After several early, big wins with the likes of Ameren and San Diego Gas & Electric (SDG&E), Anterix has been worryingly quiet during the past several months.
Anterix has grand ambitions to provide the core spectrum necessary for utilities across the country to build their own 4G LTE wireless networks. However, the company appears to have hit a major stumbling block, and it's not clear when – or if – it might recover.
"Anterix is testing the limits of investor patience," argued the financial analysts at B. Riley Securities in a recent note to investors.
Anterix is scheduled to report its quarterly results next week, and could well use the event to report significant progress in its business.
Figure 1: 
After several early, big wins with the likes of Ameren and San Diego Gas & Electric (SDG&E), Anterix has been worryingly quiet. (Source: dpa picture alliance / Alamy Stock Photo)
Broadly, the company's strategy hinges on getting utilities and others to pay millions of dollars for long-term leases on its 900MHz spectrum licenses.
That spectrum is ideal for long-range private wireless networks, including those based on 4G and 5G technologies. Such networks can support a wide array of applications including potentially stopping wildfires by turning off broken power lines before they hit the ground.
However, Anterix appears to have stalled. After notching several early wins with the likes of Ameren and San Diego Gas & Electric (SDG&E), Anterix promised to ink a handful of private wireless networking deals worth over $200 million in "contracted proceeds" by March of 2022. That didn't happen.
Now, as the end of the summer of 2022 nears, Anterix has remained worryingly quiet.
No news is bad news
"While the processes individually take a lot of time, everything is moving forward in a really strong and powerful way," promised CEO Rob Schwartz during the company's most recent quarterly conference call, in May, according to a transcript of the event provided by Anterix.
Schwartz reiterated the company's forecast of $1.8 billion in "contracted proceeds" by the end of its fiscal 2024, which is less than two years away.
"We see the seasoning of the market continue to happen," Schwartz added.
"The speed of each individual transaction, absolutely frustrating that it doesn't go as fast as we'd like, but we haven't seen anything indicating that there isn't forward movement."
Ultimately, Anterix "needs to put points on the board," argued the analysts at B. Riley Securities.
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They noted Anterix has conducted tests with a wide range of utilities and others, but said the company now needs to begin turning those explorations into paying customers.
It's unclear whether Anterix is beginning to feel the heat from competitors. Dish Network recently unveiled its own private wireless networking strategy, which involves leasing its licensed 3.5GHz CBRS spectrum holdings.
Separately, Ligado Networks has promised to build a 5G network for private networking with satellite and terrestrial elements, using its licensed spectrum holdings.
And AT&T, Verizon, Select Spectrum, Globalstar and others have eyed the private wireless networking opportunity via their licensed spectrum holdings.
Broadly, the B. Riley Securities analysts warned that Anterix's quarterly earnings report next week could be "painful" unless the company can close some of the deals that it has said are in its sales pipeline.
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— Mike Dano, Editorial Director, 5G & Mobile Strategies, Light Reading | @mikeddano
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