Nextnav Inc. (NN)

Key figures

The last twelve months reported, with the latest price and balance sheet.

Revenue, last twelve months

$4.0M

Revenue growth

-36.5%

Net income, last twelve months

-$111.9M

Gross margin

-104.9%

Operating margin

-1900.4%

Net margin

-2812.5%

Return on equity

-33.4%

Market value

$2.1B

Cash

$77.7M

Debt

$0

Debt to equity

0.00

Shares outstanding

167.0M

Financial statements

Revenue, profit and cash flow by fiscal year, each year linked to its annual report.

By quarter

What the company said with its results

From the second quarter of 2026 results, filed 11 August 2026.

• Revenue fell year over year. Second-quarter revenue was $1.15 million, against $1.20 million a year earlier and $995 thousand in the first quarter of 2026. Six-month revenue was $2.15 million, against $2.74 million.
• Net loss narrowed on non-operating items. Net loss was $33.8 million, against $63.2 million a year earlier, and diluted loss per share was $0.24, against $0.48. The quarter included a $21.4 million debt extinguishment gain and a $28.4 million loss on the derivative liability.
• Operating expenses rose on R&D, SG&A. Total operating expenses were $21.4 million, against $18.4 million. Research and development rose to $5.5 million from $4.8 million, and selling, general and administrative expense to $12.6 million from $10.2 million.
• Operating loss widened to $20.2 million. Operating loss was $20.2 million, against $17.2 million a year earlier. Six-month operating loss was $39.6 million, against $34.2 million. Cost of goods sold was $2.1 million, roughly flat.
• Timing accuracy validated in field. NextNav announced on May 19, 2026, field validation of timing accuracy of approximately 20 nanoseconds, presented as showing how its planned 5G-powered 3D PNT solution could deliver timing to critical infrastructure.
• 5G-powered 3D PNT as GPS complement. The company describes its solution as using licensed low-band spectrum and the global 5G ecosystem to deliver 3D PNT as a complement and backup to GPS.
• Total liquidity about $298 million. Total available liquidity was about $298 million, including $69.3 million of warrant exercise proceeds recorded as other current assets at June 30 and collected on July 1.
• Cash and securities $228.8 million. Cash, cash equivalents and marketable securities were about $228.8 million at June 30, 2026.
• Long-term debt no longer outstanding. Long-term debt, net was nil at June 30, 2026, against $273.6 million at December 31, 2025. Warrant liability was $29.1 million, against $33.2 million.
• Operating cash use rose modestly. Net cash used in operating activities was $28.0 million for the six months, against $25.7 million. Equity-based compensation was $11.0 million, against $8.0 million.
• Warrant exercises raised $100.3 million. Proceeds from warrant exercises were $100.3 million for the six months, against $0.6 million. Proceeds from stock option exercises were $3.0 million, against $1.4 million.
• Share count rose to 167 million. Shares outstanding were 166,997,792 at June 30, 2026, against 135,372,269 at December 31, 2025. Total stockholders’ equity was $334.5 million, against a deficit of $86.2 million.
• Full trust in FCC process. Management said it has full trust in the FCC process, citing its record of resolving spectrum matters, and that it continues to work through the FCC and interagency process.
• Joined GSMA drone industry call. On June 10, 2026, NextNav joined GSMA and industry partners in an industry-first call to action to collaborate on safe, trusted, scalable drone operations.

Revenue by segment

As the company reports it in the segment note of its annual report.

By product, FY2025

Company events

The newest 8-K filings of 58 held.

Every filing

The newest filings with the SEC of 165 held.

Insider trades

Form 4 trades by officers, directors and 10% owners, last 12 months.

Planned insider sales

Form 144 notices, filed when the sell order goes to the broker.

Large holders

Schedule 13D and 13G filings by holders of more than 5% of the voting shares.

Short interest

Shares sold short and not yet bought back, on each FINRA settlement date.

Funds that hold it

From each fund's latest Form 13F.

244 funds held it at 30 Jun 2026: 145 added and 49 trimmed in the quarter. The largest:

Peers

Companies in the same industry.

• Northrop Grumman Corp. (NOC): revenue $43.6B, market value $78.5B
• Garmin Ltd. (GRMN): revenue $7.9B, market value $52.5B
• L3Harris Technologies, Inc. (LHX): revenue $22.9B, market value $48.5B
• Teledyne Technologies Inc. (TDY): revenue $6.5B, market value $30.8B
• Leonardo Drs, Inc. (DRS): revenue $3.8B, market value $9.5B

What the company does

NextNav provides positioning, navigation and timing (PNT) services designed to complement and back up satellite systems such as the Global Positioning System (GPS). Its technology is a ground-based transmitter network that runs on low-band radio spectrum, and it adds vertical location, or altitude, for devices with barometric sensors. The company holds FCC licenses covering 12 MHz of low-band spectrum. Its Pinnacle altitude service is available in the top 105 major United States markets. It employed 103 full-time people at the end of 2025.

What it sells NextNav has two services running today and a third in development. - **Pinnacle** is its altitude (z-axis) service. It works with any device that has a barometric pressure sensor and covers over 90% of commercial structures over three stories in the United States. It is delivered through an application programming interface or a software development kit built into customers' applications. It is used mainly for public safety, including enhanced 911 (E911) for Verizon. - **TerraPoiNT** is its earlier-generation three-dimensional PNT system. It works like a land-based GPS satellite constellation, and the company deploys, operates and maintains the network itself. - **NextGen** is the platform the company is building on 5G New Radio positioning reference signals. The company says it intends to move from TerraPoiNT to NextGen once NextGen is commercially ready.

How it makes money The filing describes the company as having generated limited revenue. Revenue comes from services contracts with wireless carriers and applications developers, technology demonstration, assessment and support contracts with government customers, equipment sales, and licensing of its technology. Two customers accounted for 70% and 17% of total revenue in 2025. In the United States the company mainly acts as a service provider, using its intellectual property, spectrum and partnerships. Outside the United States it pursues licensing and related services so partners can offer its solutions in their home markets. MetCom launched Pinnacle in Japan in November 2022, and the two companies signed a technology and services agreement in 2025.

The AT&T relationship Pinnacle was launched with AT&T as part of its FirstNet initiative. AT&T markets and resells Pinnacle to FirstNet subscribers. Pinnacle altitude stations sit at AT&T wireless sites, which host the equipment at no recurring cost to NextNav. A 2019 equipment hosting agreement and the services agreement for FirstNet customers both expire in October 2028. NextNav monitors the network from its own network operations center. It is not required to use AT&T sites to expand.

Spectrum and the FCC petition The licenses cover a contiguous 8 MHz block of 900 MHz spectrum reaching over 90% of the United States population. They also cover an additional 4 MHz that covers part of the population and was transferred in 2025 through a transaction with Telesaurus and Skybridge Spectrum Foundation. That transaction also gave NextNav potential rights to 2 MHz more, tied to terminated Skybridge licenses that are subject to a petition for reconsideration. On 16 April 2024 the company filed a Petition for Rulemaking asking the FCC to reconfigure the Lower 900 MHz band into a single nationwide 15 MHz arrangement, with 5 MHz uplink and 10 MHz downlink, for both PNT and 5G broadband. The FCC referenced the petition in its 27 March 2025 PNT Notice of Inquiry, and it remains under review. The company says its goal is to work with one or more mobile network operators, which would build and run the radio network while the PNT signal rides inside their 5G transmissions.

How it competes The filing says NextNav both competes with and complements other ways of backing up GPS. - eLORAN, an advanced version of an older radio navigation system - low Earth orbit satellite systems - the Broadcast Positioning System, which is at the pilot stage - commercial location systems, which generally rely on GPS or local surveys

The company says it believes NextGen, subject to FCC approvals, will reach the market sooner than these alternatives. It also says it does not plan to seek Federal appropriations to deploy NextGen. Through a Department of Transportation contract, it is establishing performance characteristics for TerraPoiNT so the department can include it in a clearinghouse of PNT solutions that Federal agencies may buy from.

Its people and sites Of the 103 full-time employees, over 65 work in research and development. The majority are at the Reston, Virginia headquarters and the Santa Clara, California facility. Reston houses executive, finance, legal and regulatory functions, and Santa Clara hosts operations and technology development. Offices in Puteaux, France, and in Noida and Bangalore, India, focus on software development and research. At year end the company had approximately 167 issued patents, about 141 of them in the United States, and approximately 49 pending applications, about 27 of them in the United States. None of its employees are represented by a labor union.

*From NextNav's annual report on Form 10-K for the year ended 31 December 2025. [The filing](https://www.sec.gov/Archives/edgar/data/1865631/000155485526000328/nn-20251231.htm)*

From the company's 10-K.