Anterix Inc

Item 1A. Risk Factors. 

In evaluavesting us andin our common stock, we urge you to carefully  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 Managements Discussion and Analysis of Financial Condition and Results of Operations and our condensed financial statements and related notes, you should consider carefully the risks and ofactors 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 (ther information in this 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 as well as the risk factors disclosed in o). 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 2025 Annubusiness, financial Report. Thecondition or results of operations. Except as set forth below, there have been no material changes from the risk factors as previousset forth in our Annual Report and in our First Quarterly disclosed inReport:

The current federal government shutdown affects our ability to obtain broadband licenses from the FCC, which could adversely impact our 2025 Annual Report. Any ofability to comply with our contractual obligations and to commercialize our 900 MHz spectrum assets.

Our plans to commercialize our 900 MHz spectrum assets depend on our ability to continue to qualify for and obtain broadband licenses from the risks discussed in this QuarFederal 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 Report, if any, anbasis. The ongoing federal government shutdown, which began on October 1, 2025, has resulted in our 2025 Annual Report, as well as addithe 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 applicational risks and uncerts and related filings have been and could continue to be significantly delayed. These delays could impede our ability to obtainties not current, renew, or modify broadband licenses and other approvals necessary to comply knownwith our contractual obligations with our customers and to us or that we currently deem immaterial, could matercommercialize 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 commercially and adization strategy. If the federal goversely affect nment shutdown continues for an extended period or recurs in the future, our business, liquidity, results of operations or financial, and prospects condition. uld be materially and adversely affected.

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