Nextnav Inc Financials
This page shows Nextnav Inc (NN) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 6 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
NextNav's core mechanic today is external funding supporting a still-unscaled revenue base, with operations not yet carrying the enterprise.
In FY2025, financing cash flow of$120.5M more than offset free cash burn of$50.8M , which is why year-end cash held up despite deeply negative operations. At the same time, equity turned negative, so liquidity was preserved by new capital while underlying cash generation moved the other way.
This is still a development-stage cost structure: revenue was only
The jump from an
Financial Health Signals
Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →
Health score ≠ stock price. This rates the quality of Nextnav Inc's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Nextnav Inc has an operating margin of -1535.8%, meaning the company retains $-1536 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is down from -1060.1% the prior year.
Nextnav Inc's revenue declined 19.3% year-over-year, from $5.7M to $4.6M. This contraction results in a growth score of 48/100.
Nextnav Inc carries a low D/E ratio of -3.17, meaning only $-3.17 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 80/100, indicating a strong balance sheet with room for future borrowing.
With a current ratio of 12.71, Nextnav Inc holds $12.71 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 100/100.
While Nextnav Inc generated -$50.7M in operating cash flow, capex of $50K consumed most of it, leaving -$50.8M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.
Nextnav Inc passes 2 of 9 financial strength tests. 1 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, neither operating efficiency signal passes.
For every $1 of reported earnings, Nextnav Inc generates $0.27 in operating cash flow (-$50.7M OCF vs -$189.3M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Nextnav Inc earns $-5.6 in operating income for every $1 of interest expense (-$70.2M vs $12.4M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Earnings & Revenue
Nextnav Inc generated $4.6M in revenue in fiscal year 2025. This represents a decrease of 19.3% from the prior year.
Nextnav Inc's EBITDA was -$62.5M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 13.9% from the prior year.
Nextnav Inc reported -$189.3M in net income in fiscal year 2025. This represents a decrease of 85.8% from the prior year.
Nextnav Inc earned $-1.42 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 69.0% from the prior year.
Cash & Balance Sheet
Nextnav Inc generated -$50.8M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 32.4% from the prior year.
Nextnav Inc held $44.8M in cash against $273.6M in long-term debt as of fiscal year 2025.
Nextnav Inc had 135M shares outstanding in fiscal year 2025. This represents an increase of 3.2% from the prior year.
Margins & Returns
Nextnav Inc's gross margin was -86.8% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 173.9 percentage points from the prior year.
Nextnav Inc's operating margin was -1535.8% in fiscal year 2025, reflecting core business profitability. This is down 475.7 percentage points from the prior year.
Nextnav Inc's net profit margin was -4138.5% in fiscal year 2025, showing the share of revenue converted to profit. This is down 2341.4 percentage points from the prior year.
Capital Allocation
Nextnav Inc invested $19.0M in research and development in fiscal year 2025. This represents an increase of 16.7% from the prior year.
Nextnav Inc invested $50K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 85.7% from the prior year.
NN Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $995K+5.3% | $945K+6.5% | $887K-26.2% | $1.2M-21.9% | $1.5M-19.5% | $1.9M+18.9% | $1.6M+45.4% | $1.1M |
| Cost of Revenue | $2.1M+9.9% | $1.9M-5.4% | $2.0M+0.3% | $2.0M-19.7% | $2.5M+133.6% | -$7.5M-391.7% | $2.6M-11.6% | $2.9M |
| Gross Profit | -$1.1M-14.3% | -$986K+14.6% | -$1.2M-38.5% | -$833K+16.2% | -$994K-110.5% | $9.5M+1066.5% | -$978K+46.2% | -$1.8M |
| R&D Expenses | $5.9M+20.3% | $4.9M-4.2% | $5.2M+6.8% | $4.8M+19.5% | $4.0M+3.1% | $3.9M+10.5% | $3.5M-13.7% | $4.1M |
| SG&A Expenses | $10.7M+22.1% | $8.8M-12.1% | $10.0M-2.2% | $10.2M-2.7% | $10.5M+17.7% | $8.9M+11.5% | $8.0M-1.1% | $8.1M |
| Operating Income | -$19.3M-20.0% | -$16.1M+18.8% | -$19.9M-15.2% | -$17.2M-1.4% | -$17.0M-15.2% | -$14.8M-6.6% | -$13.9M+9.7% | -$15.3M |
| Interest Expense | $5.2M+122.9% | -$22.5M-552.7% | $5.0M+1.4% | $4.9M+2343.3% | $201K+107.5% | -$2.7M-21.6% | -$2.2M+4.4% | -$2.3M |
| Income Tax | $56K+7.7% | $52K+13.0% | $46K+9.5% | $42K-27.6% | $58K+65.7% | $35K+34.6% | $26K-61.8% | $68K |
| Net Income | -$10.6M+84.4% | -$68.0M-14170.8% | $483K+100.8% | -$63.2M-7.9% | -$58.6M-81.5% | -$32.3M-137.1% | -$13.6M+44.2% | -$24.4M |
| EPS (Diluted) | $-0.12 | N/A | $-0.12+75.0% | $-0.48-6.7% | $-0.45 | N/A | $-0.11+47.6% | $-0.21 |
NN Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $235.6M-4.6% | $247.0M-6.1% | $263.1M+2.5% | $256.7M-4.4% | $268.6M+66.1% | $161.7M-5.8% | $171.7M-0.4% | $172.3M |
| Current Assets | $147.9M-6.1% | $157.4M-8.6% | $172.3M-5.3% | $182.0M-6.0% | $193.5M+124.8% | $86.0M-17.6% | $104.4M+0.2% | $104.2M |
| Cash & Equivalents | $30.6M-31.6% | $44.8M-50.3% | $90.0M+52.9% | $58.9M-60.9% | $150.4M+282.5% | $39.3M-42.1% | $67.9M+7.8% | $63.0M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | $1.4M-41.2% | $2.3M+63.8% | $1.4M-36.0% | $2.2M+36.0% | $1.6M-50.2% | $3.3M+47.7% | $2.2M-0.6% | $2.2M |
| Goodwill | $18.7M-2.4% | $19.2M+0.3% | $19.1M0.0% | $19.1M+8.2% | $17.6M+4.0% | $17.0M-6.7% | $18.2M+4.2% | $17.4M |
| Total Liabilities | $325.6M-2.3% | $333.3M+16.9% | $285.2M-6.2% | $304.0M+16.0% | $262.0M+134.8% | $111.6M+5.2% | $106.1M-2.2% | $108.5M |
| Current Liabilities | $14.1M+13.9% | $12.4M-17.1% | $14.9M+22.8% | $12.2M+5.3% | $11.5M-4.9% | $12.1M-41.7% | $20.8M+18.5% | $17.6M |
| Long-Term Debt | $267.2M-2.3% | $273.6M+18.9% | $230.1M-6.6% | $246.3M+15.6% | $213.1M+290.1% | $54.6M+3.1% | $53.0M+3.1% | $51.4M |
| Total Equity | -$90.0M-4.3% | -$86.2M-289.9% | -$22.1M+53.2% | -$47.2M-818.3% | $6.6M-86.9% | $50.1M-23.6% | $65.6M+2.7% | $63.8M |
| Retained Earnings | -$1.1B-1.0% | -$1.1B-6.9% | -$983.4M0.0% | -$983.9M-6.9% | -$920.7M-6.8% | -$862.1M-3.9% | -$829.8M-1.7% | -$816.2M |
NN Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$10.0M+37.5% | -$16.1M-79.3% | -$9.0M+33.7% | -$13.5M-11.0% | -$12.2M-1.9% | -$11.9M-76.2% | -$6.8M+44.8% | -$12.3M |
| Capital Expenditures | $10K+166.7% | -$15K-287.5% | $8K-70.4% | $27K-10.0% | $30K-82.1% | $168K+16700.0% | $1K-99.3% | $149K |
| Free Cash Flow | -$10.1M+37.5% | -$16.1M-79.3% | -$9.0M+33.8% | -$13.6M-11.0% | -$12.2M-0.8% | -$12.1M-78.6% | -$6.8M+45.5% | -$12.4M |
| Investing Cash Flow | -$4.2M+86.0% | -$29.6M-173.0% | $40.5M+151.6% | -$78.5M-2711.6% | $3.0M+113.8% | -$21.8M-568.2% | $4.7M+123.0% | -$20.2M |
| Financing Cash Flow | $233K-42.5% | $405K+214.4% | -$354K-236.7% | $259K-99.8% | $120.2M+2139.1% | $5.4M-24.0% | $7.1M-68.1% | $22.2M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
NN Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | -113.3%-8.9pp | -104.3%+25.8pp | -130.1%-60.8pp | -69.3%-4.7pp | -64.6%-559.2pp | 494.6%+555.5pp | -60.9%+103.8pp | -164.6% |
| Operating Margin | -1944.0%-237.9pp | -1706.1%+533.4pp | -2239.6%-805.3pp | -1434.3%-329.4pp | -1104.9%-332.3pp | -772.6%+89.4pp | -862.0%+525.5pp | -1387.5% |
| Net Margin | -1067.4%+6124.3pp | -7191.8%-7246.2pp | 54.4%+5311.9pp | -5257.5%-1451.2pp | -3806.3%-2117.7pp | -1688.6%-841.8pp | -846.9%+1360.4pp | -2207.2% |
| Return on Equity | N/A | N/A | N/A | N/A | -891.2%-826.8pp | -64.4%-43.6pp | -20.8%+17.5pp | -38.2% |
| Return on Assets | -4.5%+23.0pp | -27.5%-27.7pp | 0.2%+24.8pp | -24.6%-2.8pp | -21.8%-1.9pp | -20.0%-12.0pp | -7.9%+6.2pp | -14.1% |
| Current Ratio | 10.49-2.2 | 12.71+1.2 | 11.54-3.4 | 14.97-1.8 | 16.75+9.7 | 7.09+2.1 | 5.01-0.9 | 5.93 |
| Debt-to-Equity | -2.97+0.2 | -3.17+7.2 | -10.40-5.2 | -5.22-37.6 | 32.42+31.3 | 1.09+0.3 | 0.810.0 | 0.81 |
| FCF Margin | -1010.1%+692.7pp | -1702.9%-691.3pp | -1011.6%+115.8pp | -1127.4%-334.1pp | -793.3%-159.3pp | -634.0%-212.0pp | -422.0%+704.0pp | -1126.1% |
Note: Shareholder equity is negative (-$86.2M), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.
