NextNav Inc. Q2 FY2025 earnings call

• FCC Progress: Concluded FCC NOI comment period, filed extensive technical, economic, and operational data, received FCC consent for license assignments with a waiver of a relevant rule, presented 5G PNT solutions to the FCC, and filed supplemental studies validating coexistence with unlicensed and toll operations.
• Partnerships: Excited about Adtran and Oscilloquartz announcement, working on system of systems for PNT complement and backup.
• National Security: Emphasized GPS vulnerability and urgency for terrestrial complement, advocated market-based approach for FCC action to enable PNT and 5G broadband without taxpayer funding.

Second quarter 2025 revenue was $1.2 million, compared to $1.1 million in the prior year period. For the 6 months ended June 30, 2025, revenue was $2.7 million as compared to $2.2 million for the prior year period. Operating expenses for the second quarter were $18.4 million, up approximately $2 million versus the same period last year. Net loss for the second quarter was $63.2 million, which included a $39.5 million loss associated with the change in the fair value of derivative liability and warrants. We finished the second quarter with $176.1 million in cash, cash equivalents and short-term investments.

• Continue to advocate for FCC to issue a notice of proposed rulemaking (NPRM) based on completed rigorous analysis.
• Focus on executing strategic roadmap and driving innovation in geolocation technology.
• Commit to system of systems approach, but no specific timelines for FCC actions on NPRM.

• Critics have made unfounded claims without valid technical analysis to the FCC.
• Dependence on FCC timely action for NPRM issuance with uncertainties in regulatory approvals.
• Risks associated with forward-looking statements and external factors beyond control affecting actual results.

Q: What are your next steps in the FCC process on the progression towards hope for NPRM?

A: We have submitted a complete, rigorous analysis to the FCC for them to move forward with the NPRM and continue to advocate for our position.

Q: Any progress or other developments in conjunction with cooperating or offering complementary service with other space-based alternatives?

A: Continue to believe in system of systems, but no updates on satellite-related discussions to share currently.

Q: Can you discuss how Adtran and Oscilloquartz announcement fits into your plans in more detail?

A: Super excited about the Adtran and Oscilloquartz announcement, using our technology to integrate into multisource timing receiver for improved resiliency through 5G-based timing.

Q: How does resilient PNT fit into AI?

A: Resilient PNT is a backbone to AI, as AI use cases rely on accurate real-time data, and faulty PNT data can lead to misguided outcomes in critical applications like autonomous vehicles and infrastructure.