NextNav Inc. (NN) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 21, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q2 FY2026, filed Aug 11, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the NN SEC filings page.
NextNav Inc. (NN) reported $4.0M in revenue over the twelve months to Jun 30, 2026, down 36.5% from the prior twelve months. This page shows its 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 remains a development-stage business: R&D and overhead exceed modest revenue, while financing supports a leveraged balance sheet.
In FY2025, gross margin turned negative at-86.8% as operating cash flow reached-$50.7M , linking the reported loss to a cash need rather than an accounting-only result. Long-term debt reached$273.6M while liabilities exceeded assets, so balance-sheet expansion depended on financing rather than internally generated cash.
R&D was
The reported liquidity measure equaled 36 months of the latest annual operating outflow, while total equity was
Financial Health Signals
Scored against emerging companies for FY2025. Each of the six dimensions is a percentile rank within that peer group, and the overall is the average of the dimensions that can be computed. A high score means strong standing among peers, not absolute cross-industry strength. 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. held $152.1M in cash, cash equivalents and investments at the end of fiscal year 2025, and its operations used $50.7M of cash that year. Cash Runway ranks emerging companies on the size of that balance against the outflow behind it, and NextNav Inc. scores 62/100 among other emerging companies.
NextNav Inc. had 136M shares outstanding at the end of fiscal year 2025, against 131M in fiscal year 2024. Dilution ranks emerging companies on how fast that count has grown over three years, where a slower rise is the better one, and NextNav Inc. scores 48/100 among other emerging companies.
NextNav Inc. spent $19.0M on research and development in fiscal year 2025, which was 25.3% of its operating costs that year. R&D Intensity ranks emerging companies on the share of operating costs that goes into research, and NextNav Inc. scores 57/100 among other emerging companies.
NextNav Inc. reported revenue of $4.6M in fiscal year 2025, against $5.7M in fiscal year 2024. Revenue Progress ranks emerging companies on the three-year path of that line, and NextNav Inc. scores 54/100 among other emerging companies.
NextNav Inc.'s operations used $50.7M of cash in fiscal year 2025, against $38.0M used in fiscal year 2024. Burn Trend ranks emerging companies on which way that figure has moved over three years, and NextNav Inc. scores 32/100 among other emerging companies.
NextNav Inc.'s cash, cash equivalents and investments came to $152.1M at the end of fiscal year 2025, against $333.3M of total liabilities. Balance Sheet ranks emerging companies on that comparison, and NextNav Inc. scores 42/100 among other emerging companies.
NextNav Inc. scores -3.26, below the 1.81 distress threshold. The score is pulled down most by an accumulated deficit of $1.1B against total assets of $247.0M. This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
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.
NextNav Inc. reported a net loss of $189.3M while operations used $50.7M of cash. With neither figure positive, the ratio between the two carries no quality signal.
NextNav Inc. reported an operating loss of $70.2M against $12.4M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
Key Financial Metrics
Earnings & Revenue
NextNav Inc. generated $1.1M in revenue in Q2 2026. This represents a decrease of 4.3% from the same quarter a year earlier. Against the prior quarter it is up 15.6%.
NextNav Inc.'s EBITDA was -$18.9M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. The change from the same quarter a year earlier is not meaningful, because that figure was zero or negative. The change from the prior quarter is not meaningful, because that quarter’s figure was zero or negative.
NextNav Inc. reported a net loss of $33.8M in Q2 2026. The change from the same quarter a year earlier is not meaningful, because that figure was zero or negative. The change from the prior quarter is not meaningful, because that quarter’s figure was zero or negative.
NextNav Inc. earned -$0.24 per diluted share (EPS) in Q2 2026. The change from the same quarter a year earlier is not meaningful, because that figure was zero or negative.
Cash & Balance Sheet
NextNav Inc. recorded an outflow of $18.0M in free cash flow in Q2 2026, representing a cash shortfall after capex. The change from the same quarter a year earlier is not meaningful, because that figure was zero or negative. The change from the prior quarter is not meaningful, because that quarter’s figure was zero or negative.
NextNav Inc. held $77.7M in cash as of Q2 2026; no long-term debt figure is on record for that period.
Not reported for Q2 2026.
Margins & Returns
NextNav Inc.'s gross margin was -78.7% in Q2 2026, indicating the percentage of revenue retained after direct costs. This is down 9.4 percentage points from the same quarter a year earlier.
NextNav Inc.'s quarterly ROE was -10.1% in Q2 2026: one quarter's net income over shareholder equity, not annualized.
Not shown for Q2 2026: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not shown for Q2 2026: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Capital Allocation
NextNav Inc. invested $5.5M in research and development in Q2 2026. This represents an increase of 13.2% from the same quarter a year earlier. Against the prior quarter it is down 8.0%.
NextNav Inc. invested $5K in capex in Q2 2026, funding long-term assets and infrastructure. This represents a decrease of 81.5% from the same quarter a year earlier. Against the prior quarter it is down 50.0%.
Not reported for Q2 2026.
NN Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $1.1M-4.3% | $995K-35.3% | $945K-50.5% | $887K-44.8% | $1.2M+8.8% | $1.5M+47.1% | $1.9M+58.6% | $1.6M+56.5% |
| Cost of Revenue | $2.1M+1.0% | $2.1M-16.2% | $1.9Mn/m | $2.0M-21.0% | $2.0M-30.4% | $2.5M-8.3% | -$7.5Mn/m | $2.6M-20.0% |
| Gross Profit | -$905Kn/m | -$1.1Mn/m | -$986K-110.4% | -$1.2Mn/m | -$833Kn/m | -$994Kn/m | $9.5M+14.1% | -$978Kn/m |
| R&D Expenses | $5.5M+13.2% | $5.9M+47.1% | $4.9M+26.0% | $5.2M+45.4% | $4.8M+17.4% | $4.0M-13.5% | $3.9M-20.5% | $3.5M-29.2% |
| SG&A Expenses | $12.6M+22.7% | $10.7M+2.1% | $8.8M-1.6% | $10.0M+24.9% | $10.2M+26.2% | $10.5M+24.6% | $8.9M-22.9% | $8.0M+30.3% |
| Operating Income | -$20.2Mn/m | -$19.3Mn/m | -$16.1Mn/m | -$19.9Mn/m | -$17.2Mn/m | -$17.0Mn/m | -$14.8Mn/m | -$13.9Mn/m |
| EBITDA | -$18.9Mn/m | -$17.8Mn/m | -$14.7Mn/m | -$16.3Mn/m | -$15.9Mn/m | -$15.6Mn/m | -$13.5Mn/m | -$12.5Mn/m |
| Interest Expense | $4.4M-9.4% | $5.2M+2462.7% | $2.4M-12.7% | $5.0M+124.5% | $4.9M+111.7% | $201K-90.7% | $2.7Mn/m | $2.2Mn/m |
| Income Tax | $60K+42.9% | $56K-3.4% | $52K+48.6% | $46K+76.9% | $42K-38.2% | $58K+31.8% | $35K-43.5% | $26K+8.3% |
| Net Income | -$33.8Mn/m | -$10.6Mn/m | -$68.0Mn/m | $483Kn/m | -$63.2Mn/m | -$58.6Mn/m | -$32.3Mn/m | -$13.6Mn/m |
| EPS (Basic) | -$0.24n/m | -$0.08n/m | -$0.50n/m | $0.00n/m | -$0.48n/m | -$0.45n/m | -$0.25n/m | -$0.11 |
| EPS (Diluted) | -$0.24n/m | -$0.12n/m | -$0.49n/m | -$0.12n/m | -$0.48n/m | -$0.45n/m | -$0.25n/m | -$0.11 |
| Diluted Shares (Avg) | 142M+7.0% | 152M+15.7% | N/A | 150M+18.3% | 132M+14.8% | 131M+18.0% | N/A | 126M |
NN Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $389.1M+51.5% | $235.6M-12.3% | $247.0M+52.7% | $263.1M+53.2% | $256.7M+49.0% | $268.6M+62.2% | $161.7M-0.3% | $171.7M-0.8% |
| Current Assets | $303.8M+67.0% | $147.9M-23.6% | $157.4M+82.9% | $172.3M+65.0% | $182.0M+74.7% | $193.5M+99.9% | $86.0M-5.7% | $104.4M+2.2% |
| Cash & Equivalents | $77.7M+32.0% | $30.6M-79.7% | $44.8M+13.8% | $90.0M+32.5% | $58.9M-6.5% | $150.4M+105.2% | $39.3M-52.0% | $67.9M-24.7% |
| Short-Term Investments | $151.1M+29.0% | $112.4M+195.8% | $107.4M+163.3% | $77.6M+311.3% | $117.2M+401.8% | $38.0M+541.4% | $40.8M+931.5% | $18.9M+171.0% |
| Accounts Receivable | $2.1M-5.7% | $1.4M-16.1% | $2.3M-28.9% | $1.4M-35.9% | $2.2M-0.5% | $1.6M+10.0% | $3.3M+41.6% | $2.2M-18.4% |
| Long-Term Investments | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m |
| Goodwill | $18.6M-2.7% | $18.7M+6.0% | $19.2M+12.9% | $19.1M+5.0% | $19.1M+9.4% | $17.6M+0.3% | $17.0M-5.6% | $18.2M+5.5% |
| Total Liabilities | $54.6M-82.1% | $325.6M+24.3% | $333.3M+198.6% | $285.2M+168.8% | $304.0M+180.2% | $262.0M+141.8% | $111.6M+36.0% | $106.1M+19.2% |
| Current Liabilities | $11.9M-2.5% | $14.1M+22.1% | $12.4M+2.0% | $14.9M-28.3% | $12.2M-30.8% | $11.5M-52.2% | $12.1M+23.9% | $20.8M+85.9% |
| Non-Current Liabilities | $42.7M-85.4% | $311.5M+24.4% | $320.9M+222.6% | $270.3M+216.9% | $291.8M+221.0% | $250.5M+197.4% | $99.5M+37.7% | $85.3M+9.6% |
| Long-Term Debt | N/A | $267.2M+25.4% | $273.6M+400.9% | $230.1M+334.4% | $246.3M+379.2% | $213.1M+327.1% | $54.6M+12.7% | $53.0M+12.6% |
| Total Equity | $334.5Mn/m | -$90.0M-1468.7% | -$86.2M-272.1% | -$22.1M-133.7% | -$47.2M-173.9% | $6.6M-88.2% | $50.1M-36.3% | $65.6M-18.3% |
| Retained Earnings | -$1.1Bn/m | -$1.1Bn/m | -$1.1Bn/m | -$983.4Mn/m | -$983.9Mn/m | -$920.7Mn/m | -$862.1Mn/m | -$829.8Mn/m |
Not reported in any period shown, so not listed: Inventory.
NN Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$18.0Mn/m | -$10.0Mn/m | -$16.1Mn/m | -$9.0Mn/m | -$13.5Mn/m | -$12.2Mn/m | -$11.9Mn/m | -$6.8Mn/m |
| Depreciation & Amortization | $1.3M-2.2% | $1.5M+5.6% | $1.4M+6.9% | $3.5M+170.1% | $1.4M+4.2% | $1.5M+10.1% | $1.3M+4.0% | $1.3M+4.5% |
| Stock-Based Compensation | $5.9M+61.2% | $5.1M+17.7% | N/A | $4.6M+39.8% | $3.6M0.0% | $4.3M+1.9% | N/A | $3.3M-25.9% |
| Capital Expenditures | $5K-81.5% | $10K-66.7% | -$15K-91.1% | $8K+700.0% | $27K-81.9% | $30K-6.3% | $168K-20.0% | $1K-99.5% |
| Free Cash Flow | -$18.0Mn/m | -$10.1Mn/m | -$16.1Mn/m | -$9.0Mn/m | -$13.6Mn/m | -$12.2Mn/m | -$12.1Mn/m | -$6.8Mn/m |
| Investing Cash Flow | -$37.9Mn/m | -$4.2M-238.3% | -$29.6Mn/m | $40.5M+770.3% | -$78.5Mn/m | $3.0Mn/m | -$21.8M-949.1% | $4.7M-81.5% |
| Financing Cash Flow | $103.0M+39684.9% | $233K-99.8% | $405K-92.5% | -$354K-105.0% | $259K-98.8% | $120.2M+23189.1% | $5.4Mn/m | $7.1M-66.1% |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
NN Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | -78.7%-9.4pp | -113.3% | -104.3% | -130.1% | -69.3% | -64.6% | 494.6% | -60.9% |
| Operating Margin | -1760.8% | -1944.0% | -1706.1% | -2239.6% | -1434.3% | -1104.9% | -772.6% | -862.0% |
| Net Margin | -2935.2% | -1067.4% | -7191.8% | 54.4% | -5257.5% | -3806.3% | -1688.6% | -846.9% |
| Return on Equity | -10.1% | N/A | N/A | N/A | N/A | -891.2%-834.7pp | -64.4%-43.6pp | -20.8%+8.2pp |
| Return on Assets | -8.7%+15.9pp | -4.5%+17.3pp | -27.5%-7.6pp | 0.2%+8.1pp | -24.6%-10.5pp | -21.8%-2.7pp | -20.0%-9.8pp | -7.9%+5.5pp |
| Current Ratio | 25.63+10.7x | 10.49-6.3x | 12.71+5.6x | 11.54+6.5x | 14.97+9.0x | 16.75+12.7x | 7.09-2.2x | 5.01-4.1x |
| Debt-to-Equity | N/A | N/A | N/A | N/A | N/A | 32.42+31.5x | 1.09+0.5x | 0.81+0.2x |
| Liabilities-to-Equity | 0.16 | N/A | N/A | N/A | N/A | 39.87+37.9x | 2.23+1.2x | 1.62+0.5x |
| Asset Turnover | 0.000.0x | 0.000.0x | 0.000.0x | 0.000.0x | 0.000.0x | 0.010.0x | 0.010.0x | 0.010.0x |
| FCF Margin | -1563.9% | -1010.1% | -1702.9% | -1011.6% | -1127.4% | -793.3% | -634.0% | -422.0% |
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Gross Margin, Operating Margin, Net Margin, FCF Margin.
Note: Shareholder equity is negative (-$86.2M), which causes the debt-to-equity, liabilities-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.
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