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NextNav Inc.

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NextNav Inc. • NASDAQ
$14.21 ▲ 1.72% (+0.24)
Market Cap $1.87 B
52w High $18.54
52w Low $9.04
Dividend Yield 0%
P/E -12.04
Volume 636.39K
Outstanding Shares 131.88M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $887K ▼ $18.711M ▲ $483K ▲ 54.453% ▲ $-0.12 ▲ $4.78M ▲
Q2-2025 $1.202M ▼ $16.407M ▲ $-63.195M ▼ -5.257K% ▼ $-0.48 ▼ $-58.783M ▼
Q1-2025 $1.539M ▼ $16.01M ▲ $-58.579M ▼ -3.806K% ▼ $-0.45 ▼ $-15.526M ▼
Q4-2024 $1.911M ▲ $14.169M ▲ $-32.27M ▼ -1.689K% ▼ $-0.27 ▼ $3.979M ▲
Q3-2024 $1.607M $12.874M $-13.609M -846.857% $-0.11 $-10.053M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $167.577M ▼ $263.07M ▲ $285.188M ▼ $-22.118M ▲
Q2-2025 $176.052M ▼ $256.743M ▼ $303.958M ▲ $-47.215M ▼
Q1-2025 $188.408M ▲ $268.606M ▲ $262.033M ▲ $6.573M ▼
Q4-2024 $80.115M ▼ $161.74M ▼ $111.619M ▲ $50.121M ▼
Q3-2024 $86.77M $171.672M $106.101M $65.571M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $483K ▲ $-8.965M ▲ $40.529M ▲ $-354K ▼ $31.128M ▲ $-9.083M ▲
Q2-2025 $-63.195M ▼ $-13.524M ▼ $-78.504M ▼ $259K ▼ $-91.556M ▼ $-13.551M ▼
Q1-2025 $-58.579M ▼ $-12.179M ▼ $3.006M ▲ $120.172M ▲ $111.092M ▲ $-12.31M ▼
Q4-2024 $-32.27M ▼ $-11.948M ▼ $-21.805M ▼ $5.367M ▼ $-28.575M ▼ $-12.204M ▼
Q3-2024 $-13.609M $-6.781M $4.657M $7.065M $4.932M $-6.782M

Revenue by Products

Product Q3-2024Q4-2024Q1-2025Q2-2025
Commercial Services
Commercial Services
 $0 ▲$0 ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement NextNav still looks like a development‑stage business rather than a mature operator. Revenue over the last several years has been minimal, while expenses to build and operate the platform have been substantial. As a result, the company has posted recurring operating losses and negative net income every year shown. The good news is that losses are not exploding; they have been relatively steady to slightly improving over time. The challenge is that there is still no clear sign of scale or profitability yet, so the story is very much about future commercialization rather than current earnings strength.

Balance Sheet

Balance Sheet The balance sheet shows a company that has built up its asset base from a very small starting point, mainly through raising capital and investing in technology, spectrum, and cash reserves. Cash holdings have moved up and down but have recently drifted lower, which is typical for a business that is spending more than it brings in. Debt is now a noticeable part of the capital structure, introducing some financial leverage and interest obligations. Equity has recovered from being negative a few years ago to positive, but it has been eroded by ongoing losses, leaving a cushion that is meaningful but not deep. Overall, the balance sheet is workable but clearly tied to continued access to outside funding if losses persist.

Cash Flow

Cash Flow Cash flow paints the picture of an early‑stage, investment‑heavy company. Operating cash flow has been consistently negative, reflecting cash spent on people, product development, and network costs without offsetting revenue. Free cash flow is also negative in each year, meaning the business is not yet self‑funding. Capital expenditures appear relatively modest, so most of the cash burn is tied to operating and development activities rather than large physical build‑outs. This pattern is typical for a technology platform being built ahead of broad commercial adoption, but it also means the company’s runway depends on existing cash plus its ability to raise new capital or debt over time.

Competitive Edge

Competitive Edge NextNav occupies a specialized niche in location and timing services by focusing on precise vertical positioning and a terrestrial alternative to GPS. Its key strength is differentiation: its Pinnacle and TerraPoiNT offerings address real pain points for emergency services, urban and indoor navigation, and critical infrastructure that traditional GPS struggles with. The company’s licensed spectrum and sizable patent portfolio create meaningful barriers to entry, making it harder for smaller rivals to replicate its approach. In independent testing, its technology has been recognized as a leading alternative PNT solution, which adds credibility. The flip side is that the market is still forming: success depends on winning adoption from mobile operators, device makers, public agencies, and large enterprises that could also consider in‑house or competing solutions. Large tech, telecom, and GPS players remain potential competitors as well as potential partners.

Innovation and R&D

Innovation and R&D Innovation is clearly at the core of NextNav’s strategy. The firm is pushing 3D geolocation—adding the vertical dimension—to make location services more useful and more resilient. Pinnacle brings floor‑level accuracy for emergency response and commercial use, while TerraPoiNT aims to provide a robust, secure backup to satellite‑based GPS. On top of that, the company is working on a 5G‑based positioning and timing solution that could ride on existing mobile networks, potentially lowering deployment costs and speeding adoption. A substantial patent portfolio underpins these efforts and suggests sustained investment in R&D. The key uncertainty is execution: turning advanced demos and pilots into standardized, widely deployed, and profitable services will depend on regulatory outcomes, industry standards, and the pace of partnership and customer wins.

Summary

Overall, NextNav looks like a high‑potential, early‑stage technology platform rather than a traditional, revenue‑generating communications company. Financially, it is characterized by minimal revenue, recurring losses, and ongoing cash burn, supported by a balance sheet that has improved from a weak starting point but still requires careful management. Strategically, the company’s assets—licensed spectrum, patented technology, and a clear focus on 3D and GPS‑resilient location—give it a differentiated position in an emerging market with real structural needs, particularly in public safety and critical infrastructure. The main opportunities lie in scaling these technologies through 5G integration, regulatory approvals, and strong partnerships. The main risks center on timing and execution: how quickly the market develops, how fast meaningful revenue can ramp, and whether the company can secure enough capital and commercial traction to bridge the gap from innovation to sustainable, profitable operations.

NEWS

November 10, 2025 · 9:00 AM UTC

NextNav to Participate in November 2025 Conferences

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November 6, 2025 · 7:30 AM UTC

NextNav Inc. Reports Third Quarter 2025 Results and Operational Highlights

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October 24, 2025 · 1:54 PM UTC

NextNav and Oscilloquartz Successfully Integrate 5G-Based Timing for Critical Infrastructure Applications

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October 10, 2025 · 9:10 AM UTC

NextNav Announces Major Milestone Towards Commercialization of 5G PRS-Based 3D PNT Solution

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September 25, 2025 · 8:00 AM UTC

NextNav Announces Closing of Agreement to Acquire Additional Lower 900 MHz Band Licenses

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