NextNav swings to $4.21M net loss in Q3 2026

At September 30, NextNav reported approximately $290.9 million in cash, cash equivalents and investments, with no outstanding debt.

Available on EDGAR 11/10/2026 - 04:09 PM EST Accepted by SEC EDGAR 11/10/2026 - 04:09 PM EST Learn about SEC filing dates

Rhea-AI Filing Summary

NextNav Inc. reported third-quarter revenue of $1.582 million, compared with $887,000 in the 2025 quarter. It recorded a net loss of $4.209 million, versus net income of $483,000, while operating loss was $19.607 million compared with $19.865 million. For the first nine months of 2026, revenue was $3.727 million and net loss was $48.585 million, versus $3.628 million and $121.291 million, respectively, in 2025.

As of September 30, 2026, NextNav held approximately $290.9 million in cash, cash equivalents and short- and long-term investments, with no outstanding debt. Net cash used in operating activities for the nine months was $40.354 million, compared with $34.668 million in 2025.

Operational updates included field validation in Santa Clara County, California, with single-digit-meter horizontal positioning accuracy using PRS signals from its 5G PNT Network. NextNav also announced partnerships with AiRANACULUS on integrated sensing and communications across lower 900 MHz spectrum and Tiami Networks for 5G-powered counter-UAS detection.

2 points · 0 major

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Positive

• Moderate pointThird-quarter revenue was $1.582 million, versus $887,000 in 2025.
• Moderate pointNine-month net loss narrowed to $48.585 million, from $121.291 million in 2025.

Negative

• Moderate pointThird-quarter net loss was $4.209 million, versus $483,000 net income in 2025.
• Minor pointNine-month operating cash outflow was $40.354 million, versus $34.668 million in 2025.

Filing Explained

By September 30, the larger share count reduced existing holders’ percentage ownership absent offsetting changes; financing also included debt conversion and warrant cash.

For the nine months ended September 30, 2026, the cash-flow statement reports $190,451 thousand of debt and accrued interest converted into common stock and $172,608 thousand in proceeds from common-warrant exercises. At September 30, 2026, NextNav had 169,848,254 common shares outstanding, versus 135,372,269 at December 31, 2025; additional shares reduce existing holders’ percentage ownership absent offsetting changes.

The statement classifies the conversion as noncash financing activity, while warrant-exercise proceeds appear as financing cash inflows.

8-K Event Classification

2 items: 2.02, 9.01

2 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, or exhibit attachments filed with this report.

Key Figures

Revenue: $1.582 million Net income (loss): −$4.209 million Operating loss: −$19.607 million +5 more

8 metrics

Revenue $1.582 million Three months ended September 30, 2026; $887,000 in 2025

Net income (loss) −$4.209 million Three months ended September 30, 2026; net income of $483,000 in 2025

Operating loss −$19.607 million Three months ended September 30, 2026; operating loss of $19.865 million in 2025

Revenue $3.727 million Nine months ended September 30, 2026; $3.628 million in 2025

Net income (loss) −$48.585 million Nine months ended September 30, 2026; net loss of $121.291 million in 2025

Net cash used in operating activities $40.354 million Nine months ended September 30, 2026; $34.668 million in 2025

Cash, cash equivalents and investments Approximately $290.9 million As of September 30, 2026

Outstanding debt $0 As of September 30, 2026

Key Terms

positioning, navigation, and timing (PNT), integrated sensing and communications (ISAC), PRS signals, low-band spectrum, +1 more

5 terms

positioning, navigation, and timing (PNT) technical

"next-generation 3D Positioning, Navigation, and Timing (PNT) solutions"

Positioning, navigation, and timing (PNT) is the set of services that tell devices where they are, how to get where they’re going, and what the exact time is—most commonly delivered by satellite systems like GPS. Investors care because many industries (transportation, finance, telecom, defense, and autonomous vehicles) depend on accurate location and time the way businesses depend on electricity; disruptions or upgrades to PNT can create risks, costs, or new market opportunities.

integrated sensing and communications (ISAC) technical

"advance integrated sensing and communications (ISAC)"

Integrated sensing and communications (ISAC) is a technology approach that combines radio-based sensing (like detecting position, motion, or environment) with data transmission over the same hardware and signals. For investors, ISAC matters because it can cut costs, shrink device complexity and power use, and enable new services — similar to merging a camera and a walkie-talkie into one device — which can change demand for chips, network equipment, and applications across industries like automotive, telecom and IoT.

PRS signals technical

"using PRS signals transmitted from its 5G PNT Network"

low-band spectrum technical

"licensed low-band spectrum and the global 5G ecosystem"

Radio frequencies at the lower end of the wireless spectrum, typically below around 1 GHz, used to carry mobile and broadcast signals; they travel long distances and penetrate buildings well but carry less data capacity than higher-frequency bands. Low-band spectrum matters to investors because licenses and holdings determine how cheaply and widely a carrier can provide basic coverage, affecting network rollout costs, competitive reach, and the potential value of telecom assets—think of it as a long, slow highway versus many short, fast lanes.

counter-UAS detection technical

"long-range, early warning counter-UAS detection"

Earnings Snapshot

Revenue: $1.582 million

Three months ended September 30, 2026

Revenue $1.582 million Compared with $887,000 in the three months ended September 30, 2025

Net income (loss) −$4.209 million Compared with net income of $483,000 in the three months ended September 30, 2025

Operating loss −$19.607 million Compared with an operating loss of $19.865 million in the three months ended September 30, 2025

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What was NN's revenue in the third quarter of 2026?

NextNav reported revenue of $1.582 million for the three months ended September 30, 2026, compared with $887,000 in the same period of 2025.

Did NN report a profit or a loss in Q3 2026?

NextNav reported a net loss of $4.209 million for the three months ended September 30, 2026, compared with net income of $483,000 in the same period of 2025.

What positioning accuracy did NN validate in the field?

On September 15, 2026, NextNav announced indoor and outdoor field validation in Santa Clara County, California, achieving single-digit-meter horizontal positioning accuracy using PRS signals transmitted from its 5G PNT Network.

What is NN's partnership with AiRANACULUS focused on?

NextNav announced the partnership on October 5, 2026, to advance integrated sensing and communications across its lower 900 MHz spectrum. The announcement described long-range, early-warning counter-UAS detection and reduced infrastructure for wide-area sensing coverage.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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false 0001865631 VA00018656312026-11-102026-11-10

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): November 10, 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) 

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

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.  ☐

1

Item 2.02. Results of Operations and Financial Condition.

On November 10, 2026, NextNav Inc. issued a press release announcing its financial results for the three and nine months ended September 30, 2026. 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 November 10, 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: November 10, 2026

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

3

Exhibit 99.1

NextNav Inc. Reports Third Quarter 2026 Results and Operational Highlights

RESTON, VA., November 10, 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 September 30, 2026.

“The third quarter was productive on all fronts, marked by continued regulatory progress, important technical milestones, new partnerships, and perhaps most notably, highly visible market validation of the increasing value and strategic importance of low-band spectrum assets,” said Mariam Sorond, CEO of NextNav. “We continue to demonstrate the value of uniquely combining low-band spectrum with 5G-capable PNT and sensing technologies to support a growing range of mission-critical applications, including those serving national security, critical infrastructure and public safety.”

Operational Highlights

 On October 5, 2026, NextNav announced a strategic partnership with AiRANACULUS to advance integrated sensing and communications (ISAC) across its lower 900 MHz spectrum, expanding long-range, early warning counter-UAS detection while reducing the infrastructure needed for wide-area sensing coverage. Details can be found here.

 On September 22, 2026, NextNav announced that Marissa Mitrovich joined as Vice President of Government Affairs and Vijay Venkateswaran was appointed Chief Business Development Officer, strengthening the company’s policy engagement and business development leadership. Details can be found here.

 On September 15, 2026, NextNav announced real-world field validation, both indoors and outdoors, achieving single-digit-meter horizontal positioning accuracy using PRS signals transmitted from its 5G PNT Network in Santa Clara County, California. Details can be found here.

 On August 24, 2026, NextNav announced Tiami Networks as a sensing ecosystem partner to advance 5G-powered, counter unmanned aircraft system (UAS) detection solutions. Details can be found here.

Financial Highlights

· Balance Sheet: As of September 30, 2026, the Company held approximately $290.9 million in cash, cash equivalents, and short-term and long-term investments, and had no outstanding debt.

Conference Call Information

NextNav will host a conference call for analysts and investors at 5:00 pm ET on Tuesday, November 10, 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/456197702. 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/.

1

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

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,” “seek,” “target,” 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 subject to a number of risks and uncertainties, including, but not limited to, the following factors: the failure to realize the anticipated benefits of, or achieve commercial acceptance for, NextNav’s technology across targeted industries (including public safety and mobility); difficulties, delays, or unforeseen challenges in the development, deployment, operation, or integration of NextNav’s network, assets, software, or other technologies, including its next‑generation terrestrial 3D PNT technology; adverse regulatory developments, including action or inaction by the Federal Communications Commission (“FCC”) or other federal or state governmental authorities affecting spectrum allocation, location‑based services, the use of licensed spectrum, or E911 or related requirements; the outcome and timing of NextNav’s pending petition for rulemaking before the FCC and the possibility that the FCC may not issue a notice of proposed rulemaking (“NPRM”), may delay or decline to adopt a subsequent report and order (“R&O”), or may adopt rules that differ materially from those sought by NextNav; opposition to NextNav’s regulatory efforts from third parties; legislative or executive branch actions, including appropriations or other measures, that could limit, condition, delay, or prevent FCC action; interagency review and coordination processes that may identify issues, impose conditions, require modifications to NextNav’s proposals, or result in additional delays or a decision not to proceed with rulemaking; and NextNav’s ability to execute its business plan, including entering into and maintaining strategic partnerships, managing growth, and achieving or sustaining profitability.

These factors are not exhaustive. Additional risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward‑looking statements are described in NextNav’s filings with the Securities and Exchange Commission, including, but not limited to, the “Risk Factors” section of NextNav’s most recent Annual Report on Form 10‑K and subsequent Quarterly Reports on Form 10‑Q. If any of these risks materialize, or if NextNav’s assumptions prove incorrect, actual results could differ materially from those contemplated by the forward‑looking statements. You are cautioned not to place undue reliance on these statements, which speak only as of the date they are made. Except as required by law, NextNav undertakes no obligation to publicly update or revise any forward‑looking statements to reflect subsequent events or circumstances.

2

FINANCIAL INFORMATION

NEXTNAV INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(IN THOUSANDS, EXCEPT SHARE DATA)

	September 30, 2026 (unaudited)			December 31, 2025
Assets
Current assets:
Cash and cash equivalents	$	63,883		$	44,757
Short term investments		200,214			107,381
Accounts receivable		1,687			2,346
Other current assets		3,881			2,927
Total current assets	$	269,665		$	157,411
Long term investments		26,824			—
Property and equipment, net of accumulated depreciation of $18,455 and $16,458 at September 30, 2026 and December 31, 2025, respectively		9,523			11,763
Operating lease right-of-use assets		12,102			14,856
Goodwill		18,482			19,161
Intangible assets, net		41,617			42,167
Other assets		1,488			1,661
Total assets	$	379,701		$	247,019
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable	$	1,148		$	661
Accrued expenses and other current liabilities		7,170			8,560
Operating lease current liabilities		2,293			2,673
Deferred revenue		578			491
Total current liabilities	$	11,189		$	12,385
Warrants		1,623			33,167
Operating lease noncurrent liabilities		10,174			12,337
Other long-term liabilities		2,792			1,776
Long-term debt, net		—			273,589
Total liabilities	$	25,778		$	333,254
Stockholders’ equity:
Common stock, authorized 500,000,000 shares; 169,980,482 and 135,504,497 shares issued and 169,848,254 and 135,372,269 shares outstanding at September 30, 2026 and December 31, 2025, respectively		18			15
Additional paid-in capital		1,451,866			961,991
Accumulated other comprehensive income		2,676			3,811
Accumulated deficit		(1,099,944)			(1,051,359)
Common stock in treasury, at cost; 132,228 shares at both September 30, 2026 and December 31, 2025		(693)			(693)
Total stockholders’ equity (deficit)	$	353,923		$	(86,235)
Total liabilities and stockholders’ equity	$	379,701		$	247,019

3

NextNav INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(UNAUDITED)

(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)

	Three Months Ended September 30,						Nine Months Ended September 30,
	2026			2025			2026			2025
Revenue	$	1,582		$	887		$	3,727		$	3,628
Operating expenses:
Cost of goods sold (exclusive of depreciation and amortization)		1,918			2,041			6,095			6,609
Research and development		5,188			5,153			16,592			14,015
Selling, general and administrative		12,763			10,012			36,065			30,765
Depreciation and amortization		1,320			3,546			4,174			6,348
Total operating expenses	$	21,189		$	20,752		$	62,926		$	57,737
Operating loss	$	(19,607)		$	(19,865)		$	(59,199)		$	(54,109)
Other income (expense):
Interest income (expense), net		2,427			(3,179)			(4,566)			(8,937)
Debt extinguishment gain (loss)		—			—			21,429			(14,434)
Change in fair value of warrants		13,017			4,801			13,150			2,006
Change in fair value of derivative liability		—			18,774			(19,259)			(36,407)
Other income (loss), net		(10)			(2)			12			(9,264)
Income (loss) before income taxes	$	(4,173)		$	529		$	(48,433)		$	(121,145)
Provision for income taxes		(36)			(46)			(152)			(146)
Net income (loss)	$	(4,209)		$	483		$	(48,585)		$	(121,291)
Foreign currency translation adjustment		(175)			(65)			(1,135)			3,076
Comprehensive income (loss)	$	(4,384)		$	418		$	(49,720)		$	(118,215)
Net income (loss)		(4,209)			483			(48,585)			(121,291)
Net income (loss) attributable to common stockholders – basic	$	(4,209)		$	483		$	(48,585)		$	(121,291)
Net loss attributable to common stockholders – diluted		(6,485)			(18,212)			(51,029)			(123,297)
Weighted average number of shares outstanding – basic		168,694			133,335			148,671			131,913
Weighted average number of shares outstanding – diluted		168,819			149,557			148,830			132,535
Net income (loss) attributable to common stockholders per share – basic	$	(0.02)		$	0.00		$	(0.33)		$	(0.92)
Net loss attributable to common stockholders per share – diluted	$	(0.04)		$	(0.12)		$	(0.34)		$	(0.93)

4

NextNav INC.

CONDENSED Consolidated Statements of Cash Flows

(UNAUDITED)

(IN THOUSANDS)

	Nine Months Ended September 30,
	2026				2025
Operating activities
Net loss	$	(48,585)		$	(121,291)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization		4,174			6,348
Equity-based compensation		17,659			12,539
Change in fair value of warrants		(13,150)			(2,006)
Debt extinguishment (gain) loss		(21,429)			13,734
Issuance of common warrants		—			9,006
Change in fair value of derivative liability		19,259			36,407
Realized and unrealized gain on short term and long term investments		(3,920)			(2,204)
Equity method investment loss		185			119
Asset retirement obligation accretion		153			78
Amortization of debt discount		5,207			6,878
Changes in operating assets and liabilities:
Accounts receivable		659			1,869
Other current assets		(999)			(511)
Other assets		(18)			121
Accounts payable		487			(21)
Deferred revenue		87			134
Accrued expenses and other liabilities		(338)			3,483
Operating lease right-of-use assets and liabilities		215			649
Net cash used in operating activities	$	(40,354)		$	(34,668)
Investing activities
Purchases of network assets, property, and equipment		(104)			(65)
Purchase of internal use software		(447)			(310)
Purchase of marketable securities		(387,237)			(194,494)
Sale and maturity of marketable securities		271,500			159,900
Net cash used in investing activities	$	(116,288)		$	(34,969)
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		(50)			(86)
Proceeds from exercise of common warrants		172,608			766
Proceeds from exercise of common stock options		3,479			1,614
Net cash provided by financing activities	$	176,037		$	120,077
Effect of exchange rates on cash and cash equivalents		(269)			224
Net increase in cash and cash equivalents		19,126			50,664
Cash and cash equivalents at beginning of period		44,757			39,330
Cash and cash equivalents at end of period	$	63,883		$	89,994
Supplemental disclosures of cash information
Income taxes paid, net	$	186		$	141
Interest paid in cash	$	4,731		$	4,244
Supplemental disclosure of non-cash financing activity
Conversion of debt and accrued interest into common stock	$	190,451		$	—
Cashless exercise of private placement warrants	$	14,476		$	—

5

Filing Exhibits & Attachments

6 documents

Press Releases

• EX-991 EXHIBIT 99.1 198.0 KB

Other Documents

• EX-101 DEFINITION 16.6 KB
• EX-101 PRESENTATION 17.0 KB
• EX-101 CALCULATION 883 B
• EX-101 LABEL 21.3 KB
• EX-101 SCHEMA 4.0 KB