Anterix (ATEX) 10-Q 13 Nov 24 2024 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Sep. 30, 2024	Nov. 08, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Entity File Number	001-36827
Entity Registrant Name	Anterix Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	33-0745043
Entity Address, Address Line One	3 Garret Mountain Plaza
Entity Address, Address Line Two	Suite 401
Entity Address, City or Town	Woodland Park
Entity Address, State or Province	NJ
Entity Address, Postal Zip Code	07424
City Area Code	973
Local Phone Number	771-0300
Title of 12(b) Security	Common Stock, $0.0001 par value
Trading Symbol	ATEX
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		18,618,271
Entity Central Index Key	0001304492
Current Fiscal Year End Date	--03-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Amendment Flag	false

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2024	Mar. 31, 2024
Current assets
Cash and cash equivalents	$ 43,129	$ 60,578
Spectrum receivable	12,063	8,521
Prepaid expenses and other current assets	1,582	3,912
Total current assets	56,774	73,011
Escrow deposits	7,608	7,546
Property and equipment, net	1,726	2,062
Right of use assets, net	4,987	4,432
Intangible assets	221,863	216,743
Deferred broadband costs	23,759	19,772
Other assets	520	1,328
Total assets	317,237	324,894
Current liabilities
Accounts payable and accrued expenses	7,086	8,631
Operating lease liabilities	1,806	1,850
Contingent liability	1,000	1,000
Deferred revenue	5,915	6,470
Total current liabilities	15,807	17,951
Operating lease liabilities	3,845	3,446
Contingent liability	25,000	15,000
Deferred revenue	120,712	115,742
Deferred gain on sale of intangible assets	4,911	4,911
Deferred income tax	7,670	6,281
Other liabilities	229	531
Total liabilities	178,174	163,862
Commitments and contingencies
Stockholders’ equity
Preferred stock, $0.0001 par value per share, 10,000,000 shares authorized and no shares outstanding at September 30, 2024 and March 31, 2024	0	0
Common stock, $0.0001 par value per share, 100,000,000 shares authorized and 18,618,271 shares issued and outstanding at September 30, 2024 and 18,452,892 shares issued and outstanding at March 31, 2024	2	2
Additional paid-in capital	541,551	533,203
Accumulated deficit	(402,490)	(372,173)
Total stockholders’ equity	139,063	161,032
Total liabilities and stockholders’ equity	$ 317,237	$ 324,894

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2024	Mar. 31, 2024
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	100,000,000	100,000,000
Common stock, shares issued (in shares)	18,618,271	18,452,892
Common stock, shares outstanding (in shares)	18,618,271	18,452,892

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Statement [Abstract]
Spectrum revenue	$ 1,551	$ 1,052	$ 3,076	$ 1,660
Operating expenses
General and administrative	11,397	11,905	24,248	23,578
Sales and support	1,357	1,310	3,207	2,585
Product development	1,776	1,147	3,526	2,216
Depreciation and amortization	151	209	330	455
Operating expenses	14,681	14,571	31,311	28,834
Gain on disposal of intangible assets, net	0	(8,513)	(93)	(19,298)
Gain on sale of intangible assets, net	0	(7,332)	0	(7,332)
Loss from disposal of long-lived assets, net	0	67	0	36
(Loss) gain from operations	(13,130)	2,259	(28,142)	(580)
Interest income	585	396	1,279	782
Other income	9	63	25	158
(Loss) income before income taxes	(12,536)	2,718	(26,838)	360
Income tax expense	230	645	1,452	405
Net (loss) income	$ (12,766)	$ 2,073	$ (28,290)	$ (45)
Net (loss) income per common share basic (in dollars per share)	$ (0.69)	$ 0.11	$ (1.53)	$ 0
Net (loss) income per common share diluted (in dollars per share)	$ (0.69)	$ 0.11	$ (1.53)	$ 0
Weighted-average common shares used to compute basic net (loss) income per share (in shares)	18,586,075	18,921,126	18,531,169	18,935,929
Weighted-average common shares used to compute diluted net (loss) income per share (in shares)	18,586,075	19,109,394	18,531,169	18,935,929

Consolidated Statements of Stoc

Consolidated Statements of Stockholders’ Equity - USD ($) shares in Thousands, $ in Thousands	Total	Common ‎stock	Additional ‎paid-in ‎capital	Accumulated ‎deficit
Beginning balance (in shares) at Mar. 31, 2023		18,922
Beginning balance at Mar. 31, 2023	$ 179,793	$ 2	$ 518,160	$ (338,369)
Stock compensation expense	8,103		8,103
Restricted shares issued (in shares)		210
Stock option exercises	7		7
Shares withheld for taxes (in shares)		(31)
Shares withheld for taxes	(1,022)		(1,022)
Retirement of common stock (in shares)		(333)
Retirement of common stock	(10,735)			(10,735)
Net income (loss)	(45)			(45)
Ending balance (in shares) at Sep. 30, 2023		18,768
Ending balance at Sep. 30, 2023	176,101	$ 2	525,248	(349,149)
Beginning balance (in shares) at Jun. 30, 2023		19,047
Beginning balance at Jun. 30, 2023	181,195	$ 2	521,680	(340,487)
Stock compensation expense	3,838		3,838
Restricted shares issued (in shares)		62
Shares withheld for taxes (in shares)		(8)
Shares withheld for taxes	(270)		(270)
Retirement of common stock (in shares)		(333)
Retirement of common stock	(10,735)			(10,735)
Net income (loss)	2,073			2,073
Ending balance (in shares) at Sep. 30, 2023		18,768
Ending balance at Sep. 30, 2023	176,101	$ 2	525,248	(349,149)
Beginning balance (in shares) at Mar. 31, 2024		18,453
Beginning balance at Mar. 31, 2024	161,032	$ 2	533,203	(372,173)
Stock compensation expense	7,754		7,754
Restricted shares issued (in shares)		169
Stock option exercises (in shares)		96
Stock option exercises	1,960		1,960
Shares withheld for taxes (in shares)		(37)
Shares withheld for taxes	(1,366)		(1,366)
Retirement of common stock (in shares)		(63)
Retirement of common stock	(2,027)			(2,027)
Net income (loss)	(28,290)			(28,290)
Ending balance (in shares) at Sep. 30, 2024		18,618
Ending balance at Sep. 30, 2024	139,063	$ 2	541,551	(402,490)
Beginning balance (in shares) at Jun. 30, 2024		18,581
Beginning balance at Jun. 30, 2024	148,783	$ 2	538,505	(389,724)
Stock compensation expense	3,408		3,408
Restricted shares issued (in shares)		40
Stock option exercises (in shares)		15
Stock option exercises	343		343
Shares withheld for taxes (in shares)		(18)
Shares withheld for taxes	(705)		(705)
Net income (loss)	(12,766)			(12,766)
Ending balance (in shares) at Sep. 30, 2024		18,618
Ending balance at Sep. 30, 2024	$ 139,063	$ 2	$ 541,551	$ (402,490)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (28,290)	$ (45)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities
Depreciation and amortization	330	455
Stock compensation expense	7,754	8,103
Deferred income taxes	1,389	373
Right of use assets	832	545
Gain on disposal of intangible assets, net	(93)	(19,298)
Gain on sale of intangible assets, net	0	(7,332)
Loss from disposal of long-lived assets, net	0	36
Changes in operating assets and liabilities
Prepaid expenses and other assets	1,525	788
Accounts payable and accrued expenses	(1,537)	374
Due to related parties	0	(533)
Operating lease liabilities	(1,032)	(759)
Contingent liability	10,000	0
Deferred revenue	4,415	19,506
Other liabilities	(302)	0
Net cash (used in) provided by operating activities	(5,009)	2,213
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of intangible assets, including refundable deposits, retuning costs and swaps	(10,904)	(10,077)
Proceeds from sale of spectrum	0	25,178
Purchases of equipment	(41)	(212)
Net cash (used in) provided by investing activities	(10,945)	14,889
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from stock option exercises	1,960	7
Repurchases of common stock	(2,027)	(10,735)
Payments of withholding tax on net issuance of restricted stock	(1,366)	(1,022)
Net cash used in financing activities	(1,433)	(11,750)
Net change in cash and cash equivalents and restricted cash	(17,387)	5,352
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH
Cash and cash equivalents and restricted cash at beginning of the period	68,124	43,182
Cash and cash equivalents and restricted cash at end of the period	50,737	48,534
Cash paid during the period:
Taxes paid	885	1
Operating leases paid	1,199	1,152
Non-cash investing activity:
Network equipment provided in exchange for wireless licenses	47	568
Deferred gain on sale of intangible assets	0	4,889
Derecognition of contingent liability related to sale of intangible assets	0	18,840
Right of use assets new leases	290	106
Right of use assets modifications and renewals	$ 1,097	$ 55

Consolidated Statements of Ca_2

Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Mar. 31, 2023
Statement of Cash Flows [Abstract]
Cash and cash equivalents	$ 43,129	$ 60,578	$ 48,534	$ 43,182
Escrow deposits	7,608	7,546	0	0
Total cash and cash equivalents and restricted cash	$ 50,737	$ 68,124	$ 48,534	$ 43,182

Nature of Operations and Basis

Nature of Operations and Basis of Presentation	6 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Nature of Operations and Basis of Presentation	Nature of Operations and Basis of Presentation Anterix Inc (the “Company”) is the utility industry’s partner, empowering enhanced visibility, control and security for a modern grid. The Company’s vision is to deliver secure, scalable solutions enabled by private wireless broadband connectivity, for the benefit of utilities and the communities that they serve. As the largest holder of licensed spectrum in the 900 MHz band (896-901/935-940 MHz) throughout the contiguous United States, plus Hawaii, Alaska and Puerto Rico, the Company is uniquely positioned to deliver solutions that support secure, resilient and customer-controlled operations. The Company is focused on commercializing its spectrum assets and expanding the benefits and solutions it offers to enable the Company’s targeted utility and critical infrastructure customers to deploy private broadband networks. Business Developments In June 2024, the Company entered into a license purchase agreement with Oncor Electric Delivery Company LLC (“Oncor”) for total estimated consideration of $102.5 million under which Oncor will purchase 900 MHz spectrum licenses covering 95 counties to deploy a private wireless broadband network in its transmission and distribution service area (the “Oncor Agreement”).The total payment of $102.5 million comprises an initial payment of $10.0 million received in June 2024 and remaining payments that are due to the Company for each county, at closing. The timing and rights to milestone payments could vary as 900 MHz broadband licenses are granted by the FCC, broadband licenses are assigned to Oncor and incumbents are cleared by the Company. Oncor operates more than 143,000 circuit miles of transmission and distribution lines in Texas, delivering electricity to more than four million homes and businesses across a service territory that has an estimated population of approximately 13 million people. See Note 10 Contingencies and Guaranty for further discussion on the Oncor Agreement. Basis of Presentation and Use of Estimates The consolidated financial statements and accompanying notes are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information. Pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”), certain information and footnote disclosures normally included in annual consolidated financial statements prepared in accordance with U.S. GAAP have been condensed or omitted, these unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes in the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2024, filed with the SEC on June 26, 2024 (the “2024 Annual Report”). In the Company’s opinion all normal and recurring adjustments considered necessary for a fair presentation of the financial position, results of operations and cash flows for the periods presented have been included. The Company believes that the disclosures made in the unaudited consolidated interim financial statements are adequate to make the information not misleading. The results of operations for the interim periods presented are not necessarily indicative of the results for the year. The Company is also required to make certain estimates and assumptions that affect the reported amounts. These estimates and assumptions are reviewed periodically, and the effects of revisions are reflected in the financial statements in the applicable period. Accordingly, actual results could materially differ from those estimates. The accompanying consolidated financial statements include the accounts of the Company and its subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation.

Revenue

Revenue	6 Months Ended
	Sep. 30, 2024
Revenue from Contract with Customer [Abstract]
Revenue	Revenue The following table provides information regarding the Company’s revenue for each of the services it provides pursuant to its spectrum revenue agreements for the three and six months ended September 30, 2024 and 2023 (in thousands): Three months ended September 30, Six months ended September 30, 2024 2023 2024 2023 Spectrum revenue 900 MHz Broadband Spectrum Revenue Ameren Corporation $ 182 $ 152 $ 338 $ 304 Evergy 385 274 771 548 Xcel Energy (1) 802 444 1,603 444 Narrowband Spectrum Revenue Motorola 182 182 364 364 Total spectrum revenue (2) $ 1,551 $ 1,052 $ 3,076 $ 1,660 1. The Company commenced revenue recognition in connection with the delivery of cleared 900 MHz Broadband Spectrum and the associated broadband leases to Xcel Energy in September 2023. 2. Revenue recognized during the three and six months ended September 30, 2024 and 2023 was included in deferred revenue at the beginning of the respective periods. Spectrum Revenue Agreements Refer to the Company’s 2024 Annual Report for a description of the Company’s spectrum revenue agreements entered into prior to March 31, 2024. Capitalized Contract Costs The Company capitalizes incremental costs associated with obtaining a spectrum revenue agreement with a customer, which generally includes sales commissions. The Company’s capitalized contract costs consisted of the following activity during the three and six months ended September 30, 2024 and 2023 (in thousands): Three months ended September 30, Six months ended September 30, 2024 2023 2024 2023 Balance at the beginning of the period $ 1,023 $ 888 $ 1,027 $ 870 Additions 90 5 116 33 Amortization (11) (9) (41) (19) Balance at the end of the period 1,102 884 1,102 884 Less amount classified as current assets (1) (676) (423) (676) (423) Noncurrent assets (1) $ 426 $ 461 $ 426 $ 461 1. Current assets are recorded as prepaid expenses and other current assets and noncurrent assets are recorded as other assets on the Company’s Consolidated Balance Sheets. Contract Liabilities Contract liabilities primarily relate to advanced consideration received from customers in connection with spectrum revenue agreements, for which revenue is recognized over the term of each delivered broadband lease. The Company’s contract liabilities consisted of the following activity during the three and six months ended September 30, 2024 and 2023 (in thousands): Three months ended September 30, Six months ended September 30, 2024 2023 2024 2023 Balance at the beginning of the period $ 120,687 $ 60,151 $ 122,212 $ 60,759 Net additions (1) 7,491 21,166 7,491 21,166 Revenue recognized (1,551) (1,052) (3,076) (1,660) Balance at the end of the period 126,627 80,265 126,627 80,265 Less amount classified as current liabilities (2) (5,915) (5,281) (5,915) (5,281) Noncurrent liabilities (2) $ 120,712 $ 74,984 $ 120,712 $ 74,984 1. Represents milestone payments received from customer contracts pursuant to the terms of the associated spectrum revenue agreements, net of delivery delay adjustments. 2. Current liabilities and noncurrent liabilities are recorded as deferred revenue on the Company’s Consolidated Balance Sheets. Remaining Performance Obligations Revenue allocated to remaining performance obligations of the Company’s contracts represent contracted revenue that will be recognized in future periods. Total performance obligations include deferred revenue (i.e., contract liabilities) as well as amounts that will be invoiced and recognized in future periods. Revenue allocated to remaining performance obligations was $184.3 million as of September 30, 2024, which will be recognized over the remaining contract terms up to 30 years.

Escrow Deposits

Escrow Deposits	6 Months Ended
	Sep. 30, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Escrow Deposits	Escrow Deposits Escrow deposits are considered restricted cash as the deposits are restricted from use until the terms of the escrow agreement are met. Escrow deposits are classified as current assets on the Company’s Consolidated Balance Sheets. In connection with the Lower Colorado River Authority Agreement (the “LCRA Agreement”), the Company and Lower Colorado River Authority (“LCRA”) entered into an escrow agreement. Pursuant to the escrow agreement, the escrow funds shall be held and invested in a money market deposit account. All interest and other income earned shall be allocated to the Company, payable with the final distribution of the escrow funds. The escrow funds shall be distributed upon written request by both the Company and LCRA pursuant to the terms within the LCRA Agreement. In December 2023, the Company received $15.0 million, of which $7.5 million was deposited in an escrow account. As of September 30, 2024, the Company’s escrow deposit balance on the Consolidated Balance Sheets is $7.6 million.

Intangible Assets

Intangible Assets	6 Months Ended
	Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets	Intangible Assets Wireless licenses are considered indefinite-lived intangible assets. Indefinite-lived intangible assets are not subject to amortization but instead are tested for impairment annually, or more frequently if an event indicates that the asset might be impaired. There were no impairment charges related to the Company’s indefinite-lived intangible assets during the three and six months ended September 30, 2024 and 2023. Intangible assets consist of the following activity for the six months ended September 30, 2024 and 2023 (in thousands): 2024 2023 Balance at the beginning of period $ 216,743 $ 202,044 Acquisitions and transfers 5,027 8,022 Sale of intangible assets — (31,798) Exchanges - licenses received 126 24,146 Exchanges - licenses surrendered (33) (4,848) Balance at the end of period $ 221,863 $ 197,566 Purchases of intangible assets, including refundable deposits, retuning costs and swaps During the six months ended September 30, 2024 and 2023, the Company entered into agreements with several third parties in multiple U.S. markets to acquire, retune or swap wireless licenses for cash consideration (“deals”) and made Anti-Windfall Payments to the US Treasury Department. The initial deposits to incumbents are recorded as spectrum receivable on the Company’s Consolidated Balance Sheets and are refundable if the FCC does not approve the sale, retuning or swap of the spectrum. The initial deposits are transferred to deferred broadband cost or intangible assets in the Company’s Consolidated Balance Sheets, as applicable, upon meeting the relevant deal milestones. The final payments related to closed retuning or swap deals are recorded as deferred broadband costs on the Company’s Consolidated Balance Sheets. The final payments for license purchases or Anti-Windfall Payments are recorded as intangible assets on the Company’s Consolidated Balance Sheets. Broadband License Exchanges During the six months ended September 30, 2024, the Company was granted by the FCC, a broadband license for 1 county. The Company recorded the new broadband license at its estimated accounting cost basis of approximately $0.1 million. In connection with receiving the broadband license, the Company disposed of a de minimis amount related to the value ascribed to the narrowband license it relinquished to the FCC for the same 1 county. The total carrying value of the narrowband license included the cost to acquire the original narrowband license, Anti-Windfall Payments paid to cover the shortfall in this county and the clearing costs. The Company did not have any exchanges for the three months ended September 30, 2024. The Company recorded a gain on disposal of intangible assets of $0.1 million for the six months ended September 30, 2024. During the six months ended September 30, 2023, the Company was granted by the FCC, broadband licenses for 14 counties. The Company recorded the new broadband licenses at their estimated accounting cost basis of approximately $24.1 million . In connection with receiving the broadband licenses, the Company disposed of $4.8 million , related to the value ascribed to the narrowband licenses it relinquished to the FCC for the same 14 counties. The total carrying value of narrowband licenses included the cost to acquire the original narrowband licenses, Anti-Windfall Payments paid to cover the shortfall in each county and the clearing costs. As a result of the exchange of narrowband licenses for broadband licenses, the Company recorded a gain on disposal of intangible assets of $8.5 million and $19.3 million for the three and six months ended September 30, 2023, respectively. Broadband License Sale During the quarter ended September 30, 2023, the Company transferred to SDG&E the San Diego County broadband license for total cumulative payments of $44.0 million net of delivery delay adjustments of $1.1 million. As a result, the Company recognized a reduction in intangible assets of $31.8 million and recorded a $7.3 million gain on sale of intangible assets on the Company’s Consolidated Statements of Operations. As part of the SDG&E Agreement, SDG&E has an option to pursue additional spectrum with the Company. In accordance with ASC 606, the Company recorded a $4.9 million deferred gain on sale of intangible assets on the Company’s Consolidated Balance Sheets as of September 30, 2024, related to this option, which expires in September 2028.

Related Party Transactions

Related Party Transactions	6 Months Ended
	Sep. 30, 2024
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Refer to the Company’s 2024 Annual Report for a more complete description of the nature of its related party transactions prior to March 31, 2024. During the three and six months ended September 30, 2024 and 2023, the Company did not have any related party transactions.

Leases

Leases	6 Months Ended
	Sep. 30, 2024
Leases [Abstract]
Leases	Leases All the leases in which the Company is the lessee comprised corporate office space and tower space. The Company is obligated under certain lease agreements for office space with lease terms expiring on various dates from October 31, 2024 through January 31, 2029, which includes lease extensions for its corporate headquarters ranging from three Substantially all of the Company’s leases are classified as operating leases. Operating lease agreements are required to be recognized on the Company’s Consolidated Balance Sheets as right of use (“ROU”) assets and corresponding lease liabilities. ROU assets include any prepaid lease payments and exclude any lease incentives and initial direct costs incurred. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. The lease terms may include options to extend or terminate the lease if it is reasonably certain that the Company will exercise that option. Weighted-average remaining lease term and incremental borrowing rate for the Company’s operating leases are as follows: Six months ended September 30, 2024 2023 Weighted average term - operating lease liabilities 3.55 years 2.65 years Weighted average incremental borrowing rate - operating lease liabilities 9% 12% The following table presents total lease cost for the three and six months ended September 30, 2024 and 2023 (in thousands): Three months ended September 30, Six months ended September 30, 2024 2023 2024 2023 Lease cost Operating lease cost $ 485 $ 471 $ 986 $ 978 Short term lease cost — — — — Total lease cost* $ 485 $ 471 $ 986 $ 978 * Total lease cost is included in general and administrative expenses on the Company’s Consolidated Statements of Operations. The following table presents supplemental balance sheet information as of September 30, 2024 and March 31, 2024 (in thousands): September 30, 2024 March 31, 2024 Non-current assets - right of use assets, net $ 4,987 $ 4,432 Current liabilities - operating lease liabilities $ 1,806 $ 1,850 Non-current liabilities - operating lease liabilities $ 3,845 $ 3,446 Future minimum payments under existing non-cancelable leases for office and tower spaces (exclusive of real estate tax, utilities, maintenance and other costs borne by the Company) for the remaining terms of the leases following the six months ended September 30, 2024, are as follows (in thousands): Fiscal Year Operating Leases 2025 (excluding the six months ended September 30, 2024) $ 1,139 2026 1,880 2027 1,478 2028 1,142 2029 586 After 2029 265 Total future minimum lease payments 6,490 Amount representing interest (839) Present value of net future minimum lease payments $ 5,651

Income Taxes

Income Taxes	6 Months Ended
	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company used a discrete effective tax rate method to calculate taxes for the three and six months ended September 30, 2024 and 2023, which were a result of its inability to use some portion of its federal and state net operating losses (“NOLs”) carryforwards against the deferred tax liability created by the amortization of indefinite-lived intangible assets and the change in the state effective tax rate. The Company determined that applying an estimate of the annual effective tax rate would not provide a reasonable estimate as small changes in estimated “ordinary” loss could result in significant changes in the estimated annual effective tax rate. Accordingly, for the three and six months ended September 30, 2024, the Company recorded a total tax expense of $0.2 million and $1.5 million, respectively. For the three and six months ended September 30, 2023, the Company recorded a total tax expense of $0.6 million and $0.4 million, respectively. The effective income tax rates for the three months ended September 30, 2024 and 2023 were 26.6% an d 25.6% , respectively. The increase in the effective tax rate was the result of higher state effective tax rate due to taxable income related to customer milestone payments. The Company’s NOLs generated after March 31, 2018 may be used as an indefinite-lived asset to offset its deferred tax liability but are limited to 80% of future taxable income. The deferred tax liabilities as of September 30, 2024 are approximately $3.4 million for federal and $4.3 million for state. The deferred tax liabilities as of March 31, 2024 were approximately $3.1 million for federal and $3.2 million for state.

Stockholders_ Equity

Stockholders’ Equity	6 Months Ended
	Sep. 30, 2024
Equity [Abstract]
Stockholders’ Equity	Stockholders’ Equity The Company adopted a new equity-based compensation plan known as the Anterix Inc. 2023 Stock Plan on August 8. 2023 (the “Effective Date”), which was amended on August 6, 2024 to increase the number of shares available thereunder by 1,100,000 shares (as amended, the “2023 Stock Plan”). The 2023 Stock Plan permits the Company to grant equity compensation awards to employees, consultants and non-employee directors of the Company. As of the Effective Date, no additional awards may be granted under the Anterix Inc. 2014 Stock Plan (the “2014 Stock Plan”). The 2023 Stock Plan authorizes 1,350,000 shares of common stock of the Company (“Shares”) for grant. Additionally, 388,151 Shares remaining for grant under the 2014 Stock Plan immediately prior to the Effective Date, Shares subject to outstanding stock awards granted under the 2014 Stock Plan that, following the Effective Date, expire or are terminated or cancelled without having been exercised or settled in full, and Shares acquired pursuant to an award subject to forfeiture or repurchase that are forfeited or repurchased by the Company for an amount not greater than the recipient’s purchase price, are issuable under the 2023 Stock Plan. As of September 30, 2024, under the 2023 Stock Plan, 1,348,107 shares are available for future issuance of which up to 112,500 shares which may be granted upon meeting certain performance levels above 100% for performance stock unit awards. During the six months ended September 30, 2024 and the year ended March 31, 2024, a total of 227,834 and 266,539 shares, respectively, were issued in connection with the vesting, conversion and or exercise of grants under the 2014 Stock Plan and the 2023 Stock Plan. Cumulative Spectrum Proceeds Monetized The performance-based restricted units were to vest on a determination date of June 24, 2024 (“Determination Date”), based on the Cumulative Spectrum Proceeds Monetized (“CSPM”) metric over a four-year measurement period commencing on June 24, 2020, with 15,025 units vesting if the minimum CSPM level is achieved, 30,049 units vesting if the target CSPM metric is achieved and up to 60,098 vesting if the maximum CSPM metric is achieved. Due to the timing of the execution of the Oncor Agreement, the Company entered into an amendment agreement, effectively extending the Determination Date to June 27, 2024. The amendment resulted in 15,800 shares vesting based on the CSPM level achieved. Share Repurchase Program In September 2023, the Board authorized the 2023 Share Repurchase Program (the “2023 Share Repurchase Program”) pursuant to which the Company may repurchase up to $250.0 million of the Company’s common stock on or before September 21, 2026. The Company may repurchase shares of its common stock via the open market and/or privately negotiated transactions. Repurchases will be made in accordance with applicable securities laws and may be effected pursuant to Rule 10b5-1 trading plans. The manner, timing and amount of any share repurchases will be determined by the Company based on a variety of factors, including proceeds from customer contracts, the timing of which is unpredictable, as well as general business and market conditions, the Company’s capital position, and other strategic considerations. The 2023 Share Repurchase Program does not obligate the Company to repurchase any particular amount of its common stock. The Inflation Reduction Act of 2022, which was enacted into law on August 16, 2022, imposed a nondeductible 1% excise tax on the net value of certain stock repurchases made after December 31, 2022. Excise tax accrued for the six months ended September 30, 2024 was approximately $0.1 million. The following table presents the share repurchase activity for the three and six months ended September 30, 2024 and 2023 (in thousands, except per share data): Three months ended September 30, Six months ended September 30, 2024 2023 2024 2023 Number of shares repurchased and retired — 333 63 333 Average price paid per share* $ — $ 32.69 $ 32.47 $ 32.69 Total cost to repurchase $ — $ 10,735 $ 2,027 $ 10,735 * Average price paid per share includes costs associated with the repurchases. As of September 30, 2024, $234.0 million is remaining under the share repurchase program.

Net Income (Loss) Per Share of

Net Income (Loss) Per Share of Common Stock	6 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
Net Income (Loss) Per Share of Common Stock	Net Income (Loss) Per Share of Common Stock Basic net income (loss) per common share is calculated by dividing the net income (loss) attributable to common stockholders by the weighted-average number of common shares outstanding during the period, without consideration for potentially dilutive securities. For purposes of the diluted net income (loss) per share calculation, stock options and restricted stock units and awards are considered to be potentially dilutive securities. Diluted earnings per share is computed using the treasury stock method. The following table reconciles net income (loss) and weighted-average common shares used to compute basic and diluted net income (loss) per share: Three months ended September 30, Six months ended September 30, 2024 2023 2024 2023 Net (loss) income: $ (12,766) $ 2,073 $ (28,290) $ (45) Weighted-average common shares: Basic weighted-average shares 18,586,075 18,921,126 18,531,169 18,935,929 Add: dilutive effect of stock options and restricted stock units — 188,268 — — Diluted weighted-average common shares 18,586,075 19,109,394 18,531,169 18,935,929 For the three and six months ended September 30, 2024 there were 239,688 and 259,649 p otentially dilutive stock options and restricted stock units outstanding, respectively, excluded from the calculation of diluted weighted-average shares as their effects are anti-dilutive because the Company reported a net loss. For the three months ended September 30, 2023, there were 1,176,107 stock options and restricted stock units outstanding, excluded from the calculation of diluted weighted-average shares because the effect was anti-dilutive. For the six months ended September 30, 2023, there were 193,437 potentially dilutive stock options and restricted stock units outstanding, excluded from the calculation of diluted weighted-average shares as their effects are antidilutive because the Company reported a net loss for the six months ended September 30, 2023.

Contingencies and Guaranty

Contingencies and Guaranty	6 Months Ended
	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Contingencies and Guaranty	Contingencies and Guaranty Contingent Liabilities SDG&E Refund Obligations In February 2021, the Company entered into an agreement with SDG&E, San Diego Gas & Electric Company, a subsidiary of Sempra Energy (“SDG&E”), to sell 900 MHz Broadband Spectrum throughout SDG&E’s California service territory, including San Diego and Imperial Counties and portions of Orange County (the “SDG&E Agreement,”), for a total payment of $50.0 million. The total payment of $50.0 million is comprised of an initial payment of $20.0 million received in February 2021 and the remaining payments which are due as the Company delivers the relevant cleared 900 MHz Broadband Spectrum and the associated broadband licenses to SDG&E. As the Company is required to refund payments it has received from SDG&E in the event of termination or non-delivery of the specific county’s full 900 MHz Broadband Spectrum, it recorded the initial payments as contingent liability on the Company’s Consolidated Balance Sheets. A reduction in the contingent liability and a gain or loss on the sale of spectrum will be recognized for each county once the Company delivers the full cleared 900 MHz Broadband Spectrum and the associated broadband license(s) to SDG&E. In September 2022, the Company transferred to SDG&E 1.4 x 1.4 cleared 900 MHz Broadband Spectrum and the associated broadband license related to Imperial County and received a milestone payment of $0.2 million. In September 2023, the Company transferred to SDG&E the San Diego County broadband license and received a milestone payment of $25.2 million net of delivery delay adjustments of $1.1 million. In December 2023, the Company transferred to SDG&E the remainder of the cleared 900 MHz Broadband Spectrum and the associated broadband license related to Imperial County and received a milestone payment of $0.2 million. This resulted in the recognition of a gain on the sale of spectrum and derecognition of the contingent liability associated with San Diego County and Imperial County. See Note 4 Intangible Assets for further discussion on the sale of intangible assets. Subsequent to the derecognition of the contingent liability related to the delivery of San Diego County and Imperial County licenses, the remaining contingent liability related to SDG&E of $1.0 million for Orange County is classified as a short-term liability due to the expected timing of delivery. LCRA Refund Obligation In April 2023, the Company entered into the LCRA Agreement for a total payment of $30.0 million, to be paid through fiscal year 2026 pursuant to the terms of the agreement. In December 2023, the Company received $15.0 million in milestone payments, of which $7.5 million was deposited in an escrow account. The remaining payments are due as the Company delivers the relevant cleared 900 MHz Broadband Spectrum and the associated broadband licenses to LCRA. As the Company is required to refund the deposit it has received from LCRA in the event of termination or non-delivery of the specific county’s full cleared 900 MHz Broadband Spectrum, it recorded the initial payments as contingent liability on the Company’s Consolidated Balance Sheets. A reduction in the contingent liability and a gain or loss on the sale of spectrum will be recognized for each county once the Company delivers the full cleared 900 MHz Broadband Spectrum and the associated broadband license(s) to LCRA. See Note 3 Escrow Deposits for further discussion on the escrow deposit. Oncor Refund Obligation In June 2024, the Company entered into the Oncor Agreement for a total payment of $102.5 million, to be paid through fiscal year 2026 pursuant to the terms of the agreement. In June 2024, the Company received an initial payment of $10.0 million with remaining payments due to the Company for each county, at closing. The timing and rights to milestone payments could vary as 900 MHz broadband licenses are granted by the FCC, broadband licenses are assigned to Oncor and incumbents are cleared by the Company. As the Company is required to refund the deposit it has received from Oncor in the event of termination or non-delivery of the specific county’s full cleared 900 MHz Broadband Spectrum, it recorded the initial payment as contingent liability on the Company’s Consolidated Balance Sheets. A reduction in the contingent liability and a gain or loss on the sale of spectrum will be recognized for each county once the Company delivers the full cleared 900 MHz Broadband Spectrum and the associated broadband license(s) to Oncor. Xcel Energy Guaranty In October 2022, the Company entered into an agreement with Xcel Energy Services Inc. (“Xcel Energy”) providing Xcel Energy dedicated long-term usage of the Company’s 900 MHz Broadband Spectrum for a term of 20 years throughout Xcel Energy’s service territory in eight states (the “Xcel Energy Agreement”). In connection with Xcel Energy Agreement, the Company entered into a guaranty agreement, under which the Company guaranteed the delivery of the relevant 900 MHz Broadband Spectrum and the associated broadband licenses in Xcel Energy’s service territory in eight states along with other commercial obligations. In the event of default or non-delivery of the specific territory’s 900 MHz Broadband Spectrum, the Company is required to refund payments it has received. In addition, to the extent Anterix has performed any obligations, the Company’s liability and remaining obligations under the Xcel Energy Agreement will extend only to the remaining unperformed obligations. The Company recorded $67.1 million in deferred revenue in connection with the prepayments received as of September 30, 2024. The Company commenced delivery of the relevant cleared 900 MHz Broadband Spectrum and the associated broadband leases in the first quarter of fiscal year 2024 and will continue through 2029. The revenue recognized for the three and six months ended September 30, 2024, was approximately $0.8 million and $1.6 million, respectively. As of September 30, 2024, the maximum potential liability of future undiscounted payments under this agreement is approximately $63.6 million. Litigation From time to time, the Company may be involved in litigation that arises from the ordinary operations of the business, such as contractual or employment disputes or other general actions. The Company is not involved in any material legal proceedings at this time. Pandemic and Macroeconomic Conditions Recent macroeconomic events, inflation and geopolitical matters, have increased operating costs or resulted in delays in customer contracting or impacted the availability of equipment necessary for the deployment of the Company’s target customers’ planned PLTE projects. The Company continues to closely monitor these risks. Although difficult to quantify, the Company believes the current macroeconomic environment, including inflation, may have an adverse effect on the Company’s target customers’ businesses, which may harm the Company’s commercialization efforts and negatively impact the Company’s revenues and liquidity. If the Company is not able to control its operating costs or if the Company’s commercialization efforts are slowed or negatively impacted, continued periods of high inflation could have a material adverse effect on the Company’s business, operating results and financial condition.

Concentrations of Credit Risk a

Concentrations of Credit Risk and Significant Customers	6 Months Ended
	Sep. 30, 2024
Risks and Uncertainties [Abstract]
Concentrations of Credit Risk and Significant Customers	Concentrations of Credit Risk and Significant Customers Financial instruments which potentially expose the Company to concentrations of credit risk consist primarily of cash and cash equivalents. The Company places its cash and temporary cash investments with financial institutions for which credit loss is not anticipated. As of September 30, 2024 and March 31, 2024 , substantially all of the Company’s cash balance exceeded the federally insured limits. For the six months ended September 30, 2024 each of the Company’s customers accounted for greater than 10% of total revenue. As of September 30, 2024 and March 31, 2024, the Company does not

Subsequent Events

Subsequent Events	6 Months Ended
	Sep. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Chief Executive Officer Transition On October 8, 2024, the Company announced the appointment of Scott Lang as President and Chief Executive Officer, to succeed Robert Schwartz effective November 1, 2024. Mr. Schwartz stepped down from the President and Chief Executive Officer role after a decade of leadership and provided support to Mr. Lang and served as an advisor to the Board to assist in a successful leadership transition (the “CEO Transition”). During this CEO Transition and through November 1, 2024 (the “Separation Date”), Mr. Schwartz continued to receive his then current base salary and was eligible for any benefits he was entitled to receive as an executive of the Company. In connection with the CEO Transition, Mr. Schwartz also resigned from his service on the Company’s Board. In connection with his resignation, the Company negotiated a Transition and Separation Agreement with Mr. Schwartz (the “Transition Agreement”), which provides the following benefits (subject to effectiveness and the terms and conditions of the Transition Agreement), (i) two times the sum of his annualized salary and target bonus, for an aggregate amount of approximately $2.2 million, (ii) a pro-rata target bonus for fiscal year 2025, less amount previously paid for fiscal year 2025, for an aggregate amount of approximately $0.2 million and (iii) a subsidized COBRA continuation coverage for 18 months. Additionally, the 68,788 unvested time-based awards and 33,417 performance-based awards accelerated and vested. Mr. Schwartz was also granted an option exercise period extension for each of his outstanding stock option awards equal to the lessor of two years from the Separation Date or the applicable expiration term of the stock option awards. The foregoing severance benefits will be offered under the Transition Agreement in exchange for a release and waiver of claims and continued obligations related to the Company’s proprietary information. Further, pursuant to the Transition Agreement, for a period of 24 months following the Separation Date, Mr. Schwartz agreed to certain non-solicitation provisions relating to the Company’s employees, the Company’s business and current or potential customers, and agreed to not invest, counsel, advise or otherwise be engaged or be employed by, a competitor of the Company as defined in the Transition Agreement. Further, as part of the CEO Transition, the Board also designated Mr. Lang as the Company’s principal executive officer for purposes of the rules and regulations of the Securities and Exchange Commission. Due to his service as an executive of the Company, effective as of the date of his appointment, Mr. Lang resigned from serving on the Board’s Audit Committee and Nominating and Governance Committee.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net income (loss)	$ (12,766)	$ 2,073	$ (28,290)	$ (45)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Nature of Operations and Basi_2

Nature of Operations and Basis of Presentation (Policies)	6 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation and Use of Estimates	Basis of Presentation and Use of Estimates The consolidated financial statements and accompanying notes are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information. Pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”), certain information and footnote disclosures normally included in annual consolidated financial statements prepared in accordance with U.S. GAAP have been condensed or omitted, these unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes in the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2024, filed with the SEC on June 26, 2024 (the “2024 Annual Report”). In the Company’s opinion all normal and recurring adjustments considered necessary for a fair presentation of the financial position, results of operations and cash flows for the periods presented have been included. The Company believes that the disclosures made in the unaudited consolidated interim financial statements are adequate to make the information not misleading. The results of operations for the interim periods presented are not necessarily indicative of the results for the year. The Company is also required to make certain estimates and assumptions that affect the reported amounts. These estimates and assumptions are reviewed periodically, and the effects of revisions are reflected in the financial statements in the applicable period. Accordingly, actual results could materially differ from those estimates. The accompanying consolidated financial statements include the accounts of the Company and its subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation.

Revenue (Tables)

Revenue (Tables)	6 Months Ended
	Sep. 30, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Revenue	The following table provides information regarding the Company’s revenue for each of the services it provides pursuant to its spectrum revenue agreements for the three and six months ended September 30, 2024 and 2023 (in thousands): Three months ended September 30, Six months ended September 30, 2024 2023 2024 2023 Spectrum revenue 900 MHz Broadband Spectrum Revenue Ameren Corporation $ 182 $ 152 $ 338 $ 304 Evergy 385 274 771 548 Xcel Energy (1) 802 444 1,603 444 Narrowband Spectrum Revenue Motorola 182 182 364 364 Total spectrum revenue (2) $ 1,551 $ 1,052 $ 3,076 $ 1,660 1. The Company commenced revenue recognition in connection with the delivery of cleared 900 MHz Broadband Spectrum and the associated broadband leases to Xcel Energy in September 2023. 2. Revenue recognized during the three and six months ended September 30, 2024 and 2023 was included in deferred revenue at the beginning of the respective periods.
Schedule of Contract Assets	The Company’s capitalized contract costs consisted of the following activity during the three and six months ended September 30, 2024 and 2023 (in thousands): Three months ended September 30, Six months ended September 30, 2024 2023 2024 2023 Balance at the beginning of the period $ 1,023 $ 888 $ 1,027 $ 870 Additions 90 5 116 33 Amortization (11) (9) (41) (19) Balance at the end of the period 1,102 884 1,102 884 Less amount classified as current assets (1) (676) (423) (676) (423) Noncurrent assets (1) $ 426 $ 461 $ 426 $ 461 1. Current assets are recorded as prepaid expenses and other current assets and noncurrent assets are recorded as other assets on the Company’s Consolidated Balance Sheets.
Schedule of Contract Liabilities	The Company’s contract liabilities consisted of the following activity during the three and six months ended September 30, 2024 and 2023 (in thousands): Three months ended September 30, Six months ended September 30, 2024 2023 2024 2023 Balance at the beginning of the period $ 120,687 $ 60,151 $ 122,212 $ 60,759 Net additions (1) 7,491 21,166 7,491 21,166 Revenue recognized (1,551) (1,052) (3,076) (1,660) Balance at the end of the period 126,627 80,265 126,627 80,265 Less amount classified as current liabilities (2) (5,915) (5,281) (5,915) (5,281) Noncurrent liabilities (2) $ 120,712 $ 74,984 $ 120,712 $ 74,984 1. Represents milestone payments received from customer contracts pursuant to the terms of the associated spectrum revenue agreements, net of delivery delay adjustments. 2. Current liabilities and noncurrent liabilities are recorded as deferred revenue on the Company’s Consolidated Balance Sheets.

Intangible Assets (Tables)

Intangible Assets (Tables)	6 Months Ended
	Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Indefinite-Lived Intangible Assets	Intangible assets consist of the following activity for the six months ended September 30, 2024 and 2023 (in thousands): 2024 2023 Balance at the beginning of period $ 216,743 $ 202,044 Acquisitions and transfers 5,027 8,022 Sale of intangible assets — (31,798) Exchanges - licenses received 126 24,146 Exchanges - licenses surrendered (33) (4,848) Balance at the end of period $ 221,863 $ 197,566

Leases (Tables)

Leases (Tables)	6 Months Ended
	Sep. 30, 2024
Leases [Abstract]
Schedule of Additional Lease Cost Information	Weighted-average remaining lease term and incremental borrowing rate for the Company’s operating leases are as follows: Six months ended September 30, 2024 2023 Weighted average term - operating lease liabilities 3.55 years 2.65 years Weighted average incremental borrowing rate - operating lease liabilities 9% 12%
Schedule of Lease Cost	The following table presents total lease cost for the three and six months ended September 30, 2024 and 2023 (in thousands): Three months ended September 30, Six months ended September 30, 2024 2023 2024 2023 Lease cost Operating lease cost $ 485 $ 471 $ 986 $ 978 Short term lease cost — — — — Total lease cost* $ 485 $ 471 $ 986 $ 978 * Total lease cost is included in general and administrative expenses on the Company’s Consolidated Statements of Operations.
Schedule of Supplemental Lease Information	The following table presents supplemental balance sheet information as of September 30, 2024 and March 31, 2024 (in thousands): September 30, 2024 March 31, 2024 Non-current assets - right of use assets, net $ 4,987 $ 4,432 Current liabilities - operating lease liabilities $ 1,806 $ 1,850 Non-current liabilities - operating lease liabilities $ 3,845 $ 3,446
Schedule of Future Minimum Payments	Future minimum payments under existing non-cancelable leases for office and tower spaces (exclusive of real estate tax, utilities, maintenance and other costs borne by the Company) for the remaining terms of the leases following the six months ended September 30, 2024, are as follows (in thousands): Fiscal Year Operating Leases 2025 (excluding the six months ended September 30, 2024) $ 1,139 2026 1,880 2027 1,478 2028 1,142 2029 586 After 2029 265 Total future minimum lease payments 6,490 Amount representing interest (839) Present value of net future minimum lease payments $ 5,651

Stockholders_ Equity (Tables)

Stockholders’ Equity (Tables)	6 Months Ended
	Sep. 30, 2024
Equity [Abstract]
Schedule of Share Repurchase Program	The following table presents the share repurchase activity for the three and six months ended September 30, 2024 and 2023 (in thousands, except per share data): Three months ended September 30, Six months ended September 30, 2024 2023 2024 2023 Number of shares repurchased and retired — 333 63 333 Average price paid per share* $ — $ 32.69 $ 32.47 $ 32.69 Total cost to repurchase $ — $ 10,735 $ 2,027 $ 10,735 *

Net Income (Loss) Per Share o_2

Net Income (Loss) Per Share of Common Stock (Tables)	6 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following table reconciles net income (loss) and weighted-average common shares used to compute basic and diluted net income (loss) per share: Three months ended September 30, Six months ended September 30, 2024 2023 2024 2023 Net (loss) income: $ (12,766) $ 2,073 $ (28,290) $ (45) Weighted-average common shares: Basic weighted-average shares 18,586,075 18,921,126 18,531,169 18,935,929 Add: dilutive effect of stock options and restricted stock units — 188,268 — — Diluted weighted-average common shares 18,586,075 19,109,394 18,531,169 18,935,929

Nature of Operations and Basi_3

Nature of Operations and Basis of Presentation (Details) circuitMile in Thousands, people in Millions, home in Millions, $ in Millions	1 Months Ended	6 Months Ended
	Jun. 30, 2024 USD ($) circuitMile people county home	Sep. 30, 2024 county	Sep. 30, 2023 county
Conversion of Stock [Line Items]
Broadband licenses granted, number of counties | county		1	14
Licensing Agreements | Oncor Electric Delivery Company LLC
Conversion of Stock [Line Items]
Broadband licenses granted estimated consideration | $	$ 102.5
Broadband licenses granted, number of counties | county	95
Initial consideration received | $	$ 10
Number of transmission and distribution lines | circuitMile	143
Number of homes served | home	4
Population served | people	13

Revenue - Disaggregation of Rev

Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Spectrum revenue	$ 1,551	$ 1,052	$ 3,076	$ 1,660
Spectrum revenue | Ameren Corporation
Disaggregation of Revenue [Line Items]
Spectrum revenue	182	152	338	304
Spectrum revenue | Evergy
Disaggregation of Revenue [Line Items]
Spectrum revenue	385	274	771	548
Spectrum revenue | Xcel Energy
Disaggregation of Revenue [Line Items]
Spectrum revenue	802	444	1,603	444
Spectrum revenue | Motorola
Disaggregation of Revenue [Line Items]
Spectrum revenue	$ 182	$ 182	$ 364	$ 364

Revenue - Schedule of Contract

Revenue - Schedule of Contract Assets (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenue from Contract with Customer [Roll Forward]
Beginning balance	$ 1,023	$ 888	$ 1,027	$ 870
Additions	90	5	116	33
Amortization	(11)	(9)	(41)	(19)
Ending balance	1,102	884	1,102	884
Capitalized Contract Cost, Net, Classified [Abstract]
Balance	1,102	884	1,102	884
Less amount classified as current assets	(676)	(423)	(676)	(423)
Noncurrent assets	$ 426	$ 461	$ 426	$ 461

Revenue - Schedule of Contrac_2

Revenue - Schedule of Contract Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Mar. 31, 2024
Revenue from Contract with Customer [Roll Forward]
Beginning balance	$ 120,687	$ 60,151	$ 122,212	$ 60,759
Net additions	7,491	21,166	7,491	21,166
Revenue recognized	(1,551)	(1,052)	(3,076)	(1,660)
Ending balance	126,627	80,265	126,627	80,265
Contract with Customer, Liability [Abstract]
Balance	126,627	80,265	126,627	80,265	$ 122,212
Less amount classified as current liabilities	(5,915)	(5,281)	(5,915)	(5,281)	(6,470)
Noncurrent liabilities	$ 120,712	$ 74,984	$ 120,712	$ 74,984	$ 115,742

Revenue - Narrative (Details)

Revenue - Narrative (Details) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-10-01 $ in Millions	Sep. 30, 2024 USD ($)
Disaggregation of Revenue [Line Items]
Remaining performance obligation, amount	$ 184.3
Remaining performance obligation, expected timing of satisfaction, period	30 years

Escrow Deposits (Details)

Escrow Deposits (Details) - USD ($) $ in Thousands	1 Months Ended
	Dec. 31, 2023	Sep. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Mar. 31, 2023
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Increase in deposit assets	$ 7,500
Escrow deposits		$ 7,608	$ 7,546	$ 0	$ 0
Lower Colorado River Authority (LCRA) | Collaborative Arrangement, Transaction with Party to Collaborative Arrangement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Initial payment received	$ 15,000

Intangible Assets - Narrative (

Intangible Assets - Narrative (Details)	3 Months Ended		6 Months Ended
	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) county	Sep. 30, 2023 USD ($) county	Mar. 31, 2024 USD ($)
Acquired Indefinite-lived Intangible Assets [Line Items]
Impairment	$ 0	$ 0	$ 0	$ 0
Broadband licenses granted, number of counties | county			1	14
Exchanges - licenses received			$ 126,000	$ 24,146,000
Gain on disposal of intangible assets, net	0	(8,513,000)	(93,000)	(19,298,000)
Licenses exchanged			33,000	4,848,000
Sale of intangible assets			0	25,178,000
Gain on disposal of intangible assets	0	7,332,000	0	7,332,000
Deferred gain on sale of intangible assets	$ 4,911,000		4,911,000		$ 4,911,000
SDG&E | Collaborative Arrangement, Transaction with Party to Collaborative Arrangement
Acquired Indefinite-lived Intangible Assets [Line Items]
Delivery delay adjustments		1,100,000
Licensing Agreements
Acquired Indefinite-lived Intangible Assets [Line Items]
Exchanges - licenses received			100,000	24,100,000
Licenses exchanged			$ 0	$ 4,800,000
Sale of intangible assets		44,000,000
Reduction of intangible assets		31,800,000
Gain on disposal of intangible assets		$ 7,300,000

Intangible Assets - Schedule of

Intangible Assets - Schedule of Activity (Details) - USD ($) $ in Thousands	6 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Indefinite-Lived Intangible Assets [Roll Forward]
Beginning balance	$ 216,743	$ 202,044
Acquisitions and transfers	5,027	8,022
Sale of intangible assets	0	(31,798)
Exchanges - licenses received	126	24,146
Exchanges - licenses surrendered	(33)	(4,848)
Ending balance	$ 221,863	$ 197,566

Leases - Narrative (Details)

Leases - Narrative (Details)	Sep. 30, 2024
Minimum
Lease [Line Items]
Lease extension	3 years
Maximum
Lease [Line Items]
Lease extension	10 years

Leases - Additional Lease Cost

Leases - Additional Lease Cost Information (Details)	Sep. 30, 2024	Sep. 30, 2023
Lease, Cost [Abstract]
Weighted average term - operating lease liabilities	3 years 6 months 18 days	2 years 7 months 24 days
Weighted average incremental borrowing rate - operating lease liabilities	9%	12%

Leases - Lease Cost (Details)

Leases - Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Lease, Cost [Abstract]
Operating lease cost	$ 485	$ 471	$ 986	$ 978
Short term lease cost	0	0	0	0
Total lease cost	$ 485	$ 471	$ 986	$ 978

Leases - Supplemental Balance S

Leases - Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Mar. 31, 2024
Leases [Abstract]
Non-current assets - right of use assets, net	$ 4,987	$ 4,432
Current liabilities - operating lease liabilities	1,806	1,850
Non-current liabilities - operating lease liabilities	$ 3,845	$ 3,446

Leases - Future Minimum Payment

Leases - Future Minimum Payments (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Leases [Abstract]
2025 (excluding the six months ended September 30, 2024)	$ 1,139
2026	1,880
2027	1,478
2028	1,142
2029	586
After 2029	265
Total future minimum lease payments	6,490
Amount representing interest	(839)
Present value of net future minimum lease payments	$ 5,651

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Mar. 31, 2024
Income Tax Disclosure [Line Items]
Income tax expense	$ 230	$ 645	$ 1,452	$ 405
Effective income tax rate, percentage	26.60%	25.60%
Federal and state
Income Tax Disclosure [Line Items]
Income tax expense	$ 200	$ 600	1,500	$ 400
Federal
Income Tax Disclosure [Line Items]
Deferred tax liability	3,400		3,400		$ 3,100
State
Income Tax Disclosure [Line Items]
Deferred tax liability	$ 4,300		$ 4,300		$ 3,200

Stockholders_ Equity - Narrativ

Stockholders’ Equity - Narrative (Details) - USD ($) $ in Millions			6 Months Ended	12 Months Ended
	Aug. 06, 2024	Jun. 24, 2020	Sep. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Aug. 08, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available (in shares)			1,348,107
Awards issued (in shares)			227,834	266,539
Stock repurchase program, authorized amount					$ 250
Excise taxes accrued			$ 0.1
Stock repurchase program, remaining repurchase amount			$ 234
Performance Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested in period (in shares)			15,800
Cumulative Spectrum Proceeds Monetized | Performance Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Measurement period (in years)		4 years
Vesting if target metric achieved (in shares)		30,049
Cumulative Spectrum Proceeds Monetized | Performance Stock Units | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting if target metric achieved (in shares)		15,025
Cumulative Spectrum Proceeds Monetized | Performance Stock Units | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting if target metric achieved (in shares)		60,098
2023 Stock Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Additional common stock authorized and reserved for future issuance (in shares)	1,100,000
Common stock authorized and reserved for issuance (in shares)						1,350,000
2023 Stock Plan | Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance threshold, percentage			100%
2014 Stock Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available (in shares)			388,151
2014 Stock Plan | Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock authorized and reserved for issuance (in shares)			112,500

Stockholders_ Equity - Share Re

Stockholders’ Equity - Share Repurchase Program (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Equity [Abstract]
Number of shares repurchased and retired (in shares)	0	333	63	333
Average price paid per share (in dollars per share)	$ 0	$ 32.69	$ 32.47	$ 32.69
Total cost to repurchase	$ 0	$ 10,735	$ 2,027	$ 10,735

Net Income (Loss) Per Share o_3

Net Income (Loss) Per Share of Common Stock - Reconciliation of Earnings Per Share (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Earnings Per Share [Abstract]
Net (loss) income:	$ (12,766)	$ 2,073	$ (28,290)	$ (45)
Weighted-average common shares:
Basic weighted-average shares (in shares)	18,586,075	18,921,126	18,531,169	18,935,929
Add: dilutive effect of stock options and restricted stock units (in shares)	0	188,268	0	0
Diluted weighted-average common shares (in shares)	18,586,075	19,109,394	18,531,169	18,935,929

Net Income (Loss) Per Share o_4

Net Income (Loss) Per Share of Common Stock - Narrative (Details) - shares	3 Months Ended		6 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Earnings Per Share [Abstract]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	239,688	1,176,107	259,649	193,437

Contingencies and Guaranty (Det

Contingencies and Guaranty (Details) - USD ($) $ in Thousands	1 Months Ended							3 Months Ended		6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Apr. 30, 2023	Oct. 31, 2022	Sep. 30, 2022	Feb. 28, 2021	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023
Commitments And Contingencies [Line Items]
Contingent liability							$ 20,000	$ 25,000		$ 25,000		$ 15,000
Contingent liability		$ 1,000						1,000		1,000		1,000
Payments to acquire intangible assets										10,904	$ 10,077
Increase in deposit assets		7,500
Prepayments received	$ 120,687		$ 80,265					126,627	$ 80,265	126,627	80,265	$ 122,212	$ 60,151	$ 60,759
Spectrum revenue								1,551	1,052	3,076	1,660
SDG&E | Collaborative Arrangement, Transaction with Party to Collaborative Arrangement
Commitments And Contingencies [Line Items]
Milestone payment received		200	25,200			$ 200
Delivery delay adjustments			$ 1,100
Lower Colorado River Authority (LCRA) | Collaborative Arrangement, Transaction with Party to Collaborative Arrangement
Commitments And Contingencies [Line Items]
Initial payment received		$ 15,000
Lower Colorado River Authority (LCRA) | Licensing Agreements
Commitments And Contingencies [Line Items]
Payments to acquire intangible assets				$ 30,000
Oncor Electric Delivery Company LLC | Licensing Agreements
Commitments And Contingencies [Line Items]
Broadband licenses granted estimated consideration	102,500
Initial consideration received	$ 10,000
Xcel Energy | Spectrum revenue
Commitments And Contingencies [Line Items]
Spectrum revenue								802	$ 444	1,603	$ 444
Xcel Energy | Collaborative Arrangement, Transaction with Party to Collaborative Arrangement
Commitments And Contingencies [Line Items]
Agreement term (in years)					20 years
Prepayments received								67,100		67,100
Xcel Energy | Collaborative Arrangement, Transaction with Party to Collaborative Arrangement | Maximum
Commitments And Contingencies [Line Items]
Prepayments received								$ 63,600		$ 63,600
SDG&E
Commitments And Contingencies [Line Items]
Consideration transferred							$ 50,000

Concentrations of Credit Risk_2

Concentrations of Credit Risk and Significant Customers (Details) - USD ($)	Sep. 30, 2024	Mar. 31, 2024
Accounts Receivable | Customer Concentration Risk
Concentration Risk [Line Items]
Accounts receivable	$ 0	$ 0

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ in Millions			6 Months Ended
	Nov. 01, 2024	Oct. 08, 2024	Sep. 30, 2024
Performance Stock Units
Subsequent Event [Line Items]
Vested in period (in shares)			15,800
President and Chief Executive Officer | Subsequent Event
Subsequent Event [Line Items]
Annualized salary and target bonus		$ 2.2
Pro-rata target bonus		$ 0.2
Subsidized COBRA continuation coverage (in months)		18 months
Measurement period (in years)		2 years
Non-solicitation period	24 months
President and Chief Executive Officer | Subsequent Event | Unvested Time-Based
Subsequent Event [Line Items]
Awards issued (in shares)		68,788
President and Chief Executive Officer | Subsequent Event | Performance Stock Units
Subsequent Event [Line Items]
Vested in period (in shares)		33,417