What caused ATEX's earnings to decline in 2025?

Anterix Inc. (ATEX) experienced a decline in earnings in 2025 due to several factors:

1. **Strategic Investments and Spectrum Sales**: Anterix has been investing heavily in its spectrum and infrastructure, which has resulted in significant net losses as the company reported a net loss of $15.52 million for the quarter ended June 30, 2024. These investments are crucial for the company's long-term growth but can be costly in the short term.
2. **Revenue Shortfall**: The company's revenue fell short of expectations, with spectrum revenue coming in at $1.53 million for the quarter ended June 30, 2024, missing the estimated $1.57 million. This shortfall can be attributed to competitive pressures and the timing of project deployments.
3. **Challenges in Scaling Operations**: Anterix faces challenges in scaling its operations and achieving profitability in a competitive market. The company reported a net loss of $12.77 million for the quarter ended September 30, 2024, with revenue of $1.55 million, both of which fell short of estimates. These challenges are compounded by the need to manage operating expenses effectively.

In conclusion, Anterix's earnings decline in 2025 was primarily caused by strategic investments and spectrum sales, revenue shortfall and challenges in scaling operations.