RESTON, Va., July 22, 2025 (GLOBE NEWSWIRE) -- NextNav (Nasdaq: NN), a leader in next generation positioning, navigation, timing (PNT) and 3D geolocation, today announced that it will release its financial results for the second quarter ended June 30, 2025 after market close on Wednesday, August 6, 2025, and will host a conference call on the same day at 5:00 PM ET to discuss its results and operational highlights. Registration for the conference call can be completed by visiting the following website prior ...

NextNav (NN) Q1 2025 Earnings Call May 09, 2025 09:00 AM ET Company Participants Nevin Reilly - Senior Managing DirectorMariam Sorond - Chairman & CEOChristian Gates - Chief Financial OfficerTimothy Horan - Managing DirectorMike Crawford - SMD & Head of Discovery Group Conference Call Participants Ryan Koontz - Senior Analyst Operator Ladies and gentlemen, thank you for standing by. My name is Desiree, and I will be your conference operator today. At this time, I would like to welcome everyone to the NexNav ...

NextNav (NN) Q1 2025 Earnings Call May 09, 2025 09:00 AM ET Company Participants Nevin Reilly - Senior Managing DirectorMariam Sorond - Chairman & CEOChristian Gates - Chief Financial OfficerTimothy Horan - Managing DirectorMike Crawford - SMD & Head of Discovery Group Conference Call Participants Ryan Koontz - Senior Analyst Operator Ladies and gentlemen, thank you for standing by. My name is Desiree, and I will be your conference operator today. At this time, I would like to welcome everyone to the NexNav ...

NextNav (NN) Q1 2025 Earnings Call May 09, 2025 09:00 AM ET Speaker0 Ladies and gentlemen, thank you for standing by. My name is Desiree, and I will be your conference operator today. At this time, I would like to welcome everyone to the NexNav First Quarter twenty twenty five Earnings Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question and answer I would now like to turn the conference over to Nevin Riley. You may begin. Speaker1 G ...

Investment Highlights - NextNav provides a next-generation PNT solution based on 5G technology[8] - The company possesses a valuable spectrum asset with ideal propagation characteristics for PNT and broadband[8] - NextNav has a robust balance sheet with ample liquidity to fund operations[8] GPS Vulnerability and NextNav's Solution - GPS has coverage limitations indoors and in urban canyons with weak signal strength[11] - GPS is vulnerable to spoofing, jamming, and natural phenomena[11] - NextNav's goal is a future-proof complement and backup to GPS, available at wide scale including indoor and urban areas[13] - NextNav's proposal uses its Lower 900 MHz licenses, in partnership with a 5G network provider, to enable a wide-scale terrestrial backup and complement to GPS, without taxpayer funding[17] FCC Petition and Economic Benefits - The Brattle Group finds the total quantified value of a terrestrial GPS backup is $14.6 billion[27] - Adopting NextNav's proposal offers the US economy a $10.8 billion insurance policy to protect against GPS outages without taxpayer funding, plus additional benefits of $3.8 billion from increased resiliency[30] - NextNav finished the first quarter with $188.4 million in cash, cash equivalents, and marketable securities[33]

Part I. FINANCIAL INFORMATION [Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) The unaudited condensed consolidated financial statements for the quarter ended March 31, 2025, show significant increases in cash and long-term debt due to new financing, alongside a widened net loss Condensed Consolidated Balance Sheet Data (in thousands) | Account | March 31, 2025 (unaudited) | December 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $150,422 | $39,330 | | Total current assets | $193,466 | $86,045 | | Total assets | $268,606 | $161,740 | | Long term debt, net | $213,101 | $54,621 | | Total liabilities | $262,033 | $111,619 | | Total stockholders' equity | $6,573 | $50,121 | Condensed Consolidated Statements of Comprehensive Loss (in thousands, except per share amounts) | Account | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | Revenue | $1,539 | $1,046 | | Operating loss | $(17,004) | $(16,150) | | Debt extinguishment loss | $(14,434) | — | | Change in fair value of derivative liability | $(24,523) | — | | Net loss | $(58,579) | $(31,610) | | Net loss per share - basic and diluted | $(0.45) | $(0.28) | Condensed Consolidated Statements of Cash Flows (in thousands) | Activity | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | Net cash used in operating activities | $(12,179) | $(6,985) | | Net cash provided by (used in) investing activities | $3,006 | $(2,113) | | Net cash provided by financing activities | $120,172 | $516 | | Net increase (decrease) in cash | $111,092 | $(8,561) | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=28&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's strategic evolution towards NextGen 5G NR technologies and its financial performance, including a widened net loss and new financing - The company is evolving its PNT solutions to use 5G New Radio (NextGen) technologies and has petitioned the FCC to reconfigure the Lower 900 MHz band to enable both PNT and 5G broadband services[124](index=124&type=chunk)[125](index=125&type=chunk) Comparison of Results of Operations (in thousands) | Line Item | Q1 2025 | Q1 2024 | $ Change | % Change | | :--- | :--- | :--- | :--- | :--- | | Revenue | $1,539 | $1,046 | $493 | 47.1% | | Cost of goods sold | $2,533 | $2,761 | $(228) | (8.3)% | | Research and development | $4,038 | $4,670 | $(632) | (13.5)% | | Selling, general and administrative | $10,520 | $8,446 | $2,074 | 24.6% | | Operating loss | $(17,004) | $(16,150) | $(854) | 5.3% | | Net loss | $(58,579) | $(31,610) | $(26,969) | 85.6% | - In March 2025, the company issued **$190 million** of 5.00% Senior Secured Convertible Notes due 2028 and used a portion of the proceeds to redeem all of its **$70 million** 2026 Notes, resulting in a **$14.4 million** loss on early extinguishment[93](index=93&type=chunk)[149](index=149&type=chunk)[157](index=157&type=chunk) - As of March 31, 2025, the company had cash, cash equivalents, and marketable securities of **$188.4 million** and management believes this is sufficient to meet working capital and capital expenditure needs for more than 12 months[147](index=147&type=chunk)[148](index=148&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=36&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company reports that there have been no material changes in its market risks from those disclosed in its Annual Report on Form 10-K for the year ended December 31, 2024 - There have been no material changes in market risks from those disclosed in the 2024 Form 10-K[161](index=161&type=chunk) [Controls and Procedures](index=36&type=section&id=Item%204.%20Controls%20and%20Procedures) Management, including the CEO and CFO, evaluated the company's disclosure controls and procedures and concluded they were effective as of March 31, 2025 - The Chief Executive Officer and Chief Financial Officer concluded that the company's disclosure controls and procedures were effective as of March 31, 2025[163](index=163&type=chunk) - No changes in internal control over financial reporting occurred during the quarter that have materially affected, or are reasonably likely to materially affect, internal controls[164](index=164&type=chunk) Part II. OTHER INFORMATION [Legal Proceedings](index=37&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in litigation and legal matters from time to time but does not believe any current matters will have a material adverse effect on its business, financial condition, or results of operations - The company does not believe that any current legal matters, individually or in aggregate, will have a material adverse effect on its business or financial condition[167](index=167&type=chunk) [Risk Factors](index=37&type=page&id=Item%201A.%20Risk%20Factors) The company highlights new and existing risks, including restrictive covenants in its 2028 Senior Secured Convertible Notes and potential dilution from outstanding warrants - The indenture for the 2028 Notes contains restrictive covenants that may limit the company's ability to incur debt, make investments, sell assets, and pay dividends, potentially hindering its business strategy[170](index=170&type=chunk) - An event of default under the 2028 Notes could result in the acceleration of the debt, which could have a material adverse effect on the company's liquidity and financial position[171](index=171&type=chunk)[172](index=172&type=chunk) - A significant number of outstanding warrants are exercisable, which could increase the number of shares eligible for resale and result in dilution to existing stockholders, including public, private placement, and debt financing warrants[176](index=176&type=chunk)[177](index=177&type=chunk)[178](index=178&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=40&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company reported no unregistered equity security sales during the quarter beyond prior disclosures and no purchases of its own equity securities - No unregistered equity securities were sold during the quarter, other than as previously disclosed on Form 8-K[181](index=181&type=chunk) - The company did not purchase any of its own equity securities during the quarter[182](index=182&type=chunk) [Defaults Upon Senior Securities](index=40&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) The company reported no defaults upon senior securities during the period - None[183](index=183&type=chunk) [Mine Safety Disclosures](index=40&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - Not applicable[184](index=184&type=chunk) [Other Information](index=40&type=section&id=Item%205.%20Other%20Information) CEO Mariam Sorond terminated a previous Rule 10b5-1 trading plan and adopted a new one for potential stock sales upon equity grant vesting - On March 19, 2025, CEO Mariam Sorond terminated a 10b5-1 trading plan adopted in August 2024[185](index=185&type=chunk) - On March 21, 2025, CEO Mariam Sorond adopted a new 10b5-1 trading plan for the potential sale of up to **790,734** shares of common stock tied to the vesting of her equity awards, which is expected to remain in place until December 31, 2025[186](index=186&type=chunk) [Exhibits](index=41&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed as part of the Quarterly Report, including governance documents, debt agreements, and officer certifications

[Report Overview and Highlights](index=1&type=section&id=Report%20Overview%20and%20Highlights) NextNav reported its Q1 2025 results, highlighting significant progress with the FCC, which issued a Notice of Inquiry (NOI) to explore GPS alternatives, alongside increased revenue and a widened net loss due to non-cash charges [Operational Highlights](index=1&type=section&id=Recent%20Operational%20Highlights) The company strengthened its board by appointing two retired Rear Admirals, while the FCC's unanimous approval of a Notice of Inquiry (NOI) to explore GPS backups directly supports NextNav's terrestrial PNT solution - Appointed Retired Rear Admirals H. Wyman Howard and Lorin Selby to its Board of Directors, effective May 1, 2025[4](index=4&type=chunk) - The FCC unanimously approved a Notice of Inquiry (NOI) to explore fostering GPS backups and alternatives, underscoring regulatory focus on PNT solutions[2](index=2&type=chunk)[4](index=4&type=chunk) - NextNav filed comments with the FCC advocating for a market-based, terrestrial, wide-scale PNT solution for critical infrastructure, public safety, and consumers[4](index=4&type=chunk) [Financial Highlights](index=1&type=section&id=Three%20Months%20Ended%20March%2031%2C%202025%20Financial%20Highlights) For the first quarter of 2025, revenue grew to **$1.5 million** from **$1.0 million** year-over-year, while the net loss expanded substantially to **$58.6 million**, heavily impacted by non-cash charges Q1 2025 Key Financial Metrics (vs. Q1 2024) | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Revenue | $1.5 million | $1.0 million | | Operating Loss | $17.0 million | $16.2 million | | Net Loss | $58.6 million | $31.6 million | - The increase in net loss was primarily driven by a **$24.5 million** loss on the change in fair value of derivative liability and a **$14.4 million** debt extinguishment loss[4](index=4&type=chunk) Balance Sheet Summary (as of March 31, 2025) | Item | Amount | | :--- | :--- | | Cash and cash equivalents | $150.4 million | | Short-term investments | $38.0 million | | Net long term debt (face value) | $190.0 million | [Detailed Financial Statements](index=3&type=section&id=Detailed%20Financial%20Statements) The detailed financial statements provide a comprehensive view of NextNav's financial position, including a significant increase in cash and long-term debt due to recent financing activities, and an expanded net loss primarily from non-cash charges [Condensed Consolidated Balance Sheets](index=3&type=section&id=CONDENSED%20CONSOLIDATED%20BALANCE%20SHEETS) As of March 31, 2025, NextNav's total assets significantly increased to **$268.6 million** from **$161.7 million** at year-end 2024, driven by a rise in cash and cash equivalents, while total liabilities also grew substantially to **$262.0 million** Balance Sheet Comparison (in thousands) | Account | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total Assets** | **$268,606** | **$161,740** | | Cash and cash equivalents | $150,422 | $39,330 | | **Total Liabilities** | **$262,033** | **$111,619** | | Long term debt, net | $213,101 | $54,621 | | **Total stockholders' equity** | **$6,573** | **$50,121** | [Condensed Consolidated Statements of Comprehensive Loss](index=4&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20COMPREHENSIVE%20LOSS) For the three months ended March 31, 2025, NextNav reported a net loss of **$58.6 million**, or **($0.45)** per share, primarily due to a **$14.4 million** debt extinguishment loss and a **$24.5 million** change in fair value of derivative liability Income Statement Summary (in thousands) | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Revenue | $1,539 | $1,046 | | Operating Loss | $(17,004) | $(16,150) | | Net Loss | $(58,579) | $(31,610) | | Net Loss Per Share | $(0.45) | $(0.28) | - Significant expenses contributing to the net loss in Q1 2025 include a **$14,434 thousand** debt extinguishment loss and a **$24,523 thousand** loss on the change in fair value of derivative liability[15](index=15&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=5&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20CASH%20FLOWS) In Q1 2025, net cash used in operating activities was **$12.2 million**, while financing activities provided a significant inflow of **$120.2 million**, mainly from the issuance of **$190.0 million** in senior convertible notes, resulting in a net increase in cash of **$111.1 million** Cash Flow Summary (in thousands) | Activity | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net cash used in operating activities | $(12,179) | $(6,985) | | Net cash provided by (used in) investing activities | $3,006 | $(2,113) | | Net cash provided by financing activities | $120,172 | $516 | | **Net increase (decrease) in cash** | **$111,092** | **$(8,561)** | - Financing activities were driven by **$190.0 million** in proceeds from new 2028 senior convertible notes, partially offset by a **$70.0 million** repayment of 2026 senior secured notes[17](index=17&type=chunk) [Other Information](index=2&type=section&id=Other%20Information) This section provides details for investors regarding the upcoming conference call to discuss quarterly results and includes the standard 'Forward-Looking Statements' safe harbor provision outlining potential risks and uncertainties [Conference Call Information](index=2&type=section&id=Conference%20Call%20Information) NextNav will host a conference call for analysts and investors on May 9, 2025, at 9:00 am ET, with a live webcast and replay accessible through the company's investor relations website - A conference call is scheduled for **9:00 am ET** on Friday, May 9, 2025[5](index=5&type=chunk) - A live webcast and replay will be available on the company's investor relations website[7](index=7&type=chunk) [Forward-Looking Statements](index=2&type=section&id=Forward-Looking%20Statements) This press release contains forward-looking statements regarding the company's future prospects, including FCC-related milestones and PNT service advancements, which are subject to significant risks and uncertainties detailed in SEC filings - Forward-looking statements include expectations about achieving FCC milestones, advancing terrestrial 3D PNT services, and future growth opportunities[10](index=10&type=chunk) - These statements are subject to known and unknown risks, and the company refers readers to its Form 10-Q and 10-K filings for a detailed description of risk factors[11](index=11&type=chunk)

Core Insights - NextNav Inc. reported financial results for the quarter ended March 31, 2025, highlighting a focus on positioning, navigation, and timing (PNT) solutions, particularly in relation to national security needs for GPS backups [2][7]. Financial Highlights - Revenue for the quarter was $1.5 million, an increase from $1.0 million in the prior year, driven by service revenue from technology and services contracts with government and commercial customers [7]. - Operating loss was $17.0 million, compared to a loss of $16.2 million in the prior year, primarily due to higher professional fees and consulting expenses [7]. - Net loss was $58.6 million, which included a $24.5 million loss on the change in the fair value of derivative liability and a $14.4 million debt extinguishment loss, compared to a net loss of $31.6 million in the prior year [7][14]. - As of March 31, 2025, the company had $150.4 million in cash and cash equivalents and $38.0 million in short-term investments, with net long-term debt of $213.1 million [7][12]. Operational Updates - The FCC unanimously voted to approve a Notice of Inquiry (NOI) to explore PNT solutions, emphasizing the importance of developing terrestrial alternatives to GPS [7]. - NextNav appointed Retired Rear Admirals H. Wyman Howard and Lorin Selby to its Board of Directors, effective May 1, 2025, to strengthen its leadership [7]. Cash Flow and Investments - The company reported a net cash used in operating activities of $12.2 million for the quarter, compared to $7.0 million in the prior year [16]. - Net cash provided by financing activities was $120.2 million, primarily from proceeds of senior convertible notes [17]. Market Position - NextNav is positioned as a leader in next-generation PNT technologies, aiming to provide accurate and resilient 3D PNT solutions for critical infrastructure and commercial applications [8].

Company Overview - NextNav Inc. (NASDAQ:NN) is a leader in next-generation positioning, navigation, and timing (PNT), focusing on 3D geolocation and PNT technology [4] Financial Results Announcement - NextNav will release its financial results for the first quarter ended March 31, 2025, before market open on May 9, 2025 [1] - A conference call to discuss the results will be held on the same day at 9:00 AM ET [1] Conference Call Registration - Registration for the conference call can be completed via a designated website [2] - Participants will receive call details and a registrant ID after registering [2] Webcast Access - The conference call will be available via a live webcast, and a replay will be accessible until May 16, 2025 [3] - Participants can register for replay details to receive access codes [3]

Company Overview - NextNav Inc. is a leader in next-generation positioning, navigation, and timing (PNT) technology, focusing on 3D geolocation solutions [4] Financial Results Announcement - NextNav will release its financial results for the first quarter ended March 31, 2025, after the market closes on May 7, 2025 [1] - A conference call to discuss the results will be held on the same day at 5:00 PM ET [1] Conference Call Registration - Registration for the conference call can be completed via a provided website link [2] - Participants will receive call details and a registrant ID after registration [2] Webcast Access - The live webcast and replay of the conference call will be available on the company's investor relations website [3] - A replay will be accessible until May 14, 2025, with registration required for replay details [3]