NextNav Financials
This page shows NextNav (NXNVW) 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).
NXNVW's operating model is still externally financed development, with cash needs far larger than what customers currently contribute.
FY2025 cash still finished at$44.8M despite free cash flow of-$50.8M , so the year-end cash figure does not reflect self-funding. The gap was filled by financing inflows, which helped push long-term debt to$273.6M and left shareholders’ equity at-$86.2M even while near-term liquidity looked comfortable.
This still reads like a development-stage cost structure: FY2025 R&D plus SG&A was
The swing in gross margin from
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'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 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'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 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 holds $12.71 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 100/100.
While NextNav 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 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 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 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 generated $4.6M in revenue in fiscal year 2025. This represents a decrease of 19.3% from the prior year.
NextNav'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 reported -$189.3M in net income in fiscal year 2025. This represents a decrease of 85.8% from the prior year.
NextNav 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 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 held $44.8M in cash against $273.6M in long-term debt as of fiscal year 2025.
NextNav had 135M shares outstanding in fiscal year 2025. This represents an increase of 3.2% from the prior year.
Margins & Returns
NextNav'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'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'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 invested $19.0M in research and development in fiscal year 2025. This represents an increase of 16.7% from the prior year.
NextNav 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.
NXNVW 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 |
NXNVW 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 |
NXNVW 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 |
NXNVW 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.