to capture this value. COO Ryan Gerbrandt added that the strong, immediate interest in their new industry initiative confirms the high level of pent-up demand from utilities.