NextNav(NN) - 2025 Q3 - Quarterly Results

Financial Performance - For the third quarter of 2025, NextNav's revenue was $0.89 million, a decrease of 44.7% compared to $1.61 million in the same quarter of 2024[17] - The company incurred an operating loss of $19.87 million in Q3 2025, compared to a loss of $13.85 million in Q3 2024, reflecting a 43.5% increase in operating losses year-over-year[17] - The company reported a net loss of $121.29 million for the nine months ended September 30, 2025, compared to a net loss of $69.61 million for the same period in 2024[17] - Net loss for the nine months ended September 2025 was $121.291 million, compared to a net loss of $69.609 million in the same period of 2024, representing an increase of 74.5%[19] Cash and Investments - As of September 30, 2025, NextNav Inc. reported cash and cash equivalents of $89.99 million and short-term investments of $77.58 million, totaling current assets of $172.25 million[5] - Cash and cash equivalents at the end of the period increased to $89.994 million from $67.905 million, reflecting a net increase of $50.664 million[19] - Proceeds from 2028 senior convertible notes amounted to $190 million, contributing significantly to financing activities[19] - The company reported a net cash provided by financing activities of $120.077 million, compared to $29.736 million in the previous year, marking a substantial increase of 303.5%[19] - Purchases of marketable securities totaled $194.494 million, a significant increase from $44.894 million in the prior year[19] Expenses - Research and development expenses increased to $5.15 million in Q3 2025, up 45.5% from $3.55 million in Q3 2024[17] - Net cash used in operating activities was $34.668 million for the nine months ended September 2025, compared to $26.060 million in 2024, indicating a 33.2% increase[19] - The company recorded a depreciation and amortization expense of $6.348 million for the nine months ended September 2025, up from $3.926 million in 2024[19] - Interest paid in cash was $4.244 million, compared to $1.750 million in the same period last year, showing an increase of 142.4%[19] - Capital expenditure included in accrued expenses and other current liabilities was $23, a decrease from $159 in the previous year, indicating a reduction in capital commitments[19] Debt and Liabilities - NextNav's net long-term debt as of September 30, 2025, was $230.12 million, which includes a derivative liability of $75.1 million[5] - The change in fair value of derivative liability resulted in a gain of $36.407 million, indicating positive adjustments in financial instruments[19] Strategic Developments - On October 10, 2025, NextNav achieved a major milestone in enabling a widescale commercial 5G PRS-based 3D PNT solution, enhancing its positioning and timing capabilities[12] - NextNav showcased its vertical location capabilities at Mobile World Congress 2025, indicating progress towards commercialization of its 5G-based 3D PNT technology[12] - The company announced the acquisition of additional lower 900 MHz band licenses on September 25, 2025, to enhance its operational capabilities[12] - NextNav extended its agreement with AT&T for two more years, supporting its Pinnacle network operations[12]