Anterix Inc.

Previous wording

Investing in our common stock involves a high degree of risk. In addition to the information set forth in this Quarterly Report on Form 10-Q, including the section titled “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and our condensed financial statements and related notes, you should consider carefully the factors discussed below and in Part I, Item 1A, “Risk Factors” in our Annual Report on Form 10-K, filed with the SEC on June 24, 2025 (the “Annual Report”) and in Part II, Item 1A, “Risk Factors” in our Quarterly Report on Form 10-Q for the period ended June 30, 2025, filed with the SEC on August 12, 2025 (the “First Quarterly Report”). The occurrence of any of the risks and uncertainties described in these Annual and Quarterly Reports could materially and adversely affect our business, financial condition, results of operations and prospects. In that event, the price of our common stock could decline and you could lose part or all of your investment. Furthermore, such risks are not the only ones we face; additional risks and uncertainties not currently known or that we currently deem to be immaterial may also materially adversely affect our business, financial condition or results of operations. Except as set forth below, there have been no material changes from the risk factors set forth in our Annual Report and in our First Quarterly Report:

Current wording

Investing in our common stock involves a high degree of risk. In addition to the information set forth in this Quarterly Report on Form 10-Q, including the section titled “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and our consolidated financial statements and related notes, you should consider carefully the factors discussed below and in Part I, Item 1A, “Risk Factors” in our Annual Report on Form 10-K, filed with the SEC on June 24, 2025 (the “Annual Report”). The occurrence of any of the risks and uncertainties described in these Annual and Quarterly Reports could materially and adversely affect our business, financial condition, results of operations and prospects. In that event, the price of our common stock could decline and you could lose part or all of your investment. Furthermore, such risks are not the only ones we face; additional risks and uncertainties not currently known or that we currently deem to be immaterial may also materially adversely affect our business, financial condition or results of operations. There have been no material changes from the risk factors set forth in our Annual Report, except that the following risk factor replaces the similarly titled risk factor contained in our Quarterly Report on Form 10-Q for the period ended September 30, 2025, filed with the SEC on November 12, 2025:

Previous wording

The current federal government shutdown affects our ability to obtain broadband licenses from the FCC, which could adversely impact our ability to comply with our contractual obligations and to commercialize our 900 MHz spectrum assets.

Current wording

Federal government shutdowns could affect our ability to obtain broadband licenses from the FCC, which could adversely impact our ability to comply with our contractual obligations and to commercialize our 900 MHz spectrum assets.

Previous wording

Our plans to commercialize our 900 MHz spectrum assets depend on our ability to continue to qualify for and obtain broadband licenses from the Federal Communications Commission (“FCC”). In addition, our existing commercial agreements with our customers require us to deliver cleared spectrum and broadband licenses in designated service territories on a timely basis. The ongoing federal government shutdown, which began on October 1, 2025, has resulted in the FCC operating with significantly reduced staffing and suspending most licensing and application processing activities. As a result, the review, processing, and grant of our broadband license applications and related filings have been and could continue to be significantly delayed. These delays could impede our ability to obtain, renew, or modify broadband licenses and other approvals necessary to comply with our contractual obligations with our customers and to commercialize our 900 MHz spectrum assets in accordance with our business plan. The longer the shutdown continues, the greater the impact on our ability to deliver broadband licenses to our customers on a timely basis, satisfy our obligations and execute our commercialization strategy. If the federal government shutdown continues for an extended period or recurs in the future, our business, liquidity, results of operations, and prospects could be materially and adversely affected.

Current wording

Our plans to commercialize our 900 MHz spectrum assets depend on our ability to continue to qualify for and obtain broadband licenses from the Federal Communications Commission (“FCC”). In addition, our existing commercial agreements with our customers require us to deliver cleared spectrum and broadband licenses in designated service territories on a timely basis.