NXNVWNasdaqSearch, Detection, Navigation, Guidance, Aeronautical SysUS GAAP · USD

NextNav Inc

NextNav Inc. develops positioning, navigation and timing (PNT) solutions designed to complement or back up satellite-based GPS and GNSS. The company’s products and services are built around its Lower 900 MHz spectrum assets and 5G-based NextGen platform, with customers spanning government, wireless carriers, application developers, and commercial users in the United States and international markets.

Kysy yhtiöstä
Liikevaihto4,6milj. USD
−19,3 %v/v
Liikevoitto (EBIT)−70,2milj. USD
−16,9 %v/v
EBIT-marginaali−1 535,8%
−475,7 %-yks.v/v
Nettotulos−189milj. USD
−85,8 %v/v
Vapaa kassavirta−50,8milj. USD
−32,4 %v/v

Tilikausi 2025 · muutos edellisvuodesta

Kehitys 2020–2025

−80−60−40−20020milj. USD2020: 0,57 milj. USD2020: EBIT −29 milj. USD20202021: 0,76 milj. USD2021: EBIT −42 milj. USD20212022: 3,9 milj. USD2022: EBIT −66 milj. USD20222023: 3,9 milj. USD2023: EBIT −64 milj. USD20232024: 5,7 milj. USD2024: EBIT −60 milj. USD20242025: 4,6 milj. USD2025: EBIT −70 milj. USD20254,6−70
LiikevaihtoLiikevoitto (EBIT)
Kysy Clarifolta: NextNav Inc

Liiketoiminta

Osuus liikevaihdosta
PNT services and contracts55 %

Services delivered under contracts with wireless carriers, developers, and government customers.

Technology demonstrations and support20 %

Assessment, testing, and support work for government and commercial use cases.

Equipment sales10 %

Sales of hardware and related equipment used in PNT deployments and testing.

Technology licensing15 %

Licensing of proprietary PNT technology and related access rights.

Tuotteet

Raportoitu · osuus liikevaihdosta
82,2%17,8%FY2025100 %
  • Commercial Services82,2 %
  • Government Contract Services17,8 %

Lähde: 10-K FY2025, yhtiön tuotelinjoittain raportoima liikevaihto (SEC XBRL). Osuudet on laskettu näytetyistä riveistä ja ne summautuvat 100 %:iin.

Asiakkaat

NextNav sells to government agencies, wireless carriers, application developers, and other commercial customers that need resilient location and timing capabilities. Its offerings are used where GPS can be unreliable or vulnerable, so buyers value backup positioning, network integration, and testing support rather than commodity navigation hardware. Revenue concentration remains high, with a small number of customers accounting for most quarterly revenue.

Government agencies

Buy technology demonstrations, assessment, and support for resilient PNT use cases.

Wireless carriers

Buy services and integration support for embedding PNT into 5G networks.

Application developers

Buy access and services to integrate NextNav positioning capabilities into apps.

Commercial enterprise customers

Buy equipment, services, or licenses for GPS-resilient navigation applications.

Strategia

NextNav’s strategy centers on commercializing resilient PNT through its NextGen 5G platform and integrating its Lower 900 MHz spectrum into partner networks. The company is also focused on preserving liquidity while funding product development, network buildout, and commercialization efforts. Its competitive position depends on converting spectrum rights and technical capabilities into scalable deployments with carriers and other partners.

Commercialize NextGen on 5G networksKeskipitkä aikaväli

Partner integration is central to scaling PNT distribution and usage.

Advance FCC and spectrum-related initiativesKeskipitkä aikaväli

Spectrum configuration and regulatory approvals affect the platform’s deployability.

Fund R&D and network investmentLyhyt aikaväli

Product development and network readiness are required to support commercialization.

Maantiede

NextNav is headquartered in the United States and serves domestic and international markets through its PNT technologies and spectrum-based platform. The company’s operating footprint is tied to U.S. spectrum assets and FCC-related initiatives, while customer demand can come from both U.S. government and commercial users. The business is therefore exposed to U.S. regulatory and spectrum policy decisions as well as adoption of 5G-based PNT solutions abroad.

Riskit

NextNav’s business depends on regulatory outcomes, partner adoption, and successful commercialization of a technically complex PNT platform. The company also faces financing and dilution risk because it has historically relied on debt and equity funding, while its capital structure includes convertible notes, warrants, and related restrictions. Like other early commercialization technology companies, it is exposed to execution risk, customer concentration, and uncertainty around timing of revenue scale-up.

Järjestetty vakavuuden mukaan
MatalaKohtalainenKorkeaMatalaKohtalainenKorkeaVaikutus →Todennäköisyys →Spectrum and regulatory dependence1Financing and dilution risk2Commercialization and execution risk4
Vaikutus on riskin vakavuus ja todennäköisyys sen toteutumisen todennäköisyys lähivuosina, molemmat arvioitu yhtiön raporttien perusteella. Numerot vastaavat listaa.
  1. Spectrum and regulatory dependenceVaikutus: KorkeaTodennäköisyys: Korkea

    The NextGen platform relies on FCC-related changes and use of Lower 900 MHz spectrum.

    Kohdistuu: FCC rulemaking and spectrum licensing

  2. Financing and dilution riskVaikutus: KorkeaTodennäköisyys: Korkea

    The company has relied on debt and equity financing and has outstanding warrants and convertible notes.

    Kohdistuu2028 NotesWarrantsFuture equity issuance
  3. Customer concentrationVaikutus: Korkea

    A small number of customers accounted for most quarterly revenue, increasing volatility.

    Kohdistuu: Government and commercial contracts

  4. Commercialization and execution riskVaikutus: KeskitasoTodennäköisyys: Korkea

    Revenue depends on converting technical capability into partner deployments and customer adoption.

    KohdistuuCarrier integrationProduct rolloutMarket acceptance
Kysy Clarifolta: NextNav Inc

Kirjanpito

Harkinnanvaraiset erät
Revenue recognition under contract milestones

Revenue is recognized when arrangements exist and services or technology access are delivered, affecting quarter-to-quarter timing.

Vaikutus: Can shift reported revenue between periods

Fair value measurement of derivative and warrant liabilities

Changes in fair value can create large non-cash gains or losses in other income/expense.

Vaikutus: Can materially affect net income

Convertible notes and debt extinguishment accounting

Issuance, redemption, and conversion features affect interest expense, discounts, and extinguishment gains/losses.

Vaikutus: Can distort comparability across periods

Stock-based compensation

Equity awards are a recurring non-cash expense in COGS and operating expenses.

Vaikutus: Affects operating margin and cash flow reconciliation

Samankaltaisia listattuja yhtiöitä

Julkisesti listattuja yhtiöitä, joilla on samankaltainen liiketoiminta.

NextTrip, Inc.

NTRP · Transportation Services

Nextdoor Holdings, Inc.

NXDR · Services-Computer Programming, Data Processing, Etc.

NextPlat Corp

NXPL · Telephone Communications (No Radiotelephone)

Luminar Technologies, Inc.

Motor Vehicle Parts & Accessories

Comtech Telecommunications Corp

CMTL · Radio & Tv Broadcasting & Communications Equipment

ViaSat, Inc

VSAT · Communications Services, NEC

Päivitetty: 24.9.2026

NextNav Inc (NXNVW) liikevaihto, tulos ja tunnusluvut 2025 – Clarifo