ATEXMEDIUM SIGNALFINANCIAL10-K

ATEX shows revenue growth of 44% alongside substantial operational improvements, though losses persist and cash position declined.

The company demonstrates meaningful revenue expansion while substantially improving gross margins from deeply negative levels, suggesting operational efficiency gains. However, net losses widened and cash reserves declined by $13.2M, indicating continued cash burn despite top-line growth.

Comparing 2025-06-24 vs 2024-06-26View on EDGAR →
FINANCIAL ANALYSIS

ATEX delivered strong revenue growth of 44% to $6.0M while meaningfully improving gross profit margins, though still posting negative gross margins overall. The company maintained disciplined capital allocation with sharply reduced capex and share buybacks, but cash declined to $47.4M amid widening net losses of $11.4M. Current liabilities increased notably to $27.2M, reflecting higher operational requirements supporting the revenue expansion.

FINANCIAL STATEMENT CHANGES
Capital Expenditure
Cash Flow
-71.7%
$307K→$87K

Capex reduced 71.7% — investment cycle winding down or capital discipline; may improve near-term free cash flow.

Share Buybacks
Cash Flow
-66%
$24.7M→$8.4M

Buyback activity reduced 66% — capital being redeployed elsewhere or cash conservation underway.

Current Liabilities
Balance Sheet
+51.5%
$18.0M→$27.2M

Current liabilities surged 51.5% — significant near-term obligations; verify ability to meet short-term debt.

Gross Profit
P&L
+51.3%
-$1.5M→-$752K

Gross profit expanding — improving pricing power or product mix shift toward higher-margin offerings.

Revenue
P&L
+43.9%
$4.2M→$6.0M

Strong top-line growth of 43.9% — accelerating demand or successful expansion into new markets.

Interest Expense
P&L
-40%
$5K→$3K

Interest expense declined — debt repayment or refinancing at lower rates improving earnings quality.

Inventory
Balance Sheet
+35.2%
$128K→$173K

Inventory surged 35.2% — growing faster than typical sales pace; potential demand softening or supply chain overcorrection.

Net Income
P&L
-24.6%
-$9.1M→-$11.4M

Net income declined 24.6% — review whether driven by operations, interest costs, or non-recurring items.

Cash & Equivalents
Balance Sheet
-21.8%
$60.6M→$47.4M

Cash decreased 21.8% — monitor burn rate and upcoming capital needs.

Current Assets
Balance Sheet
-16.8%
$73.0M→$60.8M

Current assets declined 16.8% — monitor working capital adequacy and short-term liquidity.

LANGUAGE CHANGES
NEW — 2025-06-24
PRIOR — 2024-06-26
ADDED
As of June 18, 2025, 18,695,874 shares of the registrant s common stock were outstanding.
5 x 5 or 10 MHz: The narrowband and broadband segment of the 900 MHz band (896 - 901 / 935 - 940 MHz) are authorized for a total of 10 MHz of spectrum, with 5 MHz designated for uplink transmissions and 5 MHz for downlink transmissions.
900 MHz: The 900 MHz band frequency ranges between 896 - 901 / 935 - 940 MHz.
900 MHz Broadband Spectrum or 900 MHz Broadband Segment: The 900 MHz band authorized for broadband (897.5 - 900.5 / 936.5 - 939.5 MHz).
Band 106 or n106: The broadband segment of the 900 MHz band (896 - 901 / 935 - 940 MHz), designated as LTE Band 106 (B106) or n106 (5G designation), is seen as critical for utilities to modernize grid communication.
Band 8: LTE Band 8, also known as the 900 MHz band, is a frequency band used for both 2G GSM and 4G LTE mobile communications.
Eligibility Certification: A document submitted to the FCC as part of the broadband application that lists the licenses the applicant holds in the 900 MHz band to demonstrate that it holds the licenses for more than 50% of the total licensed 900 MHz spectrum for the relevant county, including credit for spectrum contained in a contract to acquire any covered incumbents filed on or after March 14, 2019 (i.e., the 50% Licensed Spectrum Test).
MTA: Major Trading Area; service areas based on the Rand McNally 1992 Commercial Atlas Marketing Guide, which define the original geography of the FCC auctioned 900 MHz SMR licenses.
Further, any forward-looking statement speaks only as of the date on which it is made, and except to the extent required by applicable law, we undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events, whether as a result of new information, future events or otherwise.
Fiscal 2025 Highlights and Accomplishments Appointed Scott Lang as President and Chief Executive Officer to succeed Robert Schwartz effective October 8, 2024.
REMOVED
As of June 21, 2024, 18,569,297 shares of the registrant s common stock were outstanding.
5 x 5 or 10 MHz: The broadband segment of the 900 MHz band (896 - 901 / 935 - 940) is authorized for a total of 10 MHz of spectrum, with 5 MHz designated for uplink transmissions and 5 MHz for downlink transmissions.
4G: 4th generation of long-term evolution of radio system architecture.
5G: 5th generation of long-term evolution of radio system architecture.
900 MHz: The 900 MHz band frequency ranges between 896 - 901 / 935 - 940.
900 MHz Broadband Spectrum or 900 MHz Broadband Segment: The 900 MHz band authorized for broadband (897.5 - 900.5 / 936.5 - 939.5).
MTA: Major Trading Area; service areas based on the Rand McNally 1992 Commercial Atlas Marketing Guide, that define 900 MHz SMR geographic licenses.
In addition, the FCC never auctioned the 20 blocks of B/ILT spectrum in some parts of the United States, therefore no users acquired site-based licenses utilizing this spectrum.
As a result, the FCC is currently holding over 24% of 900 MHz narrowband spectrum in its inventory in most counties throughout the United States.
Broadband licenses As of March 31, 2024, we were cumulatively granted by the FCC broadband licenses for 133 counties.
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