0001304492-23-000061 | 10-Q | XBRL Viewer

Net Income (Loss) Per Share of Common Stock (Tables)

6 Months Ended

Sep. 30, 2023

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,
	2023		2022		2023		2022

Net income (loss):	$	2,073	$	(10,643)	$	(45)	$	(23,839)
Weighted-average common shares:
Basic weighted-average shares	18,921,126		18,953,044		18,935,929		18,786,928
Add: dilutive effect of stock options and restricted stock units	188,268		—		—		—
Diluted weighted-average common shares	19,109,394		18,953,044		18,935,929		18,786,928

Net Income (Loss) Per Share of Common Stock

6 Months Ended

Sep. 30, 2023

Earnings Per Share [Abstract]

Net Income (Loss) Per Share of Common Stock

Net Income (Loss) Per Share of Common StockBasic 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, preferred stock, stock options, restricted stock and warrants are considered to be potentially dilutive securities.

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,
	2023		2022		2023		2022

Net income (loss):	$	2,073	$	(10,643)	$	(45)	$	(23,839)
Weighted-average common shares:
Basic weighted-average shares	18,921,126		18,953,044		18,935,929		18,786,928
Add: dilutive effect of stock options and restricted stock units	188,268		—		—		—
Diluted weighted-average common shares	19,109,394		18,953,044		18,935,929		18,786,928

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 anti-dilutive because the Company reported a net loss for the six months ended September 30, 2023. For the three and six months ended September 30, 2022, there were 318,866 and 438,907 potentially 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 and six months ended September 30, 2022, respectively.

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Mar. 31, 2023
Income Tax Disclosure [Line Items]
Deferred income taxes			$ 373	$ 403
Federal and State
Income Tax Disclosure [Line Items]
Deferred income taxes	$ 600	$ 200	400	$ 400
Federal
Income Tax Disclosure [Line Items]
Deferred tax liability	2,900		2,900		$ 2,700
State
Income Tax Disclosure [Line Items]
Deferred tax liability	$ 2,900		$ 2,900		$ 2,700

Stockholders’ Equity

6 Months Ended

Sep. 30, 2023

Equity [Abstract]

Stockholders’ Equity

Stockholders’ Equity On August 8, 2023 (the “Effective Date”), the Company adopted a new equity-based compensation plan known as 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 250,000 shares of common stock of the Company (“Shares”) for grant. Additionally, 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, 2023, 603,542 shares are available for future issuance, including

388,151 shares that were remaining under the 2014 Stock Plan and up to 181,887 shares which may be granted upon meeting certain performance levels above 100% for performance stock unit awards.

During the six months ended September 30, 2023 and the year ended March 31, 2023, a total of 179,071 and 260,370 shares, respectively, were issued in connection with the vesting, conversion and or exercise of grants under the Company’s 2014 and 2023 Stock Plan.

Share Repurchase Program

In September 2021, the Board authorized a share repurchase program (the “2021 Share Repurchase Program”) pursuant to which the Company may repurchase up to $50.0 million of the Company’s common stock on or before September 29, 2023. The Company repurchased a total of $33.9 million of the Company’s common stock under the 2021 Share Repurchase Program, including $10.7 million during fiscal year 2024. On September 21, 2023, the Board authorized a new 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 three and six months ended September 30, 2023 was approximately $45 thousand.

The following table presents the share repurchase activity for the three and six months ended September 30, 2023 and 2022 (in thousands, except per share data):


	Three months ended September 30,				Six months ended September 30,
	2023		2022		2023		2022

Number of shares repurchased and retired	333		54		333		110
Average price paid per share*	$	32.69	$	36.73	$	32.69	$	48.42
Total cost to repurchase	$	10,735	$	2,000	$	10,735	$	4,725

*Average price paid per share includes costs associated with the repurchases.

As of September 30, 2023, $250.0 million is remaining under the share repurchase program.

Motorola Investment

In September 2014, Motorola Solutions, Inc. (“Motorola”) invested $10.0 million to purchase 500,000 Class B Units of the Company’s subsidiary, PDV Spectrum Holding Company, LLC (at a price equal to $20.00 per unit). The Company owns 100% of the Class A Units in the Subsidiary. Motorola had the right at any time to convert its 500,000 Class B Units into 500,000 shares of the Company’s common stock and in May 2022, Motorola exercised such right to convert its 500,000 Class B Units into 500,000 shares of the Company’s common stock.

Nature of Operations and Basis of Presentation	6 Months Ended
Nature of Operations and Basis of Presentation	Sep. 30, 2023
Accounting Policies [Abstract]
Nature of Operations and Basis of Presentation	Nature of Operations and Basis of Presentation Anterix Inc. (the “Company”) is a wireless communications company focused on commercializing its spectrum assets to enable its targeted utility and critical infrastructure customers to deploy private broadband networks and on offering innovative broadband solutions to the same target customers. The Company is the largest holder of licensed spectrum in the 900 MHz band (896 - 901 / 935 - 940 MHz) with nationwide coverage throughout the contiguous United States, Hawaii, Alaska and Puerto Rico. On May 13, 2020, the Federal Communications Commission (the “FCC”) approved the Report and Order (the “Report and Order”) to modernize and realign the 900 MHz band to increase its usability and capacity by allowing it to be utilized for the deployment of broadband networks, technologies and solutions. The Report and Order was published in the Federal Register on July 16, 2020, and became effective on August 17, 2020. The Company is now engaged in qualifying for and securing broadband licenses from the FCC. At the same time, the Company is pursuing opportunities to monetize the broadband spectrum it secures to its targeted utility and critical infrastructure customers. The Company is also expanding the benefits and solutions it offers to the same targeted customers. As part of the Company’s solution expansion, the Company launched an integrated platform to accelerate the scale benefits of combining, or networking together, individual private broadband networks to enhance utilities’ resiliency, reach and collaboration. The first commercial service on the platform, CatalyX, includes public network roaming management solution along with secure, remote SIM provisioning. CatalyX is a turnkey connectivity management solution that helps utilities gain economic and operational benefits leveraging commercial broadband during their transition to private LTE (“PLTE”) networks, extending coverage into gap areas or providing back-up connectivity for private networks. Business Developments LCRA Agreement In April 2023, the Company entered into an agreement with Lower Colorado River Authority (“LCRA”) to sell 900 MHz Broadband Spectrum covering 68 counties and more than 30 cities in LCRA’s wholesale electric, transmission, and water service area (the “LCRA Agreement”) for total payments of $30.0 million plus the contribution of select LCRA 900 MHz narrowband spectrum. The LCRA Agreement will support LCRA’s deployment of a PLTE network which will provide a host of capabilities including grid awareness, communications and operational intelligence that will enhance resilience and spur innovation at LCRA. The new licenses will enable LCRA to move from narrowband to next generation broadband and provide mission-critical data and voice services within LCRA and to more than 100 external customers such as electric cooperatives, schools and transit authorities across more than 73,000 square miles. Total consideration of $30.0 million to be paid through fiscal year 2026 pursuant to the terms of the LCRA Agreement. The LCRA Agreement is subject to customary provisions regarding remedies for non-delivery, including refund of amounts paid and termination rights if the Company fails to perform its contractual obligations, including failure to deliver the relevant cleared 900 MHz Broadband Spectrum in accordance with the terms of the LCRA Agreement. A gain or loss on the sale of spectrum will be recognized for each county once the Company delivers the cleared 900 MHz Broadband Spectrum and the associated broadband licenses to LCRA in full. Xcel Energy Agreement 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”) for a total of $80.0 million, of which $8.0 million was received by the Company in December 2022. In July 2023, the Company delivered the cleared 3 x 3 900 MHz Broadband Spectrum and the associated broadband licenses for 14 counties in Xcel Energy’s service territory and received the full milestone payment of $21.2 million. The revenue recognized for the three and six months ended September 30, 2023, was approximately $0.4 million. SDG&E Agreement In February 2021, the Company entered into an agreement with 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. During the quarter ended September 30, 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. See Note 3 Intangible Assets for further discussion. 2023 Stock Plan On August 8, 2023, the Company adopted a new equity-based compensation plan known as the Anterix Inc. 2023 Stock Plan (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. See Note 7 Stockholders’ Equity for further discussion. 2023 Share Repurchase Program On September 21, 2023, the Board of Directors (the “Board”) authorized a new 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. See Note 7 Stockholders’ Equity for further discussion. 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, 2023, filed with the SEC on June 14, 2023 (the “2023 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. Recently Issued Accounting Pronouncements While there have been accounting standards that have been issued or proposed by the FASB or other standard-setting bodies that do not require adoption until a future date, these updates are not expected to have a material impact on the Company’s consolidated financial statements upon adoption.

Nature of Operations and Basis of Presentation (Policies)	6 Months Ended
	Sep. 30, 2023
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, 2023, filed with the SEC on June 14, 2023 (the “2023 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.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements While there have been accounting standards that have been issued or proposed by the FASB or other standard-setting bodies that do not require adoption until a future date, these updates are not expected to have a material impact on the Company’s consolidated financial statements upon adoption.

Leases - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Leases - Narrative (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Lease [Line Items]
Net lease cost	$ 471	$ 448	$ 978	$ 901
Minimum
Lease [Line Items]
Lease extension	3 years		3 years
Maximum
Lease [Line Items]
Lease extension	10 years		10 years

Leases

6 Months Ended

Sep. 30, 2023

Leases [Abstract]

Leases

Substantially all the leases in which the Company is the lessee are comprised of 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, 2023 through June 30, 2027, which includes lease extensions for its corporate headquarters ranging from three to ten years. The Company entered into multiple lease agreements for tower space. The lease expiration dates range from October 31, 2023 to July 31, 2030.

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 Sheet 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,
	2023	2022
Weighted average term - operating lease liabilities	2.65 years	3.17 years
Weighted average incremental borrowing rate - operating lease liabilities	12%	13%

Rent expense amounted to approximately $0.5 million and $1.0 million, respectively, for the three and six months ended September 30, 2023 and approximately $0.4 million and $0.9 million, respectively, for the three and six months ended September 30, 2022. Rent expense is included in general and administrative expenses on the Company’s Consolidated Statements of Operations.

The following table presents net lease cost for the three and six months ended September 30, 2023 and 2022 (in thousands):


	Three months ended September 30,				Six months ended September 30,
	2023		2022		2023		2022
Lease cost
Operating lease cost (cost resulting from lease payments)	$	471	$	445	$	978	$	894
Short term lease cost	—		3		—		7

Net lease cost	$	471	$	448	$	978	$	901

The following table presents supplemental cash flow and non-cash activity information for the six months ended September 30, 2023 and 2022 (in thousands):


	Six months ended September 30,
	2023		2022
Cash paid activity:
Operating lease - operating cash flows (fixed payments)	$	1,152	$	1,080
Operating lease - operating cash flows (liability reduction)	$	759	$	699
Non-cash activity:
Right of use assets obtained in exchange for new operating lease liabilities	$	106	$	50

The following table presents supplemental balance sheet information as of September 30, 2023 and March 31, 2023 (in thousands):


	September 30, 2023		March 31, 2023
Non-current assets - right of use assets, net	$	2,826	$	3,371
Current liabilities - operating lease liabilities	$	1,610	$	1,725
Non-current liabilities - operating lease liabilities	$	2,278	$	2,922

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, 2023, are as follows (in thousands):


Fiscal Year	Operating Leases
2024 (excluding the six months ended September 30, 2023)	$	1,053
2025	1,733
2026	972
2027	543
2028	179
After 2028	53
Total future minimum lease payments	4,533
Amount representing interest	(645)
Present value of net future minimum lease payments	$	3,888

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)	$ (45)	$ (23,839)
Adjustments to reconcile net loss to net cash used in operating activities
Depreciation and amortization	455	734
Non-cash compensation expense attributable to stock awards	8,103	8,819
Deferred income taxes	373	403
Gain on disposal of intangible assets, net	(19,298)	(3,553)
Gain on sale of intangible assets, net	(7,332)	0
Loss on disposal of long-lived assets, net	36	22
Changes in operating assets and liabilities
Prepaid expenses and other assets	788	1,263
Right of use assets	545	518
Accounts payable and accrued expenses	374	(1,132)
Due to related parties	(533)	0
Operating lease liabilities	(759)	(699)
Contingent Liability	0	249
Deferred revenue	19,506	(733)
Net cash provided by (used in) operating activities	2,213	(17,948)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of intangible assets, including refundable deposits	(10,077)	(11,228)
Proceeds from sale of spectrum	25,178	0
Purchases of equipment	(212)	(1,145)
Net cash provided by (used in) investing activities	14,889	(12,373)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from stock option exercises	7	872
Repurchase of common stock	(10,735)	(4,725)
Payments of withholding tax on net issuance of restricted stock	(1,022)	(1,336)
Net cash used in financing activities	(11,750)	(5,189)
Net change in cash and cash equivalents	5,352	(35,510)
CASH AND CASH EQUIVALENTS
Beginning of the period	43,182	105,624
End of the period	48,534	70,114
Cash paid during the period:
Taxes paid	1	12
Non-cash investing activity:
Network equipment provided in exchange for wireless licenses	568	29
Deferred gain on sale of intangible assets	4,889	0
Derecognition of contingent liability related to sale of intangible assets	$ 18,840	$ 0

Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Disaggregation of Revenue [Line Items]
Spectrum revenues	$ 1,052	$ 398	$ 1,660	$ 733
Spectrum revenue \| Ameren Corporation
Disaggregation of Revenue [Line Items]
Spectrum revenues	152	152	304	305
Spectrum revenue \| Evergy
Disaggregation of Revenue [Line Items]
Spectrum revenues	274	64	548	64
Spectrum revenue \| Xcel Energy
Disaggregation of Revenue [Line Items]
Spectrum revenues	444	0	444	0
Spectrum revenue \| Motorola
Disaggregation of Revenue [Line Items]
Spectrum revenues	$ 182	$ 182	$ 364	$ 364

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

+ References

+ Details

Revenue

6 Months Ended

Sep. 30, 2023

Revenue from Contract with Customer [Abstract]

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, 2023 and 2022 (in thousands):


	Three months ended September 30,				Six months ended September 30,
	2023		2022		2023		2022
Spectrum revenues
900 MHz Broadband Spectrum Revenue
Ameren Corporation	$	152	$	152	$	304	$	305
Evergy (1)	274		64		548		64
Xcel Energy (2)	444		—		444		—
Narrowband Spectrum Revenue
Motorola	182		182		364		364
Total spectrum revenue (3)	$	1,052	$	398	$	1,660	$	733

1.The Company commenced revenue recognition in connection with the delivery of cleared 900 MHz Broadband Spectrum and the associated broadband licenses to Evergy, Inc. (“Evergy”) during the three months ended September 2022.

2.The Company commenced revenue recognition in connection with the delivery of cleared 900 MHz Broadband Spectrum and the associated broadband licenses to Xcel Energy during the three months ended September 2023.

3.Revenue recognized during the three and six months ended September 30, 2023 and 2022 was included in deferred revenue at the beginning of the respective periods.

Spectrum Revenue Agreements

Refer to the Company’s 2023 Annual Report for a description of the Company’s spectrum revenue agreements entered into prior to March 31, 2023.

Contract Assets and Liabilities

The Company recognizes a contract asset for the incremental costs of obtaining a contract with a customer. Contract liabilities primarily relate to advance consideration received from customers for spectrum services, for which revenue is recognized over time, as the services are performed.

The Company’s contract assets consisted of the following activity during the six months ended September 30, 2023 and 2022 (in thousands):


	2023		2022
Balance at the beginning of the period	$	870	$	638
Additions	33		62
Amortization	(19)		(7)

Balance at the end of the period	884		693
Less amount classified as current assets (1)	(423)		(300)
Noncurrent assets (1)	$	461	$	393

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.

The Company’s contract liabilities consisted of the following activity during the six months ended September 30, 2023 and 2022 (in thousands):


	2023		2022
Balance at the beginning of the period	$	60,759	$	54,678
Additions (1)	21,166		—
Revenue recognized	(1,660)		(733)
Balance at the end of the period	80,265		53,945
Less amount classified as current liabilities (2)	(5,281)		(2,514)
Noncurrent liabilities (2)	$	74,984	$	51,431

1.The Company delivered the cleared 3 x 3 900 MHz Broadband Spectrum and the associated broadband licenses for 14 counties in Xcel Energy’s service territory and received the full milestone payment of $21.2 million.

2.Current liabilities and noncurrent liabilities are recorded as deferred revenue on the Company’s Consolidated Balance Sheets.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

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-URI https://asc.fasb.org//606/tableOfContent

+ Details

Leases - Future Minimum Payments (Details) $ in Thousands	Sep. 30, 2023 USD ($)
Leases [Abstract]
2024 (excluding the six months ended September 30, 2023)	$ 1,053
2025	1,733
2026	972
2027	543
2028	179
After 2028	53
Total future minimum lease payments	4,533
Amount representing interest	(645)
Present value of net future minimum lease payments	$ 3,888

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, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Earnings Per Share [Abstract]
Net income (loss)	$ 2,073	$ (10,643)	$ (45)	$ (23,839)
Weighted-average common shares:
Weighted-average common shares used to compute basic net loss per share (in shares)	18,921,126	18,953,044	18,935,929	18,786,928
Add: dilutive effect of stock options and restricted stock units (in shares)	188,268	0	0	0
Weighted-average common shares used to compute diluted net loss per share (in shares)	19,109,394	18,953,044	18,935,929	18,786,928

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Concentrations of Credit Risk	6 Months Ended
Concentrations of Credit Risk	Sep. 30, 2023
Risks and Uncertainties [Abstract]
Concentrations of Credit Risk	Concentrations of Credit Risk Financial instruments which potentially expose the Company to concentrations of credit risk consist primarily of cash and cash equivalents. The cash balance at times may exceed federally insured limits, however, the Company places its cash and temporary cash investments with financial institutions for which credit loss is not anticipated. For the three and six months ended September 30, 2023 and 2022, the Company’s operating revenue was entirely from upfront, fully paid fees received from the Company’s spectrum customers as discussed in Note 2 Revenue. As of September 30, 2023 and March 31, 2023, the Company does not have an outstanding accounts receivable balance.

Intangible Assets - Schedule of Activity (Details) - USD ($) $ in Thousands	6 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Indefinite-Lived Intangible Assets [Roll Forward]
Beginning balance	$ 202,044
Ending balance	197,566
Wireless Licenses
Indefinite-Lived Intangible Assets [Roll Forward]
Beginning balance	202,044
Acquisitions	8,022
Amount disposed	(31,798)
Exchanges – licenses received	24,146	$ 4,900
Exchanges – licenses surrendered	(4,848)	$ 1,300
Ending balance	$ 197,566

Consolidated Statements of Stockholders’ Equity - USD ($) $ in Thousands	Total	Common ‎stock	Additional ‎paid-in ‎capital	Accumulated ‎deficit
Beginning balance (in shares) at Mar. 31, 2022		18,378,000
Beginning balance at Mar. 31, 2022	$ 186,298	$ 2	$ 500,125	$ (313,829)
Equity based compensation	8,819		8,819
Restricted shares issued (in shares)		185,000
Stock option exercises (in shares)		37,000
Stock option exercises	872		872
Motorola shares (in shares)		500,000
Shares withheld for taxes (in shares)		(30,000)
Shares withheld for taxes	(1,336)		(1,336)
Retirement of common stock (in shares)		(110,000)
Retirement of common stock	(4,725)			(4,725)
Net income (loss)	(23,839)			(23,839)
Ending balance (in shares) at Sep. 30, 2022		18,960,000
Ending balance at Sep. 30, 2022	166,089	$ 2	508,480	(342,393)
Beginning balance (in shares) at Jun. 30, 2022		18,944,000
Beginning balance at Jun. 30, 2022	174,550	$ 2	504,298	(329,750)
Equity based compensation	4,691		4,691
Restricted shares issued (in shares)		81,000
Shares withheld for taxes (in shares)		(11,000)
Shares withheld for taxes	(509)		(509)
Retirement of common stock (in shares)		(54,000)
Retirement of common stock	(2,000)			(2,000)
Net income (loss)	(10,643)			(10,643)
Ending balance (in shares) at Sep. 30, 2022		18,960,000
Ending balance at Sep. 30, 2022	166,089	$ 2	508,480	(342,393)
Beginning balance (in shares) at Mar. 31, 2023		18,922,000
Beginning balance at Mar. 31, 2023	179,793	$ 2	518,160	(338,369)
Equity based compensation	8,103		8,103
Restricted shares issued (in shares)		210,000
Stock option exercises	7		7
Shares withheld for taxes (in shares)		(31,000)
Shares withheld for taxes	(1,022)		(1,022)
Retirement of common stock (in shares)		(333,000)
Retirement of common stock	(10,735)			(10,735)
Net income (loss)	(45)			(45)
Ending balance (in shares) at Sep. 30, 2023		18,768,000
Ending balance at Sep. 30, 2023	176,101	$ 2	525,248	(349,149)
Beginning balance (in shares) at Jun. 30, 2023		19,047,000
Beginning balance at Jun. 30, 2023	181,195	$ 2	521,680	(340,487)
Equity based compensation	3,838		3,838
Restricted shares issued (in shares)		62,000
Shares withheld for taxes (in shares)		(8,000)
Shares withheld for taxes	(270)		(270)
Retirement of common stock (in shares)		(333,000)
Retirement of common stock	(10,735)			(10,735)
Net income (loss)	2,073			2,073
Ending balance (in shares) at Sep. 30, 2023		18,768,000
Ending balance at Sep. 30, 2023	$ 176,101	$ 2	$ 525,248	$ (349,149)

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2023	Mar. 31, 2023
Current Assets
Cash and cash equivalents	$ 48,534	$ 43,182
Prepaid expenses and other current assets	13,578	16,277
Total current assets	62,112	59,459
Property and equipment, net	2,323	3,606
Right of use assets, net	2,826	3,371
Intangible assets	197,566	202,044
Other assets	15,049	10,078
Total assets	279,876	278,558
Current liabilities
Accounts payable and accrued expenses	6,998	6,624
Due to related parties	0	533
Operating lease liabilities	1,610	1,725
Contingent liability	1,409	20,249
Deferred revenue	5,281	2,769
Total current liabilities	15,298	31,900
Operating lease liabilities	2,278	2,922
Deferred revenue	74,984	57,990
Deferred gain on sale of intangible assets	4,889	0
Deferred income tax	5,813	5,440
Other liabilities	513	513
Total liabilities	103,775	98,765
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, 2023 and March 31, 2023	0	0
Common stock, $0.0001 par value per share, 100,000,000 shares authorized and 18,768,491 shares issued and outstanding at September 30, 2023 and 18,921,999 shares issued and outstanding at March 31, 2023	2	2
Additional paid-in capital	525,248	518,160
Accumulated deficit	(349,149)	(338,369)
Total stockholders’ equity	176,101	179,793
Total liabilities and stockholders’ equity	$ 279,876	$ 278,558

Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Leases [Abstract]
Operating lease - operating cash flows (fixed payments)	$ 1,152	$ 1,080
Operating lease - operating cash flows (liability reduction)	759	699
Right of use assets obtained in exchange for new operating lease liabilities	$ 106	$ 50

Intangible Assets

6 Months Ended

Sep. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

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 six months ended September 30, 2023.

Intangible assets consist of the following activity for the six months ended September 30, 2023 (in thousands):


	Wireless Licenses
Balance at March 31, 2023	$	202,044
Acquisitions	8,022
Sale of intangible assets	(31,798)
Exchanges – licenses received	24,146
Exchanges – licenses surrendered	(4,848)
Balance at September 30, 2023	$	197,566

Purchases of intangible assets, including refundable deposits

During the six months ended September 30, 2023 and 2022, 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 U.S. Treasury Department. The initial deposits to incumbents are recorded as prepaid expenses and other current assets 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 other assets 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 other assets 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.

The purchases of intangible assets, including refundable deposits, consisted of the following activity during the six months ended September 30, 2023 and 2022 (in thousands):


	2023		2022
Refundable deposits	$	1,613	$	2,665
Retuning cost and Swaps	442		3,815
Purchases and Anti-Windfall Payments	8,022		4,748
Total	$	10,077	$	11,228

Broadband License Exchanges

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.

During the six months ended September 30, 2022, the Company was granted by the FCC, broadband licenses for 45 counties. The Company recorded the new broadband licenses at their estimated accounting cost basis of approximately $4.9 million. In connection with receiving the broadband licenses, the Company disposed of $1.3 million, related to the value ascribed to the narrowband licenses it relinquished to the FCC for the same 45 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 $2.9 million and $3.6 million, for the three and six months ended September 30, 2022, respectively.

Broadband License Sale

During the six months 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 for the three and six months ended September 30, 2023.

As part of the SDG&E Agreement, SDG&E has an option to pursue additional spectrum with the Company. In accordance with Accounting Standards Codification Topic 606, Revenue from Contracts with Customers, 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, 2023, related to this option, which expires in September 2028.

Income Taxes	6 Months Ended
Income Taxes	Sep. 30, 2023
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, 2023 and 2022, 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, 2023, the Company recorded a total deferred tax expense of $0.6 million and $0.4 million, respectively. For the three and six months ended September 30, 2022, the Company recorded a total deferred tax expense of $0.2 million and $0.4 million, respectively. The Company’s NOL 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, 2023 are approximately $2.9 million for federal and $2.9 million for state. The deferred tax liabilities as of March 31, 2023 are approximately $2.7 million for federal and $2.7 million for state.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Related Party Transactions (Details) - USD ($)	3 Months Ended		6 Months Ended
Related Party Transactions (Details) - USD ($)	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Mar. 31, 2023	Mar. 31, 2022	Apr. 30, 2019
Related Party Transaction [Line Items]
Contract liability	$ 80,265,000	$ 53,945,000	$ 80,265,000	$ 53,945,000	$ 60,759,000	$ 54,678,000
Due to related parties	0		0		533,000
Teamconnect Llc
Related Party Transaction [Line Items]
Ownership percentage							19.50%
TeamConnect LLC \| Related Party
Related Party Transaction [Line Items]
Contract liability	0		0		$ 0
Goosetown And A BEEP \| Related Party
Related Party Transaction [Line Items]
Consulting fees	$ 0	$ 15,000	$ 0	$ 30,000
Teamconnect Llc
Related Party Transaction [Line Items]
Service fee term			24 months
Teamconnect Llc \| PDVConnect
Related Party Transaction [Line Items]
Service fee term			48 months

Contingencies and Guaranty (Details) - USD ($) $ in Thousands	1 Months Ended					3 Months Ended		6 Months Ended
	Sep. 30, 2023	Jul. 31, 2023	Oct. 31, 2022	Sep. 30, 2022	Feb. 28, 2021	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022
Commitments And Contingencies [Line Items]
Contingent liability					$ 20,000
Contingent liability	$ 1,409					$ 1,409		$ 1,409		$ 20,249
Prepayments received	80,265			$ 53,945		80,265	$ 53,945	80,265	$ 53,945	$ 60,759		$ 54,678
Spectrum revenues						1,052	398	1,660	733
SDG&E \| Collaborative Arrangement, Transaction with Party to Collaborative Arrangement
Commitments And Contingencies [Line Items]
Milestone payment received	25,200			$ 200
Delivery delay adjustments	1,100
Xcel Energy \| Spectrum revenue
Commitments And Contingencies [Line Items]
Spectrum revenues						444	$ 0	444	$ 0
Xcel Energy \| Collaborative Arrangement, Transaction with Party to Collaborative Arrangement
Commitments And Contingencies [Line Items]
Milestone payment received		$ 21,200
Agreement term			20 years
Prepayments received	29,200					29,200		29,200			$ 8,000
Xcel Energy \| Collaborative Arrangement, Transaction with Party to Collaborative Arrangement \| Maximum
Commitments And Contingencies [Line Items]
Prepayments received	$ 28,800					$ 28,800		$ 28,800
SDG&E
Commitments And Contingencies [Line Items]
Consideration transferred					$ 50,000

Revenue (Tables)

6 Months Ended

Sep. 30, 2023

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue


	Three months ended September 30,				Six months ended September 30,
	2023		2022		2023		2022
Spectrum revenues
900 MHz Broadband Spectrum Revenue
Ameren Corporation	$	152	$	152	$	304	$	305
Evergy (1)	274		64		548		64
Xcel Energy (2)	444		—		444		—
Narrowband Spectrum Revenue
Motorola	182		182		364		364
Total spectrum revenue (3)	$	1,052	$	398	$	1,660	$	733

3.Revenue recognized during the three and six months ended September 30, 2023 and 2022 was included in deferred revenue at the beginning of the respective periods.

Schedule of Contract Assets

The Company’s contract assets consisted of the following activity during the six months ended September 30, 2023 and 2022 (in thousands):


	2023		2022
Balance at the beginning of the period	$	870	$	638
Additions	33		62
Amortization	(19)		(7)

Balance at the end of the period	884		693
Less amount classified as current assets (1)	(423)		(300)
Noncurrent assets (1)	$	461	$	393

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 six months ended September 30, 2023 and 2022 (in thousands):


	2023		2022
Balance at the beginning of the period	$	60,759	$	54,678
Additions (1)	21,166		—
Revenue recognized	(1,660)		(733)
Balance at the end of the period	80,265		53,945
Less amount classified as current liabilities (2)	(5,281)		(2,514)
Noncurrent liabilities (2)	$	74,984	$	51,431

2.Current liabilities and noncurrent liabilities are recorded as deferred revenue on the Company’s Consolidated Balance Sheets.

Leases - Additional Lease Cost Information (Details)	Sep. 30, 2023	Sep. 30, 2022
Lease, Cost [Abstract]
Weighted average term - operating lease liabilities	2 years 7 months 24 days	3 years 2 months 1 day
Weighted average incremental borrowing rate - operating lease liabilities	12.00%	13.00%

Intangible Assets - Narrative (Details)	3 Months Ended		6 Months Ended
Intangible Assets - Narrative (Details)	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) county	Sep. 30, 2022 USD ($) county	Mar. 31, 2023 USD ($)
Acquired Indefinite-lived Intangible Assets [Line Items]
Impairment			$ 0
Broadband licenses granted, number of counties \| county			14	45
Gain on disposal of intangible assets, net	$ (8,500,000)	$ (2,900,000)	$ (19,300,000)	$ (3,600,000)
Sale of intangible assets			25,178,000	0
Gain on sale of intangible assets, net	7,332,000	0	7,332,000	0
Deferred gain on sale of intangible assets	4,889,000	$ 0	4,889,000	0	$ 0
Wireless Licenses
Acquired Indefinite-lived Intangible Assets [Line Items]
Exchanges – licenses received			24,146,000	4,900,000
Licenses exchanged			4,848,000	$ (1,300,000)
Sale of intangible assets			44,000,000
Reduction of intangible assets			31,800,000
Gain on sale of intangible assets, net	$ 7,300,000		$ 7,300,000

Leases - Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Leases - Lease Cost (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Lease, Cost [Abstract]
Operating lease cost (cost resulting from lease payments)	$ 471	$ 445	$ 978	$ 894
Short term lease cost	0	3	0	7
Net lease cost	$ 471	$ 448	$ 978	$ 901

Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2023	Mar. 31, 2023
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)	18,768,491	18,921,999
Common stock, shares outstanding (in shares)	18,768,491	18,921,999

Revenue - Schedule of Contract Assets (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Revenue from Contract with Customer [Roll Forward]
Beginning balance	$ 870	$ 638
Additions	33	62
Amortization	(19)	(7)
Ending balance	884	693
Capitalized Contract Cost, Net, Classified [Abstract]
Balance	884	693
Less amount classified as current assets (1)	(423)	(300)
Noncurrent assets	$ 461	$ 393

Leases - Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Mar. 31, 2023
Leases [Abstract]
Non-current assets - right of use assets, net	$ 2,826	$ 3,371
Current liabilities - operating lease liabilities	1,610	1,725
Non-current liabilities - operating lease liabilities	$ 2,278	$ 2,922

Stockholders’ Equity (Tables)

6 Months Ended

Sep. 30, 2023

Equity [Abstract]

Share Repurchase Program

The following table presents the share repurchase activity for the three and six months ended September 30, 2023 and 2022 (in thousands, except per share data):


	Three months ended September 30,				Six months ended September 30,
	2023		2022		2023		2022

Number of shares repurchased and retired	333		54		333		110
Average price paid per share*	$	32.69	$	36.73	$	32.69	$	48.42
Total cost to repurchase	$	10,735	$	2,000	$	10,735	$	4,725

*Average price paid per share includes costs associated with the repurchases.

Concentrations of Credit Risk - Narrative (Details) - USD ($)	Sep. 30, 2023	Mar. 31, 2023
Accounts Receivable \| Customer Concentration Risk
Concentration Risk [Line Items]
Accounts receivable	$ 0	$ 0

Revenue - Schedule of Contract Liabilities (Details) - USD ($) $ in Thousands	6 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Mar. 31, 2023
Revenue from Contract with Customer [Roll Forward]
Beginning balance	$ 60,759	$ 54,678
Additions (1)	21,166	0
Revenue recognized	(1,660)	(733)
Ending balance	80,265	53,945
Contract with Customer, Liability [Abstract]
Balance	80,265	53,945	$ 60,759
Less amount classified as current liabilities	(5,281)	(2,514)	(2,769)
Noncurrent liabilities	$ 74,984	$ 51,431	$ 57,990

Contingencies and Guaranty	6 Months Ended
Contingencies and Guaranty	Sep. 30, 2023
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, a subsidiary of Sempra Energy to sell 900 MHz Broadband Spectrum throughout SDG&E’s California service territory, 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 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. This resulted in the recognition of a gain on the sale of spectrum and derecognition of the contingent liability associated with San Diego County. See Note 3 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 license, the remaining contingent liability balance of $1.4 million was classified as a short-term liability due to the expected timing of delivery. Xcel Energy Guaranty In October 2022, the Company entered into an agreement with 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 $29.2 million in deferred revenue in connection with the prepayments received as of September 30, 2023. The Company commenced delivery of the relevant cleared 900 MHz Broadband Spectrum and the associated broadband licenses 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, 2023, was approximately $0.4 million. As of September 30, 2023, the maximum potential liability of future undiscounted payments under this agreement is approximately $28.8 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, including the outbreak of COVID-19, inflation, and geopolitical matters, have increased operating costs and could increase production costs or result in delays in customer contracting or the availability of equipment necessary for the deployment of our 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 higher 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.

Leases (Tables)

6 Months Ended

Sep. 30, 2023

Leases [Abstract]

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,
	2023	2022
Weighted average term - operating lease liabilities	2.65 years	3.17 years
Weighted average incremental borrowing rate - operating lease liabilities	12%	13%

Lease Cost

The following table presents net lease cost for the three and six months ended September 30, 2023 and 2022 (in thousands):


	Three months ended September 30,				Six months ended September 30,
	2023		2022		2023		2022
Lease cost
Operating lease cost (cost resulting from lease payments)	$	471	$	445	$	978	$	894
Short term lease cost	—		3		—		7

Net lease cost	$	471	$	448	$	978	$	901

Supplemental Lease Information

The following table presents supplemental cash flow and non-cash activity information for the six months ended September 30, 2023 and 2022 (in thousands):


	Six months ended September 30,
	2023		2022
Cash paid activity:
Operating lease - operating cash flows (fixed payments)	$	1,152	$	1,080
Operating lease - operating cash flows (liability reduction)	$	759	$	699
Non-cash activity:
Right of use assets obtained in exchange for new operating lease liabilities	$	106	$	50

The following table presents supplemental balance sheet information as of September 30, 2023 and March 31, 2023 (in thousands):


	September 30, 2023		March 31, 2023
Non-current assets - right of use assets, net	$	2,826	$	3,371
Current liabilities - operating lease liabilities	$	1,610	$	1,725
Non-current liabilities - operating lease liabilities	$	2,278	$	2,922

Future Minimum Payments


Fiscal Year	Operating Leases
2024 (excluding the six months ended September 30, 2023)	$	1,053
2025	1,733
2026	972
2027	543
2028	179
After 2028	53
Total future minimum lease payments	4,533
Amount representing interest	(645)
Present value of net future minimum lease payments	$	3,888

Related Party Transactions	6 Months Ended
Related Party Transactions	Sep. 30, 2023
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Refer to the Company’s 2023 Annual Report for a more complete description of the nature of its related party transactions prior to March 31, 2023. The following reflects the related party activity during the three and six months ended September 30, 2023 and 2022. In connection with the transfer of its TeamConnect business and support for its pdvConnect business, the Company entered into a memorandum of understanding (“MOU”) with the principals of Goosetown on December 31, 2018. Under the MOU, the Company agreed to assign the intellectual property rights to its pdvConnect application to TeamConnect LLC (“LLC”), a new entity formed by the principals of Goosetown, in exchange for a 19.5% ownership interest in the LLC, effective April 30, 2019. The Company was obligated to pay the LLC a monthly service fee for a 24-month period ending on January 7, 2021 for its assumption of the Company’s support obligations under the A BEEP and Goosetown Agreements. The Company was also obligated to pay the LLC a certain portion of the billed revenue received by the Company from pdvConnect customers for a 48-month period. On February 22, 2023, the Company amended the LLC agreement to withdraw as a member of the LLC for no consideration and did not incur payments during the three and six months ended September 30, 2023. For the three and six months ended September 30, 2022, the Company incurred payments of $15,000 and $30,000 to the parties associated with the transferred business. As of September 30, 2023 and March 31, 2023, the Company did not have outstanding liabilities to the related parties associated with the transferred business.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
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-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

+ Details

Stockholders’ Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands		1 Months Ended	3 Months Ended		6 Months Ended		12 Months Ended	25 Months Ended
	Sep. 30, 2014	May 31, 2022	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Mar. 31, 2023	Sep. 29, 2023	Sep. 21, 2023	Aug. 08, 2023	Sep. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available (in shares)			603,542		603,542
Awards issued (in shares)					179,071		260,370
Stock repurchase program, authorized amount									$ 250,000		$ 50,000
Shares repurchased			$ 10,735	$ 2,000	$ 10,735	$ 4,725		$ 33,900
Excise taxes accrued			45		45
Stock repurchase program, remaining repurchase amount			$ 250,000		$ 250,000
Shares issued on conversion (in shares)		500,000
Common Class B \| Pdv Spectrum Holding Company Llc
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity method investee, cumulative proceeds received on all transactions	$ 10,000
Sale of stock (in shares)	500,000
Sale of stock (in dollars per share)	$ 20.00
Common Class A
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of units owned	100.00%
Common Class A \| Pdv Spectrum Holding Company Llc
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Subsidiary equity units for which investor has right to convert to common stock (in shares)	500,000
2014 Stock Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available (in shares)			388,151		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)			181,887		181,887
2023 Stock Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock authorized and reserved for issuance (in shares)										250,000
2023 Stock Plan \| Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance threshold, percentage					100.00%

Cover - shares	6 Months Ended
Cover - shares	Sep. 30, 2023	Nov. 10, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
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 (in shares)		18,769,676
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

Intangible Assets - Schedule of Indefinite-Lived Intangible Assets (Details) - USD ($) $ in Thousands	6 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Indefinite-lived Intangible Assets [Line Items]
Payments to acquire intangible assets	$ 10,077	$ 11,228
Refundable Deposits
Indefinite-lived Intangible Assets [Line Items]
Payments to acquire intangible assets	1,613	2,665
Returnable Costs and Swaps
Indefinite-lived Intangible Assets [Line Items]
Payments to acquire intangible assets	442	3,815
Purchases and Anti-Windfall Payments
Indefinite-lived Intangible Assets [Line Items]
Payments to acquire intangible assets	$ 8,022	$ 4,748

Stockholders’ Equity - Share Repurchase Program (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended		25 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Sep. 29, 2023
Equity [Abstract]
Number of shares repurchased (in shares)	333	54	333	110
Average price paid per share (in dollars per share)	$ 32.69	$ 36.73	$ 32.69	$ 48.42
Total cost to repurchase	$ 10,735	$ 2,000	$ 10,735	$ 4,725	$ 33,900

Intangible Assets (Tables)

6 Months Ended

Sep. 30, 2023

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, 2023 (in thousands):


	Wireless Licenses
Balance at March 31, 2023	$	202,044
Acquisitions	8,022
Sale of intangible assets	(31,798)
Exchanges – licenses received	24,146
Exchanges – licenses surrendered	(4,848)
Balance at September 30, 2023	$	197,566

The purchases of intangible assets, including refundable deposits, consisted of the following activity during the six months ended September 30, 2023 and 2022 (in thousands):


	2023		2022
Refundable deposits	$	1,613	$	2,665
Retuning cost and Swaps	442		3,815
Purchases and Anti-Windfall Payments	8,022		4,748
Total	$	10,077	$	11,228

Nature of Operations and Basis of Presentation - Narrative (Details) $ in Thousands	1 Months Ended						3 Months Ended		6 Months Ended		45 Months Ended
	Sep. 30, 2023 USD ($)	Jul. 31, 2023 USD ($) county	Apr. 30, 2023 mi² county city people	Oct. 31, 2022 USD ($)	Sep. 30, 2022 USD ($)	Feb. 28, 2021 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) county	Sep. 30, 2022 USD ($) county	Dec. 31, 2026 USD ($)	Sep. 21, 2023 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Mar. 31, 2022 USD ($)	Sep. 30, 2021 USD ($)
Conversion of Stock [Line Items]
Broadband licenses granted, number of counties \| county									14	45
Payments to acquire intangible assets									$ 10,077	$ 11,228
Prepayments received	$ 80,265				$ 53,945		$ 80,265	$ 53,945	80,265	53,945			$ 60,759		$ 54,678
Spectrum revenues							1,052	398	1,660	733
Contingent liability						$ 20,000
Stock repurchase program, authorized amount												$ 250,000				$ 50,000
SDG&E
Conversion of Stock [Line Items]
Consideration transferred						$ 50,000
Lower Colorado River Authority (LCRA) \| Wireless Licenses
Conversion of Stock [Line Items]
Broadband licenses granted, number of counties \| county			68
Broadband licenses granted, number of cities \| city			30
Broadband licenses granted, number of customers \| people			100
Broadband licenses granted, service area \| mi²			73,000
Lower Colorado River Authority (LCRA) \| Wireless Licenses \| Forecast
Conversion of Stock [Line Items]
Payments to acquire intangible assets											$ 30,000
Xcel Energy \| Spectrum revenue
Conversion of Stock [Line Items]
Spectrum revenues							444	$ 0	444	$ 0
Xcel Energy \| Collaborative Arrangement, Transaction with Party to Collaborative Arrangement
Conversion of Stock [Line Items]
Broadband licenses granted, number of counties \| county		14
Agreement term				20 years
Total scheduled prepayments				$ 80,000
Prepayments received	29,200						$ 29,200		$ 29,200					$ 8,000
Milestone payment received		$ 21,200
SDG&E \| Collaborative Arrangement, Transaction with Party to Collaborative Arrangement
Conversion of Stock [Line Items]
Milestone payment received	25,200				$ 200
Delivery delay adjustments	$ 1,100

Net Income (Loss) Per Share of Common Stock - Narrative (Details) - shares	3 Months Ended		6 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Earnings Per Share [Abstract]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	1,176,107	318,866	193,437	438,907

Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Statement [Abstract]
Spectrum revenues	$ 1,052	$ 398	$ 1,660	$ 733
Operating expenses
General and administrative	11,905	11,427	23,578	22,786
Sales and support	1,310	1,164	2,585	2,400
Product development	1,147	980	2,216	2,076
Depreciation and amortization	209	372	455	734
Operating expenses	14,571	13,943	28,834	27,996
Gain on disposal of intangible assets, net	(8,513)	(2,905)	(19,298)	(3,553)
Gain on sale of intangible assets, net	(7,332)	0	(7,332)	0
Loss on disposal of long-lived assets, net	67	20	36	22
Gain (loss) from operations	2,259	(10,660)	(580)	(23,732)
Interest income	396	244	782	261
Other income (expense)	63	(12)	158	47
Income (loss) before income taxes	2,718	(10,428)	360	(23,424)
Income tax expense	645	215	405	415
Net income (loss)	$ 2,073	$ (10,643)	$ (45)	$ (23,839)
Net loss per common share basic (in dollars per share)	$ 0.11	$ (0.56)	$ 0	$ (1.27)
Net loss per common share diluted (in dollars per share)	$ 0.11	$ (0.56)	$ 0	$ (1.27)
Weighted-average common shares used to compute basic net loss per share (in shares)	18,921,126	18,953,044	18,935,929	18,786,928
Weighted-average common shares used to compute diluted net loss per share (in shares)	19,109,394	18,953,044	18,935,929	18,786,928