NextNav is like the '5G' for location services, significantly upgrading traditional GPS capabilities, similar to how mobile carriers like AT&T or Verizon enhance cellular networks.

NextNav is like an enterprise-grade, high-precision GPS, similar to how Microsoft Azure or Amazon Web Services provide specialized cloud solutions beyond consumer-level services.

• Pinnacle: A 3D geolocation service providing next-generation positioning, navigation, and timing solutions.
• TerraPoiNT: A terrestrial-based encrypted network delivering advanced positioning, navigation, and timing (PNT) capabilities.

NextNav Inc. (NN) primarily operates on a business-to-business (B2B) model, providing its next-generation GPS and 3D geolocation services to other companies. Based on financial disclosures and market analysis, NextNav has significant customer concentration.

Its major customer is:

• T-Mobile US, Inc. (Symbol: TMUS)

This single customer has accounted for a substantial majority of NextNav's revenue in recent years (e.g., over 90% in 2023 and 2022). T-Mobile utilizes NextNav's services, particularly for enhanced location capabilities related to emergency 911 (E911) mandates, such as providing precise Z-axis (vertical) location for wireless callers.

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Mariam Sorond, Chief Executive Officer

Mariam Sorond was appointed Chief Executive Officer of NextNav on November 29, 2023, and also serves as the Board Chair. She brings nearly three decades of experience leading transformational change across mobile, wireless, fixed, and satellite networks. Prior to joining NextNav, Ms. Sorond held senior executive positions as Chief Technology Officer, SEBU at VMware, Chief Research and Development Officer at CableLabs, and Chief Wireless Architect at DISH Network, where she was instrumental in architecting DISH's wireless spectrum and network. She has also served in advisory roles for the NTIA and FCC, and is currently on the Board of Directors at CTIA.

Tim Gray, Chief Financial Officer

Tim Gray was appointed Chief Financial Officer of NextNav on September 22, 2025. He is responsible for all financial functions, including financial reporting, treasury, financial planning and analysis (FP&A), capital formation, investor relations, and tax. Before joining NextNav, Mr. Gray served as Chief Financial Officer of Anterix for over a decade. His previous experience includes multiple senior finance leadership positions at MedImmune, Inc., a subsidiary of AstraZeneca, where he also served as Senior Vice President and CFO. Earlier in his career, he held roles at AOL and Nextel, and began his career at Deloitte & Touche LLP.

Arun Raghupathy, Co-Founder and Chief Technology Officer

As Co-Founder and Chief Technology Officer, Arun Raghupathy leads NextNav's technology innovation and engineering development. He played a pivotal role in architecting NextNav's 3D positioning, navigation, and timing (PNT) solutions and services, contributing to foundational intellectual property and driving system, hardware, and software design. He is currently guiding the development of NextNav's next-generation PNT technology, which integrates 5G broadband radio access technology.

Susan Insley, Executive Vice President & Chief Operating Officer

Susan Insley oversees NextNav's program management and operations, product and software, IT & security, and human resources. She has over 25 years of experience in people management, finance, and business operations, having held key roles at prominent technology companies such as VMware, VeriSign, and Intel. Prior to her expanded role, Ms. Insley served as NextNav's Chief People Officer.

Chris Gates, Executive Vice President, Corporate Development

Chris Gates serves as NextNav's Executive Vice President of Corporate Development, a position he transitioned to on September 22, 2025. Prior to this, he was responsible for all corporate finance functions from 2021 to September 2025 as the company's CFO, leading its transition to public company operations. He previously served as Senior Vice President of Strategy, Corporate and Business Development, where he led strategic partnerships, contributed to policy and standards outreach, and supported public safety initiatives. Mr. Gates is a co-inventor on several patents related to NextNav's technologies and previously served as Vice President of Strategy at SkyTerra.

• Regulatory Dependence and FCC Decision: A primary risk for NextNav is its heavy reliance on a positive regulatory decision from the Federal Communications Commission (FCC) regarding its exclusive 900 MHz spectrum. The company's entire investment thesis is "hinges on a single, massive regulatory hurdle" concerning the monetization of its spectrum for positioning, navigation, and timing (PNT) applications, and the approval of a national 15-megahertz broadband license in the lower 900MHz band. Regulatory delays or an unfavorable decision would render the company's business model unviable and could lead to a significant reevaluation of its value.
• Financial Performance and Cash Burn: NextNav exhibits significant financial challenges, characterized by minimal and volatile revenue, ongoing substantial losses, and consistent cash burn. The company's revenue is "small, highly concentrated, and shows significant volatility". It is "currently unprofitable" with a "forecast annual revenue growth rate that is actually negative". This necessitates a reliance on future potential rather than current operational profitability.
• Competition and Market Adoption: NextNav operates in a highly competitive landscape dominated by the "globally-entrenched, free-to-use GPS system," and faces competition from large, established technology companies. The company's growth is "entirely dependent on the market accepting and adopting its 3D PNT technology". There is also uncertainty regarding the integration of NextNav's technology into major mobile devices, as companies like Google and Apple have their own existing solutions.

The rapid advancement and widespread integration of alternative positioning technologies into consumer devices and operating systems presents a clear emerging threat. These technologies include enhanced multi-frequency/multi-constellation Global Navigation Satellite System (GNSS) receivers, Ultra-Wideband (UWB), Wi-Fi RTT (Round Trip Time), and sophisticated sensor fusion combined with computer vision (e.g., SLAM). As these capabilities become standard features in smartphones and other devices, leveraging existing infrastructure or on-device processing for precise 3D geolocation, they could diminish the unique value proposition and market demand for NextNav's dedicated network-based Pinnacle and TerraPoiNT solutions.

NextNav (NN) anticipates several key drivers to fuel its revenue growth over the next two to three years:

1. Regulatory Approval and Commercialization of NextGen Positioning, Navigation, and Timing (PNT) Solution: A primary driver for NextNav is the ongoing process with the Federal Communications Commission (FCC) to reorganize the 900 MHz band. A favorable FCC decision is considered crucial for the company to fully commercialize its NextGen PNT solution, a terrestrial-based encrypted network designed to complement and backup traditional GPS systems. This 5G-based 3D PNT solution is highlighted as the main driver of future growth and represents a massive potential market.
2. Expansion and Monetization of Pinnacle Platform and E911 Services: NextNav expects continued growth through the expansion of its core E911 service offering and increased monetization of its Pinnacle 3D geolocation platform. The company's 2024 growth was partly attributed to successfully signing new contracts and expanding these services.
3. Securing New Technology and Services Contracts with Government and Commercial Customers: Consistent increases in NextNav's service revenue have been driven by new technology and services contracts with both government and commercial entities. The company continues to prioritize these customer segments for revenue generation.
4. Strategic Partnerships and Spectrum Repurposing for 5G Broadband: NextNav is exploring the strategic repurposing of a portion of its 900 MHz spectrum for 5G broadband services, which could significantly enhance the value of its spectrum assets. The company is also prioritizing relationships and potential partnerships with mobile network operators to facilitate future infrastructure developments and the widespread commercialization of its 5G-based 3D PNT solution.

Share Repurchases

No information available regarding share repurchases or authorized future repurchases for NextNav over the last 3-5 years.

Share Issuance

• NextNav had 135 million shares outstanding in Q3 2025, marking a 1.3% increase from the prior quarter.
• On March 27, 2025, NextNav issued warrants for 7.8 million shares as part of a $190 million private placement of Senior Secured Convertible Notes.
• Proceeds from the exercise of common stock options amounted to approximately $1.61 million in one recent period and $1.88 million in another.

Inbound Investments

• On March 27, 2025, NextNav closed a $190 million private placement of 5.00% Senior Secured Convertible Notes.
• The net proceeds from this private placement, after deducting fees and expenses, were approximately $188.6 million.

Outbound Investments

• On September 25, 2025, NextNav completed an agreement to acquire additional lower 900 MHz band licenses.
• NextNav's long-term investments, which can include debt or equity investments with benefits lasting over one year, ranged from approximately $0 to $0.203 million between 2021 and 2025.

Capital Expenditures

• Capital expenditures in the last 12 months totaled -$233,000.
• In Q3 2025, capital expenditures were approximately $350,000, consuming a significant portion of the operating cash flow.
• For the most recent quarter, capital expenditures were -$0.01 million USD.