WOODLAND PARK, N.J. - Anterix (NASDAQ: NASDAQ:ATEX), a company engaged in 900 MHz broadband solutions for the utility sector, announced the appointment of Scott Lang as its new President and Chief Executive Officer, effective November 1, 2024. The incoming CEO brings over three decades of experience in strategic leadership and innovation, particularly at the intersection of telecommunications and electric utilities.
Lang will succeed Rob Schwartz, who has been at the helm for ten years and is credited with establishing Anterix as a key player in grid modernization. Schwartz will continue to assist the company by serving as an advisor to the Board during the transition period.
Previously, Lang served as CEO and Executive Chairman for Silver Spring Networks, Inc., where he was instrumental in positioning the company as a leader in the utility sector before its acquisition by Itron (NASDAQ:ITRI) in 2018. His tenure at Silver Spring Networks is noted for guiding the development of smart grid technology, an experience that aligns with the mission of Anterix.
Anterix's Executive Chairman, Morgan O'Brien, expressed optimism about the company's future under Lang's leadership, highlighting Lang's proven track record. Vice Chairman Tom Kuhn also commended Lang's extensive knowledge and experience in the utility sector.
Lang himself is eager to begin his role at Anterix, drawing parallels between his previous work and the company's goals. He aims to drive the adoption of 900 MHz private wireless broadband across the utility sector.
Schwartz reflected on his tenure with pride, acknowledging the team's achievements in enhancing the resiliency, security, and sustainability of the nation's electric grid. He expressed confidence that Lang's experience would continue to propel Anterix forward.
Anterix focuses on collaborating with utilities and technology companies to modernize the electric grid, holding the largest licensed spectrum in the 900 MHz band across the United States, including Alaska, Hawaii, and Puerto Rico. This positions the company to enable private wireless broadband solutions that advance communications capabilities for energy infrastructure.
The information in this article is based on a press release statement.
In other recent news, Anterix Inc. has announced significant amendments to its stock plan, approved by stockholders, increasing the number of shares available by 1.1 million. This was accompanied by a technical revision clarifying vesting restrictions. In the same meeting, nine directors were elected to serve until the 2025 Annual Meeting, each receiving more affirmative votes than negative, securing their positions.
In addition, the company disclosed its financial results for the fourth quarter and fiscal year 2024. The financial outcomes were shared in a recent 8-K filing with the Securities and Exchange Commission. This release also included an update on Anterix's Demonstrated Intent key performance indicator.
Furthermore, Anterix has nominated three new directors for its 2024-2025 term, namely Scott Lang, William Heard, and Mark Fleischhauer. They were unanimously selected by the current board and bring considerable experience in emerging technologies and value creation. These nominees will stand for election at Anterix's 2024 Annual Meeting of Stockholders. These developments are part of the recent happenings at Anterix Inc.
InvestingPro Insights
As Anterix (NASDAQ: ATEX) prepares for a leadership transition, InvestingPro data provides additional context to the company's financial position and market performance. Despite the upcoming change in CEO, Anterix maintains a strong balance sheet, with InvestingPro Tips indicating that the company holds more cash than debt and its liquid assets exceed short-term obligations. This financial stability could provide the incoming CEO, Scott Lang, with flexibility as he aims to drive adoption of 900 MHz private wireless broadband in the utility sector.
However, investors should note that Anterix is currently trading at a high revenue valuation multiple, with a market cap of $659.19 million USD against revenues of just $5.11 million USD for the last twelve months as of Q1 2023. This valuation suggests that the market has high expectations for future growth, aligning with the company's focus on expanding its role in grid modernization.
While Anterix has shown impressive revenue growth of 133.03% over the last twelve months, the company is not yet profitable. An InvestingPro Tip reveals that analysts do not anticipate the company will be profitable this year, which underscores the importance of Lang's leadership in steering the company towards financial sustainability.
For investors seeking a more comprehensive analysis, InvestingPro offers 8 additional tips for Anterix, providing a deeper understanding of the company's financial health and market position.
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