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NNAVW

NextNav Inc.

NNAVW

NextNav Inc. • NASDAQ
$5.59 ▲ 0.54% (+0.03)
Market Cap $737.21 M
52w High $6.00
52w Low $4.48
Dividend Yield 0%
P/E -4.08
Volume 40.73K
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 Q2-2024Q1-2025Q2-2025Q3-2025
Commercial Services
Commercial Services
 $0 ▲$0 ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement NextNav is still very much in “build” mode rather than “earnings” mode. Revenue to date is essentially negligible, while operating and net losses have persisted for several years. The size of the loss has moved around but remains meaningful, reflecting ongoing spending on technology, people, and market development without matching income yet. Margins are deeply negative, so the current business model is not yet proven at commercial scale. Overall, the income statement looks like an early‑stage technology platform: high cost base, minimal revenue, and a heavy reliance on future commercialization to justify today’s losses.

Balance Sheet

Balance Sheet The balance sheet is relatively small and lean. The company holds a modest pool of assets and cash, with cash levels recently drifting down rather than up, which is typical for a pre-revenue tech company burning funds. Debt has increased from very low levels and now represents a non‑trivial claim on the business, while equity, although positive, has been shrinking in recent years. The improvement from negative equity a few years ago to positive equity today is a structural positive, but the trend of narrowing equity suggests continued dilution risk or higher leverage if losses persist. Financially, the balance sheet provides some runway but not deep reserves.

Cash Flow

Cash Flow Cash flow tells the same story as the income statement: this is a cash‑consuming, not cash‑generating, business. Operating cash flow has been consistently negative over the years, and free cash flow closely tracks that pattern, since capital spending is relatively light. In plain terms, most of the cash out the door is for ongoing operations rather than big physical investments. This means the company’s survival and ability to execute its strategy depend on periodic access to outside capital until revenue starts to meaningfully offset expenses.

Competitive Edge

Competitive Edge On the strategic side, NextNav appears to have built a distinctive position in advanced location services. Its focus on 3D geolocation, vertical “z‑axis” accuracy, and GPS‑resilient terrestrial networks is unusual and gives it a niche that traditional GPS does not fully cover. Ownership of valuable spectrum, positive independent test results, and embedded roles in public safety use cases (like E911 and FirstNet) add to its moat. Regulatory trends, especially around GPS backup and emergency location accuracy, are broadly favorable. The main competitive risk is execution: converting technical leadership, regulatory momentum, and partnerships into scaled, paying customer relationships before others catch up or standards shift.

Innovation and R&D

Innovation and R&D Innovation sits at the core of this story. The company is pushing forward with two major platforms—Pinnacle for floor‑level vertical positioning and TerraPoiNT for terrestrial GPS‑like services—while also integrating its technology into 5G standards. The Nestwave acquisition and ongoing work on 5G‑based PNT suggest a deliberate strategy to embed its capabilities deeply into future communication infrastructure rather than remain a niche overlay. This heavy innovation focus is both the main value driver and a key risk: it requires sustained investment and technical execution, and the payoff depends on widespread adoption by mobile operators, device makers, and developers that is not guaranteed.

Summary

NextNav looks like a classic high‑concept, early‑stage technology platform: financially weak today, strategically ambitious for tomorrow. The company runs at a steady loss and consumes cash, with only modest balance sheet resources and growing dependence on external funding if commercialization lags. Against that, it has built a differentiated position in 3D and resilient geolocation, backed by owned spectrum, regulatory support, and notable partnerships. The long‑term story hinges on whether its innovations—especially 5G‑integrated 3D PNT—can translate into broad, recurring revenue streams before its financial runway shortens too much. The opportunity is large but also high‑uncertainty, with significant execution and funding risk along the way.