Technology

Anterix Inc. Reports Third Quarter Fiscal Year 2024 Results

Published

2 years ago

February 14, 2024

WOODLAND PARK, N.J., Feb. 14, 2024 /PRNewswire/ — Anterix (NASDAQ: ATEX) today announced its third quarter fiscal 2024 results and filed its 10-Q for the three and nine months ended December 31, 2023.

Third quarter fiscal 2024 Financial Highlights

Cash and cash equivalents of $62.0 million as of December 31, 2023Executed a new spectrum lease agreement with a Florida utility for a total of $34.5 million, of which $6.9 million was received in December 2023Exchanged narrowband for broadband licenses in 10 counties and recorded a gain on exchange of narrowband licenses for broadband licenses of $13.7 millionRepurchased $8.0 million of ATEX stockIncurred spectrum clearing costs of $4.7 million

The Company also issued an update on its Demonstrated Intent metric which can be found on Anterix’s website at
https://www.investors.anterix.com/Q32024.

About Anterix Inc.

At Anterix, we partner with leading utilities and technology companies to harness the power of 900 MHz broadband for modernized grid solutions. Leading an ecosystem of more than 100 members, we offer utility-first solutions to modernize the grid and solve the challenges that utilities are facing today. As the largest holder of licensed spectrum in the 900 MHz band (896-901/935-940 MHz) throughout the contiguous United States, plus Hawaii, Alaska, and Puerto Rico, we are uniquely positioned to enable private LTE solutions that support cutting-edge advanced communications capabilities for a cleaner, safer, and more secure energy future. To learn more and join the 900 MHz movement, please visit www.anterix.com.

Forward-Looking Statements

Certain statements contained in this press release constitute forward-looking statements within the meaning of the federal securities laws that involve risks and uncertainties. Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate or imply future events or achievements such as statements in this press release related to the Anterix’s business or financial results or outlook. Actual events or results may differ materially from those contemplated in this press release. Forward-looking statements speak only as of the date they are made and readers are cautioned not to put undue reliance on such statements, as they are subject to a number of risks and uncertainties that could cause Anterix’s actual future results to differ materially from results indicated in the forward-looking statement. Such statements are based on assumptions that could cause actual results to differ materially from those in the forward-looking statements, including: (i) the timing of payments under customer agreements, (ii) Anterix’s ability to clear the 900 MHz Broadband Spectrum on a timely basis and on commercially reasonable terms; and (iii) Anterix’s ability to qualify for and timely secure broadband licenses. Actual events or results may differ materially from those contemplated in this press release. Anterix’s filings with the Securities and Exchange Commission (“SEC”), which you may obtain for free at the SEC’s website at http://www.sec.gov, discuss some of the important risk factors that may affect the company’s financial outlook, business, results of operations and financial condition. Anterix undertakes no obligation to update publicly or revise any forward-looking statements contained herein.

Shareholder Contact

Natasha Vecchiarelli
Vice President, Investor Relations & Corporate Communications
Anterix
973-531-4397
nvecchiarelli@anterix.com

Anterix Inc.
Earnings Release Tables
Consolidated Balance Sheets
(in thousands, except share and per share data)

December 31, 2023

March 31, 2023

(Unaudited)

ASSETS

Current Assets

Cash and cash equivalents

$ 62,033

$ 43,182

Prepaid expenses and other current assets

15,816

16,277

Total current assets

77,849

59,459

Escrow deposits

7,517

—

Property and equipment, net

2,129

3,606

Right of use assets, net

4,629

3,371

Intangible assets

213,719

202,044

Other assets

15,037

10,078

Total assets

$ 320,880

$ 278,558

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities

Accounts payable and accrued expenses

$ 8,212

$ 6,624

Due to related parties

—

533

Operating lease liabilities

1,888

1,725

Contingent liability

1,000

20,249

Deferred revenue

6,163

2,769

Total current liabilities

17,263

31,900

Operating lease liabilities

3,700

2,922

Contingent liability

15,000

—

Deferred revenue

100,897

57,990

Deferred gain on sale of intangible assets

4,911

—

Deferred income tax

6,332

5,440

Other liabilities

513

Total liabilities

148,616

98,765

Commitments and contingencies

Stockholders’ equity

Preferred stock, $0.0001 par value per share, 10,000,000 shares authorized and
no shares outstanding at December 31, 2023 and March 31, 2023

—

Common stock, $0.0001 par value per share, 100,000,000 shares authorized and
18,554,424 shares issued and outstanding at December 31, 2023 and 18,921,999
shares issued and outstanding at March 31, 2023

Additional paid-in capital

529,054

518,160

Accumulated deficit

(356,792)

(338,369)

Total stockholders’ equity

172,264

179,793

Total liabilities and stockholders’ equity

$ 320,880

$ 278,558

Anterix Inc.
Earnings Release Tables
Consolidated Statements of Operations
(Unaudited, in thousands, except share and per share data)

Three months ended December 31,

Nine months ended December 31,

2023

2022

2023

2022

Spectrum revenues

$ 1,271

$ 578

$ 2,931

$ 1,311

Operating expenses

General and administrative

11,252

12,085

34,830

34,871

Sales and support

1,380

1,385

3,965

3,785

Product development

1,238

936

3,454

3,012

Depreciation and amortization

198

373

653

1,107

Operating expenses

14,068

14,779

42,902

42,775

Gain on disposal of intangible assets, net

(13,737)

(5,776)

(33,035)

(9,329)

Gain on sale of intangible assets, net

(32)

—

(7,364)

—

Loss (gain) on disposal of long-lived assets, net

(21)

Gain (loss) from operations

969

(8,404)

389

(32,136)

Interest income

666

409

1,448

670

Other income

185

189

232

Income (loss) before income taxes

1,666

(7,810)

2,026

(31,234)

Income tax expense

1,338

210

1,743

625

Net income (loss)

$ 328

$ (8,020)

$ 283

$ (31,859)

Net income (loss) per common share basic

$ 0.02

$ (0.42)

$ 0.02

$ (1.69)

Net income (loss) per common share diluted

$ 0.02

$ (0.42)

$ 0.01

$ (1.69)

Weighted-average common shares used to compute
basic net income (loss) per share

18,704,400

18,930,594

18,858,472

18,834,991

Weighted-average common shares used to compute
diluted net income (loss) per share

18,916,246

18,930,594

19,082,867

18,834,991

Anterix Inc.
Earnings Release Tables
Consolidated Statements of Cash Flows
(Unaudited, in thousands)

Three months ended December 31,

Nine months ended December 31,

2023

2022

2023

2022

CASH FLOWS FROM OPERATING ACTIVITIES

Net income (loss)

$ 328

$ (8,020)

$ 283

$ (31,859)

Adjustments to reconcile net income (loss) to net cash
provided by (used in) operating activities

Depreciation and amortization

198

373

653

1,107

Non-cash compensation expense attributable to stock awards

3,921

4,592

12,024

13,411

Deferred income taxes

519

210

892

613

Gain on disposal of intangible assets, net

(13,737)

(5,776)

(33,035)

(9,329)

Gain on sale of intangible assets, net

(32)

—

(7,364)

—

Loss (gain) on disposal of long-lived assets, net

(21)

Changes in operating assets and liabilities

Prepaid expenses and other assets

(466)

(597)

322

666

Right of use assets

(1,803)

(38)

(1,258)

480

Accounts payable and accrued expenses

1,214

1,175

1,588

Due to related parties

—

(533)

—

Operating lease liabilities

1,700

(48)

941

(747)

Contingent Liability

15,000

—

15,000

249

Deferred revenue

26,795

7,422

46,301

6,689

Net cash provided by (used in) investing activities

33,640

(728)

35,853

(18,676)

CASH FLOWS FROM INVESTING ACTIVITIES

Purchases of intangible assets, including refundable deposits

(4,732)

(7,841)

(14,809)

(19,069)

Proceeds from sale of spectrum

249

—

25,427

—

Purchases of equipment

(55)

(398)

(267)

(1,543)

Net cash (used in) provided by operating activities

(4,538)

(8,239)

10,351

(20,612)

CASH FLOWS FROM FINANCING ACTIVITIES

Proceeds from stock option exercises

—

872

Repurchase of common stock

(7,971)

(3,498)

(18,706)

(8,223)

Payments of withholding tax on net issuance of restricted
stock

(115)

(138)

(1,137)

(1,474)

Net cash used in financing activities

(8,086)

(3,636)

(19,836)

(8,825)

Net change in cash and cash equivalents and
restricted cash

21,016

(12,603)

26,368

(48,113)

CASH AND CASH EQUIVALENTS AND RESTRICTED
CASH

Cash and cash equivalents and restricted cash at beginning
of the period

48,534

70,114

43,182

105,624

Cash and cash equivalents and restricted cash at end of the
period

$ 69,550

$ 57,511

$ 69,550

$ 57,511

SUPPLEMENTAL DISCLOSURE OF CASH FLOW
INFORMATION

Cash paid during the period:

Taxes paid

$ —

$ 1

$ 12

Non-cash investing activity:

Network equipment provided in exchange for wireless
licenses

$ 48

$ 1

$ 616

$ 30

Deferred gain on sale of intangible assets

$ 22

$ —

$ 4,911

$ —

Derecognition of contingent liability related to sale of
intangible assets

$ 409

$ —

$ 19,249

$ —

The following tables provide a reconciliation of cash and cash equivalents and restricted cash reported on the Consolidated Balance
Sheets that sum to the total of the same such amounts on the Consolidated Statements of Cash Flows:

December 31, 2023

September 30, 2023

March 31, 2023

Cash and cash equivalents

$ 62,033

$ 48,534

$ 43,182

Escrow deposits

7,517

—

Total cash and cash equivalents and restricted cash

$ 69,550

$ 48,534

$ 43,182

December 31, 2022

September 30, 2022

March 31, 2022

Cash and cash equivalents

$ 57,511

$ 70,114

$ 105,624

Escrow deposits

—

Total cash and cash equivalents and restricted cash

$ 57,511

$ 70,114

$ 105,624

Anterix Inc.
Earnings Release Tables
Other Financial Information
(Unaudited, in thousands except per share data)

Three Months Ended December 31,

Nine Months Ended December 31,

2023

2022

2023

2022

Number of shares repurchased and retired

230

106

563

216

Average price paid per share*

$ 34.77

$ 33.11

$ 33.62

$ 47.05

Total cost to repurchase

$ 7,971

$ 3,498

$ 18,706

$ 8,223

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

As of December 31, 2023, $242.0 million is remaining under the share repurchase program.

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SOURCE Anterix Inc.

Technology

VERNAL CAPITAL ACQUISITION CORP. ANNOUNCES PRICING OF $100 MILLION INITIAL PUBLIC OFFERING

Published

2 hours ago

May 6, 2026

NEW YORK, May 5, 2026 /PRNewswire/ — Vernal Capital Acquisition Corp. (NYSE: VECA) (“Vernal”) announced the pricing of its initial public offering (the “IPO”) of 10,000,000 units at $10.00 per unit. The units are expected to trade on the New York Stock Exchange (“NYSE”) under “VECAU” beginning May 6, 2026. Each unit consists of one ordinary share and one right to receive one-fourth of one ordinary share upon consummation of an initial business combination. Upon separate trading, the ordinary shares and rights are expected to be listed on NYSE under “VECA” and “VECAR,” respectively.

D. Boral Capital LLC is acting as sole book-running manager of the offering. The underwriters have a 45-day option to purchase up to 1,500,000 additional units to cover any over-allotments. The offering is expected to close on May 7, 2026, subject to customary closing conditions.

A registration statement for these securities was declared effective by the SEC on May 5, 2026. The offering is made only by means of a prospectus. Copies of the prospectus may be obtained, from D. Boral Capital LLC, 590 Madison Ave., 39th Floor, New York, New York 10022, by telephone at (212) 970-5150 or by email at dbccapitalmarkets@dboralcapital.com.

This press release shall not constitute an offer to sell or to buy, nor shall there be any sale where such offer, solicitation or sale would be unlawful prior to registration or qualification under the applicable securities laws.

About Vernal

Vernal is a blank check company formed to effect a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. Vernal’s target search will not be limited to a particular industry or geographic region.

Forward-Looking Statements

This press release contains “forward-looking statements,” including statements regarding Vernal’s IPO. These statements are subject to risks and uncertainties that could cause actual results to differ materially. No assurance can be given that the offering will be completed on the terms described, or at all. Forward-looking statements are subject to numerous conditions, beyond Vernal’s control, including those in the Risk Factors section of Vernal’s registration statement filed with the SEC. Copies are available on the SEC’s website, www.sec.gov. Vernal disclaims any obligation to release publicly updates or revisions to any forward-looking statements to reflect any change in Vernal’s expectations, except as required by law.

Contact

Binghan Yi, CFO
binghan@vernal.com
www.vernalspac.com

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SOURCE Vernal Capital Acquisition Corp.

Technology

RIVANNA nominated for MedTech Scale-Up of the Year at MedTech World Awards 2026 | North America

Published

3 hours ago

May 5, 2026

Nomination places the Charlottesville-based company among growth-stage medtech leaders recognized for commercial momentum in AI-powered clinical decision support; public voting is open through May 8

CHARLOTTESVILLE, Va., May 5, 2026 /PRNewswire/ — RIVANNA®, developer of AI-powered clinical decision-support solutions, today announced that it has been nominated for MedTech Scale-Up of the Year at the MedTech World Awards 2026 | North America. Public voting is open through Friday, May 8, 2026, with category winners to be announced at the inaugural North American Awards Gala on May 11, 2026, at the Hilton West Palm Beach in Florida.

The MedTech Scale-Up of the Year category honors a growth-stage company successfully scaling revenues, partnerships, and adoption across the global medical technology ecosystem. Nominees across the program’s 22 categories were selected through a structured process led by the MedTech World Steering Committee, with category winners determined by a combination of expert evaluation and public voting from the global MedTech community.

“We have built RIVANNA on validation earned from the most rigorous technical buyers in healthcare: competitive federal awards translated into FDA-cleared products, each paired with a commercial program that meets clinicians where they work,” said Will Mauldin, PhD, Co-founder and CEO of RIVANNA. “Being nominated for MedTech Scale-Up of the Year is a meaningful affirmation of that approach and the team executing it.”

Public voting closes Friday, May 8, 2026. Members of the MedTech community are invited to support RIVANNA’s nomination at the official voting page: vote here.

The award nomination follows a year of measurable scaling for RIVANNA:

In October 2025, RIVANNA reported on being named a finalist in MedTech Innovator’s 2025 Early-Stage Grand Prize competition, selected from nearly 1,500 global applicants to represent the top 4% of medtech innovations worldwide.In December 2025, RIVANNA reported on the U.S. Food and Drug Administration’s 510(k) clearance of its Accuro® 3S Needle Guide Kit consumables, building on existing Accuro 3S device clearance.In April 2026, RIVANNA reported on peer-reviewed findings, published in 2025 in the Journal of Emergency Medicine (DOI: 10.1016/j.jemermed.2025.11.011), showing that the Accuro® XV musculoskeletal imaging system enables non-physician operators to acquire diagnostic-quality scans after just one hour of hands-on training.In May 2026, RIVANNA reported on the U.S. Food and Drug Administration’s 510(k) clearance of the Accuro® XV Diagnostic Ultrasound System for musculoskeletal imaging, authorizing commercial use across hospital and clinic settings.The company’s clinical program now spans eight sites nationwide with more than 1,500 patients enrolled.

The 2026 MedTech World Awards | North America, powered by Blue Goat Cyber, will be presented Monday, May 11, 2026, at the inaugural North American Awards Gala at the Hilton West Palm Beach, marking the first time the MedTech World Awards have been hosted in the United States.

About the MedTech Scale-Up of the Year Award
Presented by MedTech World, the MedTech Scale-Up of the Year category recognizes growth-stage medical technology companies demonstrating strong commercial momentum, expanding partnerships, and accelerating real-world adoption. The award is one of 22 categories spanning innovation, clinical excellence, regulatory strategy, investment, and leadership across the global MedTech ecosystem.

About RIVANNA
RIVANNA® is a medical technology company developing clinical decision-support solutions powered by proprietary clinical datasets, AI models, and purpose-built imaging hardware. The company’s platform automates complex anatomical analysis at the point of care, enabling faster, more confident clinical decisions while reducing variability and expanding access to advanced capabilities. The first applications target significant market opportunities in regional anesthesia and fracture care. RIVANNA has built a proven FDA regulatory track record across its Accuro® platform, with device clearances for Accuro® 3S (spinal needle guidance) and Accuro® XV (musculoskeletal imaging), a portfolio of supporting cleared consumables, and AI software modules advancing through regulatory review. The company is backed by 100+ patents and validated through clinical partnerships with leading academic medical centers. RIVANNA is headquartered in Charlottesville, Virginia, and operates an FDA-registered, ISO 13485:2016-certified manufacturing facility. Learn more at rivannamedical.com.

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SOURCE RIVANNA

Technology

D2L Launch Week Highlights Latest Product Releases

Published

3 hours ago

May 5, 2026

Latest innovations are designed to save time, simplify workflows, and help drive better learning outcomes

TORONTO, May 5, 2026 /PRNewswire/ – D2L, a global leader in learning innovation, hosted its first-ever D2L Launch Week, a four-day virtual webinar series spotlighting the company’s latest product innovations across D2L Brightspace in 2026.

Throughout the week, D2L showcased a range of product releases through live demos and practical customer use cases, highlighting how institutions, school districts and organizations can help to drive engagement and improve learning outcomes. The featured updates include enhancements to D2L Lumi for idea generation, intervention suggestions, quiz creation and summarization; tools to strengthen parent and guardian outreach; and administrative capabilities designed to help large organizations delegate course and configuration management more effectively.

“We’re proud to showcase the ways D2L continues to innovate to help make learning more personalized, efficient, and scalable,” said Christian Pantel, Chief Product Officer at D2L. “From new D2L Lumi features to enhanced communication tools and more flexible distributed administration capabilities, these updates are designed to help our customers save time, improve usability, and deliver better learning experiences at scale.”

Enhancements to D2L Lumi

Among the new capabilities were several updates to D2L’s AI-native tool, D2L Lumi, designed to improve usability, transparency, and alignment across workflows, including:

D2L Lumi Ideas: Generates assignment and discussion ideas directly within Brightspace, making it easier to generate high quality content aligned to learning outcomes.D2L Lumi Insights: Gives educators access to learning intervention suggestions, designed to provide recommended next steps based on learner data.D2L Lumi Quiz: Helps educators generate questions from multiple course content topics and includes a more streamlined question-generation workflow.D2L Lumi Summary: Supports summarization from more content sources, including nested submodules, and can give educators the ability to preview and adjust source text before summarization.

Updates to Parent and Guardian Communications

D2L also introduced new parent and guardian communication enhancements to help K-12 educators strengthen engagement beyond the classroom. Teachers can now send bulk emails to all parents and guardians associated with students in their class. For individual student outreach, teachers can also email parents and guardians of a specific learner, making it easier to share timely updates on student progress and classroom activity.

Manage Distributed Administration at Scale

Distributed Administration gives organizations more flexibility to delegate administrative responsibilities across organization levels. With Distributed Administration, administrators can manage specific areas, enabling them to oversee courses while helping to reduce bottlenecks and free up time.

Learn more about the latest product releases showcased at D2L Launch Week.

About D2L
D2L is transforming the way the world learns, helping learners achieve more than they dreamed possible. Working closely with customers all over the world, D2L is on a mission to make learning more inspiring, engaging and human. Find out how D2L helps transform lives and delivers outstanding learning outcomes in K-12, higher education and businesses.

The D2L family of companies includes D2L Inc., D2L Corporation, D2L Ltd, D2L Australia Pty Ltd, D2L Europe Ltd, D2L Asia Pte Ltd, D2L India Pvt Ltd, D2L Brasil Soluções de Tecnologia para Educação Ltda and D2L Sistemas de Aprendizaje Innovadores, S. D2 R.L de C.V., and H5P Group AS.

All D2L and H5P marks are owned by the D2L group of companies. Please visit D2L.com/trademarks for a list of D2L marks. All other trademarks are the property of their respective owners.

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