0001304492-26-000046 | 10-Q | XBRL Viewer

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Leases - Schedule of Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Mar. 31, 2026
Leases [Abstract]
Non-current assets - right of use assets, net	$ 3,757	$ 4,069
Current liabilities - operating lease liabilities	1,447	1,424
Non-current liabilities - operating lease liabilities	$ 2,641	$ 2,995

Revenue

3 Months Ended

Jun. 30, 2026

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 months ended June 30, 2026 and 2025 (in thousands):


	Three months ended June 30,
	2026		2025
Spectrum revenue
900 MHz Broadband Spectrum Lease Revenue
Ameren Corporation (“Ameren”)	$	206	$	206
Evergy Services, Inc. (“Evergy”)	385		385
Xcel Energy Services Inc. (“Xcel Energy”)	935		801
Tampa Electric Company (“TECO”) (1)	432		26
Total spectrum revenue	$	1,958	$	1,418

1.The Company commenced revenue recognition in connection with the delivery of cleared 900 MHz Broadband Spectrum and the associated broadband licenses to TECO during the three months ended June 30, 2025.

900 MHz Broadband Spectrum Lease Agreements

The following table provides information regarding the Company’s spectrum lease agreements (as defined in the table below and collectively referred to as the “Spectrum Lease Agreements”) as of June 30, 2026:

Spectrum Lease Agreements (1)

Agreement Date

Initial Term

Renewal Options

Total Consideration (2)

Payments Received

Payments Remaining

Ameren

December 2020

30 - years

10 - years

$47.7 million

$45.2 million

$2.5 million (3)

Evergy

September 2021

20 - years

2 x 10 - years

$30.2 million

$—

Xcel Energy

October 2022

20 - years

2 x 10 - years

$80.0 million

$76.0 million

$4.0 million (4)

TECO

November 2023

20 - years

2 x 10 - years

$34.5 million

$—

1.The Spectrum Lease Agreements are subject to customary provisions regarding remedies for non-delivery, including termination rights and refund of amounts paid, if the Company fails to perform its other contractual obligations, including failure to deliver the relevant cleared 900 MHz Broadband Spectrum in accordance with the terms of the Agreements.

2.In accordance with ASC 606, the payments of prepaid fees under the spectrum lease agreements will be accounted for as deferred revenue on the Company’s Consolidated Balance Sheets. Revenue is recognized over

time as the performance obligations of clearing the 900 MHz Broadband Spectrum and the associated broadband leases are delivered by the respective county, over the contractual term.

3.The remaining payments of $2.5 million, excluding potential penalties, for the 30-year initial term are due in the second half of 2026, per the terms of the Ameren Agreements and as the Company delivers the relevant cleared 900 MHz Broadband Spectrum and the associated broadband leases.

4.The remaining payments of $4.0 million, excluding potential penalties, for the 20-year initial term are due by mid-2028, per the terms of the Xcel Energy Agreement and as the Company delivers the relevant cleared 900 MHz Broadband Spectrum and the associated broadband leases.

900 MHz Broadband Spectrum Sale Agreements

The following table provides information regarding the Company’s spectrum sale agreements (as defined in the table below and collectively referred to as the “Spectrum Sale Agreements”) as of June 30, 2026:

Spectrum Sale Agreements (1)

Agreement Date

Total Consideration (2)

Payments Received

Payments remaining

Broadband license(s) delivered

Broadband license(s) remaining

CPS Energy (“CPS”)

January 2026

$13.0 million

$6.5 million

—

Texas-New Mexico Power Company (“TNMP”)

March 2026

$3.2 million

$1.6 million

—

NorthWestern Energy (“NWE”)

March 2026

$7.7 million

$0.1 million

$7.6 million

—

Benton County (“Benton PUD”)

April 2026

$0.8 million

$0.2 million

$0.6 million

—

2.In accordance with ASC 606, the payments of prepaid fees under the spectrum sale agreements will be accounted for as deferred revenue on the Company’s Consolidated Balance Sheets. Revenue will be recognized for each county once we deliver the cleared 900 MHz Broadband Spectrum and the associated broadband licenses.

Capitalized Contract Costs

The Company capitalizes incremental costs associated with obtaining a spectrum agreement with a customer, which generally include sales commissions, when it expects the benefit of those costs to extend beyond one year. The Company determined that certain sales commissions met the criteria for capitalization upon its adoption of Accounting Standards Codification, Revenue from Contracts with Customers (“ASC 606”). Capitalized incremental costs are amortized over the contractual term beginning on the first delivery of a broadband lease. The Company's capitalized contract costs consisted of the following activity during the three months ended June 30, 2026 and 2025 (in thousands):


	Three months ended June 30,
	2026		2025
Balance at the beginning of the period	$	505	$	1,241
Additions	—		49
Amortization	(6)		(19)

Balance at the beginning of the end	499		1,271
Less amount classified as current assets (1)	(24)		(24)
Noncurrent assets (1)	$	475	$	1,247

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 or upon delivery of a broadband license associated with a sale agreement. The Company’s contract liabilities consisted of the following activity during the three months ended June 30, 2026 and 2025 (in thousands):


	Three months ended June 30,
	2026		2025
Balance at the beginning of the period	$	161,178	$	124,672
Net additions (1)	15,693		4,960
Revenue recognized	(1,958)		(1,418)
Balance at the end of the period	174,913		128,214
Less amount classified as current liabilities (2)	(14,331)		(6,343)
Noncurrent liabilities (2)	$	160,582	$	121,871

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 represents 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 $197.8 million as of June 30, 2026, which will be recognized over the remaining contract terms up to 30 years for lease agreements and upon delivery of a broadband license associated with a sale agreement.

- 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.

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+ Details

Nature of Operations and Basis of Presentation	3 Months Ended
Nature of Operations and Basis of Presentation	Jun. 30, 2026
Accounting Policies [Abstract]
Nature of Operations and Basis of Presentation	Nature of Operations and Basis of Presentation Anterix Inc. (the “Company”) is the nation’s largest holder of licensed 900 MHz spectrum (896-901/935-940 MHz) with coverage spanning the contiguous United States, Hawaii, Alaska, and Puerto Rico. The Company’s mission is to transform critical infrastructure connectivity, commercialize its spectrum assets and deliver advanced intelligent infrastructure solutions, including private broadband networks, tower access, and turnkey connectivity management, to utility and critical infrastructure enterprises seeking to enhance operational efficiency, strengthen grid resilience, and accelerate digital transformation. During fiscal 2026, the Company evolved its business strategy. Building on its foundational 900 MHz spectrum position, the Company transitioned from a model focused predominantly on long-term spectrum leasing to a broader operating model. In the ordinary course of business, the Company now secures and expands its spectrum position, clears and retunes spectrum, monetizes spectrum through both sales and long-term leases, and develops a growing portfolio of products and services offerings around its spectrum that are designed to generate recurring revenue. Together, these activities form the foundation of how the Company generates revenue today and how it expects to generate revenue over time. 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 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, 2026, filed with the SEC on June 25, 2026 (the “2026 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 intercompany accounts and transactions have been eliminated in consolidation. Business Developments On April 16, 2026, the Company entered into a 10 MHz 900 MHz spectrum license sale agreement with Public Utility District No. 1 of Benton County (“Benton PUD”) to provide 900 MHz Broadband Spectrum in the 10 MHz broadband configuration, covering Benton County, Washington, (the “Benton Agreement”) for a total consideration of $0.8 million. This will enable Benton PUD to deploy a private wireless broadband network that will provide the taxpayer-owned utility and the community it serves with transformative communications capabilities to support its energy leadership, cooperation, and stewardship. Recently Issued Accounting Pronouncements In November 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures and subsequently amended with ASU 2025-01, which was issued in January 2025. This update requires public business entities to disclose, on an annual and interim basis, disaggregated information about certain income statement expense line items in the notes to the financial statements. This update is effective for annual periods beginning after December 15, 2026, and interim periods within annual periods beginning after December 15, 2027. Early adoption is permitted and should be applied either prospectively or retroactively. The Company is currently evaluating the impact of the new standard on the Company’s consolidated financial statements and related disclosures. In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements. This update improves the navigability and applicability of the required interim disclosures. This update provides additional guidance on what disclosures should be provided in interim reporting periods and requires public business entities to disclose events since the end of the last annual reporting period that have a material impact on the entity. This update is effective for interim periods within annual periods beginning after December 15, 2027. Early adoption is permitted and should be applied either prospectively or retroactively. The Company is currently evaluating the impact of the new standard on the Company’s consolidated financial statements and related disclosures. In December 2025, the FASB issued ASU 2025-12, Codification Improvements. The amendments in this ASU include technical corrections and other amendments intended to clarify and improve the Accounting Standards Codification across various topics. The amendments related to Accounting Standards Codification, Earnings per Share (“ASC 260”) are required to be applied retrospectively, while all other amendments may be applied either prospectively or retrospectively. This update is effective for annual periods beginning after December 15, 2026, and interim periods within those annual periods. Early adoption is permitted and should be applied either prospectively or retroactively. The Company is currently evaluating the impact of the new standard on the Company’s consolidated financial statements and related disclosures.

Leases - Schedule of Future Minimum Payments (Details) $ in Thousands	Jun. 30, 2026 USD ($)
Leases [Abstract]
2027 (excluding the three months ended June 30, 2026)	$ 1,185
2028	1,584
2029	900
2030	462
2031	405
After 2031	365
Total future minimum lease payments	4,901
Amount representing interest	(813)
Present value of net future minimum lease payments	$ 4,088

Related Party Transactions	3 Months Ended
Related Party Transactions	Jun. 30, 2026
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Refer to the Company’s 2026 Annual Report for a more complete description of the nature of its related party transactions prior to March 31, 2026. There were no related party activity during the three months ended June 30, 2026.

- 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.

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+ Details

Intangible Assets (Tables)

3 Months Ended

Jun. 30, 2026

Intangible Asset, Goodwill and Other [Abstract]

Schedule of Intangible Asset, Indefinite-Lived

Intangible assets consist of the following activity for the three months ended June 30, 2026 and 2025 (in thousands):


	Three months ended June 30,
	2026		2025
Balance at the beginning of period	$	310,712	$	228,983
Acquisitions	1,920		3,932
Sale of intangible assets	—		(1,512)
Exchanges - licenses received	13,522		40,618
Exchanges - licenses surrendered	(2,869)		(6,702)
Balance at the end of period	323,285		265,319
Less: licenses classified as held for sale	(13,000)		—
Intangible assets	$	310,285	$	265,319

Nature of Operations and Basis of Presentation (Details) $ in Thousands	Apr. 16, 2026 USD ($)
Public Utility District No. 1 of Benton County \| Licensing Agreements
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Total Consideration	$ 800

Related Party Transactions (Details) $ in Millions	3 Months Ended
Related Party Transactions (Details) $ in Millions	Jun. 30, 2026 USD ($)
Related Party Transactions [Abstract]
Related party transactions	$ 0.0

Revenue - Schedule of Contract Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Mar. 31, 2026
Contract with Customer, Liability [Roll Forward]
Balance at the beginning of the period	$ 161,178	$ 124,672
Net additions	15,693	4,960
Revenue recognized	(1,958)	(1,418)
Balance at the end of the period	174,913	128,214
Less amount classified as current liabilities	(14,331)	(6,343)	$ (14,513)
Noncurrent liabilities	$ 160,582	$ 121,871	$ 146,665

Intangible Assets - Narrative (Details)		3 Months Ended
Intangible Assets - Narrative (Details)	Apr. 01, 2025 USD ($)	Jun. 30, 2026 USD ($) county	Jun. 30, 2025 USD ($) county	Mar. 31, 2026 USD ($)
Acquired Indefinite-lived Intangible Assets [Line Items]
Impairment charges		$ 0	$ 0
Broadband licenses granted, number of counties \| county		6	62
Exchanges - licenses received		$ 13,522,000	$ 40,618,000
Exchanges - licenses surrendered		(2,869,000)	(6,702,000)
Gain on exchange of intangible assets, net		10,653,000	33,916,000
Payments to acquire intangible assets		6,703,000	3,966,000
Decrease in contingent liability		0	(1,054,000)
Gain on sale of intangible assets		0	961,000
Broadband licenses held for sale		13,000,000	0	$ 0
Disposal Group, Held-for-Sale, Not Discontinued Operations
Acquired Indefinite-lived Intangible Assets [Line Items]
Broadband licenses held for sale		13,000,000.0	0
Licensing Agreements
Acquired Indefinite-lived Intangible Assets [Line Items]
Exchanges - licenses received		13,500,000	40,600,000
Exchanges - licenses surrendered		(2,900,000)	$ (6,700,000)
Broadband licenses transferred, total consideration		0
Reduction in indefinite-lived intangible assets		$ 0
Licensing Agreements \| Lower Colorado River Authority
Acquired Indefinite-lived Intangible Assets [Line Items]
Broadband licenses granted, number of counties \| county			24
Broadband licenses transferred, total consideration			$ 2,200,000
Reduction in indefinite-lived intangible assets			1,200,000
Payments to acquire intangible assets	$ 1,100,000
Decrease in contingent liability			1,100,000
Gain on sale of intangible assets			$ 1,000,000.0
Licensing Agreements \| Oncor Electric Delivery Company LLC
Acquired Indefinite-lived Intangible Assets [Line Items]
Broadband licenses granted, number of counties \| county			3
Reduction in indefinite-lived intangible assets			$ 300,000
Payments to acquire intangible assets			300,000
Gain on sale of intangible assets			$ 8,000

Segment Reporting - Narrative (Details)	3 Months Ended
Segment Reporting - Narrative (Details)	Jun. 30, 2026 segment
Segment Reporting [Abstract]
Number of reportable segments	1
Number of operating segments	1

Revenue - Narrative (Details) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-07-01 $ in Millions	Jun. 30, 2026 USD ($)
Disaggregation of Revenue [Line Items]
Remaining performance obligation, amount	$ 197.8
Remaining performance obligation, expected timing of satisfaction, period	30 years

- 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.

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+ Details

Segment Reporting

3 Months Ended

Jun. 30, 2026

Segment Reporting [Abstract]

Segment Reporting

The Company operates as a single operating and reportable segment. The Company’s chief operating decision maker (“CODM”) is its President and Chief Executive Officer, who manages the business on a consolidated basis. All of the Company’s identifiable assets are located in the United States. The Company did not generate any revenue from sources outside of the United States. Accounting Standards Codification, Segment Reporting (“ASC 280”) defines operating segments as components of an enterprise for which separate financial information is available that is regularly evaluated by the Company’s CODM in deciding how to allocate resources and assess performance.

The measure of segment profit or loss for the Company’s single segment is net income (loss). Additionally, the CODM uses cash and cash equivalents as a measure of segment assets, which is included on the Company’s consolidated financial statements. Cash and cash equivalents and Net income (loss) are reviewed and monitored by CODM to ensure enough capital is available for investing in purchases of intangible assets, refundable deposits, retuning costs and swaps, and the Company’s share repurchase program. Segment expenses were disaggregated based on the information the CODM is provided on a quarterly basis considering both quantitative and qualitative factors.

The table below summarizes significant segment expenses and other items, which represent the difference between segment revenue and segment net income during three months ended June 30, 2026 and 2025 (in thousands):


	Three months ended June 30,
	2026		2025
Spectrum revenue	$	1,958	$	1,418
Significant segment expenses and other segment items
Adjusted general and administrative (1)	6,895		7,156
Adjusted sales and support (2)	1,564		1,364
Adjusted product development (3)	1,014		910

Depreciation and amortization	101		124
Gain on exchange of intangible assets, net	(10,653)		(33,916)
Gain on sale of intangible assets, net	—		(961)
Interest income	845		442
Other income	15		—
Income tax expense (benefit)	374		(2,257)
Other segment items (4)	3,283		4,260
Net income	$	240	$	25,180

1.Adjusted general and administrative includes expenses related to certain corporate functions, such as, executive, legal, finance, information technology, human resources and others, public company costs, bonus expense for all employees, insurance costs and other costs.

2.Adjusted sales and support includes expenses related to sales and marketing functions.

3.Adjusted product development includes expenses related to technology and product development functions.

4.Other segment items include items not deemed significant or regularly provided to the CODM, such as severance and other related charges, stock compensation and loss from disposal of long-lived assets.

- Definition

The entire disclosure for segment reporting.

+ References

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+ Details

Revenue - Spectrum Lease Agreements (Details) $ in Millions	32 Months Ended	45 Months Ended	58 Months Ended	67 Months Ended
Revenue - Spectrum Lease Agreements (Details) $ in Millions	Jun. 30, 2026 USD ($)	Jun. 30, 2026 USD ($)	Jun. 30, 2026 USD ($)	Jun. 30, 2026 USD ($)	Nov. 30, 2023 USD ($) term	Oct. 31, 2022 USD ($) term	Sep. 30, 2021 USD ($) term	Dec. 31, 2020 USD ($)
Ameren
Disaggregation of Revenue [Line Items]
Initial Term	30 years	30 years	30 years	30 years				30 years
Lease extension								10 years
Total Consideration	$ 2.5	$ 2.5	$ 2.5	$ 2.5				$ 47.7
Payments Received				45.2
Payments Remaining	2.5	2.5	2.5	2.5				$ 47.7
Evergy
Disaggregation of Revenue [Line Items]
Initial Term							20 years
Renewal term, number \| term							2
Lease extension							10 years
Total Consideration	0.0	0.0	0.0	0.0			$ 30.2
Payments Received			30.2
Payments Remaining	$ 0.0	$ 0.0	$ 0.0	$ 0.0			$ 30.2
Xcel Energy
Disaggregation of Revenue [Line Items]
Initial Term	20 years	20 years	20 years	20 years		20 years
Renewal term, number \| term						2
Lease extension						10 years
Total Consideration	$ 4.0	$ 4.0	$ 4.0	$ 4.0		$ 80.0
Payments Received		76.0
Payments Remaining	4.0	4.0	4.0	4.0		$ 80.0
TECO
Disaggregation of Revenue [Line Items]
Initial Term					20 years
Renewal term, number \| term					2
Lease extension					10 years
Total Consideration	0.0	0.0	0.0	0.0	$ 34.5
Payments Received	34.5
Payments Remaining	$ 0.0	$ 0.0	$ 0.0	$ 0.0	$ 34.5

Intangible Assets - Schedule of Indefinite-Lived Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Mar. 31, 2026
Indefinite-lived Intangible Assets [Roll Forward]
Balance at the beginning of period	$ 310,712	$ 228,983
Acquisitions	1,920	3,932
Sale of intangible assets	0	(1,512)
Exchanges - licenses received	13,522	40,618
Exchanges - licenses surrendered	(2,869)	(6,702)
Balance at the end of period	323,285	265,319
Less: licenses classified as held for sale	(13,000)	0	$ 0
Intangible assets	$ 310,285	$ 265,319

Leases - Schedule of Total Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Leases [Abstract]
Total operating lease cost	$ 411	$ 498

Contingencies and Guaranty (Tables)

3 Months Ended

Jun. 30, 2026

Commitments and Contingencies Disclosure [Abstract]

Schedule of Spectrum Sale Agreements

Spectrum Sale Agreements (1)

Agreement Date

Total Consideration (2)

Payments Received

Payments remaining

Broadband license(s) delivered

Broadband license(s) remaining

CPS Energy (“CPS”)

January 2026

$13.0 million

$6.5 million

—

Texas-New Mexico Power Company (“TNMP”)

March 2026

$3.2 million

$1.6 million

—

NorthWestern Energy (“NWE”)

March 2026

$7.7 million

$0.1 million

$7.6 million

—

Benton County (“Benton PUD”)

April 2026

$0.8 million

$0.2 million

$0.6 million

—

Spectrum Sale Agreements (1)

Agreement Date

Total Consideration

Payments Received (2)

Payments remaining

Broadband license(s) delivered

Broadband license(s) remaining

San Diego Gas & Electric (“SDG&E”) Agreement

February 2021

$50.0 million

$45.6 million (3)

$3.1 million

LCRA Agreement

April 2023

$30.0 million

$29.3 million

$0.7 million

LCRA Expansion Agreement

January 2025

$13.5 million

$6.0 million

$6.5 million (4)

—

1.The Spectrum Sale Agreements are subject to customary provisions regarding remedies for non-delivery, including termination rights and refund of amounts paid, if the Company fails to perform its other contractual obligations, including failure to deliver the relevant cleared 900 MHz Broadband Spectrum in accordance with the terms of the Agreements. A gain or loss on the sale of spectrum will be recognized for each county once we deliver the cleared 900 MHz Broadband Spectrum and the associated broadband licenses. See Note 5 Intangible Assets for further discussion on the sale of intangible assets.

2.The payment of prepaid fees under the spectrum sale agreements entered into in the non-ordinary course of business, will be accounted for as contingent liability on the Company’s Consolidated Balance Sheets.

3.Net of delivery delay adjustments.

4.Includes a $1.0 million credit, which was applied against the remaining balance pursuant to the LCRA Expansion Agreement in recognition of their contributions to our business efforts.

The following table summarizes the Company’s short-term and long-term contingent liabilities related to spectrum sale agreements entered into in the non-ordinary course of business based on the estimated timing of license deliveries (in thousands) as of June 30, 2026 and March 31, 2026:


	June 30, 2026				March 31, 2026
Spectrum Sale Agreements	Current		Long Term		Current		Long Term
SDG&E	$	1,000	$	—	$	1,000	$	—
LCRA Agreement	1,220		—		1,220		—
LCRA Expansion Agreement	—		6,000		—		6,000

Total contingent liabilities (1)	$	2,220	$	6,000	$	2,220	$	6,000

1.As these contracts were entered into outside the ordinary course of business, 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 900 MHz Broadband Spectrum and the associated broadband licenses. See Note 5 Intangible Assets for further discussion on the sale of intangible assets.

Segment Reporting (Tables)

3 Months Ended

Jun. 30, 2026

Segment Reporting [Abstract]

Schedule of Operating Financial Results


	Three months ended June 30,
	2026		2025
Spectrum revenue	$	1,958	$	1,418
Significant segment expenses and other segment items
Adjusted general and administrative (1)	6,895		7,156
Adjusted sales and support (2)	1,564		1,364
Adjusted product development (3)	1,014		910

Depreciation and amortization	101		124
Gain on exchange of intangible assets, net	(10,653)		(33,916)
Gain on sale of intangible assets, net	—		(961)
Interest income	845		442
Other income	15		—
Income tax expense (benefit)	374		(2,257)
Other segment items (4)	3,283		4,260
Net income	$	240	$	25,180

2.Adjusted sales and support includes expenses related to sales and marketing functions.

3.Adjusted product development includes expenses related to technology and product development functions.

- Definition

Tabular disclosure of segment reporting. Includes, but is not limited to, reconciliation of reportable segment amount to corresponding consolidated total.

+ References

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+ Details

Escrow Deposits (Details) - USD ($) $ in Thousands	1 Months Ended
Escrow Deposits (Details) - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2023	Jun. 30, 2026	Mar. 31, 2026
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Increase in deposit assets		$ 7,500
Escrow deposit, current			$ 3,910	$ 6,130
Collaborative Arrangement, Transaction with Party to Collaborative Arrangement \| Wireless Licenses
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Escrow deposit, current			3,500
Consideration transferred	$ 28,000
Escrow deposit, cumulative			18,300
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
Escrow deposit, current			$ 400

Stockholders’ Equity - Narrative (Details) - USD ($)	3 Months Ended		12 Months Ended
Stockholders’ Equity - Narrative (Details) - USD ($)	Jun. 30, 2026	Jun. 30, 2025	Mar. 31, 2026	Sep. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available (in shares)	279,420
Awards issued (in shares)	636,077		344,642
Stock repurchase program, authorized amount				$ 250,000,000.0
Excise tax expense	$ 0	$ 0
Stock repurchased and subsequently retired	0	$ 0
Stock repurchase program, remaining repurchase amount	$ 226,700,000
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)	1,350,000

- 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

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+ Details

- Definition

Equity impact of the value of stock that has been repurchased and retired during the period. The excess of the purchase price over par value can be charged against retained earnings (once the excess is fully allocated to additional paid in capital).

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+ Details

Stockholders’ Equity	3 Months Ended
Stockholders’ Equity	Jun. 30, 2026
Equity [Abstract]
Stockholders’ Equity	Stockholders’ Equity The Company established the 2023 Stock Plan (the “2023 Stock Plan”) to attract, retain and reward individuals who contribute to the achievement of the Company’s goals and objectives. This 2023 Stock Plan superseded previous stock plans. The 2023 Stock Plan permits the Company to grant equity compensation awards to employees, consultants and non-employee directors of the Company. The 2023 Stock Plan authorizes 1,350,000 shares of common stock of the Company (the “Shares”) for grant, plus remaining available for issuance under previous plans. As of June 30, 2026, under the 2023 Stock Plan, 279,420 Shares are available for future issuance. During the three months ended June 30, 2026 and the year ended March 31, 2026, a total of 636,077 and 344,642 shares, respectively, were issued in connection with the vesting, conversion and or exercise of grants under the 2023 Stock Plan. 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. For the three months ended June 30, 2026 and 2025, the Company did not incur any excise tax expense. During the three months ended June 30, 2026 and 2025, the Company had no share repurchase activity. As of June 30, 2026, $226.7 million is remaining under the 2023 Share Repurchase Program.

Leases - Narrative (Details)	Jun. 30, 2026
Minimum
Lease [Line Items]
Lease extension	3 years
Maximum
Lease [Line Items]
Lease extension	10 years

Contingencies and Guaranty - Schedule of Short-Term and Long-Term Contingent Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Mar. 31, 2026
Other Commitments [Line Items]
Current	$ 2,220	$ 2,220
Long Term	6,000	6,000
SDG&E
Other Commitments [Line Items]
Current	1,000	1,000
Long Term	0	0
LCRA Agreement
Other Commitments [Line Items]
Current	1,220	1,220
Long Term	0	0
LCRA Expansion Agreement
Other Commitments [Line Items]
Current	0	0
Long Term	$ 6,000	$ 6,000

Net Income Per Share of Common Stock - Narrative (Details) - shares	3 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Earnings Per Share [Abstract]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	216,492	1,898,083

Income Taxes	3 Months Ended
Income Taxes	Jun. 30, 2026
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company used a discrete effective tax rate method to calculate taxes for the three months ended June 30, 2026 and 2025, 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 months ended June 30, 2026, the Company recorded a total tax expense of $0.4 million. For the three months ended June 30, 2025, the Company recorded a total tax benefit of $2.3 million. The effective income tax rates for the three months ended June 30, 2026 and 2025 were 25.3% and -21.7%, 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 June 30, 2026 are approximately $4.3 million for federal and $2.2 million for state. The deferred tax liabilities as of March 31, 2026 were approximately $4.0 million for federal and $2.3 million for state.

- Definition

The entire disclosure for income tax.

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+ Details

Cover - shares	3 Months Ended
Cover - shares	Jun. 30, 2026	Aug. 06, 2026
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2026
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		19,609,786
Entity Central Index Key	0001304492
Current Fiscal Year End Date	--03-31
Document Fiscal Year Focus	2027
Document Fiscal Period Focus	Q1
Amendment Flag	false

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Jun. 30, 2025	Mar. 31, 2026
Income Tax Disclosure [Line Items]
Income tax expense (benefit)	$ 374	$ (2,257)
Effective income tax rate, percentage	25.30%	(21.70%)
Federal and state
Income Tax Disclosure [Line Items]
Income tax expense (benefit)	$ 400	$ (2,300)
Federal
Income Tax Disclosure [Line Items]
Deferred tax liability	4,300		$ 4,000
State
Income Tax Disclosure [Line Items]
Deferred tax liability	$ 2,200		$ 2,300

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

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+ Details

Contingencies and Guaranty

3 Months Ended

Jun. 30, 2026

Commitments and Contingencies Disclosure [Abstract]

Contingencies and Guaranty

Contingent Liabilities

Spectrum Sale Agreements

Spectrum Sale Agreements (1)

Agreement Date

Total Consideration

Payments Received (2)

Payments remaining

Broadband license(s) delivered

Broadband license(s) remaining

San Diego Gas & Electric (“SDG&E”) Agreement

February 2021

$50.0 million

$45.6 million (3)

$3.1 million

LCRA Agreement

April 2023

$30.0 million

$29.3 million

$0.7 million

LCRA Expansion Agreement

January 2025

$13.5 million

$6.0 million

$6.5 million (4)

—

3.Net of delivery delay adjustments.

4.Includes a $1.0 million credit, which was applied against the remaining balance pursuant to the LCRA Expansion Agreement in recognition of their contributions to our business efforts.


	June 30, 2026				March 31, 2026
Spectrum Sale Agreements	Current		Long Term		Current		Long Term
SDG&E	$	1,000	$	—	$	1,000	$	—
LCRA Agreement	1,220		—		1,220		—
LCRA Expansion Agreement	—		6,000		—		6,000

Total contingent liabilities (1)	$	2,220	$	6,000	$	2,220	$	6,000

Guaranties

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 the 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 the Company 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 $76.0 million in deferred revenue in connection with the prepayments received as of June 30, 2026. 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. As of June 30, 2026, the maximum potential liability of future undiscounted payments under this agreement is approximately $66.5 million, reflecting a reduction in liability due to the obligations it has performed to date and revenue recognized.

In June 2025, the Company entered into an agreement to retune and acquire wireless licenses for approximately $28.0 million. In connection with this agreement, the Company entered into a guaranty agreement with the incumbent, under which the Company guaranteed the payment and performance of all obligations under the agreement to the incumbent in the event of default. In addition, to the extent the Company has performed any obligations under the agreement, the Company’s liability and remaining obligations will extend only to the remaining obligations. As of June 30, 2026, the maximum potential liability of future undiscounted payments under this agreement is approximately $13.1 million.

Defined Contribution Plan - Employer Contributions

The Company sponsors defined contribution plans (the “Plans”) that cover our employees following the completion of an eligibility period. Under the Plans, participating employees may defer a portion of their pretax and post tax earnings up to the limits provided by local statutory requirements. The Company makes matching contributions, subject to limits of the base compensation that a participant contributes to the Plan. The Company records its portion of matching contributions within general and administrative expenses on the Company’s Consolidated Statement of Operations. The Company contributed $0.1 million and $0.2 million for the three months ended June 30, 2026 and 2025, respectively.

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.

Net Income Per Share of Common Stock -Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Earnings Per Share [Abstract]
Net income:	$ 240	$ 25,180
Weighted-average common shares:
Basic weighted-average shares (in shares)	19,085,714	18,621,701
Add: dilutive effect of stock options and restricted stock units (in shares)	541,798	82,430
Diluted weighted-average common shares (in shares)	19,627,512	18,704,131

- Definition

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

+ References

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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Revenue (Tables)

3 Months Ended

Jun. 30, 2026

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue


	Three months ended June 30,
	2026		2025
Spectrum revenue
900 MHz Broadband Spectrum Lease Revenue
Ameren Corporation (“Ameren”)	$	206	$	206
Evergy Services, Inc. (“Evergy”)	385		385
Xcel Energy Services Inc. (“Xcel Energy”)	935		801
Tampa Electric Company (“TECO”) (1)	432		26
Total spectrum revenue	$	1,958	$	1,418

Schedule of Lessor, Operating Lease Agreements

Spectrum Lease Agreements (1)

Agreement Date

Initial Term

Renewal Options

Total Consideration (2)

Payments Received

Payments Remaining

Ameren

December 2020

30 - years

10 - years

$47.7 million

$45.2 million

$2.5 million (3)

Evergy

September 2021

20 - years

2 x 10 - years

$30.2 million

$—

Xcel Energy

October 2022

20 - years

2 x 10 - years

$80.0 million

$76.0 million

$4.0 million (4)

TECO

November 2023

20 - years

2 x 10 - years

$34.5 million

$—

time as the performance obligations of clearing the 900 MHz Broadband Spectrum and the associated broadband leases are delivered by the respective county, over the contractual term.

Schedule of Spectrum Sale Agreements

Spectrum Sale Agreements (1)

Agreement Date

Total Consideration (2)

Payments Received

Payments remaining

Broadband license(s) delivered

Broadband license(s) remaining

CPS Energy (“CPS”)

January 2026

$13.0 million

$6.5 million

—

Texas-New Mexico Power Company (“TNMP”)

March 2026

$3.2 million

$1.6 million

—

NorthWestern Energy (“NWE”)

March 2026

$7.7 million

$0.1 million

$7.6 million

—

Benton County (“Benton PUD”)

April 2026

$0.8 million

$0.2 million

$0.6 million

—

Spectrum Sale Agreements (1)

Agreement Date

Total Consideration

Payments Received (2)

Payments remaining

Broadband license(s) delivered

Broadband license(s) remaining

San Diego Gas & Electric (“SDG&E”) Agreement

February 2021

$50.0 million

$45.6 million (3)

$3.1 million

LCRA Agreement

April 2023

$30.0 million

$29.3 million

$0.7 million

LCRA Expansion Agreement

January 2025

$13.5 million

$6.0 million

$6.5 million (4)

—

3.Net of delivery delay adjustments.

4.Includes a $1.0 million credit, which was applied against the remaining balance pursuant to the LCRA Expansion Agreement in recognition of their contributions to our business efforts.


	June 30, 2026				March 31, 2026
Spectrum Sale Agreements	Current		Long Term		Current		Long Term
SDG&E	$	1,000	$	—	$	1,000	$	—
LCRA Agreement	1,220		—		1,220		—
LCRA Expansion Agreement	—		6,000		—		6,000

Total contingent liabilities (1)	$	2,220	$	6,000	$	2,220	$	6,000

Schedule of Contract Assets

The Company's capitalized contract costs consisted of the following activity during the three months ended June 30, 2026 and 2025 (in thousands):


	Three months ended June 30,
	2026		2025
Balance at the beginning of the period	$	505	$	1,241
Additions	—		49
Amortization	(6)		(19)

Balance at the beginning of the end	499		1,271
Less amount classified as current assets (1)	(24)		(24)
Noncurrent assets (1)	$	475	$	1,247

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 months ended June 30, 2026 and 2025 (in thousands):


	Three months ended June 30,
	2026		2025
Balance at the beginning of the period	$	161,178	$	124,672
Net additions (1)	15,693		4,960
Revenue recognized	(1,958)		(1,418)
Balance at the end of the period	174,913		128,214
Less amount classified as current liabilities (2)	(14,331)		(6,343)
Noncurrent liabilities (2)	$	160,582	$	121,871

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.

Accrued Severance and Other Related Charges (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Restructuring Reserve [Roll Forward]
Balance at the beginning of the period	$ 2,810	$ 2,265
Cash accruals	0	620
Cash payments	(1,177)	(525)
Balance at the end of the period	1,633	2,360
Expected disbursements cost over the next 12 months	$ 1,200	$ 1,200

- Definition

Amount of expenses associated with exit or disposal activities pursuant to an authorized plan. Excludes expenses related to a discontinued operation or an asset retirement obligation.

+ References + Details

Leases - Schedule of Additional Lease Cost Information (Details)	Jun. 30, 2026	Jun. 30, 2025
Leases [Abstract]
Weighted average term - operating lease liabilities	3 years 7 months 13 days	3 years 9 months 29 days
Weighted average incremental borrowing rate - operating lease liabilities	8.00%	8.00%

Concentrations of Credit Risk and Significant Customers	3 Months Ended
Concentrations of Credit Risk and Significant Customers	Jun. 30, 2026
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 June 30, 2026 and March 31, 2026, substantially all of the Company’s cash balance exceeded the federally insured limits. For the three months ended June 30, 2026, each of the Company’s customers accounted for greater than 10% of total revenue. For the three months ended June 30, 2025, each of the Company’s customers accounted for greater than 10% of total revenue, except TECO.

- Definition

The entire disclosure for any concentrations existing at the date of the financial statements that make an entity vulnerable to a reasonably possible, near-term, severe impact. This disclosure informs financial statement users about the general nature of the risk associated with the concentration, and may indicate the percentage of concentration risk as of the balance sheet date.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (d)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-21

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
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-Paragraph 21
-Subparagraph (d)(2)
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
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-URI https://asc.fasb.org/275/tableOfContent

+ Details

Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Disaggregation of Revenue [Line Items]
Total spectrum revenue	$ 1,958	$ 1,418
Spectrum revenue \| Ameren Corporation (“Ameren”)
Disaggregation of Revenue [Line Items]
Total spectrum revenue	206	206
Spectrum revenue \| Evergy Services, Inc. (“Evergy”)
Disaggregation of Revenue [Line Items]
Total spectrum revenue	385	385
Spectrum revenue \| Xcel Energy Services Inc. (“Xcel Energy”)
Disaggregation of Revenue [Line Items]
Total spectrum revenue	935	801
Spectrum revenue \| Tampa Electric Company (“TECO”)
Disaggregation of Revenue [Line Items]
Total spectrum revenue	$ 432	$ 26

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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+ 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

Intangible Assets

3 Months Ended

Jun. 30, 2026

Intangible Asset, Goodwill and Other [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 three months ended June 30, 2026 and 2025.

Intangible assets consist of the following activity for the three months ended June 30, 2026 and 2025 (in thousands):


	Three months ended June 30,
	2026		2025
Balance at the beginning of period	$	310,712	$	228,983
Acquisitions	1,920		3,932
Sale of intangible assets	—		(1,512)
Exchanges - licenses received	13,522		40,618
Exchanges - licenses surrendered	(2,869)		(6,702)
Balance at the end of period	323,285		265,319
Less: licenses classified as held for sale	(13,000)		—
Intangible assets	$	310,285	$	265,319

Purchases of intangible assets and other related costs

During the three months ended June 30, 2026 and 2025, 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 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 costs or intangible assets on 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

At times, the Company exchanges its narrowband licenses for broadband licenses related to spectrum agreements. Upon receipt of FCC approval, the spectrum licenses acquired as part of an exchange of nonmonetary assets are recorded at their fair value as of the exchange date (i.e., the lower of the 600 MHz auction or estimated contract price for non-contracted counties and contract price for counties associated with a signed deal). The difference between the fair value of the spectrum licenses obtained, carrying value of the spectrum licenses transferred and cash paid, if any, is recognized as a gain or loss on exchange of intangible assets reported separately on the Company’s Consolidated Statements of Operations.

During the three months ended June 30, 2026, the FCC granted the Company broadband licenses for 6 counties. The Company recorded the new broadband licenses received in the amount of $13.5 million. In connection with receiving the broadband licenses, the Company disposed of $2.9 million, related to the value ascribed to the narrowband licenses it relinquished to the FCC for the same 6 counties. The total carrying value of the 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 (including additional clearing cost for previously exchanged narrowband licenses). As a result of the exchange of narrowband licenses for broadband licenses, the Company recorded a gain on exchange of intangible assets of $10.7 million for the three months ended June 30, 2026.

During the three months ended June 30, 2025, the FCC granted the Company broadband licenses for 62 counties. The Company recorded the new broadband licenses received in the amount of $40.6 million. In connection with receiving the broadband licenses, the Company disposed of $6.7 million, related to the value ascribed to the narrowband licenses it relinquished to the FCC for the same 62 counties. The total carrying value of the 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 (including additional clearing cost for previously exchanged

narrowband licenses). As a result of the exchange of narrowband licenses for broadband licenses, the Company recorded a gain on exchange of intangible assets of $33.9 million for the three months ended June 30, 2025.

Broadband License Sale

During the three months ended June 30, 2026, the Company did not transfer any 900 MHz Broadband Spectrum and associated broadband licenses. As a result, the Company did not recognize a reduction in intangible assets or record any gain on sale of intangible assets for the three months ended June 30, 2026.

During the three months ended June 30, 2025, the Company transferred to LCRA the 900 MHz Broadband Spectrum and the associated broadband licenses related to 24 counties for the total consideration of $2.2 million. The total consideration included a $1.1 million milestone payment received in April 2025 and $1.1 million reduction of contingent liability. As a result, the Company recognized a reduction in intangible assets of $1.2 million and recorded a $1.0 million gain on sale of intangible assets on the Company’s Consolidated Statements of Operations.

During the three months ended June 30, 2025, the Company transferred to Oncor Electric Delivery Company LLC (“Oncor”) the 900 MHz Broadband Spectrum and the associated broadband licenses related to three counties for the total consideration of $0.3 million which was received in May 2025. As a result, the Company recognized a reduction in intangible assets of $0.3 million and recorded a $8 thousand gain on sale of intangible assets on the Company’s Consolidated Statements of Operations.

Broadband License Held for Sale

During the three months ended June 30, 2026, the Company transferred $13.0 million of intangible assets to held for sale as the broadband license is associated with a county included in a signed sale agreement, which is expected to close within one year. During the three months ended June 30, 2025, no intangibles assets met the criteria of held for sale.

Contingencies and Guaranty - Schedule of Spectrum Sale Agreements (Details) - Licensing Agreements $ in Millions	1 Months Ended			3 Months Ended	18 Months Ended	39 Months Ended	65 Months Ended
	Jan. 31, 2025 USD ($)	Apr. 30, 2023 USD ($)	Feb. 28, 2021 USD ($)	Jun. 30, 2026 USD ($) license	Jun. 30, 2026 USD ($)	Jun. 30, 2026 USD ($) license	Jun. 30, 2026 USD ($) license
San Diego Gas & Electric (“SDG&E”) Agreement
Other Commitments [Line Items]
Total Consideration			$ 50.0
Payments Received							$ 45.6
Payments remaining				$ 3.1	$ 3.1	$ 3.1	$ 3.1
Broadband license(s) delivered \| license							2
Broadband license(s) remaining \| license				1
LCRA Agreement
Other Commitments [Line Items]
Total Consideration		$ 30.0
Payments Received						29.3
Payments remaining				$ 0.7	0.7	$ 0.7	$ 0.7
Broadband license(s) delivered \| license						64
Broadband license(s) remaining \| license				4
LCRA Expansion Agreement
Other Commitments [Line Items]
Total Consideration	$ 13.5
Payments Received					6.0
Payments remaining				$ 6.5	6.5	$ 6.5	6.5
Broadband license(s) delivered \| license						0
Broadband license(s) remaining \| license				34
Customer credit				$ 1.0	$ 1.0	$ 1.0	$ 1.0

Contingencies and Guaranty - Narrative (Details) $ in Thousands	1 Months Ended		3 Months Ended
	Jun. 30, 2025 USD ($)	Oct. 31, 2022 state	Jun. 30, 2026 USD ($)	Jun. 30, 2025 USD ($)	Mar. 31, 2026 USD ($)	Mar. 31, 2025 USD ($)
Other Commitments [Line Items]
Contract with customer, liability	$ 128,214		$ 174,913	$ 128,214	$ 161,178	$ 124,672
Employer contribution amount			100	$ 200
Collaborative Arrangement, Transaction with Party to Collaborative Arrangement \| Wireless Licenses
Other Commitments [Line Items]
Consideration transferred	$ 28,000
Collaborative Arrangement, Transaction with Party to Collaborative Arrangement \| Maximum \| Wireless Licenses
Other Commitments [Line Items]
Contract with customer, liability			13,100
Xcel Energy Services Inc. (“Xcel Energy”) \| Collaborative Arrangement, Transaction with Party to Collaborative Arrangement
Other Commitments [Line Items]
Agreement term (in years)		20 years
Number of states in service territory \| state		8
Contract with customer, liability			76,000
Xcel Energy Services Inc. (“Xcel Energy”) \| Collaborative Arrangement, Transaction with Party to Collaborative Arrangement \| Maximum
Other Commitments [Line Items]
Contract with customer, liability			$ 66,500

Concentrations of Credit Risk and Significant Customers (Details)	3 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Revenue Benchmark \| Customer Concentration Risk \| All Customers Except TECO
Concentration Risk [Line Items]
Concentration risk, percentage	10.00%	10.00%

- 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

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-18

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
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-URI https://asc.fasb.org/1943274/2147482861/275-10-50-18

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478785/954-310-50-2

+ Details

- Definition

For an entity that discloses a concentration risk in relation to quantitative amount, which serves as the "benchmark" (or denominator) in the equation, this concept represents the concentration percentage derived from the division.

+ References + Details

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Mar. 31, 2026
Current assets
Cash and cash equivalents	$ 116,010	$ 98,533
Spectrum receivable	14,266	10,638
Broadband licenses held for sale	13,000	0
Escrow deposits	3,910	6,130
Prepaid expenses and other current assets	5,892	4,684
Total current assets	153,078	119,985
Property and equipment, net	761	827
Right of use assets, net	3,757	4,069
Intangible assets	310,285	310,712
Deferred broadband costs	29,503	29,069
Other assets	541	548
Total assets	497,925	465,210
Current liabilities
Accounts payable and other accrued expenses	11,915	15,028
Accrued severance and other related charges	1,633	2,810
Operating lease liabilities	1,447	1,424
Contingent liability	2,220	2,220
Deferred revenue	14,331	14,513
Total current liabilities	31,546	35,995
Operating lease liabilities	2,641	2,995
Contingent liability	6,000	6,000
Deferred revenue	160,582	146,665
Deferred gain on sale of intangible assets	4,911	4,911
Deferred income tax	6,451	6,323
Total liabilities	212,131	202,889
Commitments and contingencies (See Note 12)
Stockholders’ equity
Preferred stock, $0.0001 par value per share, 10,000,000 shares authorized and no shares outstanding at June 30, 2026 and March 31, 2026	0	0
Common stock, $0.0001 par value per share, 100,000,000 shares authorized and 19,550,348 shares issued and outstanding at June 30, 2026 and 18,914,271 shares issued and outstanding at March 31, 2026	2	2
Additional paid-in capital	587,850	564,617
Accumulated deficit	(302,058)	(302,298)
Total stockholders’ equity	285,794	262,321
Total liabilities and stockholders’ equity	$ 497,925	$ 465,210

Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Spectrum revenue	$ 1,958	$ 1,418
Operating expenses
General and administrative	9,624	10,449
Sales and support	1,911	1,493
Product development	1,220	1,120
Severance and other related charges	0	620
Depreciation and amortization	101	124
Operating expenses	12,856	13,806
Gain on exchange of intangible assets, net	(10,653)	(33,916)
Gain on sale of intangible assets, net	0	(961)
Loss from disposal of long-lived assets, net	1	8
(Loss) income from operations	(246)	22,481
Interest income	845	442
Other income	15	0
Income before income taxes	614	22,923
Income tax expense (benefit)	374	(2,257)
Net income	$ 240	$ 25,180
Net income per common share basic (in dollars per share)	$ 0.01	$ 1.35
Net income per common share diluted (in dollars per share)	$ 0.01	$ 1.35
Weighted-average common shares used to compute basic net income per share (in shares)	19,085,714	18,621,701
Weighted-average common shares used to compute diluted net income per share (in shares)	19,627,512	18,704,131

Leases

3 Months Ended

Jun. 30, 2026

Leases [Abstract]

Leases

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 April 30, 2028 through June 30, 2030, which includes lease extensions for its corporate offices ranging from three to ten years. The Company entered into multiple lease agreements for tower space. The lease expiration dates range from July 08, 2026 to May 31, 2033.

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:


	Three months ended June 30,
	2026	2025
Weighted average term - operating lease liabilities	3.62 years	3.83 years
Weighted average incremental borrowing rate - operating lease liabilities	8%	8%

The following table presents total lease cost for the three months ended June 30, 2026 and 2025 (in thousands):


	Three months ended June 30,
	2026		2025




Total operating lease cost*	$	411	$	498

*Total operating 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 June 30, 2026 and March 31, 2026 (in thousands):


	June 30, 2026		March 31, 2026
Non-current assets - right of use assets, net	$	3,757	$	4,069
Current liabilities - operating lease liabilities	$	1,447	$	1,424
Non-current liabilities - operating lease liabilities	$	2,641	$	2,995

Future minimum payments under existing non-cancellable 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 three months ended June 30, 2026, are as follows (in thousands):


Fiscal Year	Operating Leases
2027 (excluding the three months ended June 30, 2026)	$	1,185
2028	1,584
2029	900
2030	462
2031	405
After 2031	365
Total future minimum lease payments	4,901
Amount representing interest	(813)
Present value of net future minimum lease payments	$	4,088

Accrued Severance and Other Related Charges

3 Months Ended

Jun. 30, 2026

Restructuring and Related Activities [Abstract]

Accrued Severance and Other Related Charges

Total accrued severance and other related charges for the three months ended June 30, 2026 and 2025 were as follows (in thousands):


	Three months ended June 30,
	2026		2025
Balance at the beginning of the period	$	2,810	$	2,265
Cash accruals (1)	—		620
Cash payments	(1,177)		(525)
Balance at the end of the period (2)	$	1,633	$	2,360

1.Cash accruals are related to severance from workforce reductions as well as the retention of key employees during Fiscal 2026.

2.The Company expects to make disbursements totaling $1.2 million over the next 12 months.

Nature of Operations and Basis of Presentation (Policies)	3 Months Ended
	Jun. 30, 2026
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 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, 2026, filed with the SEC on June 25, 2026 (the “2026 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 intercompany accounts and transactions have been eliminated in consolidation.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In November 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures and subsequently amended with ASU 2025-01, which was issued in January 2025. This update requires public business entities to disclose, on an annual and interim basis, disaggregated information about certain income statement expense line items in the notes to the financial statements. This update is effective for annual periods beginning after December 15, 2026, and interim periods within annual periods beginning after December 15, 2027. Early adoption is permitted and should be applied either prospectively or retroactively. The Company is currently evaluating the impact of the new standard on the Company’s consolidated financial statements and related disclosures. In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements. This update improves the navigability and applicability of the required interim disclosures. This update provides additional guidance on what disclosures should be provided in interim reporting periods and requires public business entities to disclose events since the end of the last annual reporting period that have a material impact on the entity. This update is effective for interim periods within annual periods beginning after December 15, 2027. Early adoption is permitted and should be applied either prospectively or retroactively. The Company is currently evaluating the impact of the new standard on the Company’s consolidated financial statements and related disclosures. In December 2025, the FASB issued ASU 2025-12, Codification Improvements. The amendments in this ASU include technical corrections and other amendments intended to clarify and improve the Accounting Standards Codification across various topics. The amendments related to Accounting Standards Codification, Earnings per Share (“ASC 260”) are required to be applied retrospectively, while all other amendments may be applied either prospectively or retrospectively. This update is effective for annual periods beginning after December 15, 2026, and interim periods within those annual periods. Early adoption is permitted and should be applied either prospectively or retroactively. The Company is currently evaluating the impact of the new standard on the Company’s consolidated financial statements and related disclosures.
Segments	The Company operates as a single operating and reportable segment. The Company’s chief operating decision maker (“CODM”) is its President and Chief Executive Officer, who manages the business on a consolidated basis. All of the Company’s identifiable assets are located in the United States. The Company did not generate any revenue from sources outside of the United States. Accounting Standards Codification, Segment Reporting (“ASC 280”) defines operating segments as components of an enterprise for which separate financial information is available that is regularly evaluated by the Company’s CODM in deciding how to allocate resources and assess performance. The measure of segment profit or loss for the Company’s single segment is net income (loss). Additionally, the CODM uses cash and cash equivalents as a measure of segment assets, which is included on the Company’s consolidated financial statements. Cash and cash equivalents and Net income (loss) are reviewed and monitored by CODM to ensure enough capital is available for investing in purchases of intangible assets, refundable deposits, retuning costs and swaps, and the Company’s share repurchase program. Segment expenses were disaggregated based on the information the CODM is provided on a quarterly basis considering both quantitative and qualitative factors.

- Definition

Disclosure of accounting policy for segment reporting.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Section 50
-Paragraph 41
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (a)
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/exampleRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/exampleRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-29

+ Details

Segment Reporting - Schedule of Reconciliation of Revenue to Net Loss (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Segment Reporting [Line Items]
Spectrum revenue	$ 1,958	$ 1,418
Significant segment expenses and other segment items
Depreciation and amortization	101	124
Gain on exchange of intangible assets, net	(10,653)	(33,916)
Gain on sale of intangible assets, net	0	(961)
Interest income	845	442
Other income	15	0
Income tax expense (benefit)	374	(2,257)
Net income	240	25,180
Reportable Segment
Segment Reporting [Line Items]
Spectrum revenue	1,958	1,418
Significant segment expenses and other segment items
Adjusted general and administrative	6,895	7,156
Adjusted sales and support	1,564	1,364
Adjusted product development	1,014	910
Depreciation and amortization	101	124
Gain on exchange of intangible assets, net	(10,653)	(33,916)
Gain on sale of intangible assets, net	0	(961)
Interest income	845	442
Other income	15	0
Income tax expense (benefit)	374	(2,257)
Other segment items	3,283	4,260
Net income	$ 240	$ 25,180

Revenue - Schedule of Contract Assets (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Capitalized Contract Costs [Roll Forward]
Balance at the beginning of the period	$ 505	$ 1,241
Additions	0	49
Amortization	(6)	(19)
Balance at the beginning of the end	499	1,271
Less amount classified as current assets	(24)	(24)
Noncurrent assets	$ 475	$ 1,247

Escrow Deposits	3 Months Ended
Escrow Deposits	Jun. 30, 2026
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. Restricted cash is recorded as escrow deposits and a contingent liability on the Company’s Consolidated Balance Sheets. A reduction in the contingent liability and escrow deposits will be recognized for each county as the Company delivers the cleared 900 MHz Broadband Spectrum and the associated broadband licenses. Escrow deposits classified as current assets on the Company’s Consolidated Balance Sheets are related to the portion of the obligations of the escrow agreement that are expected to be met within a twelve-month period beginning June 30, 2026. Obligations not expected to be completed within this twelve-month period are classified as non-current assets. In connection with the Lower Colorado River Authority Agreement in April 2023 (the “LCRA Agreement”), the Company and Lower Colorado River Authority (“LCRA”) entered into an escrow agreement. Pursuant to the escrow agreement, the escrow funds deposited from LCRA payments to the Company 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 original LCRA Agreement. In December 2023, the Company received $15.0 million, of which $7.5 million was deposited in an escrow account. As of June 30, 2026, the Company has classified $0.4 million as short-term escrow deposits, respectively, on the Consolidated Balance Sheets, inclusive of accrued interest and escrow releases for delivered 900 MHz Broadband Spectrum and the associated broadband licenses. In June 2025, the Company entered into an agreement with an incumbent to retune and acquire wireless licenses for approximately $28.0 million. In connection with this agreement, the Company entered into an escrow agreement. Pursuant to the escrow agreement, the escrow funds deposited from the Company payments due to the incumbent shall be held and invested in a money market deposit account. All interest and other income earned shall be allocated to the incumbent, payable with the final distribution of the escrow funds. The escrow funds shall be distributed upon written request by both the Company and the incumbent pursuant to the terms within the escrow agreement. Once the escrow funds are distributed to the incumbent, the payments are recorded as spectrum receivable on the Company’s Consolidated Balance Sheets. As of June 30, 2026, the Company has deposited $18.3 million into the escrow account. As of June 30, 2026, the Company has classified $3.5 million as short-term escrow deposits on the Consolidated Balance Sheets, inclusive of accrued interest and escrow releases to the incumbent, which are subsequently recorded as spectrum receivable on the Company’s Consolidated Balance Sheets.

Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2026	Mar. 31, 2026	Jun. 30, 2025	Mar. 31, 2025
Statement of Cash Flows [Abstract]
Cash and cash equivalents	$ 116,010	$ 98,533	$ 41,432	$ 47,374
Escrow deposits	3,910	6,130	7,145	7,650
Total cash and cash equivalents and restricted cash	$ 119,920	$ 104,663	$ 48,577	$ 55,024

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 240	$ 25,180
Adjustments to reconcile net income to net cash provided by (used in) operating activities
Depreciation and amortization	101	124
Stock compensation expense	3,282	3,632
Deferred income taxes	128	(2,507)
Right of use assets	312	113
Gain on exchange of intangible assets, net	(10,653)	(33,916)
Gain on sale of intangible assets, net	0	(961)
Loss from disposal of long-lived assets, net	1	8
Changes in operating assets and liabilities
Non-trade receivable	0	2,926
Prepaid expenses and other assets	(1,072)	377
Accounts payable and other accrued expenses	(2,521)	(2,556)
Accrued severance and other related charges	(1,177)	95
Operating lease liabilities	(331)	(186)
Contingent liability	0	1,054
Deferred revenue	13,735	3,542
Other liabilities	0	(65)
Net cash provided by (used in) operating activities	2,045	(3,140)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of intangible assets and other related costs	(6,703)	(3,966)
Proceeds from sale of spectrum	0	1,301
Purchases of equipment	(36)	0
Net cash used in investing activities	(6,739)	(2,665)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from stock option exercises	20,267	0
Payments of withholding tax on net issuance of restricted stock	(316)	(642)
Net cash provided by (used in) financing activities	19,951	(642)
Net change in cash and cash equivalents and restricted cash	15,257	(6,447)
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH
Cash and cash equivalents and restricted cash at beginning of the period	104,663	55,024
Cash and cash equivalents and restricted cash at end of the period	119,920	48,577
Cash paid during the period:
Taxes paid, including excise tax	216	0
Operating leases paid	419	569
Non-cash investing activity:
Capitalized change in estimated asset retirement obligations	0	(14)
Derecognition of contingent liability related to sale of intangible assets	0	1,172
Right of use assets new leases	42	321
Right of use assets modifications and renewals	$ (5)	$ 37

Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2026	Mar. 31, 2026
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)	19,550,348	18,914,271
Common stock, shares outstanding (in shares)	19,550,348	18,914,271

- Definition

Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section S45
-Paragraph 3
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-URI https://asc.fasb.org/1943274/2147480100/505-10-S45-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147477657/942-210-S45-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section S50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478478/942-210-S50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
-Subparagraph (SX 210.9-03(20))
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
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-Paragraph 3
-Subparagraph (SX 210.6-09(4)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(16)(a))
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-URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(7))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

+ Details

- Definition

The maximum number of nonredeemable preferred shares (or preferred stock redeemable solely at the option of the issuer) permitted to be issued by an entity's charter and bylaws.

+ References + Details

- Definition

Aggregate share number for all nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer) held by stockholders. Does not include preferred shares that have been repurchased.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section S45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480100/505-10-S45-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147477657/942-210-S45-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

Net Income Per Share of Common Stock (Tables)

3 Months Ended

Jun. 30, 2026

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

The following table reconciles net income and weighted-average common shares used to compute basic and diluted net income per share:


	Three months ended June 30,
	2026		2025

Net income:	$	240	$	25,180
Weighted-average common shares:
Basic weighted-average shares	19,085,714		18,621,701
Add: dilutive effect of stock options and restricted stock units	541,798		82,430
Diluted weighted-average common shares	19,627,512		18,704,131

Accrued Severance and Other Related Charges (Tables)

3 Months Ended

Jun. 30, 2026

Restructuring and Related Activities [Abstract]

Schedule of Accrued Liabilities

Total accrued severance and other related charges for the three months ended June 30, 2026 and 2025 were as follows (in thousands):


	Three months ended June 30,
	2026		2025
Balance at the beginning of the period	$	2,810	$	2,265
Cash accruals (1)	—		620
Cash payments	(1,177)		(525)
Balance at the end of the period (2)	$	1,633	$	2,360

1.Cash accruals are related to severance from workforce reductions as well as the retention of key employees during Fiscal 2026.

2.The Company expects to make disbursements totaling $1.2 million over the next 12 months.

Net Income Per Share of Common Stock

3 Months Ended

Jun. 30, 2026

Earnings Per Share [Abstract]

Net Income Per Share of Common Stock

Basic net income per common share is calculated by dividing the net income 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 per share calculation, stock options, 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 and weighted-average common shares used to compute basic and diluted net income per share:


	Three months ended June 30,
	2026		2025

Net income:	$	240	$	25,180
Weighted-average common shares:
Basic weighted-average shares	19,085,714		18,621,701
Add: dilutive effect of stock options and restricted stock units	541,798		82,430
Diluted weighted-average common shares	19,627,512		18,704,131

For the three months ended June 30, 2026 and 2025, there were 216,492 and 1,898,083, respectively, stock options and restricted stock units outstanding, excluded from the calculation of diluted weighted-average shares because the effect was anti-dilutive.

Leases (Tables)

3 Months Ended

Jun. 30, 2026

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:


	Three months ended June 30,
	2026	2025
Weighted average term - operating lease liabilities	3.62 years	3.83 years
Weighted average incremental borrowing rate - operating lease liabilities	8%	8%

Schedule of Total Lease Cost

The following table presents total lease cost for the three months ended June 30, 2026 and 2025 (in thousands):


	Three months ended June 30,
	2026		2025




Total operating lease cost*	$	411	$	498

*Total operating lease cost is included in general and administrative expenses on the Company’s Consolidated Statements of Operations.

Schedule of Supplemental Balance Sheet Information

The following table presents supplemental balance sheet information as of June 30, 2026 and March 31, 2026 (in thousands):


	June 30, 2026		March 31, 2026
Non-current assets - right of use assets, net	$	3,757	$	4,069
Current liabilities - operating lease liabilities	$	1,447	$	1,424
Non-current liabilities - operating lease liabilities	$	2,641	$	2,995

Schedule of Future Minimum Payments


Fiscal Year	Operating Leases
2027 (excluding the three months ended June 30, 2026)	$	1,185
2028	1,584
2029	900
2030	462
2031	405
After 2031	365
Total future minimum lease payments	4,901
Amount representing interest	(813)
Present value of net future minimum lease payments	$	4,088

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, 2025		18,613
Beginning balance at Mar. 31, 2025	$ 156,601	$ 2	$ 548,542	$ (391,943)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock compensation expense	3,632		3,632
Restricted shares issued (in shares)		105
Shares withheld for taxes (in shares)		(22)
Shares withheld for taxes	(642)		(642)
Net income	25,180			25,180
Ending balance (in shares) at Jun. 30, 2025		18,696
Ending balance at Jun. 30, 2025	184,771	$ 2	551,532	(366,763)
Beginning balance (in shares) at Mar. 31, 2026		18,914
Beginning balance at Mar. 31, 2026	262,321	$ 2	564,617	(302,298)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock compensation expense	3,282		3,282
Restricted shares issued (in shares)		39
Stock option exercises (in shares)		602
Stock option exercises	20,267		20,267
Shares withheld for taxes (in shares)		(5)
Shares withheld for taxes	(316)		(316)
Net income	240			240
Ending balance (in shares) at Jun. 30, 2026		19,550
Ending balance at Jun. 30, 2026	$ 285,794	$ 2	$ 587,850	$ (302,058)

Revenue - Spectrum Sale Agreements (Details) $ in Thousands	3 Months Ended
Revenue - Spectrum Sale Agreements (Details) $ in Thousands	Jun. 30, 2026 USD ($) license	Apr. 30, 2026 USD ($)	Mar. 31, 2026 USD ($)	Jan. 31, 2026 USD ($)	Jun. 30, 2025 USD ($)	Mar. 31, 2025 USD ($)
Disaggregation of Revenue [Line Items]
Payments Received	$ 174,913		$ 161,178		$ 128,214	$ 124,672
CPS Energy (“CPS”) \| License
Disaggregation of Revenue [Line Items]
Total Consideration				$ 13,000
Payments Received	6,500
Payments remaining	$ 6,500
Broadband license(s) delivered \| license	0
Broadband license(s) remaining \| license	1
Texas-New Mexico Power Company (“TNMP”) \| License
Disaggregation of Revenue [Line Items]
Total Consideration			3,200
Payments Received	$ 1,600
Payments remaining	$ 1,600
Broadband license(s) delivered \| license	0
Broadband license(s) remaining \| license	2
NorthWestern Energy (“NWE”) \| License
Disaggregation of Revenue [Line Items]
Total Consideration			$ 7,700
Payments Received	$ 100
Payments remaining	$ 7,600
Broadband license(s) delivered \| license	0
Broadband license(s) remaining \| license	65
Benton County (“Benton PUD”) \| License
Disaggregation of Revenue [Line Items]
Total Consideration		$ 800
Payments Received	$ 200
Payments remaining	$ 600
Broadband license(s) delivered \| license	0
Broadband license(s) remaining \| license	1

Insider Trading Arrangements

3 Months Ended

Jun. 30, 2026

Trading Arrangements, by Individual

Material Terms of Trading Arrangement

During the three months ended June 30, 2026, the following executive officers adopted or terminated any Rule 10b5-1 or non-Rule 10b5-1 trading arrangement (as defined in Item 408 of Regulation S-K):

Name

Title of Director or Officer

Adoption Date (1)

Expiration Date (2)

Aggregate Number of Securities to be Sold or Purchased (3)

Scott A. Lang

President and Chief Executive Officer

June 22, 2026

March 31, 2027

15,000

Elena Marquez

Chief Financial Officer

June 22, 2026

March 31, 2027

7,010

1.Trading arrangements are intended to satisfy the affirmative defense in Rule 10b5-1(c). The Rule 10b5-1 Plans were adopted and precleared in accordance with the Company’s Insider Trading Policy and actual sale transactions made pursuant to such trading arrangements will be disclosed publicly in future Section 16 filings with the SEC.

2.Set to expire on termination date or on such earlier date that all transactions under the trading plan are completed.

3.The actual number of shares sold may vary from the approximate number provided, due to factors such as the vesting of certain restricted stock equity awards and the number of shares withheld by the Company to satisfy its income tax withholding obligations.

Non-Rule 10b5-1 Arrangement Adopted

false

Rule 10b5-1 Arrangement Terminated

false

Non-Rule 10b5-1 Arrangement Terminated

false

Scott A. Lang [Member]

Trading Arrangements, by Individual

Name

Scott A. Lang

Title

President and Chief Executive Officer