New Investment Led by M-Cor Capital, LLC and Fortress Investment Group Existing 10% Senior Secured Notes to be Redeemed RESTON, Va., March 12, 2025 (GLOBE NEWSWIRE) -- NextNav Inc. (the "Company" or “NextNav”) [NASDAQ: NN], a leader in next-generation positioning, navigation, and timing (“PNT”) and 3D geolocation, today announced it had entered into a purchase agreement for the sale of $190 million of 5% redeemable senior secured convertible notes (the “New Notes”). The New Notes will mature on June 30, 202 ...

Financial Performance - Revenue for Q4 2024 was $1.9 million, up 58.3% from $1.2 million in Q4 2023; total revenue for the year was $5.7 million, a 46.2% increase from $3.9 million in 2023[6] - Operating loss for Q4 2024 was $14.8 million, improved from a loss of $19.9 million in Q4 2023; total operating loss for the year was $60.1 million, compared to $63.5 million in 2023[12] - Net loss for Q4 2024 was $32.3 million, including a $14.9 million loss on the change in fair value of warrants; net loss for the year was $101.9 million, up from $71.7 million in 2023[12] - Net loss for the year ended December 31, 2024, was $101,879 thousand, compared to a net loss of $71,735 thousand in 2023, representing an increase of 42%[21] - Net cash used in operating activities was $38,008 thousand in 2024, slightly higher than $35,440 thousand in 2023, indicating a 7% increase in cash outflow[21] Cash and Assets - Cash and cash equivalents as of December 31, 2024, were $39.3 million, down from $81.9 million in 2023; total assets decreased slightly to $161.7 million from $162.2 million[17] - Cash and cash equivalents at the end of the period decreased to $39,330 thousand from $81,878 thousand, reflecting a decline of 52%[21] - Net cash provided by financing activities was $35,103 thousand in 2024, down from $68,984 thousand in 2023, a decrease of 49%[21] - The company had a net cash outflow from investing activities of $39,467 thousand in 2024, contrasting with a net cash inflow of $1,074 thousand in 2023[21] Liabilities and Expenses - NextNav's total liabilities increased to $111.6 million as of December 31, 2024, compared to $82.1 million in 2023[17] - The company recorded a significant change in the fair value of warrant liability, increasing to $33,177 thousand in 2024 from $4,101 thousand in 2023[21] - Capital expenditures included in accrued expenses and other current liabilities were $78 thousand, down from $285 thousand in 2023, a decrease of 73%[21] - The depreciation and amortization expense rose to $5,238 thousand in 2024 from $4,821 thousand in 2023, an increase of 9%[21] Strategic Initiatives - The company completed lab and field demonstrations of its 5G PRS-based PNT solution, validating its effectiveness for commercial deployment[5] - NextNav's strategic roadmap includes advancing its NextGen solution and building an over-the-air demonstration network for 5G-based terrestrial 3D PNT[5] - The company has engaged in regulatory efforts with the FCC to establish a GPS complement and backup, highlighting national security needs[4] - A recent poll indicated overwhelming bipartisan support for a GPS backup, emphasizing its importance for public safety and national security[6] Leadership Changes - The company appointed Renee Gregory as VP of Regulatory Affairs to lead FCC approval and compliance efforts, bringing over 20 years of experience[6] Market Performance - The company reported a realized and unrealized loss on marketable securities of $888 thousand in 2024, compared to a loss of $546 thousand in 2023[21] - Proceeds from the exercise of common stock options increased to $3,787 thousand in 2024 from $73 thousand in 2023, a substantial increase of 5,000%[21]

Core Insights - NextNav Inc. has made significant advancements in establishing a terrestrial complement and backup to GPS, focusing on regulatory efforts and stakeholder engagement [2][3] - The company successfully completed lab and field demonstrations of its 5G PRS-based PNT solution, validating its effectiveness for commercial deployment [4][6] - A recent poll indicated strong bipartisan support for GPS backup solutions, highlighting public safety and national security concerns [6] Financial Highlights - For Q4 2024, NextNav reported revenue of $1.9 million, up from $1.2 million in Q4 2023, driven by increased service revenue from government and commercial contracts [5] - Total revenue for the year ended December 31, 2024, was $5.7 million, compared to $3.9 million in 2023, reflecting a growth in service contracts [5] - The operating loss for Q4 2024 was $14.8 million, an improvement from a loss of $19.9 million in Q4 2023, while the annual operating loss decreased to $60.1 million from $63.5 million [13][18] Balance Sheet Overview - As of December 31, 2024, NextNav had $80.1 million in cash and short-term investments, with total liabilities amounting to $111.6 million [13][16] - The company reported a significant increase in accounts payable and accrued expenses, indicating higher operational costs [16] Operational Developments - NextNav is actively working on its NextGen solution and has entered agreements to build a 5G-based terrestrial 3D PNT demonstration network [4] - The company has appointed Renee Gregory as VP of Regulatory Affairs to lead FCC approval efforts, bringing over 20 years of experience [6]

Core Viewpoint - A recent national Public Policy Polling survey indicates strong voter support for the establishment of a ground-based backup to the Global Positioning System (GPS), with a ten-to-one margin favoring the initiative across various demographics [1][2]. Voter Support and Demographics - The survey reveals that nearly 70% (68%) of voters consider the creation of a GPS backup an urgent national security need, with only 12% opposing this view [3]. - Support for a terrestrial GPS backup is widespread, transcending gender, political party, and age demographics, highlighting a significant bipartisan consensus [2]. Public Safety and National Security - A total of 83% of voters find the argument for a GPS backup convincing in terms of enhancing public safety, particularly for first responders [6]. - Additionally, 82% of respondents believe that a GPS backup is essential for safeguarding American commerce and national security [6]. Global Competition and Economic Impact - The poll shows that 81% of voters agree that a GPS backup is necessary for the U.S. to remain competitive with China [6]. - Economic implications are significant, with 81% of voters acknowledging that a GPS outage could cost the economy approximately $1.6 billion per day [6]. Company Overview - NextNav Inc. is recognized as a leader in next-generation positioning, navigation, and timing (PNT) technologies, providing reliable 3D geolocation solutions for critical infrastructure and commercial applications [4].

Core Viewpoint - NextNav is set to release its financial results for Q4 and the full year ended December 31, 2024, on March 12, 2025, after market close, followed by a conference call to discuss the results [1]. Company Overview - NextNav Inc. is a leader in next-generation positioning, navigation, and timing (PNT), focusing on 3D geolocation and PNT technology [4]. - The company utilizes low-band licensed spectrum to provide accurate, reliable, and resilient 3D PNT solutions for critical infrastructure, GPS resiliency, and commercial applications [4]. Conference Call Details - Registration for the conference call can be completed via a designated website, and participants will receive call details and a registrant ID [2]. - The conference call will also be available through a live webcast, with a replay accessible until March 19, 2025 [3].

Core Viewpoint - NextNav has submitted a study to the FCC demonstrating that 5G operations can coexist with unlicensed devices in the Lower 900 MHz band without causing unacceptable interference [1][10]. Group 1: Study Findings - The study confirms that unlicensed devices can continue to operate alongside 5G under NextNav's proposal, with no unacceptable interference reported [10]. - In the San Francisco downtown area, 5G emissions are lower than those from NextNav's legacy M-LMS location service, indicating minimal impact [10]. - Analysis shows that unlicensed signals indoors are significantly stronger than 5G operations, suggesting that the incremental effect of 5G will be manageable for unlicensed devices [10]. Group 2: Technical and Regulatory Insights - NextNav's study analyzed five key unlicensed technologies, including LoRaWAN and Wi-Fi HaLow, which are designed for resilience and adaptability in shared spectrum environments [4]. - The company emphasizes that updating existing rules can address national security and public safety threats while protecting unlicensed devices [2]. - NextNav is conducting joint testing with Lower 900 MHz railroad licensees and is in discussions with toll operators to evaluate coexistence scenarios [5]. Group 3: Company Overview - NextNav Inc. is a leader in next-generation positioning, navigation, and timing (PNT) technologies, providing accurate and reliable 3D PNT solutions for various applications [7]. - The company is committed to ensuring that its operations do not interfere with co-primary licensed tolling and rail operations, as well as federal systems in the band [5].

Core Insights - NextNav has successfully completed lab and field demonstrations of its Positioning, Navigation, and Timing (PNT) solution based on Positioning Reference Signal (PRS) standards in 5G waveforms, validating its technology for commercial deployment [1][2][3] Group 1: Technology Validation - The field test in Palo Alto, California, confirmed the effectiveness of NextNav's 5G PRS-based PNT solution, showcasing precise timing synchronization and robust positioning capabilities [2] - NextNav's technology aims to provide a resilient terrestrial complement and backup to traditional GPS signals, leveraging existing 5G infrastructure [3] Group 2: Strategic Vision - NextNav's mission includes building a widescale terrestrial PNT solution that works with 5G infrastructure and device providers, moving closer to its vision outlined in a petition to the FCC [3] - The company proposed reconfiguring the Lower 900 MHz band to enable a 5G-based terrestrial 3D PNT solution, which would support both GPS resiliency and 5G broadband deployment [3] Group 3: Industry Engagement - NextNav will host discussions at Mobile World Congress Barcelona 2025 to advance the 5G-based terrestrial 3D PNT capability, engaging with industry leaders [5] - The company is positioned as a leader in next-generation PNT technologies, enabling a new ecosystem of applications and services reliant on 3D geolocation [6]

Core Insights - NextNav Inc. has appointed Renee Gregory as Vice President of Regulatory Affairs to lead the company's regulatory strategy and FCC approval process [1][2] - Ms. Gregory brings over 20 years of experience in policy and spectrum, having held significant roles in both government and private sectors, including the White House Office of Science and Technology Policy and major tech firms [2] - The company aims to enhance GPS resiliency and address national security needs through a 5G-based terrestrial 3D positioning, navigation, and timing (PNT) service [3][4] Company Overview - NextNav Inc. specializes in next-generation positioning, navigation, and timing (PNT) technologies, focusing on 3D geolocation solutions [5] - The company utilizes low-band licensed spectrum to provide accurate and reliable PNT solutions for critical infrastructure and commercial applications [5] Regulatory Strategy - Ms. Gregory's role will involve guiding the FCC's rulemaking process to ensure decisions are based on sound engineering and public safety interests [4] - NextNav has petitioned the FCC to reconfigure the Lower 900 MHz band to support the deployment of its 5G-based terrestrial PNT service [4]

Core Viewpoint - NextNav Inc. has been upgraded to a Zacks Rank 1 (Strong Buy) due to an upward trend in earnings estimates, which significantly influences stock prices [1] Group 1: Zacks Rating System - The Zacks rating system is based solely on a company's changing earnings picture, with the Zacks Consensus Estimate tracking EPS estimates from sell-side analysts [1][2] - The Zacks Rank stock-rating system classifies stocks into five groups, with Zacks Rank 1 stocks generating an average annual return of +25% since 1988 [7] Group 2: Earnings Estimate Revisions - Changes in a company's future earnings potential, reflected in earnings estimate revisions, are strongly correlated with near-term stock price movements [4] - For Spartacus Acquisition, the Zacks Consensus Estimate has increased by 13.2% over the past three months, indicating a positive trend in earnings outlook [8][10] Group 3: Market Implications - Rising earnings estimates and the corresponding rating upgrade for Spartacus Acquisition suggest an improvement in the company's underlying business, which could lead to higher stock prices [5] - The upgrade positions Spartacus Acquisition in the top 5% of Zacks-covered stocks, indicating a strong potential for market-beating returns in the near term [10]

RESTON, Va., Nov. 26, 2024 (GLOBE NEWSWIRE) -- Arun Raghupathy, co-founder and Chief Technology Officer (CTO) of NextNav Inc. (Nasdaq: NN), a leader in next generation positioning, navigation and timing (PNT) and 3D geolocation, has been recognized by the University of Maryland's Department of Electrical and Computer Engineering (ECE) as a recipient of this year's Distinguished Alumni Awards. "I'm deeply grateful to my mentors and colleagues from the University of Maryland. Their support laid the foundation ...