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Thank you. I would now like to turn the call over to Jared Pollack. Please go ahead.

Good afternoon, everyone, and welcome to NextNav's First Quarter 2026 Earnings Conference Call. Participating on today's call are Mariam Sorond, NextNav's Chief Executive Officer, and Tim Gray, NextNav's Chief Financial Officer. Before we begin, let me remind everyone that this call will include certain statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of the words may, anticipate, believe, expect, intend, should, could, and similar expressions. Such forward-looking statements, which may relate to NextNav's forecast of future results, future prospects, developments, and business strategies are subject to known, and unknown risks, uncertainties, and assumptions, many of which are outside of NextNav's control and could cause actual results to differ.

In particular, such forward-looking statements include the achievement of certain FCC-related milestones and FCC approvals, NextNav's projections, plans, objectives, and expectations, and NextNav's future business strategies and competitive position. These statements are based on management's current expectations and beliefs as well as a number of assumptions concerning future events.

You are cautioned not to place undue reliance upon the forward-looking statements which speak only as of the date made, and NextNav undertakes no commitment to update or revise the forward-looking statements except as required by law. For additional information regarding risks and uncertainties, please refer to the risk factors and other disclosures contained in the company's filings with the SEC. Following prepared remarks, the company will host an operator-led question and answer session. In addition, a replay of our discussion will be posted to the company's investor relations website. I'd now like to turn the call over to Ms. Sorond. Please go ahead, Mariam.

Thank you, Jared. Good afternoon, and thank you all for joining us today. As we have discussed previously, the FCC moved forward to formally send a Notice of Proposed Rulemaking, or NPRM, focused on promoting the development of PNT technologies and solutions through a standard interagency review process. We believe this represents a critical step that underscores the FCC's focus on addressing the National Security urgency of identifying resilient backups and complements to GPS. This positive milestone was achieved in rapid time and with extraordinary momentum under this administration. We know the draft NPRM continues to proceed through the interagency review processes, including review by the Office of Information and Regulatory Affairs or OIRA. These processes are designed to incorporate perspectives from all stakeholders, we are actively supporting that work. While OIRA reviews are relatively new for FCC Rulemakings, review across executive branch agencies has been a longstanding process.

Importantly, we continue to work constructively with the FCC and other government agencies to support these processes. The timing remains subject to these ongoing reviews. The FCC has a long history of evaluating technically complex and nationally important issues and finding pathways to successful resolution. Its process has worked for decades, time, and time again, including in spectrum matters more complex than ours. What we believe has been particularly constructive about this proceeding is how the public comment process that followed the FCC's March 2025 Notice of Inquiry, or NOI, accelerated the discussion. The NOI generated a depth and volume of responses typically seen following an NPRM, surfacing various matters earlier than usual. As a result, NextNav has been addressing what are often post-NPRM matters earlier on, which we believe has made this proceeding more advanced at this stage than comparable proceedings.

This is in part why activities such as joint testing with the railroads are occurring today. We believe this approach is constructive as bringing later-stage considerations into the record earlier may improve the efficiency of a post-NPRM phase moving towards report and order. In addition to the ongoing interagency review of the draft NPRM, as we have discussed previously, the FCC has granted experimental authorizations to NextNav to support both our 5G PNT network testing in Santa Clara County, California, and joint testing with railroads at their testing facility in Pueblo, Colorado. Our 5G PNT network testing marks an important step towards commercialization. I will reiterate that our ongoing network testing is moving in parallel to the NPRM process, and while railroad testing is relevant to the broader record with the FCC, neither of these efforts are a prerequisite to the FCC issuing an NPRM.

In addition to our ongoing collaboration with railroad stakeholders, we continue to engage with the tolling industry. Last week, we attended the IBTTA Technology Summit in Orlando, Florida, where we spoke with tolling technology vendors, operators, and IBTTA executives to express our interest in pursuing a collaborative approach to coexistence considerations and validation efforts. Based on our intention to work with the vendors and operators to ensure protection of tolling operations. With our progress, it is not surprising that we've recently seen a significant increase in opposition activity. This increased activity has included a recent attempt to stall the NPRM through the House of Appropriations Committee. This attempt to circumvent the FCC has concerned government and industry, as it is widely viewed as a dangerous precedent for U.S. spectrum policy. Former Energy and Commerce Committee Chair, Greg Walden described the attempt as interfering with the FCC's process.

As Walden specifically noted, it's really early in the process to drop a bunker buster bomb on the FCC technology review process. We agree, and further view these attempts as simply underscoring the strength of the existing record in the NOI proceeding, a record that led the FCC to advance an NPRM. We fully trust the FCC and interagency processes and firmly believe concerns can be addressed during an NPRM process.

Chairman Carr shared at an event in April that one of the biggest priorities for us at the FCC is to help support alternatives to GPS, and further said, we want everyone that has a technology that could potentially be a complement to GPS to get a fair shot at any regulatory changes they might need. While we've seen increased opposition activity, we stand by our engineering and are proactively seeking to address concerns raised by stakeholders within industry and the Hill. In addition to our long history and continued constructive engagement with various federal agencies, we are continuing to build a highly targeted coalition of third-party supporters and actively engaging with both supporters and opponents on the Hill. We're also placing emphasis on sharing real-world evidence that supports our engineering analysis in the record.

Just last week, we conducted a real-world coexistence demonstration using our 5G PNT network and a standard RFID reader with multiple RFID tags. This put recent claims about RFID interference to the test through a live demonstration at 20 ft between the 5G transmitter and the RFID reader, a setup that is far more extreme than seen in real-world circumstances. That test showed that RFID technologies are resilient by design and can continue to operate alongside 5G signals in the lower 900 MHz band without operational impact. Outside of our regulatory development, NextNav continues to build momentum across the broader policy and industry ecosystem. We are actively participating in high-level dialogues, including at the Milken Global Conference last week and through my role on the CTIA Board of Directors, where discussions increasingly focused on AI and the critical need for additional spectrum to support AI in the immediate future.

At NextNav, we understand that wireless networks and reliable PNT are the underlying invisible infrastructure powering successful expansion of the AI systems that will define the next decade of the autonomous economy. Further, NextNav filed comments in the FCC's proceeding in support of President Trump's Unleashing American Drone Dominance. We're excited to move into the next phase of sensing technologies and have joined the OCUDU Ecosystem Foundation. The Department of Wars Future Generation Wireless Technology Office launched the OCUDU initiative and leads its ongoing development. Finally, as market dynamics evolve, we remain in active dialogue with potential partners across not only wireless carriers, but also satellite operators and big tech, among others, to help realize our strategic goal of enabling a 5G-based backup and complement to GPS.

From our perspective, what was already a constructive commercial environment has only improved as interest continues to expand for access to low-band spectrum. Taken together, we believe these developments reflect steady, disciplined progress across regulatory, technical, and strategic fronts. From our perspective, the engineering case for a viable GPS backup is well-supported by our technical study. We are equally confident in our position as a one of a one within a system of systems requiring capabilities that only NextNav can provide, a unique combination of wide-scale Positioning, Timing, and 3D geolocation services which are commercially viable and we believe can be made available during the current administration with swift action from the FCC. Moreover, our solution is future-proof and does not require taxpayer funding. Our conviction remains unchanged.

We see a path to resolving technical and policy questions within the time-tested FCC and interagency decision-making process as we continue to engage constructively with both supporters and our opponents. Our confidence is based in part on the knowledge that the FCC is historically renowned for getting the process right. With that, I will turn things over to Tim for a review of our financials. Tim?

Thank you, Mariam, and good afternoon, everyone. NextNav continues to be in a position of financial strength with a strong cash position and low band spectrum assets, with the potential to have a much more Robust Balance Sheet in the near term. On liquidity, we finished the first quarter of 2026 with approximately $143 million in cash, cash equivalents, and short-term investments. We are continuing to manage our use of capital and balance our approach to liquidity as we continue to move forward on our ambitious goals. It is important to note that we have a significant number of warrants expiring in October of this year that have the potential to deliver over $200 million in additional capital, depending on stock price performance. The redemption of these warrants would provide NextNav with significant additional resources and balance sheet strength going forward.

For our first quarter, a financial item of note. As a reminder, the gains or losses related to our outstanding private warrants and derivative liability fluctuate based on movements in our stock price. In the first quarter, we recognized gains of approximately $12.6 million associated with the change in the fair value of the derivative and warrants liability. These non-cash gains partially offset the company's net loss for the quarter, resulting in a net loss of approximately $10.6 million. These accounting adjustments are primarily related to the financing transactions completed earlier in 2025, which strengthened the company's balance sheet. With that, I'll turn the call back over to the operator for questions. Operator?

Ladies and gentlemen, we will now begin the question and answer session. As we enter Q&A, we ask that you please limit your input to one question and one follow-up. As a reminder, to ask a question, please press the star button followed by the number one on your telephone keypad. If you would like to withdraw your question, please press star one again. One moment please for your first question. Your first question comes from the line of Mike Crawford of B. Riley Securities. Please go ahead.

Thank you. Would you mind just summarizing how much 900 MHz spectrum NextNav currently owns and how this was acquired over time? And then, what PNT precision gains would be enabled by a full 10 by 5 5G signal?

Hi, Mike. Thanks for the question. NextNav currently has rights to up 4 billion MHz POP across the 900 MHz, the lower 900 MHz band. And our PNT simulations currently, which will be tested through our field efforts over in Santa Clara, show comparable to GPS performance, which is single-digit accuracy and timing synchronization to meet Critical Infrastructure needs.

Well, okay. Thank you. Then for my follow-up question, just relates to how a drone, a physical AI instance would access the PRS reference signal embedded in 5G. Is there any other additional steps that would be required for these systems to access that signal?

Yeah, I mean, first of all, let's say we're super excited about this new capability that we're stepping into, which is sensing of drones as it becomes a really important issue for our National Security. We really like the Department of Wars and the FutureG Office's efforts for making sure that we have a solid technology and solution to this. What we basically are working with is the ability, and what's really nice about it is that it's the PRS signal in a 5G setting, not only provides positioning and timing capability. We really don't have to do anything else with that signal to be able to then extract drone detection and sensing, which makes this a very attractive solution. I just want to emphasize solution, not just the technology.

One of the strengths of NextNav is that we provide solutions. That solution means that we not only are developing the tech, but we also have the spectrum and the licenses to be able to deploy that technology. That's a very powerful statement that working across federal agencies and our National Security interests and equities, they find it extremely compelling, and therefore, we're excited to be joining OCUDU and start this journey.

Thank you.

Thank you.

Again, if you would like to ask a question, please press star one on your telephone keypad. Your next question comes from the line of Tim Horan of Oppenheimer. Please go ahead.

Thanks, guys. On the sensing technology, is there something, does that tie into the PNT or is that, you know, unique to what you guys are doing from a PNT and technology perspective? Does, you know, does anyone else have that capability?

Thank you, Tim, for the question. It is the same PRS signal that you extract positioning and timing from that actually gets used to sense drones and objects at a certain elevation. The signal's the same, the underlying 5G is the same, what we extract is through a technology that is spearheaded by the OCUDU Department of War Office, it's called ISAC, which is Integrated Sensing Technologies that is also standards-based.

What nice thing about having an underlying 5G that evolves to 6G and 7G network is that you use standards-based technologies to not only get positioning and timing, but you're also able to use that same signal within the same radio for being able to sense and detect drones.

How unique is that capability? Does anyone else have that to your knowledge?

There's a lot of companies. One thing about ISAC is it's standards-based, and there's a lot of vendors and, you know, it could be publicly about them. They're developing the ISAC technology, which is 5G-based. What we provide is not just the tech and the underlying network, but we provide the solution. One of the problems is that, you know, you also need the spectrum to be able to deploy all of this on, which is a great, you know, sort of fit for us where we bring the spectrum and the tech to the table.

Oh, that's what I meant. I mean, the spectrum and the PNT as long as-

Yep.

The technology is that's fairly unique. Does anyone, I mean, it doesn't sound like anyone else can replicate that type of sensing technology easily? Correct me if I'm wrong.

Right.

That don't serve the same service yet.

Exactly. That's a really good point, right? You have Ericsson and among other RAN vendors are developing this technology. At the end of the day, they need a partner. They need someone to bring the spectrum to the table. We already have both. We're working with a wide industry on this. It's a very, I would say, very interesting technology and very interesting development that's happening within the 5G network right now.

And, are you working with the FAA is looking for, you know, they're massively upgrading the systems and looking for ways to incorporate, you know, drones and other things. Are you working with that process at all?

What we started out is filing in the Drone Dominance proceeding to the FCC, which we're super excited about, and what we've announced publicly is also separate than that, our OCUDU membership. That is what we've stated publicly. Of course, we're talking to all the stakeholders on the vendor and also agency space about this.

Very helpful. Thank you.

There are no further questions at this time. With that, I will now turn the call back over to Mariam Sorond, CEO, for final closing remarks. Please go ahead.

Thank you. In closing, we continue to engage constructively with key stakeholders as anticipated. Interagency review and FCC processes continue as it has in matters more complex than ours. At the same time, we're building momentum towards commercialization and seeing expanding interest across the broader ecosystem. We continue to focus on our strategy and execution to achieve our goals. We are very proud of the progress we are making to deliver a resilient, future-proof, Terrestrial Complement and Backup to GPS, strengthening U.S. Economic and National Security at a critical moment in time. Thank you, everyone.

Ladies and gentlemen, this concludes today's call. We thank you for participating. You may now disconnect your lines.

Hello, and thank you for standing by. My name is Tiffany, and I will be your conference operator today. At this time, I would like to welcome everyone to the NextNav Fourth Quarter 2025 Earnings Call. [Operator Instructions]. I would now like to turn the call over to [ Jarrod Pollock ], [ Jarrod ], please go ahead.

Good afternoon, everyone, and welcome to NextNav's Fourth Quarter 2025 Earnings Conference Call. Participating on today's call are Mariam Sorond, NextNav's Chief Executive Officer; and Tim Gray, NextNav's Chief Financial Officer. Before we begin, let me remind everyone that this call will include certain statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by use of the words may, anticipate, believe, expect, intend, should, could and similar expressions. Such forward-looking statements which may relate to NextNav forecast of future results, future prospects, developments and business strategies are subject to known and unknown risks, uncertainties and assumptions, many of which are outside NextNav's control and could cause actual results to differ. In particular, such forward-looking statements include the achievement of certain FCC-related milestones and FCC approvals. NextNav's projections, plans, objectives and expectations and NextNav's future business strategies and competitive position. These statements are based on management's current expectations and beliefs as well as a number of assumptions concerning future events. You are cautioned not to place undue reliance upon the forward-looking statements, which speak only as of the date made, and NextNav undertakes no commitment to update or revise the forward-looking statements, except as required by law. For additional information regarding risks and uncertainties, please refer to the risk factors and other disclosures contained in the company's filings with the SEC. Following prepared remarks, the company will host an operator-led question-and-answer session. In addition, a replay of our discussion will be posted to the company's Investor Relations website. I'd now like to turn the call over to Ms. Sorond. Please go ahead, Mariam.

Thank you, Jared. Good afternoon, and thank you all for joining us today. I'll begin with an important update on our FCC process. Earlier this month, the FCC formerly sent a draft notice of proposed rulemaking or NPRM, focused on PNT technology and solutions to the White House OMB. This is a critical step in the process, and I am confident in the NPRM advancing to report an order. This development underscores the FCC's focus on addressing the national security urgency of identifying resilient backups and complements to GPS. It reflects an incredible milestone achieved in rapid time and extraordinary momentum under this administration. While I am thrilled it does not come as a surprise as this progress is consistent with the confidence I have expressed over the prior quarters regarding the FCC's direction. The NextNav team has worked tirelessly alongside a highly engaged FCC, and we are extremely proud of where we stand today. It marks significant validation of NextNav solution to a critical national security priority at a time of heightened global risk as adversaries continue to invest in their own terrestrial PNT capabilities. The U.S. must meet the moment. The under agency review of the NPRM is now progressing as expected. While we do not yet know specific content, we do know that NPRM can take many forms. And based on the strength and completeness of the existing record, we remain confident in a direct path to a report in order. NextNav plays an important role in a system of systems framework that combines multiple terrestrial and space-based capabilities to build redundancy and resiliency across America's critical infrastructure. a redundancy that exists today for our adversaries, including Russia and China, but not for the United States. NextNav proposed solution is a one-of-one within this system of systems framework requiring capabilities that only NextNav can provide a unique combination of wide-scale positioning, timing and 3D geolocation services which are commercially viable and we believe can be made available during the current administration. Moreover, our solution is future-proof and does not require taxpayer funding. The anticipated NPRM is supported by a well-developed and complete record. Though as we have stated on prior earnings calls, the exact timing of the process remains outside of our control. We applaud the administration and Chairman Carr for their actionable leadership on this issue and look forward to continuing to work constructively with the FCC and key stakeholders as the process moves forward. As the national conversation around resilience and critical infrastructure is expanding, NextNav is increasingly contributing to the highest levels of industry and policy leadership. To that end, I am pleased to have joined the CTIA Board of Directors and participated in my first Board meeting alongside a dynamic group of leaders. I look forward to advancing the association's mission and helping expand the capabilities of 5G networks in ways that strengthen America's national security infrastructure to ensure our industry remains a good standard for innovation, public safety and natural security globally. Furthermore, NextNav continued to advance dialogue across both regulatory and industry audiences through participation in recent events, including Mobile World Congress 2026 in Barcelona and the 2026 Milken South Florida dialogues. Discussions at these forums highlighted several key themes. First, there was clear recognition that multiple public and private sector organizations are working towards PNT capabilities with PNT increasingly viewed as the killer application for 5G and 6G, one that could be among the most valuable transformative uses of these networks. Second, it was clear that strengthening resiliency and vulnerable systems is essential both for deterrence and for regaining U.S. leadership in critical technologies. It was top of mind in discussions that GPS has clear vulnerabilities, including indoor coverage gaps, jamming and spoofing. And it takes as little as a $200 jammer purchased online to disrupt signals, let alone the capabilities of an adversary. Recent developments in the Middle East conflict, including widespread GPS and communications jamming highlight how quickly these disruptions can escalate and destabilize critical systems. That's why a ground component is essential. And NextNav has the largest footprint capable of delivering a unique combination of positioning, timing and 3D geolocation capabilities. Independent of our work with the FCC, NextNav continues to advance its technology and commercialization efforts. First, we are very proud to have begun operating the world's first 5G powered PNT network, marking an important step towards commercialization. While the FCC granted NextNav an experimental license to begin this testing in a defined geographic location, I will reiterate that the testing itself is for early commercialization purposes and is independent of the FCC's NPRM process. Next, we announced an expanded partnership with Japan's MetCom, we believe this partnership is a compelling validation of demand for resilient terrestrial 5G-based 3D PNT solutions and represents a potentially significant commercial opportunity beyond the U.S. market. Under the agreement, MetCom has licensed our technology to power new terrestrial timing services in major Japanese metropolitan areas, highlighting both the strength of the deal and the international scalability of our platform, particularly given our 3GPP standards-based approach, which makes technology partnerships outside the U.S. especially attractive. It is essential to support our allies in a complex geopolitical landscape. As a public company, strengthening our governance is important as we advance the terrestrial market-based backup and complement to GPS. With that, we are pleased to welcome Lisa Hook as our Board's new Lead Independent Director. She brings decades of public company board experience at the intersection of technology, telecommunications and National security. For experience as CEO of Neustart, a publicly traded global information services company, leading you through years of complex technology and policy make her an ideal thought partner as we execute on our mission. With that, I will turn things over to Tim for a review of our financials. Tim?

Thank you, Mariam, and good afternoon, everyone. Based on the actions taken in 2025 to enhance the company's liquidity NextNav continues to hold a position of financial strength and strategic advantage with a strong cash position, valuable spectrum assets and the continued development of field testing of our resilient proven technology. On liquidity, we finished the fourth quarter with approximately $152 million in cash, cash equivalents and short-term investments. We will continue to manage our use of capital as we advance our ambitious goals, taking a deliberate approach to liquidity and commercialization. In addition, we have a significant number of warrants expiring in 2026 that have the potential to deliver over $200 million in additional capital depending on stock price performance. So let me be very clear that we believe we have significant runway in funding for multiple years. For our fourth quarter, a financial item of note. As a reminder, the gains or losses related to our outstanding private warrants and derivative liability fluctuate based on movements in our stock price. While last quarter, we had gains, this quarter, we're reporting losses. In the fourth quarter, we recognized losses of approximately $48 million associated with the change in the fair value of the derivative and warrant liability. The impact of these noncash losses resulted in our net loss for the quarter of roughly $68 million. These charges are a result of the funding the company took on earlier in 2025, which has put the company on very solid footing. With that, I'll turn the call over to the operator for questions. Operator?

[Operator Instructions] Your first question comes from the line of Mike Crawford with B. Riley Securities.

We were pleased to see that the FCC sent this promoting the development of PNT technologies to the OMB on March 2, but have you seen the content of what was actually sent. And do we know if that's any different from what has been contemplated previously?

Mike, thanks for the question. I -- the NPRM has been drafted. And it is in the inner agency review process. We have not seen the content, and that is part of the process, contents will be available the draft review will be available once it finalizes its interagency process with the NTIA [indiscernible] and OMB [indiscernible].

And then the data that you've been collecting shows that you get more precise PNT when you have a 10/5 channel. And so do you think that, that is something that's what we're likely going to see when we get an NPRM and eventually report in order?

Well, definitely, we've been testing and we're testing towards a 10 plus 5 capability, and that's part of our commercialization effort. And it's also just basically how 5G networks operate with respect to positioning, it becomes more accurate with the downlink being 10 megahertz. So we've made those studies over the FCC. And we remain confident that we're going to move forward with this FCC working with them to make sure that we meet the backup and complete requirements of GPS.

Your next question comes from the line of David Joyce with Seaport Research Partners.

Could you please provide any interesting learnings so far with your MetCom relationship? And perhaps connect that with how that might help with accelerated commercialization in the U.S.?

I think there's definitely an international opportunity. MetCom is part of that for us, and we're super excited about the partnership that we've had with them and this new development with respect to what they're doing in Japan. I think this is a solution that, as we have said, can be taken global and it does have a national opportunity. What we're facing today with a lot of the GPS or GNSS in general, jamming and spoofing issues is a global problem. So we will share the results of whatever MetCom does when they publicize it with the market. But right now, this is a great step advancing that partnership and relationship with us.

That concludes our question-and-answer session. I will now turn the call back over to Mariam Sorond for closing remarks.

In closing, NextNav remains highly optimistic about the path ahead toward an FCC vote on an NPRM in the near term, with clear line of sight to a report in order, and we look forward to continued engagement with the FCC and key stakeholders. We are very proud of the progress we're making to deliver a resilient future-proof terrestial complement and backup to GPS, strengthening U.S. economic and national security at a critical moment in time. Thank you all.

Ladies and gentlemen, this concludes today's call. Thank you all for joining. You may now disconnect.

Ladies and gentlemen, thank you for standing by, and welcome to the NextNav Q3 2025 Earnings Conference Call. [Operator Instructions] As a reminder, today's call is being recorded. I will now hand today's call over to Nev Reilly. Nevin Reilly, please go ahead.

Good morning, everyone, and welcome to NextNav's Third Quarter 2025 Earnings Conference Call. Participating on today's call are Mariam Sorond, NextNav's Chief Executive Officer; and Tim Gray, NextNav's Chief Financial Officer. Before we begin, let me remind everyone that this call will include certain statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by use of the words may, anticipate, believe, expect, intend, should, could and similar expressions. Such forward-looking statements, which may relate to NextNav's forecast of future results, future prospects, developments and business strategies are subject to known and unknown risks, uncertainties and assumptions, many of which are outside NextNav's control and could cause actual results to differ. In particular, such forward-looking statements include the achievement of certain FCC-related milestones and SEC approvals, NextNav's projections, plans, objectives and expectations and NextNav's future business strategies and competitive position. These statements are based on management's current expectations and beliefs as well as a number of assumptions concerning future events. You are cautioned not to place undue reliance upon the forward-looking statements, which speak only as of the date made, and NextNav undertakes no commitment to update or revise the forward-looking statements, except as required by law. For additional information regarding risks and uncertainties, please refer to the risk factors and other disclosures contained in the company's filings with the SEC. Following prepared remarks, the company will host an operator-led question-and-answer session. In addition, a replay of our discussion will be posted to the company's Investor Relations website. I'd now like to turn the call over to Ms. Sorond. Please go ahead, Mariam.

Thank you, Nevin. Good morning, and thank you all for joining us today. Before I begin, I want to take a moment to welcome Tim Gray as NextNav's Chief Financial Officer. Tim is an industry veteran, bringing a rare combination of deep spectrum knowledge and experience leading the finance function at growth-oriented companies that have technology in the marketplace. We are excited to have him on board for our next chapter of growth as we prepare for commercialization of our technology. Welcome to the team, Tim. I also want to recognize Chris Gates for all his meaningful contributions, particularly in ensuring NextNav leads with a healthy balance sheet and liquidity position. Chris will maximize his expertise in corporate development and increasingly important responsibility as we prepare for the commercialization of our technology and will work closely with Tim on strategic positioning in our next chapter of growth. I'll begin with an update on our FCC process. Since the FCC's March 2025 Notice of Inquiry, or NOI, on PNT technologies, NextNav has filed a robust set of technical and economic studies that demonstrate the feasibility and public interest benefits of our proposal to enable 5G-based 3D PNT in the lower 900 megahertz band. We continue to proactively contribute to the FCC process and believe the FCC has sufficient data to issue a Notice of Proposed Rulemaking, or NPRM. In early September, we met with senior staff from the FCC Wireless Bureau and Office of Engineering and Technology as well as Arpan Sura, Senior Counsel and Chief AI Officer to Chairman Brendan Carr, proactively summarizing the record and urging the FCC to promptly issue an NPRM. We were also pleased to see Chairman Carr continue to reiterate the importance of PNT in public remarks over the past few months. We thank Chairman Carr and FCC staff for their continued diligence in consideration of the need for PNT resiliency given the numerous competing priorities and demands on the FCC's resources. While we cannot speculate on NPRM timing, we note that the FCC C-band NOI preceded the PNT NOI. Chairman Carr has talked about the FCC's summer 2027 deadline to complete an auction of the C-band, referring to that as a very compressed time line given the work that needs to be done. And just last week, Chairman Carr announced that the FCC will vote on a C-band NPRM at its November 20 open meeting. Given the congressional mandate for action, we were not surprised that the FCC continued its work on this issue. What we can say on timing is that the ongoing government shutdown has halted most of the work at the FCC. But we continue to actively engage with administration and congressional officials who are not furloughed to advocate for our proposal. In addition to our work with the FCC, we continue to advance our technology and make progress on commercialization independent of the FCC process. First, we are aggressively advancing the technical work needed to deliver a 5G-based 3D PNT solution as a complement to GPS, addressing an urgent national security need. Last month, we reached a major milestone towards enabling a wide-scale commercial 5G-based 3D PNT solution, deriving accurate timing and positioning information while simultaneously delivering both downlink and uplink data transmissions utilizing standard 5G network equipment. This achievement highlights the seamless integration of NextNav's technology and 5G. Next, in partnership with Oscilloquartz, we were pleased to achieve the successful integration of our 5G-based PNT technology and an Oscilloquartz GNSS-enabled grandmaster clock. This achievement marks another significant step towards the commercialization of a GPS complement and backup serving the needs of national security, public safety and mission-critical enterprise timing applications. These achievements reinforce the scalability and practicality of a resilient terrestrial complement to GPS, and we are focused on continuing our forward progress towards commercialization. Last month, we also extended our agreement with AT&T relating to our Pinnacle network operations by 2 years to October 2028. This network, which operates primarily in partnership with AT&T, is providing public safety applications like enhanced 911 across all major cellular networks and to FirstNet. This recognition of our continuing technology leadership in Z-axis is an important component of our commercialization for a 5G-based 3D PNT capability. Finally, in October, we showcased our leadership in location technologies at Mobile World Congress 2025 Las Vegas. Our booth received a lot of traffic from attendees, and we highlighted both our current vertical location capabilities as well as our progress towards commercialization of 5G-based 3D PNT. Looking ahead to the remainder of 2025 and beyond, NextNav remains deeply committed to advancing PNT resiliency in support of national security, public safety and economic stability. As there is already broad awareness of the need for a terrestrial complement and backup to GPS, we are uniquely positioned to build on our momentum. We remain focused on executing our strategic road map and driving innovation in geolocation technology. With that, I will turn things over to Tim for a review of our financials. Tim?

Thank you, Mariam, and good morning, everyone. I'm thrilled to join NextNav and bring my experience for its next chapter of growth as it prepares to optimize the lower 900 megahertz band, delivering a win for national security, public safety and the American economy. NextNav has a strong financial foundation and a compelling growth story. I look forward to helping NextNav navigate its exciting future and to engaging with shareholders on our journey forward together. In the third quarter, NextNav continued to hold a position of financial strength and strategic advantage with strong liquidity, valuable spectrum assets and the development and testing of our resilient proven technology. Having repaid our $70 million senior secured debt in March 2025, we have demonstrated consistent robust financial health. NextNav's remaining convertible notes do not mature until June 2028, and additional capital may also be realized through warrant conversions over the coming years. The closing of the Telesaurus transaction and subsequent securing of additional spectrum in the lower 900 megahertz band has positioned NextNav to continue to create value for our shareholders. Recent low-band spectrum transactions present a positive development for investors, validating spectrum as a highly strategic asset. NextNav's lower 900 megahertz spectrum represents a scarce yet valuable asset to enable a 5G-based complement and backup to GPS and to deliver broadband. This transaction added 128 active lower 900 megahertz band spectrum licenses and resulted in the issuance of roughly 1.2 million shares at closing. With that, I'd like to address a few additional financial highlights. In the third quarter, we recognized gains of approximately $23.6 million associated with the change in the fair value of the derivative and warrants liability. The impacts of these noncash gains resulted in net income for the quarter of nearly $0.5 million. In addition, we finished the third quarter with $167.6 million in cash, cash equivalents and short-term investments. We are continuing to conservatively manage our use of capital as we work to advance our business and develop our assets, taking a deliberate approach to liquidity and commercialization. There is significant runway in funding for NextNav to continue its work on achieving its ambitious goals. With that, I'll turn the call back over to the operator for questions. Operator?

[Operator Instructions] Your first question is from the line of Mike Crawford with B. Riley Securities.

Mariam, now that the FCC is through its space month and has started that C-band auction process, do you think PNT could be next on the priority list?

Thank you, Mike. Thanks for the question. As you know, the FCC doesn't provide guidance on their timing, neither do we provide guidance, but we continue to believe that this is an important issue and a priority for Chairman Carr. And getting C-band NOI done will actually definitely pave the way for him to focus on his other priorities and for the commission to focus on their other priorities.

Okay. And then just shifting gears. In the past, the company had or has had international strategy, including some collaboration in Japan, maybe using some donated 800 megahertz spectrum to help propagate your solution. But is there anything that's changed or that you can share with what you're doing internationally or how you would potentially port your IP and get paid outside of the U.S. [ where you hold ] spectrum?

We continue to have the partnership with MetCom, and MetCom has actually achieved significant milestones also in their journey. I wouldn't call it donated spectrum, but just spectrum in Japan is actually licensed differently here than the U.S. But it is very valuable spectrum that they're also working on and they're working for it with their regulator and just recently have had some good progress with the regulator, and we're both working together. They also use our Pinnacle altitude solution out in Japan already commercially. So it's not just also waiting for that spectrum to go through the regulatory process. So it's a great partnership for us. We appreciate it. And also, I think Japan being one of the U.S. allies to work on national security makes sense. It probably would make sense for us also to look at the international market. But right now, we are very focused on making sure that we prove our solution in the United States.

Your next question is from the line of Brendan Lynch with Barclays.

You mentioned the relationship with AT&T and FirstNet. Can you expand on what the relationship -- what other relationships with carriers you could develop and how that might help you build out the PNT solution?

Thank you for the question. And that's a good question. Actually, as you may have seen, we just highlighted a key point regarding the extension of our AT&T agreement, which we're very happy about. So we're already operating a positioning system in partnership with a major wireless carrier for public safety applications. And that we're very excited about the extension of that agreement. And the solution for that agreement, which is the Z-axis is already being used in the Verizon network besides the public safety applications that it is being used in. So Verizon is using that commercial solution. So we have an existing partnership. We do need to expand that partnership, obviously, to do the x/y and the rest of our solution. I believe that the FCC, considering this a priority in advancing what we're doing, will actually be a great milestone in taking those partnerships further.

Okay. Very good. That's helpful. And then on the recent EchoStar transaction, there's obviously been some movement in the spectrum that's available. How do you see the spectrum supply and demand dynamic going forward? Obviously, you mentioned some of the considerations around the SEC, but maybe more focused on swaps or sales between owners of spectrum now.

Yes, I'm glad you brought up that because this is a great landscape we're seeing right now. And also, just by the way, just this morning, there was another transaction between EchoStar and SpaceX. But just let me say that we are creating a 10 megahertz downlink. This is a very rare and already scarce low-band spectrum position. Chairman Carr continues to mention the importance of freeing up even additional spectrum for broadband. The One Big Beautiful Bill requires freeing up spectrum, but none of them are below 1 gigahertz. I think I also want to highlight one of the things that the AT&T CEO commented post the EchoStar transaction about the 600 megahertz spectrum. 600 megahertz spectrum is not in the AT&T network, by the way. But he did say that I have never regretted owning low-band spectrum over the course of my career. So I agree with him. And this highlights really the demand for low spectrum. So in addition to that AT&T transaction, we obviously saw other transactions with EchoStar. We continue to see the transactions. We believe that, that low-band spectrum when it's available, the demand is significant. And the fact that we're seeing an expanding universe of participants in the market for spectrum besides the major carriers and -- which includes the satellite operators, this demand is going to expand. And collectively, we see all of this as positive for our business.

Your next question is from the line of Ryan Koontz with Needham.

I want to ask about any updates you have on your commercialization and partner strategy model for the U.S. relative to mass rollout. And then specifically, how does this Oscilloquartz integration play into that at all? I mean, obviously, timing is a pretty -- it's everywhere in the U.S. wireless network today, but probably not proliferate enough to handle, I would guess, your needs for the number of instances around the country.

Thank you, Ryan, for the question. I think there is definitely a high degree of attention to our spectrum and regulatory process. But as a company, we're very focused and really excited about just not only just enabling what we're doing with the spectrum and capacity, but our solution to provide this complementary PNT. So obviously, we've been operationalizing the key technologies, not only on advancing what we're doing with the network side that shows PNT broadband on 5G standard equipment, but also, as you mentioned, the use of the signal that it provides recently highlighted with Oscilloquartz is -- sorry, let me just remind everyone. They are a leading provider of timing solutions, so we're super excited about integrating their timing solution into the network, which is significant. And you're right, there's been -- there is a lot of focus on timing in addition to positioning because it remains in the critical infrastructure and a significant point. So we're super excited about moving that partnership forward. And I think that's going to definitely be one of the integrations in addition to the future integrations that we need to do to get the operational and commercialized network ready for a backup and complement to GPS.

Interesting. And maybe one more, if I could. With regards to any movement of existing networks that are needed to accommodate your solution, have you done any scoping there in terms of those costs and how they'd be funded? I think you guys have talked about toll collection and a few things like that, that might need to be repacked.

Okay. So you're talking about the coexistence in the band and the spectrum users, yes.

Yes.

So we provided a study to the FCC that thoroughly evaluates the tolls and talks about the minimal impact to them and how they would need retuning, and that retuning is not at all going to be a hardware swap. It's a software retuning. We're very confident in our study. We've been working on this, and we provided that to the FCC that those costs when you are talking about just software and not rip-and-replace equipment, become extremely minimal, especially with the minimal impact to them. So I would not call it a significant cost. As far as the rest of the -- we continue to work really well with the railroads. As far as the rest of the unlicensed use of the spectrum, we're not asking anyone to vacate or go to another spectrum, and there is no cost associated with it. And as we have shown through our FCC studies, there's also no impact to the unlicensed community.

Your next question is from the line of Peter Supino with Wolfe Research.

This is Ron on for Peter. We recently saw the Department of Transportation awards to Iridium to test a solution with T-Mobile. Can you provide any comments on the implications or opportunities for NextNav?

Thank you for the question. I mean what we just recently saw, and this is a little bit of what Ryan brought up on the importance of timing, but let me just say, what we just recently saw, it highlights the importance of having multiple systems to have a very robust and complement backup to GPS. But as a reminder, let me just remind everyone, we had the highest performance in positioning and navigation and timing technologies in the DOT's -- Department of Transportation's 2021 testing. And you may remember that we also received an award under the same program in 2024. And it remains the largest award so far. And -- but we're very happy to see other solutions also get an opportunity. And as we've always said from the beginning, this reiterates this concept of the system of systems and the importance of backup solutions, especially for critical infrastructure, which telco is one. So we want to address this issue. We do require the system of systems because GPS is used so broadly. Now at NextNav, we believe we offer the best path to a wide-scale solution for most of the use cases, but of course, satellite and other potential terrestrial systems also have a role to play, and they will create opportunities for seamless integrated solutions as well. So overall, the positive development with the Iridium testing and the partnership with DOT for this entire landscape and reinforcing what we're working to achieve right now, which is we're on the right path.

At this time, there are no further questions. I will now hand the call back over to our presenters for closing remarks.

Thank you. And as I mentioned at the beginning of the call, we have continued to proactively advocate for the FCC to take the next steps in its process despite the government shutdown and are pleased with the technological progress we have made as we prepare for commercialization of our technology. NextNav looks forward to enabling a wide-scale future-proof complement and backup to GPS as quickly as possible. We are proud of the work we are accomplishing to bolster the U.S. economy and national security, and we are very grateful to our shareholders for their support. Thank you, everyone.

This concludes today's call. Thank you for joining. You may now disconnect your lines.