Anterix Inc.

Good morning and welcome to the Antarex fiscal year 2025 second quarter earnings call. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star then one on your telephone keypad. To withdraw your question, please press star then two. Please note this event is being recorded. I would like now to turn the conference over to Natasha Veccarelli, Vice President of Investor Relations. Please go ahead.

Thank you, Operator, and good morning, everyone. I'm Natasha Veccarelli, Vice President of Investor Relations and Corporate Communications, and I welcome you to our second quarter fiscal year 25 investor update call. Joining us today are Scott Lang, our newly appointed President and CEO, Tim Gray, our CFO, Ryan Gerbrandt, COO, and Chris Gutman-McCabe, Chief Regulatory and Communications Officer. Before turning the call over to Scott, I'd like to remind everyone that during this conference call, we may discuss forward-looking statements related to our commercial outlook, future operations, and expected performance. These statements are based on our current expectations and assumptions, but they do carry inherent risks and uncertainties. We advise investors not to place undue reliance on these forward-looking statements. We encourage you to review our SEC filings, including our Form 10-K and 10-Q, which outline specific risk factors that could cause actual results to differ materially from those discussed today. These documents are available on our website. Please note that we do not undertake any obligation to update these forward-looking statements. With that, I will turn the call over to Scott.

Good morning, everyone, and thank you all for joining us today for our second quarter fiscal year 2025 earnings call. Today marks a special milestone in my professional career, as this is my first earnings call as the newly appointed president and CEO of Antarex. It is truly an honor to be leading this great organization, and I'm excited with all that lies ahead for the company. Since taking the helm in early October, I've enjoyed getting to know our team and getting an in-depth appreciation for our company, our product, and our offering. I've also had the pleasure of meeting with a number of investors and analysts, the new faces and some that I have worked with before, as well as a range of current and future customers. On today's call, I want to focus on two of the recurring questions I've been asked throughout these conversations, which I think will provide all of you with the picture of Enterix as I see the company and the opportunity. The first question is, why am I excited to take this job? And the second is, why would the Board choose me? Let's start with the why I would take this job. Think about it. Put yourself in my shoes. I am taking over a company that has established itself as a preeminent technology solution for the utility sector. It has zero debt, a great balance sheet, an expansive $3 billion pipeline of customer opportunities, a seasoned thought leadership position, an exceptionally talented and committed team. And we're just getting started. Dig a little deeper and it gets even more clear as to why I or anyone would want this job. First off, it's really about our customers. They're going from the lab to actual deployments that are driving real results, validating our product offering. And they are becoming our greatest advocates, as we witnessed again last week at the Utility Broadband Alliance event. Next, it's about our spectrum asset. We have managed to enhance the value by making it 5G capable and have jointly filed with nine other organizations a petition with the FCC to expand our offering from 3 by 3 megahertz to 5 by 5 megahertz. And regarding our market positioning, AMI became a movement that nearly touches every home and business with advanced technology. It unlocked ways for utilities to deliver a better experience and more value to every customer in the United States. There is a similar movement underway that we will look back on, fueled by artificial intelligence and edge computing that won't only touch every home and business, but also every device. that controls, monitors, or protects the flow of power across the United States. The powerful connectivity that Anterix provides will enable this movement to happen. The totality of what I see is incredible. All of this with a market capitalization that I believe is far below the value of what this company has achieved. The opportunities that are in front of us to drive growth, and enhanced shareholder value are significant. It was an easy decision for me to say yes to the board. So why me? Without sounding boastful, I believe I am uniquely qualified. I've been here before. I understand the complexities of working with the utility sector, but also recognize the incredible opportunities that this sector can deliver for our customers, for our partners, for our company, and absolutely for our shareholders. And I know how to run a company that is driving technology change. The experiences and relationships that I have cultivated over my career have allowed me to step into this role with a roadmap and a vision for success. I have been working around the energy and telecom space for over 30 years. During my tenure as CEO and Executive Chairman of Silver Spring Networks, I helped guide the development of the smart grid network evolution for utilities and created deep, long-lasting relationships within the sector. Ultimately, this led to successfully positioning Silver Spring as an innovative leader within the utility sector, placing advanced wireless metering into more than 50 million homes and businesses. across the country while working with almost every utility in the nation. Silver Spring went public in 2013 and was subsequently purchased by ITRON in 2018, with the technology still being used today. We have moved from the smart meter to the smart grid, and Terex is perfectly positioned to enable this smarter future. Just this week, the Wall Street Journal featured an article about the need for this smarter future, and for me, highlighted the opportunity it presents for Enterix. Bottom line, the reason I'm here is because I see significant opportunities for Enterix, for the utility sector, and for our shareholders. As I outline my near-term priorities for the coming months, I want to share a few key areas of focus. I've worked very closely with our sales team to understand the current position of our pipeline. It is incredible to think about the success we've had and yet recognize the amazing opportunity still in front of us. So what is next? Turning to my top near-term priorities. First, we're going to be laser focused on driving spectrum transactions. We are revisiting every element of our sales process. A key priority of mine is to expand relationships with both existing and prospective customers. Our strong customer base represents a powerful opportunity to advocate for our technology and enhance our brand visibility within the industry. Next, I've asked Tim to review our operating budget to identify opportunities for efficiencies and reduce our overall annual cash spend. We're then going to execute on these findings. And as we continue to focus on the task of driving contracts and reducing spending where it makes sense, I see an opportunity to increase our share buyback effort. We have a robust buyback plan in place. I want to make sure that we pursue every opportunity to put that plan to work. At the current share price, I believe this is a great use of our contracted proceeds and can help drive significant shareholder value. Before I wrap up, I want to share that these last two weeks alone confirmed everything I thought about the company when I said yes to this opportunity. The UBIS Summit took place last week, where leading utilities and the industry ecosystem come together with a specific and valuable focus of sharing experiences, use cases, and plans to build private wireless broadband networks. This year, Evergy, an Antarex customer, hosted this dynamic sold-out event which took place in Kansas City with over 600 participants in place. including representatives from more than 30 utilities and increased C-level participation. To put it into perspective, the utilities that were in attendance represented more than 60% of our spectrum value. The summit featured insightful discussions on the vital role of private networks, with many of our customers sharing their journeys in adopting 900 megahertz private wireless broadband as the backbone of their network deployments. Our booth highlighted several mission critical use cases, reinforcing our leadership position in this space. The event was invaluable and provided a platform for collaboration and innovation, setting the stage for our future growth. And earlier this week, I attended the Edison Electric Institute Financial Conference in Florida. It was awesome to be there and to visit with many of the utilities and people that I have worked with throughout my career. In these conversations, we discussed how Anterix is perfectly suited to meet the challenge that they now have in front of them to help them continue to deliver secure, reliable, cost-effective service for every customer in the United States. And so when I said earlier that these events confirmed everything that I believe about this opportunity. It is these personal conversations that reinforce my excitement to be leading the Antarex team. With that, I will turn over to Tim, and then we'll rejoin to share some closing remarks.