NextNav(NN) - 2024 Q4 - Annual Results

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]