RESTON, Va.--(BUSINESS WIRE)--May 14, 2026--
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 March 31, 2026.
"As the FCC process continues, we are proactively addressing concerns, engaging constructively with key stakeholders, and reinforcing the strength of our technical foundation as we continue to deliver a resilient, future-proof terrestrial complement and backup to GPS," said Mariam Sorond, CEO of NextNav. "At the same time, we are building momentum toward commercialization and seeing expanded interest across the broader ecosystem. We have full trust in an FCC framework that has, time and time again, successfully resolved spectrum matters more complex than ours."
Operational Highlights
-- On May 14, 2026, NextNav announced it has joined the OCUDU Ecosystem
Foundation, a collaborative initiative hosted by the Linux Foundation to
advance open, secure, and interoperable Open RAN centralized unit and
distributed unit (CU/DU) implementation. Details can be found here.
-- On May 5, 2026, NextNav announced its demonstration of 5G and RFID
coexistence in the lower 900 MHz band. Details can be found here.
Financial Highlights
-- Balance Sheet: As of March 31, 2026, the Company had $143 million in
cash and cash equivalents and short-term investments. Net long-term debt
of $267.2 million includes derivative liability of $106.7 million, and is
net of unamortized discount of $29.5 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 Thursday, May 14, 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/572943920. 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/.
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," "seek," "target," 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 subject to a number of risks and uncertainties, including, but not limited to, the following factors: the failure to realize the anticipated benefits of, or achieve commercial acceptance for, NextNav's technology across targeted industries (including public safety and mobility); difficulties, delays, or unforeseen challenges in the development, deployment, operation, or integration of NextNav's network, assets, software, or other technologies, including its next--generation terrestrial 3D PNT technology; adverse regulatory developments, including action or inaction by the Federal Communications Commission ("FCC") or other federal or state governmental authorities affecting spectrum allocation, location--based services, the use of licensed spectrum, or E911 or related requirements; the outcome and timing of NextNav's pending petition for rulemaking before the FCC and the possibility that the FCC may not issue a notice of proposed rulemaking ("NPRM"), may delay or decline to adopt a subsequent report and order ("R&O"), or may adopt rules that differ materially from those sought by NextNav; opposition to NextNav's regulatory efforts from third parties; legislative or executive branch actions, including appropriations or other measures, that could limit, condition, delay, or prevent FCC action; interagency review and coordination processes that may identify issues, impose conditions, require modifications to NextNav's proposals, or result in additional delays or a decision not to proceed with rulemaking; and NextNav's ability to execute its business plan, including entering into and maintaining strategic partnerships, managing growth, and achieving or sustaining profitability.
These factors are not exhaustive. Additional risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward--looking statements are described in NextNav's filings with the Securities and Exchange Commission, including, but not limited to, the "Risk Factors" section of NextNav's most recent Annual Report on Form 10--K and subsequent Quarterly Reports on Form 10--Q. If any of these risks materialize, or if NextNav's assumptions prove incorrect, actual results could differ materially from those contemplated by the forward--looking statements. You are cautioned not to place undue reliance on these statements, which speak only as of the date they are made. Except as required by law, NextNav undertakes no obligation to publicly update or revise any forward--looking statements to reflect subsequent events or circumstances.
NEXTNAV INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(IN THOUSANDS, EXCEPT SHARE DATA)
March 31, 2026 (unaudited) December 31, 2025
------------------------------ ---------------------
Assets
Current assets:
Cash and cash
equivalents $ 30,598 $ 44,757
Short term
investments 112,361 107,381
Accounts
receivable 1,380 2,346
Other current
assets 3,523 2,927
--- --------------------- --------------
Total current
assets $ 147,862 $ 157,411
Property and
equipment, net
of accumulated
depreciation of
$16,969 and
$16,458 at March
31, 2026 and
December 31,
2025,
respectively 11,571 11,763
Operating lease
right-of-use
assets 14,052 14,856
Goodwill 18,703 19,161
Intangible
assets, net 41,890 42,167
Other assets 1,566 1,661
--- --------------------- --------------
Total assets $ 235,644 $ 247,019
=== ===================== ==============
Liabilities and
stockholders'
equity
Current
liabilities:
Accounts payable $ 1,502 $ 661
Accrued expenses
and other
current
liabilities 9,461 8,560
Operating lease
current
liabilities 2,506 2,673
Deferred revenue 633 491
--- --------------------- --------------
Total current
liabilities $ 14,102 $ 12,385
Warrants 29,737 33,167
Operating lease
noncurrent
liabilities 11,773 12,337
Other long-term
liabilities 2,809 1,776
Long term debt,
net 267,190 273,589
--- --------------------- --------------
Total liabilities $ 325,611 $ 333,254
=== ===================== ==============
Stockholders'
equity:
Common stock,
authorized
500,000,000
shares;
136,191,797 and
135,504,497
shares issued
and 136,059,569
and 135,372,269
shares
outstanding at
March 31, 2026
and December 31,
2025,
respectively 15 15
Additional
paid-in capital 969,657 961,991
Accumulated other
comprehensive
income 3,034 3,811
Accumulated
deficit (1,061,980) (1,051,359)
Common stock in
treasury, at
cost; 132,228
shares at both
March 31, 2026
and December 31,
2025 (693) (693)
--- --------------------- --------------
Total stockholders'
equity (deficit) $ (89,967) $ (86,235)
--- --------------------- --------------
Total liabilities
and stockholders'
equity $ 235,644 $ 247,019
=== ===================== ==============
NEXTNAV INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(UNAUDITED)
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
Three Months Ended March 31,
--------------------------------
2026 2025
----------------- -------------
Revenue $ 995 $ 1,539
Operating expenses:
Cost of goods sold (exclusive of
depreciation and amortization) 2,122 2,533
Research and development 5,941 4,038
Selling, general and administrative 10,741 10,520
Depreciation and amortization 1,534 1,452
------------- ------------
Total operating expenses $ 20,338 $ 18,543
------------- ------------
Operating loss $ (19,343) $ (17,004)
Other income (expense):
Interest expense, net (3,913) (2,738)
Debt extinguishment loss -- (14,434)
Change in fair value of warrants 3,430 6,041
Change in fair value of derivative
liability 9,175 (24,523)
Other income (loss), net 86 (5,863)
------------- ------------
Loss before income taxes $ (10,565) $ (58,521)
Provision for income taxes 56 58
------------- ------------
Net loss $ (10,621) $ (58,579)
Foreign currency translation
adjustment (777) 993
------------- ------------
Comprehensive loss $ (11,398) $ (57,586)
------------- ------------
Net loss (10,621) (58,579)
------------- ------------
Net loss attributable to common
stockholders -- basic $ (10,621) $ (58,579)
============= ============
Net loss attributable to common
stockholders -- diluted (18,074) (58,579)
============= ============
Weighted average of shares outstanding
-- basic 135,327 131,104
============= ============
Weighted average of shares outstanding
-- diluted 151,622 131,104
============= ============
Net loss attributable to common
stockholders per share -- basic $ (0.08) $ (0.45)
============= ============
Net loss attributable to common
stockholders per share -- diluted $ (0.12) $ (0.45)
============= ============
NEXTNAV INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
(IN THOUSANDS)
Three Months Ended March 31,
--------------------------------------
2026 2025
------------------- ----------
Operating activities
Net loss $ (10,621) $ (58,579)
Adjustments to reconcile net loss to
net cash used in operating
activities:
Depreciation and amortization 1,534 1,452
Equity-based compensation 5,089 4,324
Change in fair value of warrants (3,430) (6,041)
Debt extinguishment loss -- 13,734
Issuance of common warrants -- 5,766
Change in fair value of derivative
liability (9,175) 24,523
Realized and unrealized gain on
short term investments (960) (338)
Equity method investment loss 67 39
Asset retirement obligation
accretion 50 26
Amortization of debt discount 2,776 1,739
Changes in operating assets and
liabilities:
Accounts receivable 966 1,656
Other current assets (622) (749)
Other assets 22 16
Accounts payable 841 273
Deferred revenue 142 22
Accrued expenses and other
liabilities 3,203 (254)
Operating lease right-of-use
assets and liabilities 77 212
----------- ----------
Net cash used in operating
activities $ (10,041) $ (12,179)
Investing activities
Purchases of network assets,
property, and equipment (10) (30)
Purchase of internal use software (126) (101)
Purchase of marketable securities (88,020) (31,463)
Sale and maturity of marketable
securities 84,000 34,600
----------- ----------
Net cash (used in) provided by
investing activities $ (4,156) $ 3,006
Financing activities
Proceeds from 2028 senior
convertible notes -- 190,000
Repayment of 2026 senior secured
notes -- (70,000)
Payments towards debt issuance
cost -- (550)
Payments towards debt (30) (27)
Proceeds from exercise of common
warrants 13 517
Proceeds from exercise of common
stock options 250 232
----------- ----------
Net cash provided by financing
activities $ 233 $ 120,172
----------- ----------
Effect of exchange rates on cash and
cash equivalents (195) 93
Net (decrease) increase in cash and
cash equivalents (14,159) 111,092
Cash and cash equivalents at
beginning of period 44,757 39,330
----------- ----------
Cash and cash equivalents at end of
period $ 30,598 $ 150,422
=========== ==========
Supplemental disclosures
Interest paid in cash $ -- $ 2,256
Income taxes paid, net $ 74 $ 64
View source version on businesswire.com: https://www.businesswire.com/news/home/20260514499793/en/
CONTACT: Sloane & Company
nextnav@sloanepr.com
(END) Dow Jones Newswires
May 14, 2026 16:03 ET (20:03 GMT)
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