NextNav Inc. Reports Fourth Quarter and Full Year 2025 Results and Operational Highlights
NextNav confident FCC moving toward near-term NPRM
NextNav Inc. (NASDAQ:NN) a leader in next generation positioning, navigation, and timing (PNT) and 3D geolocation, today reported its financial results and operational updates for the quarter ended and full year December 31, 2025.
"We are confident the Federal Communications Commission (FCC) is moving toward a Notice of Proposed Rulemaking (NPRM) in the near term, supported by a robust and well‑developed record with a path to a Report and Order," said Mariam Sorond, CEO of NextNav. "FCC Chairman Brendan Carr's recent submission of a PNT rulemaking to the Office of Management and Budget represents an important milestone achieved in rapid time, reflecting extraordinary momentum under this Administration. We applaud Chairman Carr for moving forward to fulfill an Administration priority delivering a resilient terrestrial complement and backup to GPS."
Operational Highlights
- On February 27, 2026, NextNav announced the expansion of its Board with the appointment of seasoned technology and national security leader, Lisa Hook, as Lead Independent Director. Details can be found here.
- On January 27, 2026, CTIA announced that Mariam Sorond has joined its Board of Directors. Details can be found here.
- On December 16, 2025, NextNav announced an expanded partnership with Japan's MetCom, reflecting global demand for resilient, terrestrial PNT solutions. Details can be found here.
- On December 11, 2025, NextNav announced it would commence localized operation of the world's first 5G-powered PNT Network for temporary testing purposes, marking a major step toward commercialization. Details can be found here.
Financial Highlights
- Balance Sheet: As of December 31, 2025, the Company had $152.1 million in cash and cash equivalents and short-term investments. Net long-term debt of $273.6 million includes derivative liability of $115.8 million, and is net of unamortized discount of $32.2 million, with a face value of $190 million.
Conference Call Information
NextNav will host a conference call for analysts and investors at 5:00 pm ET on Tuesday, March 17, 2026.
Registration for the conference call can be completed by visiting the following website prior to, or on the day of, the conference call: https://events.q4inc.com/attendee/726470683. After registering, each participant will be provided with call details and a registrant ID. Reminders will also be sent to registered participants via email. Alternatively, the conference call will be available via a live webcast.
To access the live webcast or a replay, visit the Company's investor relations website at https://ir.nextnav.com/.
To receive replay details, please register through the link above. After registering for replay details, each participant will be provided with call details and access codes to listen to the call playback.
About NextNav Inc.
NextNav Inc. (NASDAQ:NN) is a leader in next-generation 3D Positioning, Navigation, and Timing (PNT) solutions. As the nation's largest license holder in a spectrum band expressly designated for terrestrial positioning services, NextNav is uniquely positioned to enable a widescale terrestrial complement and backup to GPS. Leveraging licensed low-band spectrum and the global 5G ecosystem, NextNav is focused on delivering an accurate, reliable, and resilient 3D PNT solution to protect national security, public safety, and the economy. Learn more at www.nextnav.com.
For more information, please visit https://nextnav.com/ or follow NextNav on X at https://x.com/NextNav or LinkedIn at https://www.linkedin.com/company/nextnav/.
Source: NextNav
Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by the use of words such as "estimate," "plan," "project," "forecast," "intend," "will," "expect," "anticipate," "believe", or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of NextNav's management and are not predictions of actual performance.
These forward-looking statements are also subject to a number of risks and uncertainties, including, but not limited to, the following factors: the failure to realize the anticipated benefits and commercial acceptance of NextNav's technology in various industries (e.g., public safety and mobility); the possibility of difficulties or delays in the development, deployment, or integration of NextNav's assets, network, software or other technology, including its next generation terrestrial 3D PNT technology; adverse future regulatory developments, including potential action or inaction by the Federal Communications Commission (FCC) or other governmental agencies with respect to NextNav's pending petition for rulemaking with the FCC, or otherwise affecting spectrum allocation, location-based services, the use of licensed spectrum or requirements for E911 compliance; and NextNav's ability to execute its business plan, including partnering with mobile network operators to execute its long-term business strategy, to manage growth, and to achieve or sustain profitability. Despite the Company's belief that its petition for rulemaking before the FCC will be favorably resolved in a timely manner, the process with respect to an NPRM and subsequent Report and Order is complex and dependent on coordination across multiple federal government stakeholders, satisfaction of any conditions that might be placed on NextNav, and other factors. Consequently, there can be no assurance that the outcome of this process will be timely or successful.
These are only some of the factors that may affect the forward-looking statements contained herein. For additional factors that could cause actual results to differ materially from those anticipated in the forward-looking statements, see the company's filings with the Securities and Exchange Commission including, but not limited to, "Risk Factors" in the company's most recent Annual Report on Form 10-K and subsequent quarterly reports on Form 10-Q. If any of these risks materialize or NextNav's assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. You are cautioned not to place undue reliance upon any such statements, which speak only as of the date made, and NextNav undertakes no commitment to update or revise the forward-looking statements, except where required by law.
NEXTNAV INC. CONSOLIDATED BALANCE SHEETS |
|||||
|
December 31, |
||||
|
2025 |
|
2024 |
||
|
(in thousands) |
||||
Assets |
|||||
Current assets: |
|||||
Cash and cash equivalents |
$ |
44,757 |
$ |
39,330 |
|
Short term investments |
107,381 |
40,785 |
|||
Accounts receivable |
2,346 |
3,301 |
|||
Other current assets |
2,927 |
2,629 |
|||
Total current assets |
$ |
157,411 |
$ |
86,045 |
|
Property and equipment, net of accumulated depreciation of $16,458 and $13,716 at December 31, 2025 and 2024, respectively |
11,763 |
17,974 |
|||
Operating lease right-of-use assets |
14,856 |
17,368 |
|||
Goodwill |
19,161 |
16,966 |
|||
Intangible assets, net |
42,167 |
9,589 |
|||
Other assets |
1,661 |
13,798 |
|||
Total assets |
$ |
247,019 |
$ |
161,740 |
|
Liabilities and stockholders' equity |
|||||
Current liabilities: |
|||||
Accounts payable |
$ |
661 |
$ |
858 |
|
Accrued expenses and other current liabilities |
8,560 |
8,536 |
|||
Operating lease current liabilities |
2,673 |
2,462 |
|||
Deferred revenue |
491 |
288 |
|||
Total current liabilities |
$ |
12,385 |
$ |
12,144 |
|
Warrants |
33,167 |
28,707 |
|||
Operating lease noncurrent liabilities |
12,337 |
14,352 |
|||
Long-term debt, net |
273,589 |
54,621 |
|||
Other long-term liabilities |
1,776 |
1,795 |
|||
Total liabilities |
$ |
333,254 |
$ |
111,619 |
|
Stockholders' equity: |
|||||
Common Stock, authorized 500,000,000 shares; 135,504,497 and 131,268,940 shares issued and 135,372,269 and 131,136,712 shares outstanding at December 31, 2025 and 2024, respectively |
$ |
15 |
$ |
14 |
|
Additional paid-in capital |
961,991 |
912,241 |
|||
Accumulated other comprehensive income |
3,811 |
665 |
|||
Accumulated deficit |
(1,051,359) |
(862,106) |
|||
Common stock in treasury, at cost, 132,228 shares at both December 31, 2025 and December 31, 2024. |
(693) |
(693) |
|||
Total stockholders' equity (deficit) |
$ |
(86,235) |
$ |
50,121 |
|
Total liabilities and stockholders' equity |
$ |
247,019 |
$ |
161,740 |
|
NEXTNAV INC. CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS |
|||||
Year Ended December 31, |
|||||
2025 |
2024 |
||||
(in thousands, except per share amounts) |
|||||
Revenue |
$ |
4,573 |
$ |
5,669 |
|
Operating expenses: |
|||||
Cost of goods sold (exclusive of depreciation and amortization) |
8,540 |
10,777 |
|||
Research and development |
18,952 |
16,242 |
|||
Selling, general and administrative |
39,563 |
33,510 |
|||
Depreciation and amortization |
7,750 |
5,238 |
|||
Total operating expenses |
$ |
74,805 |
$ |
65,767 |
|
Operating loss |
(70,232) |
(60,098) |
|||
Other income (expense): |
|||||
Interest expense, net |
(12,443) |
(9,401) |
|||
Debt extinguishment loss |
|
(14,434) |
|
|
— |
Change in fair value of warrants |
(5,701) |
(33,177) |
|||
Change in fair value of derivative liability |
|
(77,184) |
|
|
— |
Other income (loss), net |
(9,061) |
970 |
|||
Loss before income taxes |
$ |
(189,055) |
$ |
(101,706) |
|
Provision for income taxes |
(198) |
(173) |
|||
Net loss |
$ |
(189,253) |
$ |
(101,879) |
|
Foreign currency translation adjustment |
3,146 |
(1,533) |
|||
Comprehensive loss |
$ |
(186,107) |
$ |
(103,412) |
|
Net loss |
$ |
(189,253) |
$ |
(101,879) |
|
Net loss attributable to common stockholders |
$ |
(189,253) |
$ |
(101,879) |
|
Weighted average of shares outstanding – basic and diluted |
|
132,866 |
|
|
121,500 |
Net loss attributable to common stockholders per share – basic and diluted |
$ |
(1.42) |
|
$ |
(0.84) |
NEXTNAV INC. CONSOLIDATED STATEMENTS OF CASH FLOWS |
|||||
Year Ended December 31, |
|||||
2025 |
2024 |
||||
(in thousands) |
|||||
Operating activities |
|||||
Net loss |
$ |
(189,253) |
$ |
(101,879) |
|
Adjustments to reconcile net loss to net cash used in operating activities: |
|||||
Depreciation and amortization |
7,750 |
5,238 |
|||
Equity-based compensation |
16,637 |
13,856 |
|||
Change in fair value of warrants |
5,701 |
33,177 |
|||
Debt extinguishment loss |
|
13,734 |
|
|
— |
Issuance of common warrants |
|
9,006 |
|
|
— |
Change in fair value of derivative liability |
|
77,184 |
|
|
— |
Change in fair value of asset purchase agreement liability |
— |
(966) |
|||
Realized and unrealized gain on short term investments |
(3,066) |
(888) |
|||
Equity method investment (gain)loss |
(58) |
175 |
|||
Asset retirement obligation accretion |
104 |
76 |
|||
Amortization of debt discount |
9,566 |
6,174 |
|||
Changes in operating assets and liabilities: |
|||||
Accounts receivable |
955 |
(969) |
|||
Other current assets |
(231) |
388 |
|||
Other assets |
167 |
110 |
|||
Accounts payable |
(197) |
467 |
|||
Deferred revenue |
203 |
(9) |
|||
Accrued expenses and other liabilities |
362 |
5,990 |
|||
Operating lease right-of-use assets and liabilities |
691 |
1,052 |
|||
Net cash used in operating activities |
$ |
(50,745) |
$ |
(38,008) |
|
Investing activities |
|||||
Purchases of network assets, property, and equipment |
(50) |
(350) |
|||
Purchase of equity method investment |
|
(550) |
|
|
— |
Purchase of internal use software |
(424) |
(442) |
|||
Purchase of marketable securities |
(281,530) |
(82,443) |
|||
Sale and maturity of marketable securities |
218,000 |
46,500 |
|||
Payment for asset purchase agreement liability |
— |
(2,732) |
|||
Net cash used in investing activities |
$ |
(64,554) |
$ |
(39,467) |
|
Financing activities |
|||||
Proceeds from 2028 senior convertible notes |
|
190,000 |
|
|
— |
Repayment of 2026 senior secured notes |
(70,700) |
— |
|||
Payments towards debt issuance cost |
(1,517) |
— |
|||
Payments towards debt |
(116) |
(111) |
|||
Proceeds from exercise of common stock options |
1,957 |
3,787 |
|||
Proceeds from exercise of common warrants |
858 |
31,387 |
|||
Redemption of non-controlling interests |
— |
40 |
|||
Net cash provided by financing activities |
$ |
120,482 |
$ |
35,103 |
|
Effect of exchange rates on cash and cash equivalents |
244 |
(176) |
|||
Net increase (decrease) in cash and cash equivalents |
5,427 |
(42,548) |
|||
Cash and cash equivalents at beginning of period |
39,330 |
81,878 |
|||
Cash and cash equivalents at end of period |
$ |
44,757 |
$ |
39,330 |
|
Supplemental disclosures |
|||||
Issuance of shares for asset purchase agreement |
$ |
20,394 |
$ |
— |
|
Issuance of warrants |
$ |
9,006 |
$ |
— |
|
Interest paid in cash |
$ |
8,694 |
$ |
3,502 |
|
Reclassification of warrant liability to common stock warrants |
$ |
1,241 |
$ |
11,523 |
|
Income taxes paid, net |
$ |
186 |
$ |
195 |
|
Interest paid in shares |
$ |
— |
|
$ |
3,842 |
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