NextNav (NASDAQ: NN) 2025 loss deepens as debt and assets increase

Rhea-AI Filing Summary

NextNav Inc. reported fourth quarter and full year 2025 results, showing a small revenue base and significantly higher losses as it invests in its positioning, navigation, and timing platform. For 2025, revenue was $4.6 million while operating expenses reached $74.8 million, driving an operating loss of $70.2 million and a net loss of $189.3 million, or $1.42 per share.

As of December 31, 2025, NextNav held $44.8 million in cash and cash equivalents and $107.4 million in short-term investments, against $273.6 million of long-term debt and a total stockholders’ deficit of $86.2 million. The company highlighted regulatory momentum toward a potential FCC rulemaking for terrestrial 3D PNT, new board appointments, an expanded partnership with Japan’s MetCom, and initial localized operation of a 5G-powered PNT test network. A conference call for investors is scheduled for March 17, 2026.

Positive

• None.

Negative

• Net loss and leverage rose materially: 2025 net loss increased to $189.3 million with long-term debt at $273.6 million and stockholders’ equity moving to a deficit of $86.2 million, signaling higher financial risk while the business is still in an early revenue stage.

Insights

Equity analyst – communications technology

NextNav’s 2025 loss and leverage increased sharply as it funds PNT build‑out.

NextNav reported 2025 revenue of $4,573,000 against operating expenses of $74,805,000, resulting in an operating loss of $70,232,000. The net loss widened to $189,253,000, driven by higher interest expense, a debt extinguishment loss, and large fair value charges on warrants and a derivative liability.

On the balance sheet, total assets rose to $247,019,000, reflecting higher short-term investments and intangible assets, but long-term debt increased to $273,589,000. Stockholders’ equity swung to a deficit of $86,235,000, underscoring reliance on debt and equity-linked financing.

Cash and cash equivalents of $44,757,000 plus short-term investments of $107,381,000 are supported by financing activity, including $190,000,000 of 2028 senior convertible notes. Future filings around FCC rulemaking progress and commercialization of its 3D PNT network will be important to understand how this capital translates into revenue growth.

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): March 17, 2026

NEXTNAV INC.

(Exact name of registrant as specified in its charter)

Delaware		001-40985		87-0854654
(State or other jurisdiction of     incorporation or organization)		(Commission File Number)		(I.R.S. Employer     Identification No.)

11911 Freedom Drive, Ste. 200

Reston, Virginia 20190

(800) 775-0982

(Address, including zip code, and telephone number, including area code, of registrant’s principal executive  offices)

N/A

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of exchange on which registered
Common Stock, par value $0.0001 per share		NN		Nasdaq Capital Market
Warrants, each to purchase one share of Common Stock		NNAVW		Nasdaq Capital Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company  ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

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Item 2.02. Results of Operations and Financial Condition.

On March 17, 2026, NextNav Inc. issued a press release announcing its financial results for the twelve months ended December 31, 2025. A full text of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.

This information, including the Exhibit attached hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, unless the Company specifically states that the information is to be considered “filed” under the Exchange Act or incorporates it by reference into a filing under the Securities Act of 1933, as amended.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

Exhibit		Description
99.1		Press release dated March 17, 2026
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

2

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated: March 17, 2026

	NEXTNAV INC.
	By:	/s/     Timothy A. Gray
		Name:	Timothy A. Gray
		Title:	Chief Financial Officer

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Exhibit 99.1

NextNav Inc. Reports Fourth Quarter and Full Year 2025 Results and Operational Highlights

NextNav confident FCC moving toward near-term NPRM

RESTON, Va., March 17, 2026 -- NextNav Inc. (NASDAQ: NN) a leader in next generation positioning, navigation, and timing (PNT) and 3D geolocation, today reported its financial results and operational updates for the quarter ended and full year December 31, 2025.

“We are confident the Federal Communications Commission (FCC) is moving toward a Notice of Proposed Rulemaking (NPRM) in the near term, supported by a robust and well‑developed record with a path to a Report and Order,” said Mariam Sorond, CEO of NextNav. “FCC Chairman Brendan Carr’s recent submission of a PNT rulemaking to the Office of Management and Budget represents an important milestone achieved in rapid time, reflecting extraordinary momentum under this Administration. We applaud Chairman Carr for moving forward to fulfill an Administration priority delivering a resilient terrestrial complement and backup to GPS​.”

Operational Highlights

 On February 27, 2026, NextNav announced the expansion of its Board with the appointment of seasoned technology and national security leader, Lisa Hook, as Lead Independent Director. Details can be found here.

 On January 27, 2026, CTIA announced that Mariam Sorond has joined its Board of Directors. Details can be found here.

 On December 16, 2025, NextNav announced an expanded partnership with Japan’s MetCom, reflecting global demand for resilient, terrestrial PNT solutions. Details can be found here.

 On December 11, 2025, NextNav announced it would commence localized operation of the world’s first 5G-powered PNT Network for temporary testing purposes, marking a major step toward commercialization. Details can be found here.

Financial Highlights

 Balance Sheet: As of December 31, 2025, the Company had $152.1 million in cash and cash equivalents and short-term investments. Net long-term debt of $273.6 million includes derivative liability of $115.8 million, and is net of unamortized discount of $32.2 million, with a face value of $190 million.

Conference Call Information

NextNav will host a conference call for analysts and investors at 5:00 pm ET on Tuesday, March 17, 2026.

Registration for the conference call can be completed by visiting the following website prior to, or on the day of, the conference call: https://events.q4inc.com/attendee/726470683. After registering, each participant will be provided with call details and a registrant ID. Reminders will also be sent to registered participants via email. Alternatively, the conference call will be available via a live webcast.

To access the live webcast or a replay, visit the Company’s investor relations website at https://ir.nextnav.com/.

To receive replay details, please register through the link above. After registering for replay details, each participant will be provided with call details and access codes to listen to the call playback.

About NextNav Inc.

NextNav Inc. (Nasdaq: NN) is a leader in next-generation 3D Positioning, Navigation, and Timing (PNT) solutions. As the nation’s largest license holder in a spectrum band expressly designated for terrestrial positioning services, NextNav is uniquely positioned to enable a widescale terrestrial complement and backup to GPS. Leveraging licensed low-band spectrum and the global 5G ecosystem, NextNav is focused on delivering an accurate, reliable, and resilient 3D PNT solution to protect national security, public safety, and the economy. Learn more at www.nextnav.com.

For more information, please visit https://nextnav.com/ or follow NextNav on X at https://x.com/NextNav or LinkedIn at https://www.linkedin.com/company/nextnav/.

Source: NextNav

Contact:
Sloane & Company
nextnav@sloanepr.com

1

Forward-Looking Statements

This press release contains "forward-looking statements" within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by the use of words such as "estimate," "plan," "project," "forecast," "intend," "will," "expect," "anticipate," "believe”, or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of NextNav's management and are not predictions of actual performance.

These forward-looking statements are also subject to a number of risks and uncertainties, including, but not limited to, the following factors: the failure to realize the anticipated benefits and commercial acceptance of NextNav's technology in various industries (e.g., public safety and mobility); the possibility of difficulties or delays in the development, deployment, or integration of NextNav's assets, network, software or other technology, including its next generation terrestrial 3D PNT technology; adverse future regulatory developments, including potential action or inaction by the Federal Communications Commission (FCC) or other governmental agencies with respect to NextNav’s pending petition for rulemaking with the FCC, or otherwise affecting spectrum allocation, location-based services, the use of licensed spectrum or requirements for E911 compliance; and NextNav's ability to execute its business plan, including partnering with mobile network operators to execute its long-term business strategy, to manage growth, and to achieve or sustain profitability. Despite the Company’s belief that its petition for rulemaking before the FCC will be favorably resolved in a timely manner, the process with respect to an NPRM and subsequent Report and Order is complex and dependent on coordination across multiple federal government stakeholders, satisfaction of any conditions that might be placed on NextNav, and other factors. Consequently, there can be no assurance that the outcome of this process will be timely or successful.

These are only some of the factors that may affect the forward-looking statements contained herein. For additional factors that could cause actual results to differ materially from those anticipated in the forward-looking statements, see the company's filings with the Securities and Exchange Commission including, but not limited to, "Risk Factors" in the company's most recent Annual Report on Form 10-K and subsequent quarterly reports on Form 10-Q. If any of these risks materialize or NextNav's assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. You are cautioned not to place undue reliance upon any such statements, which speak only as of the date made, and NextNav undertakes no commitment to update or revise the forward-looking statements, except where required by law.

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NextNav Inc.

Consolidated Balance Sheets

	December 31,
	2025			2024
	(in thousands)
Assets
Current assets:
Cash and cash equivalents	$	44,757		$	39,330
Short term investments		107,381			40,785
Accounts receivable		2,346			3,301
Other current assets		2,927			2,629
Total current assets	$	157,411		$	86,045
Property and equipment, net of accumulated depreciation of $16,458 and $13,716 at December 31, 2025 and 2024, respectively		11,763			17,974
Operating lease right-of-use assets		14,856			17,368
Goodwill		19,161			16,966
Intangible assets, net		42,167			9,589
Other assets		1,661			13,798
Total assets	$	247,019		$	161,740
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable	$	661		$	858
Accrued expenses and other current liabilities		8,560			8,536
Operating lease current liabilities		2,673			2,462
Deferred revenue		491			288
Total current liabilities	$	12,385		$	12,144
Warrants		33,167			28,707
Operating lease noncurrent liabilities		12,337			14,352
Long-term debt, net		273,589			54,621
Other long-term liabilities		1,776			1,795
Total liabilities	$	333,254		$	111,619
Stockholders’ equity:
Common Stock, authorized 500,000,000 shares; 135,504,497 and 131,268,940 shares issued and 135,372,269 and 131,136,712 shares outstanding at December 31, 2025 and 2024, respectively	$	15		$	14
Additional paid-in capital		961,991			912,241
Accumulated other comprehensive income		3,811			665
Accumulated deficit		(1,051,359)			(862,106)
Common stock in treasury, at cost, 132,228 shares at both December 31, 2025 and December 31, 2024.		(693)			(693)
Total stockholders’ equity (deficit)	$	(86,235)		$	50,121
Total liabilities and stockholders’ equity	$	247,019		$	161,740

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NextNav INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

	Year Ended December 31,
	2025			2024
	(in thousands, except per share amounts)
Revenue	$	4,573		$	5,669
Operating expenses:
Cost of goods sold (exclusive of depreciation and amortization)		8,540			10,777
Research and development		18,952			16,242
Selling, general and administrative		39,563			33,510
Depreciation and amortization		7,750			5,238
Total operating expenses	$	74,805		$	65,767
Operating loss		(70,232)			(60,098)
Other income (expense):
Interest expense, net		(12,443)			(9,401)
Debt extinguishment loss		(14,434)			—
Change in fair value of warrants		(5,701)			(33,177)
Change in fair value of derivative liability		(77,184)			—
Other income (loss), net		(9,061)			970
Loss before income taxes	$	(189,055)		$	(101,706)
Provision for income taxes		(198)			(173)
Net loss	$	(189,253)		$	(101,879)
Foreign currency translation adjustment		3,146			(1,533)
Comprehensive loss	$	(186,107)		$	(103,412)
Net loss	$	(189,253)		$	(101,879)
Net loss attributable to common stockholders	$	(189,253)		$	(101,879)
Weighted average of shares outstanding – basic and diluted		132,866			121,500
Net loss attributable to common stockholders per share – basic and diluted	$	(1.42)		$	(0.84)

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NextNav INC.

Consolidated Statements of Cash Flows

	Year Ended December 31,
	2025			2024
	(in thousands)
Operating activities
Net loss	$	(189,253)		$	(101,879)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization		7,750			5,238
Equity-based compensation		16,637			13,856
Change in fair value of warrants		5,701			33,177
Debt extinguishment loss		13,734			—
Issuance of common warrants		9,006			—
Change in fair value of derivative liability		77,184			—
Change in fair value of asset purchase agreement liability		—			(966)
Realized and unrealized gain on short term investments		(3,066)			(888)
Equity method investment (gain)loss		(58)			175
Asset retirement obligation accretion		104			76
Amortization of debt discount		9,566			6,174
Changes in operating assets and liabilities:
Accounts receivable		955			(969)
Other current assets		(231)			388
Other assets		167			110
Accounts payable		(197)			467
Deferred revenue		203			(9)
Accrued expenses and other liabilities		362			5,990
Operating lease right-of-use assets and liabilities		691			1,052
Net cash used in operating activities	$	(50,745)		$	(38,008)
Investing activities
Purchases of network assets, property, and equipment		(50)			(350)
Purchase of equity method investment		(550)			—
Purchase of internal use software		(424)			(442)
Purchase of marketable securities		(281,530)			(82,443)
Sale and maturity of marketable securities		218,000			46,500
Payment for asset purchase agreement liability		—			(2,732)
Net cash used in investing activities	$	(64,554)		$	(39,467)
Financing activities
Proceeds from 2028 senior convertible notes		190,000			—
Repayment of 2026 senior secured notes		(70,700)			—
Payments towards debt issuance cost		(1,517)			—
Payments towards debt		(116)			(111)
Proceeds from exercise of common stock options		1,957			3,787
Proceeds from exercise of common warrants		858			31,387
Redemption of non-controlling interests		—			40
Net cash provided by financing activities	$	120,482		$	35,103
Effect of exchange rates on cash and cash equivalents		244			(176)
Net increase (decrease) in cash and cash equivalents		5,427			(42,548)
Cash and cash equivalents at beginning of period		39,330			81,878
Cash and cash equivalents at end of period	$	44,757		$	39,330
Supplemental disclosures
Issuance of shares for asset purchase agreement	$	20,394		$	—
Issuance of warrants	$	9,006		$	—
Interest paid in cash	$	8,694		$	3,502
Reclassification of warrant liability to common stock warrants	$	1,241		$	11,523
Income taxes paid, net	$	186		$	195
Interest paid in shares	$	—		$	3,842

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FAQ

How did NextNav (NN) perform financially in full year 2025?

NextNav posted a significantly larger loss in 2025. Revenue was $4.6 million, while operating expenses reached $74.8 million, leading to an operating loss of $70.2 million and a net loss of $189.3 million, or $1.42 per basic and diluted share.

What is NextNav’s cash and debt position as of December 31, 2025?

NextNav ended 2025 with substantial cash and notable debt. Cash and cash equivalents were $44.8 million and short-term investments $107.4 million. Long-term debt, net, totaled $273.6 million, contributing to a stockholders’ deficit of $86.2 million at year-end.

What were NextNav’s key operational highlights mentioned with 2025 results?

NextNav emphasized regulatory and partnership milestones. It cited confidence the FCC is moving toward a PNT rulemaking, appointed Lisa Hook as Lead Independent Director, expanded its partnership with Japan’s MetCom, and began localized operation of a 5G-powered PNT network for temporary testing purposes.

How did NextNav’s balance sheet change in 2025?

Total assets and liabilities both increased in 2025. Assets rose to $247.0 million from $161.7 million, while total liabilities climbed to $333.3 million. Long-term debt expanded to $273.6 million, and stockholders’ equity shifted from a $50.1 million surplus to an $86.2 million deficit.

What does NextNav’s 2025 cash flow statement show about funding and spending?

NextNav used cash in operations and investing, funded by financing. Net cash used in operating activities was $50.7 million and in investing $64.6 million. Financing activities provided $120.5 million, mainly from $190.0 million in 2028 senior convertible notes, partially offset by repayment of 2026 senior secured notes.

When is the NextNav conference call for its 2025 results?

NextNav scheduled a conference call on March 17, 2026. The call for analysts and investors is set for 5:00 pm ET. Participants can register through the provided Q4 Inc. events link or access a live webcast via the company’s investor relations website.

What were NextNav’s 2025 comprehensive loss and foreign currency impact?

Comprehensive loss closely tracked the net loss but included currency effects. Net loss was $189.3 million, while foreign currency translation adjustment contributed positive $3.1 million, resulting in a comprehensive loss of $186.1 million for the year ended December 31, 2025.

Filing Exhibits & Attachments

6 documents

Press Releases

• EX-991 EXHIBIT 99.1 177.1 KB

Other Documents

• EX-101 DEFINITION 17.4 KB
• EX-101 PRESENTATION 16.3 KB
• EX-101 CALCULATION 883 B
• EX-101 LABEL 22.4 KB
• EX-101 SCHEMA 4.3 KB