NextNav (NN) Q3 2026 Earnings Call Transcript

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DATE

Tuesday, Nov. 10, 2026

CALL PARTICIPANTS

• Chief Executive Officer – Mariam Sorond
• Chief Financial Officer – Timothy Gray

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TAKEAWAYS

• Revenue — $1.6 million for the three months ended Sept. 30, 2026, compared to $0.9 million in the prior-year period.
• Net Loss — $4.2 million for the quarter, representing an improvement from the $48.6 million net loss recorded over the first nine months of the fiscal year.
• Cash and Investments — $290.9 million in total liquidity as of Sept. 30, 2026, following the elimination of all outstanding debt.
• Operating Loss — $19.6 million for the quarter, reflecting a decrease from $19.9 million in the third quarter of 2025.
• Research and Development — $5.2 million in expenses for the three months ended Sept. 30, 2026, compared to $5.2 million in the prior-year period.
• Selling, General and Administrative — $12.8 million in expenses, up from $10.0 million in the third quarter of 2025.
• Warrant Fair Value Gain — $13.0 million non-cash gain recognized during the quarter due to fluctuations in the company stock price affecting warrant liability valuation.
• Debt Balance — Zero outstanding debt as of Sept. 30, 2026, after the company eliminated its senior secured notes and converted other debt into common stock.
• Field Testing Performance — Single-digit-meter horizontal positioning accuracy achieved in both indoor and outdoor environments during 5G PNT network validation in Santa Clara County, California.
• Total Assets — $379.7 million as of Sept. 30, 2026, an increase from $247.0 million at the end of the previous fiscal year.
• Total Liabilities — $25.8 million at the end of the quarter, representing a significant reduction from $333.3 million as of Dec. 31, 2025.
• Nine-Month Revenue — $3.7 million for the period ended Sept. 30, 2026, compared to $3.6 million in the same period of 2025.
• Stockholders’ Equity — $353.9 million as of Sept. 30, 2026, compared to a deficit of $86.2 million at the end of 2025.
• Cost of Goods Sold — $1.9 million for the quarter, exclusive of depreciation and amortization, down from $2.0 million in the prior-year period.
• Interest Income — $2.4 million earned during the third quarter, compared to an interest expense of $3.2 million in the third quarter of 2025.
• Private Warrants — 100% of private SPAC warrants were exercised using the cashless method as of Oct. 2026, reducing potential share dilution.
• Government Affairs — Management appointed Marissa Mitrovich as Vice President of Government Affairs and Vijay Venkateswaran as Chief Business Development Officer to lead policy and business efforts.

SUMMARY

NextNav Inc. (NN -5.83%) reported significant progress in its regulatory and technical objectives during the third quarter, supported by a substantially strengthened balance sheet following the elimination of all corporate debt. Management indicated that market validation for low-band spectrum assets has intensified, citing a proposed acquisition of spectrum by SpaceX as a key precedent for the scarcity value of these resources. The company continues to advance its proposal for a terrestrial Positioning, Navigation, and Timing (PNT) system as a complement to GPS, which is currently undergoing an interagency review process facilitated by the Federal Communications Commission. Management stated that the core issues of PNT resiliency and national security maintain strong bipartisan support as the regulatory process moves into 2027.

• CEO Sorond noted that recent industry filings underscore the value of putting spectrum to use for innovative services, stating, “SpaceX urged the FCC to encourage fast investments to put scarce low- and mid-band spectrum to use, including for innovative services like terrestrial, direct-to-device and IoT services.”
• Technical validation milestones included field testing in Santa Clara where the company transmitted at full 5G power levels without any reports of interference from other users in the band.
• The company expanded its sensing ecosystem through strategic partnerships with AiRANACULUS and Tiami Networks, focusing on 5G-powered drone detection and long-range sensing capabilities.
• Management confirmed that coexistence testing with the freight rail industry has concluded, with ongoing discussions focusing on real-world collaborative demonstrations to satisfy stakeholder operational needs.
• CEO Sorond indicated that the interagency review process is following a standard timeline, stating, “I think the whole purpose of the OIRA process is designed to allow interested parties to present their views.”

INDUSTRY GLOSSARY

• PNT: Positioning, Navigation, and Timing; the essential utility provided by systems like GPS.
• NPRM: Notice of Proposed Rule-making; a formal public notice issued by a government agency when it intends to create a new rule.
• ISAC: Integrated Sensing and Communications; a technology where radar sensing and communication share the same frequency and hardware.
• PRS: Positioning Reference Signal; a specialized signal in 5G designed to help a device determine its location.
• OIRA: Office of Information and Regulatory Affairs; a statutory part of the Office of Management and Budget that reviews draft regulations.
• STA: Special Temporary Authority; an authorization from the FCC to operate a radio station for a limited period under specific conditions.
• UAS: Unmanned Aircraft Systems; commonly referred to as drones.

Full Conference Call Transcript

Operator: Hello, everyone. Thank you for joining us, and welcome to the NextNav Third Quarter 2026 Earnings Call. [Operator Instructions] I’ll now hand the conference over to Jared Pollack. Jared, please go ahead.

Jared Pollack: Good afternoon, everyone, and welcome to NextNav’s Third 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 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 expec

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