NextNav Inc. — Third Quarter 2026 Earnings Summary

Financial Performance:

• Revenue for the three months ended September 30, 2026, was $1.582 million, compared to $0.887 million in the same period of 2025.
• Revenue for the nine months ended September 30, 2026, was $3.727 million, compared to $3.628 million in the same period of 2025.
• Net loss for the three months ended September 30, 2026, was $4.209 million, compared to net income of $0.483 million in the prior year period.
• Net loss for the nine months ended September 30, 2026, was $48.585 million, compared to a net loss of $121.291 million in the prior year period.
• Operating loss for the three months ended September 30, 2026, was $19.607 million, compared to $19.865 million in the prior year period.
• Operating loss for the nine months ended September 30, 2026, was $59.199 million, compared to $54.109 million in the prior year period.
• Total operating expenses for the nine months ended September 30, 2026, were $62.926 million, up from $57.737 million in the prior year period.
• Research and development expenses for the nine months ended September 30, 2026, were $16.592 million, up from $14.015 million in the prior year period.
• Selling, general and administrative expenses for the nine months ended September 30, 2026, were $36.065 million, up from $30.765 million in the prior year period.
• Net cash used in operating activities for the nine months ended September 30, 2026, was $40.354 million, compared to $34.668 million in the prior year period.
• Net cash used in investing activities for the nine months ended September 30, 2026, was $116.288 million, compared to $34.969 million in the prior year period.
• Net cash provided by financing activities for the nine months ended September 30, 2026, was $176.037 million, compared to $120.077 million in the prior year period.
• As of September 30, 2026, the Company held approximately $290.9 million in cash, cash equivalents, and short-term and long-term investments.
• As of September 30, 2026, the Company had no outstanding debt, compared to $273.589 million in long-term debt as of December 31, 2025.
• Deferred revenue as of September 30, 2026, was $0.578 million, up from $0.491 million as of December 31, 2025.
• Total stockholders' equity was $353.923 million as of September 30, 2026, compared to a deficit of $86.235 million as of December 31, 2025.
• Accumulated deficit was $1.099944 billion as of September 30, 2026, compared to $1.051359 billion as of December 31, 2025.

Guidance and Future Outlook:

• No specific forward financial guidance or quantitative future outlook targets were provided in the press release.
• Management highlighted continued regulatory progress and technical milestones as key drivers for future value.
• The Company aims to deliver an accurate, reliable, and resilient 3D PNT solution to protect national security, public safety, and the economy.

Business Segments and Product Lines:

• NextNav announced a strategic partnership with AiRANACULUS on October 5, 2026, to advance integrated sensing and communications (ISAC) across its lower 900 MHz spectrum.
• The AiRANACULUS partnership aims to expand long-range, early warning counter-UAS detection while reducing infrastructure needed for wide-area sensing coverage.
• On September 15, 2026, NextNav achieved single-digit-meter horizontal positioning accuracy using PRS signals transmitted from its 5G PNT Network in Santa Clara County, California, in both indoor and outdoor field validations.
• On August 24, 2026, NextNav announced Tiami Networks as a sensing ecosystem partner to advance 5G-powered counter unmanned aircraft system (UAS) detection solutions.
• The Company is leveraging licensed low-band spectrum and the global 5G ecosystem to enable a terrestrial complement and backup to GPS.

Market and Competitive Landscape:

• NextNav is described as the nation's largest license holder in a spectrum band expressly designated for terrestrial positioning services.
• The Company positions its technology as supporting mission-critical applications serving national security, critical infrastructure, and public safety.
• Management noted "highly visible market validation of the increasing value and strategic importance of low-band spectrum assets."

Risks and Challenges:

• Risks include the failure to realize anticipated benefits or achieve commercial acceptance for the technology across targeted industries.
• Challenges may arise from difficulties, delays, or unforeseen issues in the development, deployment, operation, or integration of the network, assets, software, or technologies.
• Adverse regulatory developments, including actions by the FCC or other authorities affecting spectrum allocation, location-based services, or E911 requirements, pose risks.
• There is a risk that the FCC may not issue a notice of proposed rulemaking, may delay or decline to adopt rules, or may adopt rules differing materially from those sought by NextNav.
• Risks include opposition to NextNav's regulatory efforts from third parties and legislative or executive branch actions that could limit or delay FCC action.
• The Company faces risks related to its ability to execute its business plan, including entering into and maintaining strategic partnerships and achieving profitability.

Management Commentary and Tone:

• CEO Mariam Sorond described the third quarter as "productive on all fronts," citing regulatory progress, technical milestones, and new partnerships.
• Management emphasized the value of combining low-band spectrum with 5G-capable PNT and sensing technologies.
• The tone reflects confidence in the strategic importance of the Company's spectrum assets and their application in mission-critical sectors.

Other Key Points:

• On September 22, 2026, Marissa Mitrovich joined as Vice President of Government Affairs and Vijay Venkateswaran was appointed Chief Business Development Officer.
• The Company reported a debt extinguishment gain of $21.429 million for the nine months ended September 30, 2026.
• A change in the fair value of warrants resulted in a gain of $13.150 million for the nine months ended September 30, 2026.
• Proceeds from the exercise of common warrants were $172.608 million for the nine months ended September 30, 2026.
• Proceeds from the exercise of common stock options were $3.479 million for the nine months ended September 30, 2026.
• There was a non-cash financing activity involving the conversion of debt and accrued interest into common stock totaling $190.451 million for the nine months ended September 30, 2026.
• A cashless exercise of private placement warrants occurred, valued at $14.476 million for the nine months ended September 30, 2026.
• The Company held 169,980,482 shares of common stock issued and 169,848,254 shares outstanding as of September 30, 2026.
• A conference call for analysts and investors was scheduled for November 10, 2026, at 5:00 pm ET.