Here are 1-3 brief analogies for NextNav (NN):

• Google Maps for altitude and indoor navigation.
• Trimble for resilient, GPS-independent positioning.

• Pinnacle Network: Provides highly accurate vertical location (altitude) services, especially in difficult urban and indoor environments, critical for applications like E911 and augmented reality.
• TerraPoiNT Network: Offers a resilient, precise 3D positioning, navigation, and timing (PNT) service, serving as an independent and robust alternative to GPS for critical infrastructure and autonomous systems.

NextNav (symbol: NN) primarily sells its services and technology to other companies (B2B). Its major customers are in the telecommunications sector, particularly large wireless carriers in the United States, who utilize NextNav's vertical location services to comply with federal E911 mandates requiring precise vertical (z-axis) location for emergency calls.

The names of these customer companies, which have publicly announced integration or utilization of NextNav's E911 solutions, include:

• T-Mobile US, Inc. (Symbol: TMUS)
• AT&T Inc. (Symbol: T)
• Verizon Communications Inc. (Symbol: VZ)

• American Tower Corporation (AMT)
• Crown Castle Inc. (CCI)
• SBA Communications Corporation (SBAC)

Mariam Sorond, Board Chair and Chief Executive Officer

Mariam Sorond has nearly three decades of experience across mobile, wireless, fixed, and satellite networks. Before joining NextNav, she held senior executive positions at VMware, CableLabs, and DISH Network, where she drove innovation in 5G, broadband, and edge technologies. She also provided advisory services to the NTIA and FCC, influencing spectrum policy and communications infrastructure.

Tim Gray, Chief Financial Officer

Tim Gray was appointed NextNav's Chief Financial Officer in 2025. He previously served for over a decade as the Chief Financial Officer of Anterix. Before Anterix, Mr. Gray held several senior finance leadership roles at MedImmune, Inc., a subsidiary of AstraZeneca, and also had positions at AOL and Nextel. He began his career at Deloitte & Touche LLP.

Sanyogita Shamsunder, Chief Operating Officer

Dr. Sanyogita Shamsunder was appointed Chief Operating Officer in May 2024. She brings over 20 years of experience in leveraging technology and innovation to scale growth at both large enterprises and startup technology companies. Prior to NextNav, she was the Head of Edge Network Infrastructure at Google and led various network and product teams at Verizon, including as Vice President of Product Strategy and Operations, where she spearheaded early 5G network technology development and trials.

Arun Raghupathy, Co-Founder & Chief Technology Officer

As Co-Founder and CTO of NextNav, Arun Raghupathy directs the company's technology innovation and engineering development, focusing on next-generation Positioning, Navigation & Timing (PNT) technology. He was instrumental in designing NextNav's 3-D PNT solutions and services, contributing to foundational intellectual property and driving system, hardware, and software design. He holds over 50 patents. Before co-founding NextNav, he spent more than a decade at Qualcomm, where he worked on transmitter design and the first CDMA direct-conversion chipset for mobile handsets, and at Texas Instruments, leading the GPS systems team.

Christian "Chris" Gates, Executive Vice President, Corporate Development

Chris Gates is NextNav's Executive Vice President of Corporate Development. He was responsible for all corporate finance functions from 2021 to September 2025 and managed the company's transition to public company operations. Previously, he served as Senior Vice President of Strategy, Corporate and Business Development, where he led strategic partnerships and contributed to policy and standards outreach. His experience spans telecommunications and technology ventures, including a role as Vice President of Strategy at SkyTerra.

The key risks to NextNav's business operations primarily revolve around regulatory approval, financial viability, and intense market competition.

1. Regulatory Dependence for Core Business Model: NextNav's long-term business model, particularly for its TerraPoiNT system designed as a terrestrial GPS backup, is highly dependent on a single, uncertain regulatory approval from the Federal Communications Commission (FCC) regarding its petition to modify rules for the 900 MHz spectrum band. A negative decision or delays from the FCC could render the company's business model unviable, as it would hinder NextNav's ability to monetize its PNT spectrum, which is its main asset, leading to a drastic reevaluation of its value.
2. High Cash Consumption and Minimal Revenue: NextNav has historically operated with minimal revenues and significant losses, leading to substantial cash burn. While the company recently reported a swing to net income in Q3 2025, its annual revenue has declined, and it maintains a persistent negative equity position, which poses a significant risk. For example, commercial revenue was only $0.88 million in Q3 2025, and the company experienced a net loss of $58.6 million in Q1 2025. Market optimism is largely driven by the potential for future regulatory approval and recurring contracts rather than current financial performance.
3. Competition with Major Tech Companies for Device Integration: For its Pinnacle network, which provides vertical location for Enhanced 911 (E911) services, NextNav faces significant competition from established technology giants like Apple and Google. Both Apple's Hybridized Emergency Location (HELO) and Google's Android Emergency Location Service (ELS) have met FCC requirements for E911 services. There is a risk that major device manufacturers may not integrate NextNav's solutions when they have their own technologies that meet or exceed FCC standards.

The primary clear emerging threat to NextNav is the ongoing development and deployment of advanced 5G positioning capabilities. Standards from 3GPP (e.g., Release 16 and beyond) are progressively enhancing 5G networks' ability to provide high-accuracy location information, including precise vertical (z-axis) data, particularly in challenging urban and indoor environments. As 5G infrastructure becomes more pervasive and its location-based services mature to meet stringent requirements like those for E911, it could directly compete with NextNav's dedicated Pinnacle network by offering a comparable solution leveraging existing cellular infrastructure, potentially diminishing the need for a specialized z-axis positioning network.

NextNav (NN) primarily offers two main products: Pinnacle and TerraPoiNT.

For its Pinnacle service, which provides precise vertical location (z-axis) data, the addressable market is the United States. This service is currently available in more than 4,400 cities across the U.S., covering the top 105 Cellular Market Areas, and offers vertical location services for over 90% of buildings with three or more stories. Pinnacle is crucial for public safety applications, including enhanced 911 services.

For its TerraPoiNT system, which provides a resilient positioning, navigation, and timing (PNT) solution as a complement and backup to GPS, the quantified value for the terrestrial GPS backup market in the U.S. economy is estimated to be $14.6 billion. This figure represents the total economic value of such a solution, including a $10.8 billion "insurance policy" against potential GPS outages.

NextNav (NN) anticipates several key drivers for its revenue growth over the next two to three years, primarily centered around the commercialization and expansion of its advanced positioning, navigation, and timing (PNT) technologies and the strategic monetization of its spectrum assets.

1. Commercialization and Broad Adoption of 5G-based 3D PNT Solutions: NextNav is focused on the widespread commercialization of its 5G-based 3D PNT technologies, including TerraPoiNT and the evolution to NextGen PNT, which leverage 5G New Radio. These solutions aim to provide highly resilient and precise location and timing services, particularly in urban and indoor environments where traditional GPS signals are often challenged, serving as a critical complement and backup to GPS for national security, public safety, and economic stability. Strategic partnerships, such as the integration of TerraPoiNT into GCT Semiconductor's LTE chipsets and collaboration with Oscilloquartz for 5G-based timing, are expected to enable mass-market applications across various sectors. The company has demonstrated the successful deployment of a wide-scale commercial 5G-based 3D PNT solution.
2. Expansion of Public Safety Applications with Pinnacle Network: Growth is expected from the continued deployment and expansion of NextNav's Pinnacle network, which provides crucial vertical location (Z-axis) data for enhanced 911 (E911) services. This technology is vital for public safety, enabling emergency responders to precisely locate individuals indoors. The extension of the agreement with AT&T for Pinnacle network operations through October 2028 underscores the ongoing revenue potential and importance of this service.
3. Entry into New Market Verticals and Use Cases: NextNav is targeting new and emerging markets for its PNT solutions, including timing for critical infrastructure, navigation for autonomous vehicles (cars, drones, eVTOLs), and various Internet of Things (IoT) applications. The company's TerraPoiNT network has been utilized by NASA for urban drone programs, validating its applicability in these high-growth areas. International expansion, such as a licensing partnership in Japan with MetCom to deploy TerraPoiNT for critical infrastructure and technology, also represents a growth avenue. The overall PNT market is projected for significant growth, driven by the increasing demand for precise location data in these sectors.
4. Monetization and Reconfiguration of 900 MHz Spectrum Assets: A significant driver involves the strategic utilization and potential monetization of NextNav's extensive portfolio of FCC licenses in the lower 900 MHz band, covering over 90% of the U.S. population, including recently acquired additional M-LMS licenses. The company has filed a Petition for Rulemaking with the FCC to reconfigure this band to facilitate a transition to 5G, which would enhance its service offerings and market reach for terrestrial PNT services. Successful regulatory approval of this petition could unlock substantial value by allowing NextNav to deliver 5G-based PNT at scale and potentially resell excess bandwidth capacity to mobile network operators. NextNav has submitted studies to the FCC to demonstrate that 5G operations can successfully coexist with unlicensed devices in the Lower 900 MHz band.

Share Repurchases

• NextNav made share repurchases of approximately $660.66K in Q4 2023.
• Share repurchases also occurred in Q3 2022 for approximately $3.18K and in Q1 2022 for approximately $1.30K.

Share Issuance

• NextNav issued approximately 1.2 million shares at the closing of the Telessaurus transaction in September 2025. This issuance was part of the consideration for acquiring 128 active lower 900 MHz band spectrum licenses, valued at $20,000,100.
• The company issued 4.0 million shares of common stock upon the close of the Nestwave SAS acquisition in October 2022, with up to an additional 1.1 million shares upon the exercise of certain employee options.
• NextNav raised $190 million from the issuance of 5.00% Senior Secured Convertible Notes due 2028, with the remaining notes maturing in June 2028.

Inbound Investments

• In March 2025, NextNav announced a $190 million private offering of 5% redeemable senior secured convertible notes, led by M-Cor Capital, LLC and Fortress Investment Group.
• Fortress Investment Group previously participated in the PIPE (Private Investment in Public Equity) as part of NextNav going public, and led a funding round in January 2020 to deploy geolocation-based services.

Outbound Investments

• NextNav acquired Nestwave SAS, a global leader in low-power geolocation, for an enterprise value of $18.0 million (gross consideration value of $19.3 million) in October 2022. The consideration included $4.3 million in cash and $15.0 million in NextNav common stock.
• In September 2025, NextNav completed the acquisition of 128 active M-LMS A-block licenses from Telesaurus Holdings GB LLC and Skybridge Spectrum Foundation. This acquisition, previously announced in March 2024, expanded NextNav's presence in the Lower 900 MHz band.

Capital Expenditures

• Capital expenditures were reported as $3.08 million in 2024, $2.75 million in 2023, and $2.96 million in 2022.
• The company plans to partner for deployment capital expenditures for 5G-based 3D PNT and broadband infrastructure, leveraging existing telecom networks.
• Management expects continued losses and higher operating expenses due to investments in research and development and network expansion.