NextNav Inc. Q4 FY2025 earnings call

1. FCC Process Update: Earlier this month, the FCC formally sent a draft notice of proposed rulemaking (NPRM) focused on P&T technologies and solutions to the White House OMB. The interagency review of the NPRM is progressing. NextNav's solution is a one-of-one in the system of systems framework, commercially viable, future-proof, and doesn't require taxpayer funding. 2. Industry Leadership: Maryam Sarant joined the CTIA Board of Directors and participated in her first board meeting. NextNav participated in events like Mobile World Congress 2026 and the 2026 Milken South Florida Dialogues. 3. Technology and Commercialization: Began operating the world's first 5G-powered PNT network. Announced an expanded partnership with Japan's METCOM. 4. Governance: Welcomed Lisa Hook as the new lead independent director. 5. Financials: Finished the fourth quarter with approximately $152 million in cash, cash equivalents, and short-term investments. Recognized losses of approximately $48 million associated with the change in the fair value of the derivative and warrants liability, resulting in a net loss of roughly $68 million for the quarter.

NexNav remains highly optimistic about the path ahead toward an FCC vote on an NPRM in the near term, with clear line of sight to a report in order. The company believes it has significant runway in funding for multiple years, with a significant number of warrants expiring in 2026 that have the potential to deliver over $200 million in additional capital depending on stock price performance.

Forward-looking statements are subject to known and unknown uncertainties and assumptions outside of NextNav's control, which could cause actual results to differ. This includes the achievement of certain FCC-related milestones and approvals, projections, plans, objectives, expectations, and future business strategies and competitive position. The exact timing of the FCC process remains outside of their control.

Q: Were you able to see the contents of the FCC's sent NPRM and is it different from previous contemplations?

A: The NPRM has been drafted and is in the interagency review process. We haven't seen the contents yet, and the contents will be available once the interagency process with the NTIA IRAC and OMB OIRA finalizes.

Q: Do you think the data showing more precise P&T with a 10 by 5 channel will be seen in the NPRM and eventual order?

A: Definitely, we've been testing towards a 10 plus 5 capability as part of our commercialization effort and working with the FCC to meet GPS backup and complement requirements.

Q: Could you provide learnings from the METCOM relationship and how it might help accelerate commercialization in the US?

A: There's an international opportunity with METCOM. The partnership with them in Japan is a great step, and the solution can be taken global as the GPS jamming and spoofing issue is global. We'll share results when METCOM publicizes them.