Financial Data and Key Metrics Changes - NexNAV's revenue for Q2 2025 was $1.2 million, an increase from $1.1 million in the prior year period, while revenue for the six months ended June 30, 2025, was $2.7 million compared to $2.2 million for the same period last year [15][16] - Operating expenses for Q2 2025 were $18.4 million, up approximately $2 million from the same period last year, with net loss for Q2 2025 at $63.2 million compared to a net loss of $24.4 million in the prior year period [17][18] - The company finished Q2 2025 with $176.1 million in cash, cash equivalents, and short-term investments, indicating a prudent long-term approach to liquidity [18] Business Line Data and Key Metrics Changes - The increase in revenue was primarily driven by an increase in service revenue from technology and services contracts with government and commercial customers [16] Market Data and Key Metrics Changes - The FCC granted consent for licenses to be assigned to NexNAV, which is expected to result in public interest benefits, including further development of the MLMS band [7][8] Company Strategy and Development Direction - NexNAV is focused on strengthening PNT resiliency in support of national security, public safety, and the economy, with a commitment to executing its strategic roadmap and driving innovation in geolocation technology [14] - The company is advocating for a terrestrial complement and backup to GPS, emphasizing the urgency of this national security priority [6][10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the progress made and the urgency of their proposal to the FCC, although they cannot speculate on the timing of the NPRM [51] - The company highlighted the vulnerabilities of GPS and the need for a robust solution to address these threats [13] Other Important Information - NexNAV has filed multiple technical and economic studies to support its proposal, demonstrating the feasibility and public interest benefits of its approach [10][12] - The company is exploring partnerships with satellite players to create a comprehensive PNT solution [22] Q&A Session Summary Question: What are your next steps in the FCC process on the progression towards a hope for NPRM? - Management indicated that they have submitted a complete and rigorous analysis to the FCC and continue to advocate for their position, believing the record is sufficient for the FCC to move to NPRM [20][21] Question: Any updates on cooperating with space-based alternatives? - Management confirmed ongoing discussions with industry players but had no specific updates to share at this time [22] Question: Can you discuss the Atran and Oslo courts announcement? - Management expressed excitement about the announcement, highlighting its potential to enable a cohesive PNT solution through partnerships [26] Question: Do you anticipate participating in field testing? - Management stated that they do not believe additional testing is required for the FCC to move forward with an NPRM [30] Question: How do you think the One Big Beautiful Bill auction authority will impact your process with the government? - Management noted that the impact would be minimal as their spectrum is already licensed and available for optimization [38][39] Question: Can you summarize the differences in economic analysis findings? - Management highlighted flaws in the opposing report, emphasizing the minimal costs associated with retuning and the value of GPS resiliency [40][41] Question: How does resilient PNT fit into AI? - Management explained that accurate PNT data is crucial for AI applications, particularly in critical infrastructure and defense [46][48]

Financial Data and Key Metrics Changes - NexNav's revenue for the first quarter was $1.5 million, an increase of $0.5 million from $1 million in the prior year period, driven primarily by increased service revenue from technology and services contracts with government and commercial customers [15] - Operating expenses for the first quarter were $18.5 million, up approximately $1.3 million compared to the same period last year [16] - The net loss for the first quarter was $58.6 million, which included a $24.5 million loss associated with 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 first quarter of the previous year [16][17] - The company finished the quarter with $188.4 million in cash, cash equivalents, and short-term investments [17] Business Line Data and Key Metrics Changes - The increase in revenue was primarily attributed to technology and services contracts, indicating growth in the company's service offerings [15] Market Data and Key Metrics Changes - The FCC demonstrated meaningful progress in advancing space-based and terrestrial positioning, navigation, and timing (PNT) solutions, reflecting a growing recognition of the need for resilient PNT systems [8][9] Company Strategy and Development Direction - NexNav is focused on providing a terrestrial backup to GPS, addressing vulnerabilities in GPS systems, and enhancing national security and public safety [6][14] - The company is actively working with the FCC and stakeholders to integrate its solution into a broader system of systems approach for national PNT resiliency [9][10] - NexNav's strategic roadmap includes driving innovation in geolocation technology and strengthening PNT resiliency [15] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism regarding the FCC's engagement and the bipartisan support for developing terrestrial PNT solutions, indicating a favorable regulatory environment for the company's initiatives [9][10] - The company is committed to advancing geolocation services that enhance PNT resiliency for national security, public safety, and the economy [50] Other Important Information - NexNav welcomed two new members to its board of directors, both with extensive military and national security leadership experience, which is expected to drive the company's agenda forward [14] Q&A Session Summary Question: Can you walk us through your proposed network deployment model? - The technology is embedded in 5G and uses existing standards-based signaling mechanisms, allowing for seamless integration with mobile operators' infrastructure [20][22] Question: What would be the motivation for mobile operators to roll this out? - Mobile operators need low-band spectrum for coverage and capacity enhancements, which makes the deployment of NexNav's solution economically attractive [25][26] Question: How expensive would this be to deploy for an MNO? - The capital expenditure would be similar to adding any other spectrum, and the software-based nature of the solution minimizes additional costs [33] Question: How does NexNav's technology compare to satellite systems? - NexNav views satellite systems as complementary, addressing vulnerabilities in satellite-based GPS while providing a terrestrial backup solution [39][41] Question: Is there a shortcut path to achieve the desired regulatory changes? - The FCC can decide on the next steps, and an NPRM is necessary for rule changes, but other processes could expedite the timeline [46][48]