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Image source: The Motley Fool. Tuesday, Aug. 11, 2026 at 5:00 p.m. ET Chief Executive Officer - Mariam Sorond Chief Financial Officer - Timothy Gray Need a quote from a Motley Fool analyst? Email [email protected] Operator: Hello, everyone. Thank you for joining us, and welcome to the NextNav Second Quarter 2026 Earnings Call. [Operator Instructions] I will now hand the conference over to Jared Pollack. Jared, please go ahead. Jared Pollack: Good afternoon, everyone, and welcome to NextNav's Second 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, 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. Mariam Sorond: Thank you, Jared. Good afternoon, and thank you all for joining us today. Since our last earnings call, we have strengthened our position across every dimension of our business from balance sheet and strategic partnerships to our regulatory engagement and technical validation. Financially, we took decisive actions that transformed our balance sheet and increased available liquidity to approximately $300 million. This enhanced financial position provides NextNav with substantial resources and flexibility to execute our strategy from a position of considerable financial strength. Tim will provide more details shortly. Operationally, I'd like to highlight our recently announced partnership with Safran Electronics & Defense, an important milestone that enables NextNav to demonstrate the potential of our terrestrial 5G-powered 3D PNT solution in real-world operating environments and validate its role within future resilient PNT ecosystems. Taken together, we believe these and other recent accomplishments leave NextNav stronger and exceptionally well positioned to capitalize on our next phase of growth. Turning now to our process with the FCC. We have continued to make meaningful progress and remain encouraged by the positive momentum. That momentum continues with the recent and significant development. Yesterday, SpaceX filed an ex-parte letter in our proceeding, urging the FCC to encourage fast investments to put scarce low- and mid-band spectrum to use for terrestrial, direct device and IoT services, expressly calling out NextNav's 900-megahertz proposal. In the filing, SpaceX cited the ongoing interest in new spectrum bands to serve Americans in innovative ways. We view this as meaningful validation of the ongoing need for additional low-band spectrum from a key voice in the industry. The filing from SpaceX reinforces both the urgency of putting scarce low-band spectrum to productive use and industry recognition of the value these spectrum resources can unlock. I'll now step back and provide an update on the broader process. As we have discussed previously, the FCC has formally submitted a draft notice of proposed rulemaking, or NPRM, focused on promoting the development of PNT technologies and solutions for an interagency review process, including review by the Office of Information and Regulatory Affairs or OIRA. 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. Moreover, in early July, Chairman Carr released the FCC's fiscal year 2026 to 2030 strategic plan, which included spurring development of the new PNT technologies as an alternative to GPS to ensure redundancy against GPS outages and reduce vulnerabilities. As we have mentioned previously, while OIRA reviews are relatively new for FCC rulemaking, review across executive branch agencies has been a long-standing process, and timing remains subject to such ongoing reviews. These processes are designed to incorporate input from all stakeholders, and we continue to support that work through regular engagement with the FCC and various federal agencies. As is typical in proceedings of this significance, a range of questions has been raised, particularly by unlicensed users of the band. Our team has been working closely with the relevant agencies to provide technically sound education, ensuring concerns are evaluated thoroughly and transparently. As a result of these efforts, we believe our team has made meaningful progress across multiple departments to support the FCC's process. Beginning with the FCC's notice of inquiry in March 2025, we have seen a depth and breadth of stakeholder responses to our proposal that is more typical of the period following the issuance of an NPRM. As a result, NextNav has been addressing matters at an earlier stage, which we believe has made this proceeding more mature at this stage than comparable proceedings. This dynamic has in part facilitated ongoing engagement with freight railroads, tolling industry stakeholders and utilities, making good progress towards coexistence planning to develop a practical path forward for deployment that aligns with industry stakeholders' priorities. We believe this approach has been constructive as introducing later-stage considerations into the record earlier may help streamline a post-NPRM process and support a more efficient path towards report and order. At the same time, we continue to see meaningful support from key stakeholders. In addition to our long history and continued constructive engagement with various federal agencies, we are continuing to mobilize third-party supporters, including leaders from the public safety community. Such support was reflected in a letter submitted by the International Association of Firefighters, or IAFF, to Congress and the FCC in advance of the June 2026 hearing on PNT by the House Energy and Commerce Subcommittee on Communications & Technology. The letter emphasized the urgent need for more accurate, reliable and resilient location tracking and positioning technologies to help protect firefighters, improve emergency response capabilities and ensure first responders have the tools necessary to safely carry out their missions. The hearing underscored strong bipartisan agreement on 2 key points: first, the need for a resilient complementary PNT system to strengthen America's critical infrastructure; and second, the FCC's role as the expert agency and ultimate decision-maker on spectrum matters. The hearing provided a valuable opportunity to educate various lawmakers on GPS vulnerabilities and the importance of a system-of-systems approach to PNT. Notably, NextNav was one of only a handful of recognized experts participating. Additionally, we shared our views with the FCC on the draft unlicensed direct-to-device or D2D NPRM proposal and continue to believe in the inherent value of lower 900-megahertz spectrum for D2D services. While the FCC's draft NPRM proposed changes that would permit unlicensed earth-to-space transmissions in the lower 900-megahertz band, that band was ultimately not included for consideration in the FCC's final NPRM. I will now turn to operational progress where we continue to build meaningful momentum. First, as I highlighted at the start, we recently announced an agreement with Safran Electronics & Defense, an important milestone in evaluating the role of terrestrial 5G-powered 3D PNT within future resilient PNT ecosystems. The collaboration will integrate and demonstrate interoperability between NextNav's terrestrial 5G PNT network and Safran's navigation and timing receivers, providing an opportunity to validate the performance of our technology in real-world operating environments and assess its contribution to the resilience and continuity requirements of mission-critical applications. This partnership paves the way for NextNav and Safran to deliver solutions to the urgent and growing need for resilient PNT in defense, UAV, aviation, energy and other critical infrastructure markets. Next, we continue to develop wide-area sensing capabilities for counter-UAS detection. Through our Santa Clara pilot network and growing ecosystem of integrated sensing and communications partners, we are advancing such solutions. Today, we're very pleased to announce Tiami Networks as a sensing ecosystem partner supporting the development of 900-megahertz 5G PRS-based counter-UAS detection solutions for homeland security and critical infrastructure applications. We also entered into a new partnership that expands the delivery of our Z-axis technology through an innovative device-based model. This agreement provides important commercial validation of our technology by bringing NextNav's Z-axis software and reference data directly on to a Tier 1 partner's devices for 911 vertical location services. Beyond adding a new customer, it highlights the versatility of our platform, advances our device-based strategy and creates a pathway for future 3D PNT offerings and incremental revenue opportunities over time. Additionally, we achieved a significant technology milestone during the quarter that underscores the growing importance of PNT in the AI era. We demonstrated approximately 20 nanoseconds of timing accuracy over our operational 5G PNT network in real-world outdoor, indoor and GPS-denied environments. As AI infrastructure scales, precise and resilient timing becomes increasingly critical, making PNT a foundational enabler of AI data centers and our other mission-critical systems. Our results significantly exceed critical infrastructure requirements and further validate the commercial readiness of our terrestrial 5G-powered 3D PNT platform for applications spanning AI, utilities, telecommunications, public safety and national security. We also strengthened our position in the emerging drone ecosystem by joining GSMA and other industry leaders in an industry-first initiative to help shape the future of safe scalable drone operations. This collaboration highlights the growing recognition that resilient network-based PNT capabilities will be essential to enabling trusted low-altitude aviation and reinforces the potential role of NextNav's 5G-powered 3D PNT platform in supporting the next generation of commercial and public sector drone applications. We believe these operational developments reflect steady disciplined progress across the business and further validate the strategic foundation of our solution. As it relates to our process with the FCC, the engineering case for a viable GPS backup and complement is well supported by our technical studies. We are confident in our position as a one of 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. Concurrently, we remain in active dialogue with potential strategic partners across not only wireless carriers but also satellite operators, big tech, among others, to help realize our strategic goal of enabling a 5G-based backup and complemented 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. In sum, our conviction remains unchanged. We are confident that we will resolve the remaining technical and policy questions within the time-tested FCC and inter-agency decision-making processes 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? Timothy Gray: Thank you, Mariam, and good afternoon, everyone. Our second quarter was absolutely transformational financially. We've gone debt-free, eliminated our public SPAC warrants and increased our available liquidity to roughly $300 million, comprised of approximately $230 million in cash, cash equivalents and marketable securities as of June 30, 2026, plus $70 million of warrant exercise proceeds collected on July 1, 2026. This significantly strengthens our balance sheet and provides us with the flexibility and resources to execute our strategy from a much stronger position. Let me give you a few details on the warrant and debt actions that we took in the quarter. We converted all of our debt to 15.2 million shares as all of our debt holders converted to shares instead of receiving cash for their positions. I believe this is a sign of confidence from our shareholders. On our public SPAC warrants, holders exercised 14.8 million warrants for shares delivering nearly $170 million to NextNav by July 1. Lastly, for our second quarter, a reminder that the gains or losses related to our outstanding private warrants and derivative liability fluctuate based on movements in our stock price. During the second quarter, we recognized a loss of approximately $32 million associated with the change in fair value of the derivative and warrants liability. This noncash loss was partially offset by the company's gain on debt extinguishment of roughly $21 million for the quarter, resulting in a net loss of approximately $33.8 million. With that, I'll turn the call back over to the operator for questions. Operator? Operator: [Operator Instructions] Your first question comes from the line of Mike Crawford with B. Riley Securities. Michael Crawford: I was hoping you could dig a little bit more deeply into this comment made public today in the PNT proceeding for SpaceX, where it's great to see them saying that they want "mobile broadband operations" consistent with NextNav's 900-megahertz proposal, but there's also this Attachment A with spectrum deployment commitments regarding quality of service and uplink user throughput, spectral efficiency. Can you just walk us through that spectrum deployment commitment's aspect of Attachment A and how that relates to NextNav? Mariam Sorond: Thank you, Mike, for the question. First of all, let me just reiterate, we are very excited to see their involvement in this proceeding. They're validating the demand for low-band spectrum and in a market where the supply is very limited. We've always said we plan to partner on this and we find this as a very great involvement. They did ask for a rulemaking designed to put spectrum with flexible use spectrum allocations to support a range of terrestrial services and D2D operations. They are also putting in the details as they want this to be supported in the configurations that they want. Notably, they mentioned, as you highlighted, our configuration, and they are talking about the build-out and other details as it goes with this. But this is a very exciting involvement for us. Michael Crawford: Okay. And then just a separate question is you have this ongoing investment in MetCom in Japan in collaboration, but there are certain aspects that haven't been met triggering additional funding and/or warrant conversion there. Is there any update on MetCom and where you might be going with that? Mariam Sorond: We continue to partner with MetCom. We find the partnership extremely valuable, especially as it is one of our international focuses where they're using our Z-axis capabilities. I am not familiar with the warrant conversion. Tim, do you have any data on that? We can get back to you. Timothy Gray: Yes, Mike. They're still working to achieve the considerations that we would need to be able to do the warrant access, which is some agreement from the Japanese government on their spectrum positioning. So as that moves forward, we'll talk more about it when we're -- when we go ahead and do that conversion. Operator: [Operator Instructions] Your next question comes from the line of Tim Horan with Oppenheimer. Timothy Horan: I'm going to break the rules here and ask 3 multipart questions. I guess, first, why do you think SpaceX is doing this? Do they want to lease your spectrum, do -- partner with you, buy the spectrum? What's their motivation here? Mariam Sorond: Tim, thanks for the question. I think SpaceX, consistent with their earnings, are building or intending to build a terrestrial network along with the D2D network, and they've highlighted the need for low-band spectrum. And that -- there's not much of that available. So I think their interest is driven by the fact that low band is scarce, and they're showing their interest through this filing of wanting to make sure that low band is made available. Timothy Horan: Second, have you conducted any further testing since the last earnings call? And can you get in a little bit more detail what conversations you're having with the rails, the tollbooth operators and anyone else that you might be having conversations that are opposed to this? Mariam Sorond: Thanks again. I think with the rails, we have had great progress. We concluded the testing in Colorado with them. The results have been great. We have -- we are in dialogue with them to continue that engagement. We have also started talking to some of the other various licensed entities and unlicensed entities. And we -- our door is always open to any stakeholder who wants to talk with us or otherwise, they'll have to go through the FCC process for addressing their concerns. Timothy Horan: And do you plan on doing any more testing? And how do those tests go? Mariam Sorond: Well, I mean, first of all, there's 3D PNT. We're definitely doing more testing. We show timing resiliency. We're going to show positioning. So you'll see a lot more results out of our network that are -- I'm excited about. On the coexistence part, we will test when we need to that -- when it advances our proceeding. We are open to that if there is a need for the testing. But right now, we're very happy with the results of the testing that we've already done. Timothy Horan: And third, can you just update us when you think the FCC could issue the notice of proposed rulemaking? Do they have to wait for the next meeting? Or can they do something inter meeting? And in regards to the White House, the OIRA process, do they reach out to you guys for more information? Or do they work for the FCC? Or any thoughts on what's holding them up? Mariam Sorond: Yes. So the FCC's typical process is to do it through their public meetings, and those are based on a schedule. We have engaged with multiple federal agencies and stakeholders in the interagency process, and we will continue to do that. We find it positive and constructive to do that right now, and we'll continue to talk with the progress that we've made so far. Timothy Horan: And do you deal directly to OIRA? Or do they deal through the FCC? Mariam Sorond: Stakeholders can go directly and talk to OIRA. That is a part of the process. So if there is a need, any stakeholder who's interested in this proceeding can go talk to them. But the OIRA and the FCC and NTIA processes are interagency. Operator: There are no further questions at this time. I will now turn the call back to Mariam Sorond, CEO, for closing remarks. Mariam Sorond: In closing, we continue to make steady progress across the business, including regulatory, operational, commercial and financial fronts. We remain actively engaged throughout the FCC and interagency processes while advancing strategic partnerships, validating our technology and strengthening our financial position. Our conviction remains unchanged. We believe NextNav is uniquely positioned to deliver a resilient future-proof terrestrial complement and backup to GPS and to play a critical role in strengthening U.S. economic, public safety and national security. We remain focused on execution and confident in the opportunity ahead. Thank you for your continued support. Operator: This concludes today's call. Thank you for attending. You may now disconnect. 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This article is a transcript of this conference call produced for The Motley Fool. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. NextNav (NN) Q2 2026 Earnings Call Transcript was originally published by The Motley Fool

Get insights on thousands of stocks from the global community of over 7 million individual investors at Simply Wall St. NextNav (NN) drew fresh attention after its latest quarterly report, which showed a reduced net loss compared with a year earlier, even as sales stayed low and prompted investors to reassess the stock. See our latest analysis for NextNav. NextNav shares have moved sharply in recent weeks, with a 52.34% 1 month share price return and 22.66% year to date share price return. The 3 year total shareholder return of 397.38% highlights how strong long term momentum has been even after periods of volatility. The latest earnings report, which showed a smaller net loss alongside soft sales, appears to have reset expectations around risk and funding needs. This helps to explain the recent 21.98% 7 day share price return and the rebound from a 7.85% 3 month share price decline. If you are looking beyond NextNav for other growth stories tied to digital infrastructure and data heavy applications, this is a good moment to scan 55 AI infrastructure stocks After a sharp move in NextNav following its narrower loss, you now face a timing call. Is this the moment to accept the current price, or does it make more sense to wait for a cleaner entry as the valuation picture unfolds? Analysts that follow NextNav see more upside than the current $19.90 share price suggests, based on a fair value estimate of about $33.67 that relies on specific growth and profitability assumptions. Read the complete narrative. Want to see what sits behind that confidence in NextNav? The widely followed narrative leans on shrinking revenue, improving margins and an extreme future earnings multiple that is usually reserved for very scarce assets. Result: Fair Value of $33.67 (UNDERVALUED) Have a read of the narrative in full and understand what's behind the forecasts. However, the bullish NextNav narrative still hinges on timely FCC progress and broader commercial rollouts, so any regulatory setbacks or stalled deployments could quickly weaken that view. Find out about the key risks to this NextNav narrative. The first fair value story around NextNav leans heavily on future earnings assumptions. A more grounded check is the current P/B ratio of about 10x against a US Software industry average of 3.1x and peers at 6.3x, which points to a rich valuation. Could the market already be pricing in much of that upside? See what the numbers say about this price — find out in our valuation breakdown. If the mixed signals around NextNav leave you unsure, move quickly to review the numbers for yourself and decide how the risks stack up. A helpful place to start is our breakdown of 4 important warning signs Do not stop your research with NextNav. Use the Simply Wall Street Screener to quickly find additional opportunities that fit the kind of portfolio you want to build. Identify potential value opportunities by checking companies that stand out on our screener containing 20 high quality undiscovered gems. Strengthen your core holdings by focusing on companies highlighted in the solid balance sheet and fundamentals stocks screener (51 results). Manage portfolio risk by reviewing companies that appear in the 80 resilient stocks with low risk scores. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include NN. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Transformed the balance sheet to a debt-free position with approximately $300 million in available liquidity, providing the financial flexibility to execute long-term strategy from a position of strength. Received significant industry validation via a SpaceX ex-parte filing urging the FCC to prioritize low-band spectrum for terrestrial and IoT services, specifically citing NextNav's 900-MHz proposal. Advanced the regulatory process by addressing stakeholder concerns from unlicensed users, railroads, and utilities earlier than typical, which management believes will streamline the post-NPRM path toward a report and order. Demonstrated technical readiness by achieving 20 nanoseconds of timing accuracy in real-world environments, exceeding critical infrastructure requirements for AI data centers and telecommunications. Expanded the commercial ecosystem through a partnership with Safran Electronics & Defense to validate 5G-powered 3D PNT in mission-critical defense and aviation applications. Secured a new Tier 1 partner agreement for Z-axis software integration, validating a device-based revenue model for 911 vertical location services. Anticipates the FCC's Notice of Proposed Rulemaking (NPRM) will proceed through the standard public meeting schedule following the completion of the interagency OIRA review process. Focuses on mobilizing third-party support from public safety and national security sectors to emphasize the urgency of a GPS backup that does not require taxpayer funding. Plans to continue active dialogue with potential strategic partners across wireless carriers, satellite operators, and big tech to realize a 5G-based PNT ecosystem. Expects incremental revenue opportunities to scale as Z-axis technology is integrated directly into more Tier 1 partner devices. Aims to finalize coexistence planning with freight railroads and tolling industries to ensure a practical path for spectrum deployment. Eliminated all corporate debt through the conversion of debt holdings into 15.2 million shares, signaling strong investor confidence in the company's trajectory. Realized nearly $170 million in proceeds from the exercise of 14.8 million public SPAC warrants by July 1, 2026. Recognized a $32 million non-cash loss related to the fair value change of derivative and warrant liabilities, partially offset by a $21 million gain on debt extinguishment. Joined the GSMA industry initiative to establish network-based PNT standards for safe, scalable low-altitude drone operations. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. Management views SpaceX's filing as validation of the extreme scarcity and high demand for low-band spectrum for terrestrial and direct-to-device (D2D) services. The involvement confirms that major industry players are seeking flexible spectrum allocations to support innovative mobile broadband configurations. NextNav successfully concluded testing in Colorado with the railroad industry, yielding positive results that support the feasibility of spectrum sharing. The company remains open to additional testing if required by the FCC process but believes current results already establish a strong engineering case for coexistence. Management clarified that while the OIRA review is an interagency process, stakeholders have the right to engage directly with OIRA to provide input. The FCC typically issues such notices during scheduled public meetings, and NextNav is continuing its technical education efforts across multiple federal agencies to support a swift decision.

Interested in NextNav Inc.? Here are five stocks we like better. NextNav became debt-free and expanded liquidity to approximately $300 million through debt-for-equity conversions and warrant exercises, though it reported a quarterly net loss of about $33.8 million. The company advanced its FCC effort for a proposed 900 MHz terrestrial PNT network, with a draft rulemaking under interagency review and SpaceX publicly referencing NextNav’s spectrum proposal. NextNav strengthened partnerships and technology validation, including collaborations with Safran and Tiami Networks, while reporting approximately 20-nanosecond timing accuracy across outdoor, indoor and GPS-denied environments. Nano Nuclear’s Air Force Contract Puts Its Short-Squeeze Setup in Focus NextNav (NASDAQ:NN) said its second-quarter actions strengthened its balance sheet, expanded liquidity and advanced partnerships and technical validation efforts as the company continues to pursue regulatory approval for its proposed 900 MHz terrestrial positioning, navigation and timing network. Chief Executive Officer Mariam Sorond said the company increased available liquidity to about $300 million and made progress in regulatory engagement, strategic partnerships and technology development. The company is seeking to position its terrestrial 5G-powered 3D PNT platform as a resilient complement and backup to GPS for applications including public safety, critical infrastructure, defense and telecommunications. → SoundHound AI Sends a Loud Signal After Its Q2 Earnings Beat MarketBeat Week in Review – 06/29 - 07/03 Chief Financial Officer Tim Gray said NextNav became debt-free during the quarter, eliminated its public SPAC warrants and increased available liquidity to roughly $300 million. That total consisted of approximately $230 million in cash equivalents and marketable securities as of June 30, 2026, along with $70 million of warrant-exercise proceeds collected July 1. The company converted all outstanding debt into 15.2 million shares, as debt holders elected to receive shares rather than cash. Separately, holders exercised 14.8 million public SPAC warrants, delivering nearly $170 million to the company by July 1, Gray said. → 3 Dividend Champion Utilities for a Market That Can't Sit Still SMRs Spark a Chain Reaction for Nano Nuclear NextNav reported a roughly $32 million non-cash loss associated with changes in the fair value of its derivative and warrant liability during the quarter. The loss was partially offset by an approximately $21 million gain on debt extinguishment, resulting in a net loss of about $33.8 million, according to Gray. Sorond said the Federal Communications Commission has formally submitted a draft Notice of Proposed Rulemaking focused on promoting PNT technologies and solutions for interagency review, including review by the Office of Information and Regulatory Affairs. Timing remains subject to those reviews, she said. → Is Wingstop's Growth Story Losing Steam? The company also pointed to the FCC’s fiscal 2026-2030 strategic plan, released in early July by Chairman Carr, which included developing PNT technologies that could serve as alternatives to GPS and provide redundancy against outages. NextNav said SpaceX filed an ex parte letter in the company’s FCC proceeding urging the agency to encourage investment that would put scarce low- and mid-band spectrum to work for terrestrial, direct-to-device and internet-of-things services. Sorond said the filing expressly referenced NextNav’s 900 MHz proposal. “We are very excited to see their involvement in this proceeding,” Sorond said in response to an analyst question. She said SpaceX’s filing validates demand for low-band spectrum, which she described as scarce, while noting that SpaceX sought flexible-use spectrum allocations supporting terrestrial and direct-to-device operations. When asked about potential commercial implications of SpaceX’s interest, Sorond said SpaceX has indicated it intends to build a terrestrial network alongside its direct-to-device network and has highlighted a need for low-band spectrum. She did not identify a specific arrangement between the companies. Sorond said NextNav continues to engage with federal agencies and stakeholders, including licensed and unlicensed users of the band. The company said it has been working with freight railroads, tolling industry participants and utilities on coexistence planning. Sorond said testing with railroads in Colorado had concluded and that the results were “great,” with discussions continuing. NextNav recently announced an agreement with Safran Electronics & Defense to integrate and demonstrate interoperability between its terrestrial 5G PNT network and Safran navigation and timing receivers. The companies intend to evaluate the technology in real-world operating environments and assess its contribution to resilience and continuity requirements for mission-critical uses. Sorond said the collaboration could support future solutions for defense, unmanned aerial vehicles, aviation, energy and other critical-infrastructure markets. The company also named Tiami Networks as a sensing ecosystem partner for the development of 900 MHz 5G positioning reference signal-based counter-UAS detection capabilities for homeland security and critical-infrastructure applications. NextNav said it is advancing wide-area sensing capabilities through its Santa Clara pilot network and integrated sensing and communications partners. In addition, NextNav entered an agreement to place its Z-axis software and reference data directly on a Tier 1 partner’s devices for 911 vertical-location services. Sorond said the device-based arrangement added a customer, demonstrated the platform’s versatility and could create a path for future 3D PNT offerings and incremental revenue opportunities. The company said it demonstrated approximately 20 nanoseconds of timing accuracy over its operational 5G PNT network in outdoor, indoor and GPS-denied environments. Sorond said the results support the platform’s potential use in AI data centers, utilities, telecommunications, public safety and national-security applications. On an analyst question about its investment and collaboration with MetCom in Japan, Sorond said NextNav continues to view the relationship as valuable, particularly because MetCom uses the company’s Z-axis capabilities. Gray said certain conditions remain necessary before warrant-related actions can occur, including an agreement from the Japanese government concerning spectrum positioning. NextNav also said it joined GSMA and other industry participants in an initiative focused on safe and scalable drone operations. Sorond said the effort reflects growing recognition that resilient, network-based PNT capabilities may be needed for low-altitude aviation and commercial and public-sector drone applications. Looking ahead, Sorond said NextNav expects to continue testing its 3D PNT capabilities, including positioning, while conducting additional coexistence testing when it is needed to advance the FCC proceeding. The company remains in discussions with potential strategic partners across wireless carriers, satellite operators and technology companies, she said. NextNav, Inc is a provider of advanced 3D geolocation infrastructure and positioning services in the United States. The company operates a nationwide network designed to deliver real-time horizontal and vertical location data for consumer, enterprise and public safety applications. By leveraging spectrum holdings in the 900 MHz band, NextNav’s network offers precise altitude and position information that complements GPS and other satellite systems, particularly in urban canyons, indoors or underground environments where traditional signals struggle. At the core of NextNav’s offering is its TerraPoiNT platform, which enables developers, carriers and emergency response centers to integrate high-accuracy vertical location into their applications and workflows. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "NextNav Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

RESTON, Va., August 11, 2026--(BUSINESS WIRE)--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 June 30, 2026. "We are pleased to have strengthened our position across every dimension of our business, from our balance sheet and strategic partnerships to our regulatory engagement and technology validation," said Mariam Sorond, CEO of NextNav. "We continue to work constructively through the FCC and interagency process while demonstrating the real-world capabilities of our terrestrial 5G-powered 3D PNT solution. Our conviction remains unchanged that NextNav can play a critical role in enabling a resilient, future-proof complement and backup to GPS. We have full trust in an FCC process that has, time and time again, successfully resolved spectrum matters through a transparent, engineering-driven process." Operational Highlights Today, NextNav is pleased to announce Tiami Networks as a sensing ecosystem partner supporting the development of 900 MHz 5G-PRS-based counter-UAS detection solutions for homeland security and critical infrastructure applications. This partnership further advances NextNav’s wide-area sensing capabilities for counter-UAS detection. On July 29, 2026, NextNav announced a partnership with Safran Electronics & Defense, an important milestone that enables NextNav to demonstrate the potential of our terrestrial 5G-powered PNT solution in real-world operating environments and validate its role within future resilient PNT ecosystems. The collaboration will integrate and demonstrate interoperability between NextNav’s terrestrial 5G PNT Network and Safran’s navigation and timing receivers. Details can be found here. On June 10, 2026, NextNav announced it has joined GSMA and industry partners in an industry-first call to action to collaborate in the drone ecosystem for safe, trusted, scalable drone operations in expanding market. Details can be found here. On May 19, 2026, NextNav announced real-world field validation of timing accuracy of approximately 20 nanoseconds (billionths of a second), demonstrating how NextNav’s planned 5G-powered 3D PNT solution can deliver timing information to serve critical infrastructure needs. Details can be found here. Financial Highlights Balance Sheet: As of June 30, 2026, the Company held approximately $228.8 million in cash, cash equivalents, and marketable securities. In addition, approximately $69.3 million of warrant exercise proceeds were recorded as other current assets as of June 30, 2026, which were subsequently collected in on July 1, 2026, resulting in total available liquidity of approximately $298 million. On May 27, 2026, NextNav announced the redemption of all outstanding Public Warrants, with the redemption completed on June 26, 2026. Holders exercised approximately 14.8 million warrants for cash at the contractual exercise price of $11.50 per warrant, generating approximately $169.5 million of gross proceeds. The remaining 318 thousand warrants were redeemed for $0.01 per warrant, eliminating the public warrant overhang. On June 15, 2026, the Company exercised its optional redemption right under the indenture governing its $190 million 5.00% Senior Secured Convertible Notes due 2028. Prior to the June 25, 2026 redemption date, all noteholders elected to convert their outstanding notes and unpaid accrued interest into approximately 15.2 million shares of common stock, resulting in no cash redemption and eliminating all outstanding convertible debt and related derivative liabilities as of June 30, 2026. Conference Call Information NextNav will host a conference call for analysts and investors at 5:00 pm ET on Tuesday, August 11, 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/857071314. 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/. 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. . NEXTNAV INC. CONDENSED CONSOLIDATED BALANCE SHEETS (IN THOUSANDS, EXCEPT SHARE DATA) NEXTNAV INC. CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (UNAUDITED) (IN THOUSANDS, EXCEPT PER SHARE AMOUNTS) NEXTNAV INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (IN THOUSANDS) View source version on businesswire.com: https://www.businesswire.com/news/home/20260811755589/en/ Contacts Sloane & [email protected]

Duolingo, Inc. (DUOL) came out with quarterly earnings of $0.66 per share, beating the Zacks Consensus Estimate of $0.61 per share. This compares to earnings of $0.91 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of +8.20%. A quarter ago, it was expected that this company would post earnings of $0.79 per share when it actually produced earnings of $0.89, delivering a surprise of +12.66%. Over the last four quarters, the company has surpassed consensus EPS estimates four times. Duolingo, which belongs to the Zacks Technology Services industry, posted revenues of $298.45 million for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 0.37%. This compares to year-ago revenues of $252.26 million. The company has topped consensus revenue estimates four times over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. Duolingo shares have lost about 21.5% since the beginning of the year versus the S&P 500's gain of 13%. While Duolingo has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for Duolingo was favorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #2 (Buy) for the stock. So, the shares are expected to outperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.58 on $305.89 million in revenues for the coming quarter and $2.81 on $1.21 billion in revenues for the current fiscal year. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Technology Services is currently in the bottom 39% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. Another stock from the same industry, NextNav Inc. (NN), has yet to report results for the quarter ended June 2026. The results are expected to be released on August 11. This company is expected to post quarterly loss of $0.16 per share in its upcoming report, which represents a year-over-year change of +46.7%. The consensus EPS estimate for the quarter has been revised 12% higher over the last 30 days to the current level. NextNav Inc.'s revenues are expected to be $0.9 million, down 25% from the year-ago quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Duolingo, Inc. (DUOL) : Free Stock Analysis Report NextNav Inc. (NN) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Image source: The Motley Fool. Tuesday, March 17, 2026 at 5 p.m. ET Chief Executive Officer — Mariam Sorond Chief Financial Officer — Timothy Gray Need a quote from a Motley Fool analyst? Email [email protected] Jared Pollack: 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 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. Mariam Sorond: 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, and we are actively supporting that work. While OIRA reviews are relatively new for FCC rulemaking, review across executive branch agencies has been a long-standing 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 or 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 have recently seen a significant increase in opposition activity. This increased activity has included a recent attempt to stall the NPRM through the House 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 SEC'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 Kara has 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 that, we want everyone that has a technology that could potentially be a complement to GPS to get a fair shot at any regulatory changes that they might need. So while we have 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 feet between the 5G transmitter and the RFID reader, a setup that is far more extreme than seen in real-world circumstances. That test shows that RFID technologies are resilient by design and can continue to operate alongside 5G signals in the lower 900 megahertz 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 SEC's proceeding in support of President Trump's National Strategy of 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 War's 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 studies. 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? Timothy Gray: 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 and 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 will 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 noncash 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? Operator: [Operator Instructions] Your first question comes from the line of Mike Crawford of B. Riley Securities. Michael Crawford: Would you mind just summarizing how much 900-megahertz spectrum NextNav currently owns and how this was acquired over time? And then what PNT precision gains would be enabled by a full 10/5 signal? Mariam Sorond: Mike, thanks for the question. NextNav currently has rights to about 4 billion megahertz POPs across the 900 to lower 900 megahertz band. And our PNT simulations currently, which will be tested through our field efforts over in Santa Clara show comparable 2 GPS performance, which is single-digit accuracy and timing synchronization to meet critical infrastructure needs. Michael Crawford: Okay. And then my follow-up question just relates to how a drone or 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? Mariam Sorond: Yes. I mean, first of all, let me 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, and 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's 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. And I just want to emphasize solution, not just the technology. And one of the strengths of NextNav is that we provide solutions. And 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 interest and equities, they find it extremely compelling, and therefore, we're excited to be joining OCUDU and start this journey. Operator: [Operator Instructions] Your next question comes from the line of Tim Horan of Oppenheimer. Timothy Horan: On the sensing technology, is there something -- does that tie to the PNT or is that unique to what you guys are doing from a P&T and technology perspective? Does anyone else have that capability? Mariam Sorond: Thank you, Tim, for the question. So 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. So the signal is the same, the underlying 5G is the same. And then what we extract is through a technology that is spearheaded by the OCUDU Department of War Office that's called ISAC, which is integrated sensing technologies that is also standards based. So what nice thing about having an underlying 5G that evolves the 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. Timothy Horan: And how you use that capability? Does anyone else have that to your knowledge? Mariam Sorond: So there's a lot of companies. One thing about ISAC is a standard space, and there's a lot of vendors, and we could read publicly about them that are developing the ISAC technology, which is 5G based. But what we provide is not just the tech and the underlying network, but we provide the solution because one of the problems is that you also need the spectrum to be able to deploy all of this on, which is a great sort of fit for us where we bring the spectrum and the tech to the table. Timothy Horan: That's what I meant. I mean, so the spectrum and the PNT as long as the technology, that's fairly unique because anyone -- I mean, it doesn't sound like anyone else can replicate that type of sensing technology easily. But correct me if I'm wrong... Mariam Sorond: Exactly. That's a really good point, right? I mean you have -- I mean, Ericsson and among other RAN vendors are developing this technology. But at the end of the day, they need a partner, they need someone to bring the spectrum to the table. And we already have both. And 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. Timothy Horan: And are you working with the FAA is looking for -- they're massively upgrading the system and looking for ways to incorporate drones and other things. Are you working with that process at all? Mariam Sorond: So what we started out is filing in the drone dominance proceeding with the FCC, which we're super excited about. And what we've announced publicly is also separate in that our OCUDU membership. That is what we've stated publicly. But of course, we're talking to all the stakeholders on the vendor and also agency space about this. Operator: There are no further questions at this time. And with that, I will now turn the call back over to Mariam Sorond, CEO for final closing remarks. Please go ahead. Mariam Sorond: 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. Operator: Ladies and gentlemen, this concludes today's call. We thank you for participating. You may now disconnect your line. Before you buy stock in NextNav, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and NextNav wasn’t one of them. The 10 stocks that made the cut are built for long-term growth and could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $462,983!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,375,447!* That performance is why people listen. With a track record of beating the S&P 500 by nearly 5x, Stock Advisor offers a distinct advantage. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built for the long haul. See the 10 stocks » *Stock Advisor returns as of June 2, 2026. This article is a transcript of this conference call produced for The Motley Fool. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. NextNav (NN) Q1 2026 Earnings Transcript was originally published by The Motley Fool

Image source: The Motley Fool. Thursday, November 6, 2025 at 9 a.m. ET Chief Executive Officer — Mariam Sorond Chief Financial Officer — Timothy Gray Need a quote from a Motley Fool analyst? Email [email protected] Nevin Reilly: 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. Mariam Sorond: 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? Timothy Gray: 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: [Operator Instructions] Your first question is from the line of Mike Crawford with B. Riley Securities. Michael Crawford: 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? Mariam Sorond: 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. Michael Crawford: 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? Mariam Sorond: 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. Operator: Your next question is from the line of Brendan Lynch with Barclays. Brendan Lynch: 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? Mariam Sorond: 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. Brendan Lynch: 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. Mariam Sorond: 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. Operator: Your next question is from the line of Ryan Koontz with Needham. Ryan Koontz: 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. Mariam Sorond: 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. Ryan Koontz: 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. Mariam Sorond: Okay. So you're talking about the coexistence in the band and the spectrum users, yes. Ryan Koontz: Yes. Mariam Sorond: 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. Operator: Your next question is from the line of Peter Supino with Wolfe Research. Taebin Song: 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? Mariam Sorond: 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. Operator: At this time, there are no further questions. I will now hand the call back over to our presenters for closing remarks. Mariam Sorond: 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. Operator: This concludes today's call. Thank you for joining. You may now disconnect your lines. Before you buy stock in NextNav, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and NextNav wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years. 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As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. NextNav (NN) Q3 2025 Earnings Call Transcript was originally published by The Motley Fool

This article first appeared on GuruFocus. Release Date: May 14, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. NextNav Inc (NASDAQ:NN) achieved a critical milestone with the FCC's notice of proposed rulemaking, advancing the development of P&T technologies. The company is actively engaging with government agencies and stakeholders to support regulatory processes, indicating strong collaboration. NextNav Inc (NASDAQ:NN) has a strong cash position with approximately $143 million in cash equivalents and short-term investments. The company is conducting joint testing with railroads and has experimental authorizations for 5G PNC network testing, marking progress towards commercialization. NextNav Inc (NASDAQ:NN) is building momentum in the policy and industry ecosystem, participating in high-level dialogues and expanding interest in its technologies. There is significant opposition activity, including attempts to stall the NPRM through the House Appropriations Committee. The company faces uncertainties related to FCC approvals and interagency reviews, which could impact timelines. NextNav Inc (NASDAQ:NN) reported a net loss of approximately $10.6 million for the first quarter, despite non-cash gains from derivative and warrants liability. The company is dealing with increased opposition from stakeholders, which could pose challenges to its regulatory and commercial objectives. There is a reliance on the redemption of warrants expiring in October for potential additional capital, which is dependent on stock price performance. Warning! GuruFocus has detected 8 Warning Signs with NN. Is NN fairly valued? Test your thesis with our free DCF calculator. Q: How much 900 megahertz spectrum does NextNav currently own, and what PMT Precision Gains would be enabled by a full 10x5 5G signal? A: NextNav currently has rights to up to 4 billion megahertz pop across the lower 900 megahertz band. Their PNT simulations, which are being tested in Santa Clara, show performance comparable to GPS, with single-digit accuracy and timing synchronization to meet critical infrastructure needs. - Miriam Serrand, CEO Q: How would a drone access the PRS reference signal embedded in 5G, and are there additional steps required for these systems to access that signal? A: The PRS signal in a 5G setting provides positioning and timing capability without needing additional steps to extract drone detection and sensing. This makes it an attractive solution, as NextNav provides both the technology and the spectrum licenses necessary for deployment. - Miriam Serrand, CEO Q: Does the sensing technology tie into the PNT, and is this capability unique to NextNav? A: The same PRS signal used for positioning and timing is also used to sense drones and objects at elevation. This capability is standards-based and unique because NextNav provides both the technology and the spectrum needed for deployment, which is not easily replicable by others. - Miriam Serrand, CEO Q: Is NextNav working with the FAA on incorporating drones into their upgraded system? A: NextNav has filed in the FCC's drone dominance proceeding and is engaging with stakeholders in both the vendor and agency spaces. They are excited about their membership in the Okudu initiative, which aligns with their efforts in drone sensing technology. - Miriam Serrand, CEO Q: What is the financial position of NextNav, and how does it plan to strengthen its balance sheet? A: NextNav ended Q1 2026 with approximately $143 million in cash equivalents and short-term investments. They have a significant number of warrants expiring in October, which could deliver over $200 million in additional capital, depending on stock price performance. This would significantly strengthen their balance sheet. - Tim Gray, CFO For the complete transcript of the earnings call, please refer to the full earnings call transcript.

RESTON, Va., May 14, 2026--(BUSINESS WIRE)--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 March 31, 2026. "As the FCC process continues, we are proactively addressing concerns, engaging constructively with key stakeholders, and reinforcing the strength of our technical foundation as we continue to deliver a resilient, future-proof terrestrial complement and backup to GPS," said Mariam Sorond, CEO of NextNav. "At the same time, we are building momentum toward commercialization and seeing expanded interest across the broader ecosystem. We have full trust in an FCC framework that has, time and time again, successfully resolved spectrum matters more complex than ours." Operational Highlights On May 14, 2026, NextNav announced it has joined the OCUDU Ecosystem Foundation, a collaborative initiative hosted by the Linux Foundation to advance open, secure, and interoperable Open RAN centralized unit and distributed unit (CU/DU) implementation. Details can be found here. On May 5, 2026, NextNav announced its demonstration of 5G and RFID coexistence in the lower 900 MHz band. Details can be found here. Financial Highlights Balance Sheet: As of March 31, 2026, the Company had $143 million in cash and cash equivalents and short-term investments. Net long-term debt of $267.2 million includes derivative liability of $106.7 million, and is net of unamortized discount of $29.5 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 Thursday, May 14, 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/572943920. 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/. 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. View source version on businesswire.com: https://www.businesswire.com/news/home/20260514499793/en/ Contacts Sloane & Company [email protected]