“We are confident the
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
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
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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
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
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-
CONSOLIDATED BALANCE SHEETS | |||||
| |||||
| 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 | 11,763 | 17,974 | |||
Operating lease right-of-use assets | 14,856 | 17,368 | |||
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 | $ | 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 | (693) | (693) | |||
Total stockholders’ equity (deficit) | $ | (86,235) | $ | 50,121 | |
Total liabilities and stockholders’ equity | $ | 247,019 | $ | 161,740 | |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS | |||||
Year Ended | |||||
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) |
CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||
Year Ended | |||||
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 |
View source version on businesswire.com: https://www.businesswire.com/news/home/20260317607453/en/
nextnav@sloanepr.com
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