<PAGE>

================================================================================

                      SECURITIES AND EXCHANGE COMMISSION
                            Washington, D.C. 20549

                               -----------------

                                  FORM 10-K/A
                               (Amendment No. 1)

[X] Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange
    Act of 1934

[_] Transition Report Pursuant to Section 13 or 15(d) of the Securities
    Exchange Act of 1934 for the transition period from        to

    For the Year Ended December 31, 2001      Commission File Number 000-21091

                               -----------------

                          FIRST AVENUE NETWORKS, INC.
               (formerly known as Advanced Radio Telecom Corp.)
            (Exact name of registrant as specified in its charter)

                      Delaware                 52-1869023
                   (State or other               (I.R.S.
                   jurisdiction of       Employer Identification
                  incorporation or                No.)
                    organization)

            230 Court Square, Suite 202, Charlottesville, VA 22902
                   (Address of principal executive offices )

                                (434) 220-4988
             (Registrant's telephone number, including area code)

                               -----------------
          Securities registered pursuant to Section 12(b) of the Act:

                                        Name of Each Exchange on
                 Title of Each Class        Which Registered
                        None                      None

          Securities registered pursuant to Section 12(g) of the Act:

                Title of Each Class:    Common Stock ($0.001 Par
                                                 Value)

                               -----------------

   Indicate by check mark whether the registrant: (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days: Yes [_] No [X].

   Indicate by check mark if disclosure of delinquent filers pursuant to Item
405 of Regulation S-K is not contained herein, and will not be contained, to
the best of the registrant's knowledge, in the definitive proxy or information
statements incorporated by reference in Part III of this Form 10-K or any
amendment to this Form 10-K [_].

   The aggregate market value of the registrant's voting stock held by
non-affiliates was approximately $11.1 million on February 22, 2002, based
solely on the registrant's estimated reorganization value (determined
as described in Item 7 hereto) net of liabilities as of such date. As of
February 22, 2002, non-affiliates held 6.8 million shares of common stock.

   Indicate the number of shares outstanding of each of the registrant's
classes of common stock as of the latest practicable date: Pursuant to its plan
of reorganization, the registrant has 20,000,000 shares of its common stock
outstanding as of February 22, 2002. As of such date, 18,512,064 shares have
been distributed pursuant to the plan of reorganization.

================================================================================

<PAGE>

                        ITEM 12--COMMON STOCK OWNERSHIP

   The following table sets forth certain information with respect to the
beneficial ownership of shares of the Company's common stock as of February 22,
2002 by (i) the named executive officers, (ii) each of the Company's directors,
(iii) all of the Company's executive officers and directors as a group and (iv)
each person (including any "group" as that term is used in Section 13(d)(3) of
the Exchange Act) known to the Company to be the beneficial owner of more than
five percent of the outstanding common stock. Unless otherwise indicated, the
business address of each director and executive officer named below is c/o
First Avenue Networks, Inc., 230 Court Square, Suite 202, Chartlottesville,
Virginia, 22902. Except as noted below, each of the persons listed has sole
investment and voting power with respect to the shares indicated.

   Beneficial ownership is determined by the rules of the Securities and
Exchange Commission and includes voting or investment power of the securities.
Shares of Common Stock subject to options or other rights to purchase which are
now exercisable or are exercisable within 60 days after February 22, 2002 are
to be considered outstanding for purposes of computing the percentage ownership
of the persons holding these options or other rights, but are not to be
considered outstanding for the purpose of computing the percentage ownership of
any other person.

<TABLE>
<CAPTION>
                                                       Beneficial Ownership
                                                       -------------------
     Name                                                Number     Percent
     ----                                              ----------   -------
     <S>                                               <C>          <C>
     Aspen Partners--Series A (1).....................  4,014,232    16.7%
     Deutsche Bank AG.................................  1,686,176     7.0%
     Quaker Capital Management Corp. (2)..............  5,022,288    20.9%
     Quaker Capital Partners I, L.P. (3)..............  3,666,787    15.3%
     Peninsula Capital Partners (4)...................  6,324,491    26.4%
     Dean M. Johnson..................................     58,816       *
     Wharton B. Rivers, Jr............................     58,815       *
     Richard L. Shorten, Jr...........................         --      --
     Neil Subin.......................................         --      --
     Matthew Teplitz (5)..............................  3,666,787    15.3%
     R. Ted Weschler (6)..............................  6,324,491    26.4%
     Robert S. McCambridge............................         --      --
     Darla V. Norris..................................         --      --
     Thomas M. Walker.................................         --      --
     All executive officers and directors as a group
       (9 persons) (7)................................ 10,108,909    41.7%
</TABLE>
--------
 * Less than 1.0%

(1) Includes 1,047,140 shares of common stock issuable upon exercise of
    warrants exercisable within 60 days of February 22, 2002.

(2) Includes 1,053,621 shares of common stock issuable upon exercise of
    warrants exercisable within 60 days of February 22, 2002. Includes
    2,667,172 shares of common stock and 999,615 shares of common stock
    issuable upon exercise of warrants exercisable within 60 days of February
    22, 2002 held by Quaker Capital Partners I, L.P., of which Quaker Capital
    Management Corp. is the registered investment advisor.

(3) Includes 999,615 shares of common stock issuable upon exercise of warrants
    exercisable within 60 days of February 22, 2002.

(4) Includes 1,693,053 shares of common stock issuable upon exercise of
    warrants exercisable within 60 days of February 22, 2002.

(5) Includes 2,667,172 shares of common stock and 999,615 shares of common
    stock issuable upon exercise of warrants exercisable within 60 days of
    February 22, 2002 held by Quaker Capital Partners I, L.P., of which
    Mr. Teplitz disclaims beneficial ownership. Mr. Teplitz is a partner of
    Quaker Premier L.P., the general partner of Quaker Capital Partners I, L.P.

(6) Includes 4,631,438 shares of common stock and 1,693,053 shares of common
    stock issuable upon exercise of warrants exercisable within 60 days of
    February 22, 2002 held by Peninsula Capital Partners, of which Mr. Weschler
    disclaims beneficial ownership. Mr. Weschler is the managing partner of
    Peninsula Capital Advisors, LLC, the entity that is the investment advisor
    to Peninsula Capital Partners.

(7) Includes shares described in notes 5 and 6 above.

                                      2

<PAGE>

                                  SIGNATURES

   Pursuant to the requirements of section 13 or 15(d) of the securities
exchange act of 1934, the registrant has duly caused this report to be signed
on its behalf by the undersigned, thereunto duly authorized on this 13th day of
March 2002.

                                               FIRST AVENUE NETWORKS, INC.

                                               By:     /S/  DEAN M. JOHNSON
                                                   -----------------------------
                                                   Dean M. Johnson
                                                   President, Chief Executive
                                                   Officer

                                               FIRST AVENUE NETWORKS, INC.

                                               By:     /S/  SANDRA T. WATSON
                                                   -----------------------------
                                                   Sandra T. Watson
                                                   Chief Financial Officer
                                                   Principal Financial and
                                                   Accounting Officer


   Pursuant to the requirements of the securities and exchange act of 1934,
this report has been signed below by the following persons on behalf of the
registrant in the capacities and on the dates indicated:

          Signature                       Title                  Date

    /S/  DEAN M. JOHNSON      Director                      March 13, 2002
-----------------------------
       Dean M. Johnson

   WHARTON B. RIVERS, JR.*    Director                      March 13, 2002
-----------------------------
    Wharton B. Rivers, Jr

   RICHARD L. SHORTEN, JR.*   Director                      March 13, 2002
-----------------------------
   Richard L. Shorten, Jr.

         NEIL SUBIN*          Director                      March 13, 2002
-----------------------------
         Neil Subin

       MATTHEW TEPLITZ*       Director                      March 13, 2002
-----------------------------
       Matthew Teplitz

       R. TED WESCHLER*       Director                      March 13, 2002
-----------------------------
       R. Ted Weschler

   */S/  SANDRA T. WATSON                                   March 13, 2002
-----------------------------
      Sandra T. Watson
      Attorney-in-fact

                                      3