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    NextNav (NN)

    Market Price (10/3/2026): $13.98 | Market Cap: $2.0 BilSector: Information Technology | Industry: Systems Software

    NextNav (NN)

    Market Price (10/3/2026): $13.98
    Market Cap: $2.0 Bil
    Sector: Information Technology
    Industry: Systems Software

    Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

    0

    Megatrend and thematic drivers
    Megatrends include 5G & Advanced Connectivity, and Advanced Aviation & Space. Themes include Wireless Services, Drone Technology, Show more.

    Meaningful short interest
    Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 13%

    Key risks
    NN key risks include [1] dependence on a single, Show more.

    0 Megatrend and thematic drivers
    Megatrends include 5G & Advanced Connectivity, and Advanced Aviation & Space. Themes include Wireless Services, Drone Technology, Show more.
    1 Meaningful short interest
    Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 13%
    2 Key risks
    NN key risks include [1] dependence on a single, Show more.

    NN in ETFs

    Weight = NN's share of each fund

    VTI0.00%
    ITOT0.00%
    IWM0.05%
    IWO0.10%
    NUSC0.09%
    FNDF0.08%
    SCHF0.08%
    IGV0.07%
    +7 more covered ETFs

    Valuation & Metrics

    FYE: 12/31NN [1]S&P 500 [2]
    REVENUE GROWTH
    LTM Revenue [3]$4.0 Mil—
    FY 2026 Sales$4.1 Mil—
    FY 2027 Sales$4.1 Mil—
    FY 2026 Sales Growth2.7%—
    FY 2027 Sales Growth0.3%12.8%
    EARNINGS
    LTM Net Income (GAAP) [3]$-111.9 Mil—
    FY 2026 Net Income (Non-GAAP)$-70.4 Mil—
    FY 2027 Net Income (Non-GAAP)$-65.1 Mil—
    FY 2027 Net Income Growth—18.2%
    FY 2026 EPS (Non-GAAP)$-0.53—
    FY 2027 EPS (Non-GAAP)$-0.49—
    FY 2027 EPS Growth——
    VALUATION
    FY 2026 P/S484.51.7
    FY 2027 P/S482.9—
    FY 2026 P/E—7.8
    FY 2027 P/E——

    [1] NN forward figures are analyst consensus for the next two fiscal years (fiscal year end 12/31). Net Income and EPS are non-GAAP (adjusted) consensus. P/S and P/E divide the current market cap by the consensus figure.
    [2] S&P 500 figures are the SPY ETF's holdings-weighted forward aggregate. P/S and P/E reflect FY1/FY2 consensus blended to the 12-month window ending 10/31/27 (~one year forward), shown when ≥90% of index weight has estimates. Growth is the aggregate next-fiscal-year vs current-fiscal-year (FY1→FY2) change. Index-level dollar Sales, Net Income and EPS are not applicable.
    [3] LTM = reported trailing-twelve-month actuals (GAAP).
    NNS&P 500
    REVENUE GROWTHPOOR
    Rev LTM ($ Bil)0.0
    Rev Chg Q-4.3%9.3%
    Rev Chg LTM-36.5%8.3%
    Rev Chg 3Y Avg18.5%5.8%
    PROFITABILITYVERY POOR
    Op Inc LTM ($ Bil)-0.1
    CFO LTM ($ Bil)-0.1
    Net Inc LTM ($ Bil)-0.1
    Op Mgn LTM-1,900.4%18.6%
    CFO/Rev LTM-1,334.2%21.8%
    Net Inc Mgn-2,812.5%13.1%
    VALUATIONVERY HIGH
    P/S512.13.0
    P/CFO-38.414.3
    P/FCF-38.018.6
    P/E-18.221.4
    STABILITYVERY GOOD
    Debt/Equity0.010.21
    Cash/Assets0.590.07

    AI Analysis | Feedback

    MetricValueDateSource
    Spectrum Licenses (MHz-POPs)approximately 3.5 billion11062025Link
    Number of Patents16511062025Link
    Pinnacle Service Coverage (Number of Cities)more than 4,4005142024Link
    Pinnacle Service Coverage (percentage of buildings three stories and above)over 90%6012023Link

    Price Chart

    No Events

    Why The Stock Moved

    Qualitative Assessment

    AI Analysis | Feedback

    Updated on 10/1/2026

    NextNav (NN) stock has lost about 20% since 6/30/2026 because of the following key factors:

    1. Accelerating Operating Losses and Continued Unprofitability Despite Balance Sheet Cleanup.

    While NextNav's fiscal Q2 2026 results (reported August 11, 2026) highlighted a strengthened balance sheet with the elimination of all outstanding debt and increased liquidity to approximately $300 million, the company's operating losses accelerated to $20.25 million in fiscal Q2 2026, up from $17.24 million in fiscal Q2 2025. This indicates increasing expenditures on advocacy and research and development without substantial revenue offsets. NextNav remains unprofitable and is not forecast to achieve profitability this fiscal year, with revenue expected to decline by 14% per annum over the next two years, contributing to sustained negative investor sentiment.

    2. Significant Share Dilution.

    The aggressive capital structure transformation undertaken in fiscal Q2 2026, which involved the conversion of $190 million in convertible debt to equity and the exercise of approximately 14.8 million warrants, led to a substantial increase in the outstanding share count. The share count surged from 135.4 million at year-end 2025 to 167.0 million at the end of fiscal Q2 2026. This dilution, despite improving the company's financial runway, weighed on per-share metrics and investor perception, putting downward pressure on the stock price.

    Show more
    Updated on 10/1/2026

    NextNav (NN) stock has lost about 20% since 6/30/2026 because of the following key factors:

    1. Accelerating Operating Losses and Continued Unprofitability Despite Balance Sheet Cleanup.

    While NextNav's fiscal Q2 2026 results (reported August 11, 2026) highlighted a strengthened balance sheet with the elimination of all outstanding debt and increased liquidity to approximately $300 million, the company's operating losses accelerated to $20.25 million in fiscal Q2 2026, up from $17.24 million in fiscal Q2 2025. This indicates increasing expenditures on advocacy and research and development without substantial revenue offsets. NextNav remains unprofitable and is not forecast to achieve profitability this fiscal year, with revenue expected to decline by 14% per annum over the next two years, contributing to sustained negative investor sentiment.

    2. Significant Share Dilution.

    The aggressive capital structure transformation undertaken in fiscal Q2 2026, which involved the conversion of $190 million in convertible debt to equity and the exercise of approximately 14.8 million warrants, led to a substantial increase in the outstanding share count. The share count surged from 135.4 million at year-end 2025 to 167.0 million at the end of fiscal Q2 2026. This dilution, despite improving the company's financial runway, weighed on per-share metrics and investor perception, putting downward pressure on the stock price.

    3. Protracted and Uncertain Regulatory Timeline.

    NextNav's valuation is heavily dependent on the Federal Communications Commission (FCC) approving its Notice of Proposed Rulemaking (NPRM) to unlock its lower 900 MHz spectrum for 5G 3D positioning, navigation, and timing (PNT) services. Although the NPRM has been drafted and is undergoing interagency review, the timeline for final approval remains opaque and susceptible to political opposition. This ongoing regulatory uncertainty, characteristic of the stock's "highly speculative, binary nature," created vulnerability to shifts in investor confidence and perceived delays, overshadowing positive technical progress announcements.

    4. Negative Analyst Revisions and Overvaluation Concerns.

    During the period since June 30, 2026, analyst sentiment showed some negative shifts, notably with Wall Street Zen downgrading NextNav from a "hold" to a "sell" rating on September 27, 2026. Concurrently, analyses from AAII and InvestingPro in September 2026 indicated the stock was considered "Ultra Expensive" (AAII Value Grade "F") and "overvalued relative to its Fair Value." These concerns about an elevated valuation, particularly given the stock's price-to-book ratio of 7.4x, which is more than double the industry average, contributed to selling pressure as the market re-evaluated its premium in light of the long regulatory path and minimal near-term revenue.

    5. Broader Market Weakness.

    The decline in NextNav's stock was also influenced by a broader tech-sector weakness observed during fiscal Q3 2026. This market trend was largely driven by surging Treasury yields, which typically create a less favorable investment environment for growth-oriented companies like NextNav that are highly dependent on future regulatory outcomes and the eventual realization of substantial revenues.

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    Stock Movement Drivers

    Fundamental Drivers

    The -22.8% change in NN stock from 6/30/2026 to 10/1/2026 was primarily driven by a -18.2% change in the company's P/S Multiple.
    (LTM values as of)630202610012026Change
    Stock Price ($)17.8313.76-22.8%
    Change Contribution By: 
    Total Revenues ($ Mil)44-1.3%
    P/S Multiple598.9490.0-18.2%
    Shares Outstanding (Mil)135142-4.4%
    Cumulative Contribution-22.8%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    6/30/2026 to 10/1/2026
    ReturnCorrelation
    NN-22.8% 
    Market (SPY)2.3%41.9%
    Sector (XLK)3.8%44.3%

    Fundamental Drivers

    The -14.1% change in NN stock from 3/31/2026 to 10/1/2026 was primarily driven by a -13.0% change in the company's Total Revenues ($ Mil).
    (LTM values as of)331202610012026Change
    Stock Price ($)16.0213.76-14.1%
    Change Contribution By: 
    Total Revenues ($ Mil)54-13.0%
    P/S Multiple475.5490.03.1%
    Shares Outstanding (Mil)136142-4.2%
    Cumulative Contribution-14.1%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    3/31/2026 to 10/1/2026
    ReturnCorrelation
    NN-14.1% 
    Market (SPY)17.8%20.7%
    Sector (XLK)49.0%19.3%

    Fundamental Drivers

    The -3.8% change in NN stock from 9/30/2025 to 10/1/2026 was primarily driven by a -36.5% change in the company's Total Revenues ($ Mil).
    (LTM values as of)930202510012026Change
    Stock Price ($)14.3013.76-3.8%
    Change Contribution By: 
    Total Revenues ($ Mil)64-36.5%
    P/S Multiple302.3490.062.1%
    Shares Outstanding (Mil)132142-6.6%
    Cumulative Contribution-3.8%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    9/30/2025 to 10/1/2026
    ReturnCorrelation
    NN-3.8% 
    Market (SPY)15.6%27.2%
    Sector (XLK)40.9%27.3%

    Fundamental Drivers

    The 167.7% change in NN stock from 9/30/2023 to 10/1/2026 was primarily driven by a 162.2% change in the company's P/S Multiple.
    (LTM values as of)930202310012026Change
    Stock Price ($)5.1413.76167.7%
    Change Contribution By: 
    Total Revenues ($ Mil)3435.5%
    P/S Multiple186.9490.0162.2%
    Shares Outstanding (Mil)107142-24.6%
    Cumulative Contribution167.7%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    9/30/2023 to 10/1/2026
    ReturnCorrelation
    NN167.7% 
    Market (SPY)84.9%28.1%
    Sector (XLK)145.6%26.7%

    Return vs. Risk

    Price Returns Compared

     202120222023202420252026Total [1]
    Returns
    NN Return-13%-67%52%250%7%-17%38%
    Peers Return20%-15%4%0%64%56%172%
    S&P 500 Return27%-19%24%23%16%12%104%

    Monthly Win Rates [3]
    NN Win Rate67%33%67%58%58%44% 
    Peers Win Rate67%42%53%47%60%53% 
    S&P 500 Win Rate75%42%67%75%67%44% 

    Max Drawdowns [4]
    NN Max Drawdown-49%-78%-50%-31%-42%-47% 
    Peers Max Drawdown-26%-36%-36%-34%-31%-29% 
    S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 

    [1] Cumulative total returns since the beginning of 2021
    [2] Peers: IRDM, TRMB, GRMN, VSAT, LHX.
    [3] Win Rate = % of calendar months in which monthly returns were positive
    [4] Max drawdown represents maximum peak-to-trough decline within a year
    [5] 2026 data is for the year up to 10/2/2026 (YTD)

    How Low Can It Go

    EventNNS&P 500
    2025 US Tariff Shock
      % Loss-23.3%-18.8%
      % Gain to Breakeven30.3%23.1%
      Time to Breakeven20 days79 days
    2024 Yen Carry Trade Unwind
      % Loss-17.5%-7.8%
      % Gain to Breakeven21.2%8.5%
      Time to Breakeven74 days18 days
    2023 SVB Regional Banking Crisis
      % Loss-41.3%-6.7%
      % Gain to Breakeven70.3%7.1%
      Time to Breakeven82 days31 days
    2022 Inflation Shock & Fed Tightening
      % Loss-78.5%-24.5%
      % Gain to Breakeven364.8%32.4%
      Time to Breakeven668 days427 days

    Compare to IRDM, TRMB, GRMN, VSAT, LHX

    In The Past

    NextNav's stock fell -23.3% during the 2025 US Tariff Shock. Such a loss loss requires a 30.3% gain to breakeven.

    Preserve Wealth

    Limiting losses and compounding gains is essential to preserving wealth.

    Asset Allocation

    Actively managed asset allocation strategies protect wealth. Learn more.

    EventNNS&P 500
    2025 US Tariff Shock
      % Loss-23.3%-18.8%
      % Gain to Breakeven30.3%23.1%
      Time to Breakeven20 days79 days
    2023 SVB Regional Banking Crisis
      % Loss-41.3%-6.7%
      % Gain to Breakeven70.3%7.1%
      Time to Breakeven82 days31 days
    2022 Inflation Shock & Fed Tightening
      % Loss-78.5%-24.5%
      % Gain to Breakeven364.8%32.4%
      Time to Breakeven668 days427 days

    Compare to IRDM, TRMB, GRMN, VSAT, LHX

    In The Past

    NextNav's stock fell -23.3% during the 2025 US Tariff Shock. Such a loss loss requires a 30.3% gain to breakeven.

    Preserve Wealth

    Limiting losses and compounding gains is essential to preserving wealth.

    Asset Allocation

    Actively managed asset allocation strategies protect wealth. Learn more.

    About NextNav (NN)

    NextNav Inc. (NN) is a technology company specializing in next-generation global positioning system (GPS) and 3D geolocation services. The company develops and delivers advanced positioning, navigation, and timing (PNT) solutions, which are crucial for applications requiring highly accurate and reliable location data, especially in environments where conventional GPS signals may be limited or unavailable.

    The core of NextNav's offerings includes two primary network-based solutions: Pinnacle and TerraPoiNT. Pinnacle is a 3D geolocation service that provides precise vertical and horizontal positioning, commercially available across approximately 4,400 cities and towns in the United States. TerraPoiNT, on the other hand, is a terrestrial-based encrypted network designed to offer resilient and high-accuracy positioning, with deployments currently established in 51 markets nationally.

    NextNav serves a diverse customer base, selling its sophisticated geolocation solutions directly or through partners. While specific customer types are not detailed, the advanced nature of its PNT services suggests applications in critical sectors such as public safety, aviation, defense, and commercial industries requiring enhanced 3D location intelligence. The company's primary operational focus and market reach are currently within the United States.

    AI Analysis | Feedback

    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.

    AI Analysis | Feedback

    • 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.

    AI Analysis | Feedback

    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.

    AI Analysis | Feedback

    Amazon (AMZN)

    AI Analysis | Feedback

    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.

    AI Analysis | Feedback

    NextNav Inc. (NN) faces several key risks to its business operations and future prospects:
    • 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.

    AI Analysis | Feedback

    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.

    AI Analysis | Feedback

    NextNav Inc. (NN) operates in significant addressable markets for its next-generation global positioning system (GPS) and 3D geolocation services. The company estimates its total addressable market to be over $50 billion in the United States and exceeding $100 billion globally for its services, which include Pinnacle and TerraPoiNT solutions. Specifically, the global Positioning, Navigation, and Timing (PNT) market, where NextNav is a key player, was valued at $100 billion in 2024 and is projected to grow to over $440 billion by 2033. For the United States, the total quantified value of having a terrestrial backup to GPS is estimated at $14.6 billion. This value is broken down into a $10.8 billion "insurance policy" against GPS outages and an additional $3.8 billion in benefits from increased system resiliency. NextNav's solutions, particularly TerraPoiNT, aim to mitigate potential U.S. economic losses from GPS outages, which could range from $663 million for a single-day outage to $31.9 billion for a 30-day outage.

    AI Analysis | Feedback

    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.

    AI Analysis | Feedback

    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.

    Peer Outperformance in Systems Software

    null
    Share of Systems Software constituents that NN has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
    1Y
    —
    insufficient peer history
    3Y
    —
    insufficient peer history
    5Y
    —
    insufficient peer history
    null
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    Latest Trefis Analyses

    TitleDate
    0DASHBOARDS 
    1Can NextNav Stock Hold Up When Markets Turn?10/17/2025
    2Day 7 of Gains Streak for NextNav Stock with 27% Return (vs. 15% YTD) [8/28/2025]08/29/2025
    3Day 6 of Gains Streak for NextNav Stock with 26% Return (vs. 14% YTD) [8/27/2025]08/28/2025
    4Day 5 of Gains Streak for NextNav Stock with 20% Return (vs. 8.9% YTD) [8/26/2025]08/27/2025
    5NextNav (NN) Net Income Comparison08/08/2025
    6NextNav (NN) Operating Income Comparison08/08/2025
    7NextNav (NN) Debt Comparison08/08/2025
    8NextNav (NN) EBITDA Comparison08/08/2025
    9NextNav (NN) Operating Cash Flow Comparison08/08/2025
    10NextNav (NN) Revenue Comparison08/08/2025
    11ARTICLES 
    12The Bear Case: How NN Behaves During Market Shocks05/22/2026
    13Small Cap Stocks Trading At 52-Week High03/24/2026
    14NN Stock Up 27% after 7-Day Win Streak08/29/2025
    15NN Stock Up 26% after 6-Day Win Streak08/27/2025
    16NN Stock Up 20% after 5-Day Win Streak08/26/2025

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    Peer Comparisons

    Peers to compare with:

    Financials

    NNIRDMTRMBGRMNVSATLHXMedian
    NameNextNav Iridium .Trimble Garmin Viasat L3Harris. 
    Mkt Price-49.0457.53281.2372.05237.0172.05
    Mkt Cap-5.213.454.29.944.113.4
    Rev LTM-8843,7837,6714,62622,9324,626
    Op Inc LTM-2106692,1181092,313669
    FCF LTM-2887731,6005782,808773
    FCF 3Y Avg-2905281,359-212,152528
    CFO LTM-3957991,9791,5923,2921,592
    CFO 3Y Avg-3745601,6101,1142,5941,114

    Growth & Margins

    NNIRDMTRMBGRMNVSATLHXMedian
    NameNextNav Iridium .Trimble Garmin Viasat L3Harris. 
    Rev Chg LTM-3.1%5.8%13.5%1.3%7.3%5.8%
    Rev Chg 3Y Avg-4.5%1.3%16.0%22.5%8.6%8.6%
    Rev Chg Q-3.8%11.0%11.4%-1.2%8.4%8.4%
    QoQ Delta Rev Chg LTM-1.0%2.6%2.8%-0.3%2.0%2.0%
    Op Inc Chg LTM--3.5%26.7%20.4%198.4%4.5%20.4%
    Op Inc Chg 3Y Avg-103.1%12.9%29.2%-58.5%9.9%12.9%
    Op Mgn LTM-23.8%17.7%27.6%2.4%10.1%17.7%
    Op Mgn 3Y Avg-23.4%14.7%25.3%-5.7%9.9%14.7%
    QoQ Delta Op Mgn LTM--2.1%-0.1%1.2%0.0%0.2%0.0%
    CFO/Rev LTM-44.7%21.1%25.8%34.4%14.4%25.8%
    CFO/Rev 3Y Avg-44.0%15.0%24.1%24.2%11.9%24.1%
    FCF/Rev LTM-32.6%20.4%20.9%12.5%12.2%20.4%
    FCF/Rev 3Y Avg-34.3%14.2%20.5%-0.4%9.8%14.2%

    Valuation

    NNIRDMTRMBGRMNVSATLHXMedian
    NameNextNav Iridium .Trimble Garmin Viasat L3Harris. 
    Mkt Cap-5.213.454.29.944.113.4
    P/S-5.93.57.12.11.93.5
    P/Op Inc-25.020.025.690.819.125.0
    P/EBIT-25.1176.425.620.915.725.1
    P/E-56.2-128.028.9-336.123.723.7
    P/CFO-13.316.827.46.213.413.4
    Total Yield-3.1%-0.8%4.8%-0.3%6.3%3.1%
    Dividend Yield-1.3%0.0%1.3%0.0%2.1%1.3%
    FCF Yield 3Y Avg-7.6%4.0%3.5%-12.0%4.4%4.0%
    D/E-0.30.10.00.70.20.2
    Net D/E-0.30.1-0.00.50.20.2

    Returns

    NNIRDMTRMBGRMNVSATLHXMedian
    NameNextNav Iridium .Trimble Garmin Viasat L3Harris. 
    1M Rtn-5.3%-2.4%2.6%8.7%-9.6%2.6%
    3M Rtn--8.5%8.5%17.6%-13.3%-21.2%-8.5%
    6M Rtn-50.2%-11.7%19.3%34.2%-32.8%19.3%
    12M Rtn-183.8%-27.6%12.0%145.7%-19.8%12.0%
    3Y Rtn-17.5%8.9%186.0%300.5%46.3%46.3%
    1M Excs Rtn-4.8%-2.9%2.1%8.2%-10.1%2.1%
    3M Excs Rtn--11.0%6.0%15.2%-15.8%-23.6%-11.0%
    6M Excs Rtn-56.1%-28.2%2.8%42.3%-48.9%2.8%
    12M Excs Rtn-171.7%-44.2%1.5%130.9%-35.6%1.5%
    3Y Excs Rtn--69.5%-62.4%107.7%218.7%-34.2%-34.2%

    Comparison Analyses

    null

    Financials

    $ Mil | FY: 12/312026Q22026Q12025Q42025Q32025Q22025Q12024Q42024Q32024Q22024Q12023Q42023Q3
    Period End6/30/20263/31/202612/31/20259/30/20256/30/20253/31/202512/31/20249/30/20246/30/20243/31/202412/31/20239/30/2023
    Filing Date8/11/20265/14/20263/17/202611/6/20258/6/20255/9/20253/12/202511/13/20248/7/20245/8/20243/13/202411/8/2023
    Key Financials Quarterly            
    Total Revenue111112221111
    Ebitda-29-18437-59-164-10-21-15-9-20
    Operating Income-20-19-16-20-17-17-15-14-15-16-20-15
    Net Income-34-11-680-63-59-32-14-24-32-16-23
    EPS-0.24-0.08-0.500.00-0.48-0.45-0.25-0.11-0.21-0.28-0.15-0.21
    Key Financials TTM            
    Total Revenue TTM445666654443
    Ebitda TTM4-26-24-63-80-42-42-54-64-58-56-60
    Operating Income TTM-76-73-70-69-63-61-60-65-66-66-64-58
    Net Income TTM-112-141-189-154-168-129-102-86-96-87-72-68
    Growth Rates Quarterly            
    Total Revenue Growth-4.3%-35.3%-50.5%-44.8%8.8%47.1%58.6%56.5%38.1%26.0%50.1%104.2%
    EBITDA Growth50.2%-14.5%990.2%172.2%-183.9%-4.9%145.7%50.2%-49.5%-15.6%35.6%-18.5%
    Operating Income Growth-17.5%-13.8%-9.2%-43.4%-12.4%-5.3%25.9%5.3%-2.0%-15.8%-37.1%18.5%
    Net Income Growth46.6%81.9%-110.6%103.5%-159.1%-85.3%-96.8%41.4%-54.7%-93.3%-31.1%-24.0%
    Margins Quarterly            
    EBITDA Margin-2547.4%-1789.8%4590.3%817.8%-4890.4%-1010.5%208.2%-625.6%-1873.9%-1417.9%-722.1%-1966.9%
    Operating Income Margin-1760.8%-1944.0%-1706.1%-2239.6%-1434.3%-1104.9%-772.6%-862.0%-1387.5%-1544.0%-1653.9%-1423.6%
    Net Income Margin-2935.2%-1067.4%-7191.7%54.5%-5257.5%-3806.3%-1688.6%-846.9%-2207.2%-3022.0%-1360.7%-2261.0%
    Cash & Debt            
    Total Cash229143152168176188808786798697
    Total Debt13281289246263230717170676665
    Net Debt / (Cash)-216139136788742-9-16-17-12-20-32
    Cash Flows Quarterly            
    FCF from Operations-18-10-16-9-14-12-12-7-12-7-11-9
    Cash Flows TTM            
    FCF from Operations TTM-53-49-51-47-44-43-38-37-39-35-35-37
    Returns to Shareholders Quarterly            
    Dividends000000000000
    Share Repurchases-0-0-0-0-0-0-0-0-0-0-0-0
    Return on Invested Capital (ROIC) Quarterly            
    ROIC-6.7%-7.0%-5.9%-7.0%-6.7%-7.0%-6.5%-6.3%-7.1%-7.7%-9.7%-7.4%
    Return on Invested Capital (ROIC) TTM            
    ROIC TTM-6.2%-6.5%-6.4%-6.6%-6.1%-6.3%-6.7%-7.4%-7.7%-7.9%-7.8%-7.3%

    Segment Financials

    Revenue by Segment
    $ Mil20252024202320222021
    Single segment564  
    Commercial   30
    Equipment sales   00
    Government contracts   00
    Other    0
    Total56441


    Net Income by Segment
    $ Mil202520242023
    Single segment-189-102-72
    Total-189-102-72


    Price Behavior

    Price Behavior
    Market Price$13.76 
    Market Cap ($ Bil)1.9 
    First Trading Date11/02/2020 
    Distance from 52W High-41.7% 
       50 Days200 Days
    DMA Price$15.36$16.93
    DMA Trendupdown
    Distance from DMA-10.4%-18.7%
     3M1YR
    Volatility70.8%76.9%
    Downside Capture328.88198.87
    Upside Capture195.21162.37
    Correlation (SPY)42.3%27.4%
    NN Betas & Captures as of 9/30/2026

     1M2M3M6M1Y3Y
    Beta3.673.112.771.441.611.37
    Up Beta7.933.493.060.621.001.13
    Down Beta3.474.102.151.101.561.57
    Up Capture320%340%248%146%222%373%
    Bmk +ve Days6162766132424
    Stock +ve Days11222863126381
    Down Capture335%249%308%198%149%108%
    Bmk -ve Days16263760120328
    Stock -ve Days11203662123364

    [1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
    Based On 1-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with NN
    NN-3.8%76.8%0.28-
    Sector ETF (XLK)41.1%26.5%1.2627.3%
    Equity (SPY)15.7%13.0%0.8527.2%
    Gold (GLD)7.7%29.6%0.255.0%
    Commodities (DBC)45.6%20.8%1.69-5.1%
    Real Estate (VNQ)1.2%13.6%-0.1612.1%
    Bitcoin (BTCUSD)-25.7%44.5%-0.5412.6%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How
    Based On 5-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with NN
    NN5.3%76.0%0.39-
    Sector ETF (XLK)21.2%25.9%0.7323.0%
    Equity (SPY)13.0%17.2%0.5724.4%
    Gold (GLD)18.6%18.9%0.804.1%
    Commodities (DBC)10.6%19.6%0.424.0%
    Real Estate (VNQ)0.4%18.9%-0.0816.6%
    Bitcoin (BTCUSD)13.6%52.3%0.4310.4%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How
    Based On 10-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with NN
    NN3.0%70.1%0.37-
    Sector ETF (XLK)24.8%25.0%0.9022.2%
    Equity (SPY)15.3%17.9%0.7223.5%
    Gold (GLD)11.6%16.4%0.584.0%
    Commodities (DBC)8.4%18.1%0.383.8%
    Real Estate (VNQ)4.4%20.7%0.1715.8%
    Bitcoin (BTCUSD)64.2%66.2%1.048.7%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How

    Short Interest

    Short Interest: As Of Date9152026
    Short Interest: Shares Quantity17.8 Mil
    Short Interest: % Change Since 83120267.6%
    Average Daily Volume2.3 Mil
    Days-to-Cover Short Interest7.8 days
    Basic Shares Quantity141.6 Mil
    Short % of Basic Shares12.6%

    Returns Analyses

    Earnings Returns History

    Updated 9/14/2026
    Expand for More
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    8/11/20267.9%7.5%-16.8%
    5/14/2026-3.1%-3.6%-11.9%
    3/17/20268.4%9.8%27.4%
    11/6/2025-6.1%-0.2%27.8%
    8/6/2025-10.4%-5.0%2.7%
    5/9/2025-5.8%-2.4%-11.5%
    3/12/20259.1%14.9%16.1%
    11/13/20244.4%13.2%23.8%
    ...
    SUMMARY STATS   
    # Positive10910
    # Negative101110
    Median Positive8.1%9.8%21.3%
    Median Negative-4.8%-4.3%-13.1%
    Max Positive22.3%26.0%32.2%
    Max Negative-24.4%-16.4%-51.5%
     Collapse to Preview
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    8/11/20267.9%7.5%-16.8%
    5/14/2026-3.1%-3.6%-11.9%
    3/17/20268.4%9.8%27.4%
    11/6/2025-6.1%-0.2%27.8%
    8/6/2025-10.4%-5.0%2.7%
    5/9/2025-5.8%-2.4%-11.5%
    3/12/20259.1%14.9%16.1%
    11/13/20244.4%13.2%23.8%
    8/7/20242.0%3.3%-4.1%
    5/8/2024-3.7%-10.7%-11.1%
    3/13/2024-24.4%-14.0%32.2%
    11/8/2023-0.6%-1.0%-19.7%
    8/9/202312.8%26.0%29.9%
    5/10/202322.3%-1.7%17.2%
    3/22/2023-8.8%5.8%5.0%
    11/10/20225.0%15.2%-14.3%
    8/10/202214.7%8.2%18.8%
    5/12/20223.1%-16.4%-51.5%
    3/23/2022-1.8%-4.3%-7.4%
    11/15/2021-1.7%-5.0%-15.1%
    SUMMARY STATS   
    # Positive10910
    # Negative101110
    Median Positive8.1%9.8%21.3%
    Median Negative-4.8%-4.3%-13.1%
    Max Positive22.3%26.0%32.2%
    Max Negative-24.4%-16.4%-51.5%

    SEC Filings

    Expand for More
    Report DateFiling DateFiling
    06/30/202608/11/202610-Q
    03/31/202605/14/202610-Q
    12/31/202503/17/202610-K
    09/30/202511/06/202510-Q
    06/30/202508/06/202510-Q
    03/31/202505/09/202510-Q
    12/31/202403/12/202510-K
    09/30/202411/13/202410-Q
    06/30/202408/07/202410-Q
    03/31/202405/08/202410-Q
    12/31/202303/13/202410-K
    09/30/202311/08/202310-Q
    06/30/202308/09/202310-Q
    03/31/202305/10/202310-Q
    12/31/202203/30/202310-K
    09/30/202211/10/202210-Q
     Collapse to Preview
    Report DateFiling DateFiling
    06/30/202608/11/202610-Q
    03/31/202605/14/202610-Q
    12/31/202503/17/202610-K
    09/30/202511/06/202510-Q
    06/30/202508/06/202510-Q
    03/31/202505/09/202510-Q
    12/31/202403/12/202510-K
    09/30/202411/13/202410-Q
    06/30/202408/07/202410-Q
    03/31/202405/08/202410-Q
    12/31/202303/13/202410-K
    09/30/202311/08/202310-Q
    06/30/202308/09/202310-Q
    03/31/202305/10/202310-Q
    12/31/202203/30/202310-K
    09/30/202211/10/202210-Q
    06/30/202208/10/202210-Q
    03/31/202205/12/202210-Q
    12/31/202103/23/202210-K
    09/30/202110/22/202110-Q

    Insider Activity

    Updated 9/25/2026
    Expand for More
    #OwnerTitleHoldingActionFiling DatePriceSharesTransacted
    Value    		Value of
    Held Shares    		Form
    1Insley, Susan BrasseChief Operating OfficerDirectSell925202614.222,37033,7022,329,766Form
    2Gray, TimothyChief Financial OfficerDirectSell925202614.6411,099162,5381,767,389Form
    3Shams, SammaadChief Accounting OfficerDirectSell921202614.641,57623,0751,009,356Form
    4Sorond, MariamCEO, President and DirectorDirectSell917202614.722,83141,66317,203,131Form
    5Shams, SammaadChief Accounting OfficerDirectSell916202614.794306,3601,042,902Form
     Collapse to Preview
    #OwnerTitleHoldingActionFiling DatePriceSharesTransacted
    Value    		Value of
    Held Shares    		Form
    1Insley, Susan BrasseChief Operating OfficerDirectSell925202614.222,37033,7022,329,766Form
    2Gray, TimothyChief Financial OfficerDirectSell925202614.6411,099162,5381,767,389Form
    3Shams, SammaadChief Accounting OfficerDirectSell921202614.641,57623,0751,009,356Form
    4Sorond, MariamCEO, President and DirectorDirectSell917202614.722,83141,66317,203,131Form
    5Shams, SammaadChief Accounting OfficerDirectSell916202614.794306,3601,042,902Form
    6Insley, Susan BrasseChief Operating OfficerDirectSell916202615.2984912,9812,541,274Form
    7Black, James SGeneral CounselDirectSell916202615.341,87828,8141,377,964Form
    8Sorond, MariamCEO, President and DirectorDirectSell903202615.3069,8531,068,87017,930,410Form
    9Shams, SammaadChief Accounting OfficerDirectSell629202617.842,00635,7781,265,315Form
    10Insley, Susan BrasseChief Operating OfficerDirectSell626202617.132,37040,6022,861,902Form
    11Insley, Susan BrasseChief Operating OfficerDirectSell618202619.3684916,4373,280,049Form
    12Sorond, MariamCEO, President and DirectorDirectSell618202618.332,83051,87822,761,458Form
    13Black, James SGeneral CounselDirectSell616202622.961,87843,1102,104,735Form
    14Sorond, MariamCEO, President and DirectorDirectSell603202619.9269,8531,391,42624,789,521Form
    15Shams, SammaadChief Accounting OfficerDirectSell327202619.543,94577,0851,425,443Form
    16Insley, Susan BrasseChief Operating OfficerDirectSell325202618.572,37044,0153,162,276Form
    17Gray, TimothyChief Financial OfficerDirectSell323202618.111,40525,4452,386,644Form
    18Shams, SammaadChief Accounting OfficerDirectSell323202618.111,76732,0001,392,568Form
    19Black, James SGeneral CounselDirectSell323202617.979,429169,4281,681,273Form
    20Insley, Susan BrasseChief Operating OfficerDirectSell323202618.113,59965,1783,126,565Form
    21Shams, SammaadChief Accounting OfficerDirectSell319202617.801152,0471,111,930Form
    22Shams, SammaadChief Accounting OfficerDirectSell319202616.863,29755,5711,054,843Form
    23Sorond, MariamCEO, President and DirectorDirectSell319202616.8511,322190,79521,226,806Form
    24Insley, Susan BrasseChief Operating OfficerDirectSell319202616.853,39657,2352,114,874Form
    25Sorond, MariamCEO, President and DirectorDirectSell304202616.9169,8531,181,29421,493,143Form
    26Insley, Susan BrasseChief Operating OfficerDirectSell1229202517.062,37040,4382,199,032Form
    27Shams, SammaadChief Accounting OfficerDirectSell1219202516.911151,9451,114,031Form
    28Shams, SammaadChief Accounting OfficerDirectSell1216202516.241,57625,6021,072,082Form
    29Sorond, MariamCEO, President and DirectorDirectSell1203202513.8269,853965,20118,526,624Form
    30Samberg, Joseph DThe Joseph D. Samberg Revocable TrustBuy1124202511.8658,457693,300115,582,816Form
    31Insley, Susan BrasseChief Operating OfficerDirectSell1119202512.7812,189155,7751,677,388Form
    32Samberg, Joseph DThe Joseph D. Samberg Revocable TrustSell1117202512.35540,0006,669,000119,301,000Form
    33Samberg, Joseph DJDS TMT, LPSell1117202512.3560,000741,0009,386,000Form
    34Shams, SammaadChief Accounting OfficerDirectSell923202517.341021,7691,171,681Form
    35Gates, Christian DChief Financial OfficerDirectSell917202517.106,399109,45314,163,701Form
    36Shams, SammaadChief Accounting OfficerDirectSell917202517.131,40023,9811,159,205Form
    37Sorond, MariamCEO, President and DirectorDirectSell903202517.6069,8531,229,67824,832,828Form

    Investor Activity (13F)

    Updated Oct 3, 2026
    13F holdings as of Mar 31, 2026 (Q1 2026)

    Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.

    Active ManagerValue% of PortfolioTotal PositionsQoQFiling
    Fortress Investment Group LLC$227.1 Mil58.0%33Hold13F
    Wolf Hill Capital Management, LP$112.8 Mil16.0%20ADD +36.7%13F
    Philosophy Capital Management LLC$8.8 Mil1.0%36TRIM -37.4%13F
    Active ManagerValue% of PortfolioTotal PositionsQoQFiling
    Wolf Hill Capital Management, LP$112.8 Mil16.0%20ADD +36.7%13F
    Active ManagerValue% of PortfolioTotal PositionsQoQFiling
    Philosophy Capital Management LLC$8.8 Mil1.0%36TRIM -37.4%13F
    Active ManagerValue% of PortfolioTotal PositionsQoQFiling
    Fortress Investment Group LLC$227.1 Mil58.0%33Hold13F
    Wolf Hill Capital Management, LP$112.8 Mil16.0%20ADD +36.7%13F
    Philosophy Capital Management LLC$8.8 Mil1.0%36TRIM -37.4%13F

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