Anterix Inc (ATEX) 2026 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Anterix first quarter fiscal 2026 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker, Natasha Piccarelli. Ma'am, please go ahead.

您好，感謝您的支持。歡迎參加 Anterix 2026 財年第一季財報電話會議。（操作員指示）請注意，今天的會議正在錄音。現在我想將會議交給第一位發言者娜塔莎·皮卡雷利 (Natasha Piccarelli)。女士，請繼續。

Thank you, operator, and good morning everyone. I'm Natasha Vecchiarelli, Vice President of Investor Relations and Corporate Communications. Welcome to our fiscal 2026 first quarter investor update call. Joining me today are Scott Lang, our President and CEO; Tim Gray, CFO; Chris Guttman-McCabe, Chief Regulatory and Communications Officer; and Ryan Gerbrandt, COO. Before we begin, please note that today's discussion may include forward-looking statements regarding our outlook, operations, and expected performance.

謝謝接線員，大家早安。我是 Natasha Vecchiarelli，投資者關係與企業傳播副總裁。歡迎參加我們 2026 財年第一季投資者更新電話會議。今天與我一起出席的還有我們的總裁兼執行長 Scott Lang、財務長 Tim Gray、首席監管和通訊長 Chris Guttman-McCabe 和營運長 Ryan Gerbrandt。在我們開始之前，請注意，今天的討論可能包括關於我們的前景、營運和預期業績的前瞻性陳述。

These are based on current assumptions and subject to risks and uncertainties. We encourage you to review our SEC filings, including forms 10-K and 10-Q for a detailed discussion of these risks. These are available on our website. And finally, we do not undertake any obligation to update forward-looking statements.

這些都是基於目前的假設，並受風險和不確定性的影響。我們鼓勵您查看我們的 SEC 文件，包括 10-K 和 10-Q 表格，以詳細討論這些風險。這些都可以在我們的網站上找到。最後，我們不承擔更新前瞻性陳述的任何義務。

With that, I'll turn the call over to Scott.

說完這些，我會把電話轉給史考特。

Good morning, everyone. While it has only been a few weeks since our last call, I am pleased to have the opportunity to share the continued momentum we are building here at Anterix and to reaffirm our conviction and our long-term value and leading market position for private LTE.

大家早安。雖然距離我們上次通話才過去幾週，但我很高興有機會分享我們在 Anterix 正在建立的持續發展勢頭，並重申我們的信念以及我們在私人 LTE 方面的長期價值和領先市場地位。

Today, I'd like to focus on three key elements we believe uniquely position us to scale effectively and deliver lasting value to the market and to our shareholders.

今天，我想重點談談我們認為具有獨特優勢的三個關鍵要素，它們使我們能夠有效擴大規模，並為市場和股東帶來持久的價值。

One, the continued progress of our accelerator program. Two, our financial strength and disciplined operations. Three, the growing utility validation of 900 megahertz private broadband.

一、我們的加速器計畫持續進展。二、我們的財務實力和嚴謹的營運。三、900兆赫私人寬頻的實用性驗證日益增強。

I will begin with the accelerator program. As a reminder, we launched the accelerator program offering $250 million in matching spectrum value to help utilities move faster towards the adoption of 900 megahertz private LTE. The response has validated our objective of the program that tests demand for LTE technology and action correlated to price.

我將從加速器計劃開始。提醒一下，我們啟動了加速器計劃，提供 2.5 億美元的匹配頻譜價值，以幫助公用事業公司更快採用 900 兆赫私有 LTE。該反應驗證了我們測試 LTE 技術需求和與價格相關的行動的計劃的目標。

The program is oversubscribed with engagements exceeding $500 million in potential contract value and surpassing the scope of the initial $250 million of matching funds, signaling solid actionable market interests.

該計劃的認購量超額，潛在合約價值超過 5 億美元，超出了最初 2.5 億美元配套資金的範圍，表明市場利益切實可行。

It is also worth noting that more than 15 utilities engaged in the initial launch represented over $2 billion in potential contract value. Beyond the utilities participating in the launch that have moved into negotiations, every utility involved has recognized the benefits of the technology and continued to prioritize these investments within their strategic planning. These are not speculative discussions, and we are encouraged by both the pace and equality of these engagements.

另外值得注意的是，參與首次啟動的公用事業公司超過 15 家，潛在合約價值超過 20 億美元。除了參與發布並已進入談判階段的公用事業公司外，每家參與的公用事業公司都認識到該技術的好處，並繼續在其策略規劃中優先考慮這些投資。這些並不是推測性的討論，這些接觸的步伐和平等性令我們感到鼓舞。

Second, we are operating Anterix from a position of strong financial strength supported by disciplined operational execution. As you will hear from Tim, our balance sheet remains solid with meaningful, committed cash inflows to provide us with future cash flow visibility that few in our space can match.

其次，我們憑藉著雄厚的財務實力和嚴格的營運執行力來營運 Anterix。正如提姆所說，我們的資產負債表依然穩健，擁有有意義的、承諾的現金流入，為我們提供未來現金流的可視性，這是我們領域中很少有公司能比擬的。

And I'd also like to point out that since stepping into the CEO role, we have driven a 20% reduction in operating expenses while sharpening our focus on execution, efficiency, and measurable results. This discipline gives us both capital flexibility and fosters an innovation mindset, two key advantages as we continue to lead the private LTE market forward.

我還想指出，自從擔任執行長以來，我們已將營運費用削減了 20%，同時更加重視執行力、效率和可衡量的成果。這種紀律為我們提供了資本靈活性並培養了創新思維，這是我們繼續引領私人 LTE 市場向前發展的兩個關鍵優勢。

Given our financial strength and the clear intrinsic value of our assets as underscored by the strong utility engagement in the accelerator program and reflected in our demonstrated intense scorecard, the gap between the value creation we see compared to our current market value is striking.

鑑於我們的財務實力和資產的明確內在價值（這由加速器計劃中強大的實用性參與所強調，並反映在我們所展示的強烈記分卡中），我們看到的價值創造與我們當前的市場價值之間的差距是驚人的。

We believe this represents a strong opportunity for significant value to our existing and future shareholders going forward. Turning to the third key element that we believe positions us uniquely is the powerful validation of our technology that comes from our customers, which are the seven utilities deploying 900 megahertz private LTE at scale. These customers are not just implementing the solution, they are continuously expanding the use case and achieving operational results in securing and future-proofing their grid assets.

我們相信，這為我們現有和未來的股東創造巨大價值提供了絕佳的機會。我們認為使我們具有獨特優勢的第三個關鍵因素是來自我們客戶的對我們技術的強有力驗證，這七家公用事業公司正在大規模部署 900 兆赫私有 LTE。這些客戶不僅僅是實施解決方案，他們還在不斷擴展用例並在保護和麵向未來電網資產方面取得營運成果。

Collectively, these seven utilities represent the fifth largest wireless network footprint in the United States. That scale alone is a powerful endorsement, but what is even more compelling is how they are leveraging the network. Thousands of devices are already securely connected with capabilities unlocked. Thanks to the power of 900 megahertz private LTE.

總的來說，這七家公用事業公司佔據了美國第五大無線網路覆蓋範圍。光是這個規模就是一種強而有力的認可，但更引人注目的是他們如何利用網路。數千台設備已經安全連接，功能已解鎖。這得歸功於 900 兆赫私有 LTE 的強大功能。

Our customers are experiencing tangible improvements in performance and operations, supporting a wide range of use cases ranging from distribution automation and gas operations to wildfire mitigation, mobility, and field services.

我們的客戶在性能和營運方面經歷了切實的改進，支援從配電自動化和天然氣運營到野火緩解、移動性和現場服務等廣泛的用例。

And as we discussed on our last call, we're not stopping at 6 megahertz of spectrum offering, we're pushing towards 10 megahertz, continuing to evolve and expand our offering to meet and anticipate utilities' needs, supporting virtually any use case well into the future.

正如我們在上次電話會議上所討論的那樣，我們不會止步於 6 兆赫的頻譜供應，我們正在向 10 兆赫邁進，繼續發展和擴展我們的產品以滿足和預測公用事業的需求，支持未來幾乎任何用例。

Our momentum towards a 10 megahertz future is accelerating, and there continues to be ongoing, meaningful engagement with the FCC as reflected in the public record. Even with today's usage, actual network utilization is only a fraction of the total available capacity.

我們邁向 10 兆赫未來的勢頭正在加速，正如公開記錄所反映的那樣，我們與 FCC 的合作仍在持續進行，並具有有意義的意義。即使按照今天的使用情況，實際網路利用率也只是總可用容量的一小部分。

Long-term simulations projecting 10 years out confirm significant headroom validating the network's ability to scale while delivering unmatched performance, reliability, and value. This level of validation speaks not only to the strength of our solution today, but also to its long-term staying power. Utilities are methodical and risk adverse. They require certainty that investments made today will not become stranded assets of tomorrow.

預測未來 10 年的長期模擬證實了顯著的擴展空間，驗證了網路的擴展能力，同時提供了無與倫比的效能、可靠性和價值。這種程度的驗證不僅證明了我們解決方案目前的實力，也證明了其長期的持久力。公用事業是有條理的並且厭惡風險。他們需要確保今天的投資不會成為明天的擱淺資產。

That is exactly what we provide. A future-proof technology roadmap and a value proposition that extends across decades. And with this momentum, our ecosystem and our device partners are responding with their own innovations that will ensure they stay relevant to this future ahead.

這正是我們所提供的。面向未來的技術路線圖和跨越數十年的價值主張。借助這一勢頭，我們的生態系統和設備合作夥伴正在透過自己的創新做出回應，以確保他們能夠適應未來的發展。

Our team is executing with discipline, delivering steady, meaningful progress across our strategic initiatives, and staying laser focused on its core drivers that position us for scalable, durable growth as utilities undergoing. A once in a generation digital transformation.

我們的團隊嚴格執行，在各項策略舉措中取得穩步、有意義的進展，並始終專注於核心驅動力，使我們在公用事業發展過程中實現可擴展、持久的成長。一代人一次的數位轉型。

With that, I will turn it over to Tim for the financial review and we will return with closing remarks.

接下來，我將把財務審查交給提姆，然後我們再做最後的總結。

Thanks, Scott, and good morning, everyone. From a financial perspective, we remain in a well-capitalized position to continue executing on our strategy. We ended Q1 of our current fiscal year debt free and with a healthy cash position of approximately $41 million.

謝謝，斯科特，大家早安。從財務角度來看，我們仍然擁有充足的資本來繼續執行我們的策略。我們在本財年第一季結束時沒有債務，並且擁有約 4,100 萬美元的健康現金狀況。

During the quarter, we received roughly $10 million from signed contracts and have approximately $140 million in contracted proceeds outstanding. With roughly $70 million to be received over the remainder of fiscal 2026, with the vast majority coming in our fiscal fourth quarter.

本季度，我們從已簽署的合約中獲得了約 1000 萬美元，尚未兌現的合約收益約為 1.4 億美元。2026 財年剩餘時間內將收到約 7,000 萬美元，其中絕大部分將在第四財季收到。

We will also continue to opportunistically return capital to shareholders as we sign customers in the most tax efficient ways possible to benefit all shareholders, which could include dividends classified as return of capital, lodge auctions, and share buybacks.

我們也將繼續以最具稅收效率的方式簽署客戶，從而為所有股東帶來利益，並適時向股東返還資本，其中可能包括歸類為資本回報的股息、房屋拍賣和股票回購。

Turning to our income statement. During the quarter, we recorded a $35 million total gain comprised of $34 million from the exchange of narrow bands for broadband licenses in 62 counties and approximately a $1 million gain on the sale of broadband licenses tied to the delivery of licenses in 27 counties to respective customers.

轉向我們的損益表。在本季度，我們記錄了 3,500 萬美元的總收益，其中包括 3,400 萬美元來自在 62 個縣交換窄帶寬頻許可證的收益，以及約 100 萬美元來自向 27 個縣的相關客戶交付許可證的寬頻許可證銷售收益。

On the operational side, we have implemented targeted changes to optimize our cost structure, streamline operations, and focus resources where they matter most, monetizing our spectrum assets. As a reminder, we've removed approximately 20% of our cost base over the last year and will continue to look at ways to refine and lower our OpEx.

在營運方面，我們實施了有針對性的變革，以優化我們的成本結構，簡化運營，並將資源集中在最重要的地方，將我們的頻譜資產貨幣化。提醒一下，我們在過去一年中已經削減了約 20% 的成本基礎，並將繼續尋找改善和降低營運支出的方法。

These changes not only enhance our efficiency and long-term cash flow, but they also preserve our ability to serve customers and pursue growth opportunities. It's also important to note that we recently hit a significant milestone on the spectrum clearing front. We've now cleared over 80% of incumbents within our spectrum band. And even more importantly, we delivered licenses, have licenses, or were able to apply for broadband licenses in approximately 90% of all the counties in the United States.

這些變化不僅提高了我們的效率和長期現金流，而且還維持了我們服務客戶和尋求成長機會的能力。值得注意的是，我們最近在頻譜清理方面取得了重要的里程碑。我們現在已經清除了我們頻譜帶內 80% 以上的現有用戶。更重要的是，我們向全美約 90% 的縣發放了許可證、擁有了許可證或能夠申請寬頻許可證。

Our clearing team is engaged with all of the remaining incumbents, including complex systems, to continue to clear and deliver spectrum to our customers as they needed to meet regulatory and operational build out commitments.

我們的清算團隊與所有剩餘的現有系統（包括複雜系統）合作，繼續清理並向我們的客戶提供頻譜，以滿足監管和營運建設承諾。

Looking ahead, we remain confident in our capital light model where customer funded deployments allow us to scale without significant CapEx and in our ability to continue executing with financial discipline.

展望未來，我們仍然對我們的輕資本模式充滿信心，客戶資助的部署使我們能夠在不進行大量資本支出的情況下擴大規模，並且我們有能力繼續遵守財務紀律。

With that, I will turn it back to Scott.

說完這些，我就把話題轉回給史考特。

Thanks, Tim. We've just shared several of the key reasons. We feel confident in where we are and where we are headed. With solid fundamentals, measurable progress and our continued growth, and proof points that are delivering operational results in the field today, our conviction in Antarix's long-term value has never been stronger. We're in this for the long haul, and that commitment is paying off. We're not stopping at 6 megahertz or at spectrum alone. We're bringing holistic teams, proven partners, and a mature ecosystem to the table.

謝謝，蒂姆。我們剛剛分享了幾個主要原因。我們對目前的狀況和未來的方向充滿信心。憑藉堅實的基礎、可衡量的進步和持續的成長，以及目前在現場取得的營運成果的證明點，我們對 Antarix 的長期價值的信念從未如此堅定。我們將長期致力於此，而這項承諾正在獲得回報。我們不會只停留在 6 兆赫或頻譜上。我們擁有完善的團隊、可靠的合作夥伴和成熟的生態系統。

Our utility partners working with us today see a clear path to 10 megahertz that extends for decades at a price and value that aligns with the capital priorities utility executives are currently focused on. This is the right technology at the right time, at the right value, and is only getting better. On behalf of our leadership team, our partners, and our employees, thank you for your continued support.

今天與我們合作的公用事業合作夥伴看到了一條通往 10 兆赫的清晰道路，這條道路將持續數十年，其價格和價值與公用事業高管目前關注的資本優先事項相一致。這是在正確的時間出現的正確的技術，具有正確的價值，並且只會越來越好。我代表我們的領導團隊、合作夥伴和員工感謝您一直以來的支持。

We will now open the line for questions.

我們現在開放問答熱線。

(Operator Instructions) Mike Crawford, Riley Securities.

（操作員指示）萊利證券 (Riley Securities) 的 Mike Crawford。

Thank you. Good morning. With roughly 10% of narrowband broadband license exchanges remaining to be -- well -- to do that, what's the potential gain that we recorded when that happens and does that change if and when you get a five-by-five report in order?

謝謝。早安.目前大約有 10% 的窄帶寬頻許可證交換仍未完成，那麼，如果發生這種情況，我們記錄的潛在收益是多少？如果您獲得一份五分之五的報告，這種情況會改變嗎？

Tim or Chris, do you want to jump in on that?

提姆或克里斯，你們想加入嗎？

Yeah, so Mike, let me clarify. So we have the ability to apply for the broadband licenses and right now based on all the clearing that we've done in up to 90% of the counties in the United States.

是的，麥克，讓我澄清一下。因此，我們有能力申請寬頻許可證，目前基於我們在美國 90% 的縣完成的所有清理工作。

We've only gotten broadband licenses in roughly 10% of the United States, so there's still quite a long way to go. And we will -- as we continue to get more broadband licenses will get more gains. Those gains should represent north of $1 billion over time, but that'll all be done and show up in the income statement as we get those broadband licenses.

我們僅在美國大約 10% 的地區獲得了寬頻許可證，因此還有很長的路要走。隨著我們繼續獲得更多寬頻許可證，我們將獲得更多收益。隨著時間的推移，這些收益應該會達到 10 億美元以上，但這一切都將在我們獲得寬頻許可證後完成並顯示在損益表中。

And Mike, Tim's statement was reflective of our absolute ability and absolute confidence in our ability to clear as we as we move forward with utility contracts.

麥克，提姆的聲明反映了我們在推進公用事業合約過程中絕對的能力和絕對的信心。

Okay. So these -- and so do you have an estimate for which of these exchanges you're going to be able to achieve for this fiscal year in the current quarter and back half of the fiscal year?

好的。那麼這些——那麼，您是否估計一下在本財年當前季度和下半年您將能夠實現哪些交易？

Yeah, Mike, we're not going to put any guidance out on the gains because we're heavily dependent on the timing of both our application process as well as the FCC turning those applications around with approvals, and because their timeline has varied pretty significantly, although it's gotten much faster lately, it's hard for us to say when exactly we're going to get those back and when those gains are going to show up in the P&L. So I'm not going to provide any numbers on that.

是的，麥克，我們不會就收益提供任何指導，因為我們嚴重依賴我們的申請流程以及聯邦通信委員會批准這些申請的時間，而且由於他們的時間表差異很大，儘管最近速度已經快了很多，但我們很難說我們什麼時候能收回這些收益，什麼時候這些收益會在損益表中體現出來。所以我不會提供任何相關數字。

And Tim, let me add, because you definitely said this in your prepared remarks. Mike, it's also reflective of requests from our utility customers, they set the timing for when they want to move a contracted county to to license through the FCC. And so a lot of that is contained within the four corners of our contracts with our utilities.

提姆，請允許我補充一點，因為你在準備好的發言中肯定提到了這一點。麥克，這也反映了我們公用事業客戶的要求，他們設定了何時將簽約縣轉移到通過聯邦通信委員會獲得許可的時間。其中許多內容都包含在我們與公用事業公司簽訂的合約中。

Okay, thank you. And then just follow up question just on your pipeline you had one utility fall out of the demonstrating intent. Work hard and so what what's your plan? The spectrum where utilities drop out of the pipeline in a region.

好的，謝謝。然後只是跟進問題，就在您的管道上，您有一個實用程式脫離了演示意圖。努力工作然後呢你的計劃是什麼？某區域內公用設施從管道中退出的範圍。

Want me to tackle that one, Scott?

想讓我解決這個問題嗎，史考特？

Yeah, Ryan, I think that would be a great one for you. Thank you.

是的，瑞安，我認為這對你來說很棒。謝謝。

Yeah, Mike, good morning. Let me just clarify one thing. Actually what I think you're picking up on, and we had a couple updates in the demonstrate intense scorecard, one were the metrics we had 12 new indicators of movement and you know I put those kind of in a category of largely related to the activity that Scott was talking about and the momentum around both the utilities that are directly still engaged in the accelerator and we've continued to have fantastic active conversations with all the others that participated at its launch, but have, kind of different steps in their journey still that we need to take. And so that's what we've seen there.

是的，麥克，早安。讓我澄清一件事。實際上，我認為你已經注意到了，我們在演示強度記分卡中做了一些更新，其中之一就是我們有 12 個新的運動指標，你知道我把它們放在一個與 Scott 談論的活動和仍然直接參與加速器的公用事業的勢頭相關的類別中，我們繼續與所有參與其啟動的其他方進行非常積極的對話，但在他們的旅程中我們還需要採取不同的步驟。這就是我們在那裡看到的。

The one referring to that dropped out, didn't fall out of the pipeline. We haven't lost anything. You know what we've committed to in the demonstrated intense scorecard is to maintain a transparent reflection of just what we're seeing at a point in time. And this one I'll use an interesting example. One of the metrics that we've been tracking, has been specifically around. We always seek after a sponsor, an executive in charge at a utility. That has the capability and relationships to help us shepherd our way through those conversations, and we see it from time to time, folks come and go, kind of taking on new positions and different utilities, and that was the nature of this.

提到那個退出的人，並沒有脫離管道。我們沒有失去任何東西。您知道，我們在展示的激烈記分卡中致力於保持對我們在某個時間點所看到的情況的透明反映。這次我將使用一個有趣的例子。我們一直在追蹤的指標之一就是具體的。我們總是尋找一位贊助商，一位公用事業的主管主管。它有能力和關係來幫助我們引導這些對話，我們不時會看到，人們來來去去，擔任新的職位和使用不同的工具，這就是這件事的本質。

You actually feel still very good about the opportunity, obviously. You also notice it didn't change the overall value of the dollars that we have, above the threshold to demonstrate intent. It was a relatively small utility, that made up this case. But it's more reflective of just that status. And so we will now pursue, build relationships with the replacement and continue to push on like we do with all the utilities. Hope that helps.

顯然，你實際上仍然對這個機會感到非常高興。您還會注意到，它並沒有改變我們所擁有的美元的整體價值，超過了表明意圖的門檻。這是一個相對較小的實用程序，構成了這種情況。但它更多的只是反映這種地位。因此，我們現在將尋求並建立與替代者的關係，並繼續推進，就像我們對待所有公用事業公司一樣。希望有幫助。

Okay. All right, thank you very much.

好的。好的，非常感謝。

(Operator Instructions) George Sutton, Craig Hallum.

（操作員指示）喬治·薩頓、克雷格·哈勒姆。

Thank you. Scott, I wonder if you could just address the dichotomy of on one hand an oversubscribed accelerator program and increasing enthusiasm from your seven customers, and obviously, a stock price that in no way, shape, or form reflects that. So what should the market appreciate that perhaps they don't?, Obviously, we're all waiting on signed deals in absence of that, what would you be telling people?

謝謝。史考特，我想知道您是否可以談談這種矛盾：一方面是超額認購的加速器計劃，另一方面是七位客戶日益增長的熱情，顯然，股價根本無法反映這一點。那麼市場應該欣賞什麼，而他們可能不欣賞呢？顯然，我們都在等待簽署的協議，如果沒有協議，你會告訴人們什麼？

Well, hello, George, good to hear from you. I would say that though the lack of announcements doesn't mean the lack of progress, I've been selling to utility industry technologies and mostly networking for a couple of decades or more. And utilities are geared to be very methodical, and get their business case right, and there's a number of priorities that the utilities have of capital deployment.

嗯，你好，喬治，很高興收到你的來信。我想說的是，雖然缺乏公告並不意味著缺乏進展，但我已經向公用事業行業銷售技術，並且主要從事網路銷售幾十年甚至更長時間了。公用事業公司應採取非常有條理的方式，並正確制定其商業案例，並且公用事業公司在資本部署方面有許多優先事項。

And we think that the progress they're making and the speed at which they're going in a program that was launched not that long ago when it and the timing that we see day to day and the engagement of -- these are massive contracts and while we are the first building block and the foundational building block of network first, there's other aspects that bring our ecosystem into play to working on those solutions as they get stood up.

我們認為，他們所取得的進展以及他們在不久前啟動的項目中推進的速度，以及我們每天看到的時間和參與度——這些都是大規模的合同，雖然我們是網絡優先的第一個基石和基礎基石，但還有其他方面需要我們的生態系統發揮作用，以便在這些解決方案得到實施時能夠發揮作用。

Our seven customers have been through that journey and are engaged in the next set of customers that are going to be participating in that journey. And so while I think there's some expectation that these happen in one quarter, these kind of contracts that are hundreds of millions of dollars of capital investment, don't happen in one quarter, but they do happen.

我們的七位客戶已經經歷了這趟旅程，並正在與下一批即將參與這趟旅程的客戶接觸。因此，雖然我認為人們期望這些會在一個季度內發生，但這種涉及數億美元資本投資的合約不會在一個季度內發生，但它們確實會發生。

And they will happen, and it's just a matter of timing of when, not if, and we couldn't be more pleased. I personally couldn't be more pleased of the size and the scale and the engagement and in the opportunities. And so and in the contexts that we're negotiating and the term sheets we're negotiating the conversation conversations that we're having.

這些都會發生，這只是時間問題，而不是是否會發生的問題，我們對此感到非常高興。我個人對於其規模、範圍、參與度和機會感到非常滿意。因此，在我們正在談判的背景下以及我們正在談判的條款清單中，我們正在進行對話。

So it's part of my prepared remarks. I think there's a striking difference between the value of our assets when we look at our cash position, our incoming proceeds that are that are contracted, they're not speculative inflows, and the value of this asset and the uniqueness of this asset. The first seven customers have also keep in mind, have really de-risked the next seven customers that are coming onboard. The 8th, 9th, 10th customer is coming onboard with confidence. They see the use cases.

這是我準備好的發言的一部分。我認為，當我們查看我們的現金狀況時，我們的資產價值、已簽約的收益（不是投機性流入）與該資產的價值和該資產的獨特性之間存在顯著差異。前七位客戶也牢記，他們確實降低了接下來七位客戶的風險。第 8、9、10 位客戶都滿懷信心地加入。他們看到了用例。

They see the proven value of these use cases. They see the amount of additional bandwidth on top of anything that can be simulated today of our 6 megahertz offering, and then they're seeing the progress that's on public record of our NPRRM process to get to 10 megahertz. So day to day, these are exciting conversations. We're enthused about them. And we think the people and our current investors we are pleased with that and I think that it gives great op opportunity for future investors to come in.

他們看到了這些用例的已證實價值。他們看到了我們今天提供的 6 兆赫茲頻寬所能模擬的任何事物之上的額外頻寬量，然後他們看到了我們的 NPRRM 流程公開記錄中達到 10 兆赫茲的進展。所以每天，這些都是令人興奮的對話。我們對他們充滿熱情。我們認為員工和我們現有的投資者對此感到滿意，我認為這為未來的投資者提供了絕佳的操作機會。

At these levels.

在這些層面上。

So if I'm one of the utilities in the accelerator program or trying to pursue these dollars, am I looking at this as a scarce resource? Am I trying to move as quickly as possible to get in front of other utilities who who may not be able to access that how are you positioning it from that perspective?

因此，如果我是加速器計劃中的公用事業公司之一，或者試圖追求這些資金，我是否將其視為稀缺資源？我是否試圖盡快採取行動，領先於可能無法訪問的其他公用事業公司，從這個角度來看您如何定位它？

Yeah, the utility thanks George. I think the utilities that are engaged. I do see it as a scarce resource and jumped on it. The alternatives they're looking at the price tags associated with those other alternatives, is staggering. And it's paralyzing to use some of their words that we're hearing.

是的，實用程式感謝喬治。我認為這是有用的。我確實認為它是一種稀缺資源並且抓住了它。他們正在考慮的替代方案與這些其他替代方案的價格標籤相比，是令人震驚的。當我們聽到他們的一些言語時，我們會感到很無奈。

Especially when you look at the value that we bring to the table, the proven nature of what we're doing, and yeah, so many of the utilities have said we're in, we're going to negotiate with you, we're going to get to an agreement, and so yeah, we've we've helped them and made sure we've allocated the appropriate funds to do that. And I'll just say we've got plenty of dry powder left.

特別是當你看到我們所帶來的價值，我們所做的事情的經過驗證的性質，是的，很多公用事業公司都表示我們參與其中，我們將與你們談判，我們將達成協議，所以是的，我們已經幫助了他們，並確保我們已經分配了適當的資金來做到這一點。我只想說我們還剩下很多乾火藥。

A of where we are today, the value that we're seeing and bringing our ecosystem to the table, the gap that we have between us and the other alternatives that are out there, it's going to continue to get wider when we see that 8th and 9th and 10th customer coming on board deploying it at scale.

就我們今天的狀況、我們看到的價值以及我們生態系統所帶來的價值而言，我們與其他替代方案之間的差距將會繼續擴大，當我們看到第 8、9、10 個客戶加入並大規模部署時，這種差距將會越來越大。

Last question for me. We are in quote unquote a strategic alternatives process. Can you just give us a sense, is that an active process? Is that on a back burner kind of modality at this point, given we're so far away from even the defined value of the spectrum? Just curious --

我的最後一個問題。我們正處於所謂的戰略替代過程中。您能否讓我們了解一下，這是一個主動的過程嗎？鑑於我們距離光譜的定義值還很遠，這是否是一種暫時擱置的模式？只是好奇--

I would say, yeah, thank you for that. It is, it's active, but it is fairly passive as far as I'm concerned right now and the board is concerned because at the levels of where we are at, we see way too much upside in this company to be in serious negotiations, but it's still active. There's a lot of companies that see not only the value that Anterix bring, but another thing that People that really are getting close to this and understanding the company.

我想說，是的，謝謝你。是的，它是主動的，但就我目前和董事會而言，它是相當被動的，因為在我們所處的水平上，我們看到這家公司有太多的優勢，不適合進行認真的談判，但它仍然很活躍。許多公司不僅看到了 Anterix 帶來的價值，還看到了人們真正接近並了解該公司的價值。

For every $1 spent on Anterix to build the platform foundation, there's another $4 to $5 that gets unlocked of other ecosystem partners and solutions that come to the table with the good device manufacturers and other technologies. So the overall ecosystem that's moving along behind the foundation that Anterix is putting in place, is massive.

在 Anterix 上每花費 1 美元來建立平台基礎，就會有另外 4 到 5 美元從其他生態系統合作夥伴和與優秀設備製造商和其他技術一起提供的解決方案中解鎖。因此，在 Anterix 建立的基礎背後，整個生態系統是巨大的。

And so that is where we see the strategic value of our solution coming into play. And the discussions that we're having are the people who really see that unlocked value that has come to the table and trying to figure out how a way to participate in our journey here.

這就是我們看到我們的解決方案的戰略價值發揮作用的地方。我們正在進行的討論是那些真正看到了已經擺到桌面上的未鎖定價值的人，他們試圖找出如何參與我們的旅程的方式。

Gotcha. Okay, that's it for me. Thank you.

明白了。好的，對我來說就這樣了。謝謝。

Thanks, George.

謝謝，喬治。

Thank you, and I would now like to hand the conference back to Scott Lang for any further remarks.

謝謝，現在我想將會議交還給斯科特·朗，請他發表進一步的評論。

I would like to thank everyone for participating today. We're very excited here at Anterix for what we're doing. The team's excited. Our Board is very pleased with the results, and we look forward to talking with you at the next turnings call and hopefully continue to show all the good progress that we are making as we close out this calendar year and go into the full fiscal year.

我要感謝大家今天的參與。我們 Anterix 對我們所做的工作感到非常興奮。整個團隊都很興奮。我們的董事會對結果非常滿意，我們期待在下次電話會議上與您交談，並希望在結束本日曆年並進入整個財政年度時繼續展示我們所取得的所有良好進展。

Thanks, everyone, for joining. Appreciate your time. We'll talk soon.

謝謝大家的參與。感謝您的時間。我們很快就會聊。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。