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KPIsSections19
| Revenue — GREEN | $2.1M | -21.7% YoY |
|---|---|---|
| Gross margin — GREEN | -94.7% | |
| Net income — GREEN | -$44.4M | +63.6% YoY |
| Net margin — GREEN | -2068.8% | |
| Operating margin — RED | -1845.8% |
Red flags4 red3 orange
Liquidity5
RED
Negative operating cash flow
operating_cf_burnThe company is burning cash from operations — sustainability depends on financing.
RED
Net margin -2068.8%
net_margin_sharply_negativeNet income margin below -5% — profitability materially negative vs revenue.
RED
Cash conversion (CFO/Rev) -1306.3%
cash_conversion_weakCFO/Revenue below 0 — operating model not generating cash despite revenue.
ORANGE
Cash runway ~2.8 years
cash_runway_mediumCash runway is 2–3 years — worth monitoring vs growth plans.
ORANGE
Accumulated deficit / equity 328%
accumulated_deficit_highAccumulated deficit exceeds equity book value — balance sheet technically impaired.
Dilution · capital1
RED
SBC/Revenue 511.6%
sbc_revenue_highStock-based compensation exceeds 25% of revenue — materially dilutive.
Concentration1
ORANGE
R&D/Revenue 531.7%
rd_intensity_highR&D exceeds 40% of revenue — sustainable only if growth trajectory justifies the investment.
Income Statement
| Metric | Value | Flag |
|---|---|---|
| Revenue | $2.1M | GREEN |
| Revenue (quarter) | $1.1M | GREEN |
| Gross Margin | -94.7% | GREEN |
| Operating Margin | -1845.8% | RED |
| Net Margin | -2068.8% | GREEN |
| Net Income | -$44.4M | GREEN |
| EPS (diluted) | $-0.33 | GREEN |
| R&D % Revenue | 531.7% | GREEN |
Balance Sheet
| Metric | Value | Flag |
|---|---|---|
| Cash | $77.7M | GREEN |
| Broad Liquidity | $228.8M | GREEN |
| Current Ratio | 25.63 | GREEN |
| Total Assets | $389.1M | GREEN |
| Total Equity | $334.5M | GREEN |
| Debt/Equity | 0.00 | GREEN |
Cash Flow
| Metric | Value | Flag |
|---|---|---|
| Operating CF | -$28.0M | GREEN |
| Cash Conversion (CFO/Rev) | -13.06 | GREEN |
| SBC % Revenue | 511.6% | GREEN |
| Free Cash Flow | -$28.0M | GREEN |
Sections in this filing
Financial Statements (unaudited)
Item 1 . Financial Statements NextNav Inc. CONDENSED Consolidated Balance Sheets (IN THOUSANDS, EXCEPT SHARE DATA) June 30, 2026 (unaudited) December 31, 2025 Assets Current assets: Cash and cash equivalents $ 77,715 $ 44,757 Short term investments 151,122 107,381 Accounts receivable 2,109 2,346 Other current assets 72,866 2,927 Total current assets $ 303,812 $ 157,411 Property and equipment, net of accumulated depreciation of $ 17,756 and $ 16,458 at June 30, 2026 and December 31, 2025, respectively 10,510 11,763 Operating lease right-of-use assets 12,867 14,856 Goodwill 18,580 19,161 Intangible assets, net 41,772 42,167 Other assets 1,510 1,661 Total assets $ 389,051 $ 247,019 Liabilities and stockholders’ equity Current liabilities: Accounts payable $ 958 $ 661 Accrued expenses and other current liabilities 7,971 8,560 Operating lease current liabilities 2,386 2,673 Deferred revenue 537 491 Total current liabilities $ 11,852 $ 12,385 Warrants 29,116 33,167 Operating lease noncurrent liabilities 10,777 12,337 Other long-term liabilities 2,806 1,776 Long-term debt, net — 273,589 Total liabilities $ 54,551 $ 333,254 Stockholders’ equity: Common stock, authorized 500,000,000 shares; 167,130,020 and 135,504,497 shares issued and 166,997,792 and 135,372,269 shares outstanding at June 30, 2026 and December 31, 2025, respectively 18 15 Additional paid-in capital 1,428,059 961,991 Accumulated other comprehensive income 2,851 3,811 Accumulated deficit ( 1,095,735 ) ( 1,051,359 ) Common stock in treasury, at cost; 132,228 shares at both June 30, 2026 and December 31, 2025 ( 693 ) ( 693 ) Total stockholders’ equity (deficit) $ 334,500 $ ( 86,235 ) Total liabilities and stockholders’ equity $ 389,051 $ 247,019 See accompanying notes. 1 NextNav INC. CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (UNAUDITED) (IN THOUSANDS, EXCEPT PER SHARE AMOUNTS) Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Revenue $ 1,150 $ 1,202 $ 2,145 $ 2,741 Operating expenses: Cost of goods sold (exclusive of depreciation and amortization) 2,055 2,035 4,177 4,568 Research and development 5,463 4,824 11,404 8,862 Selling, general and administrative 12,561 10,233 23,302 20,753 Depreciation and amortization 1,320 1,350 2,854 2,802 Total operating expenses $ 21,399 $ 18,442 $ 41,737 $ 36,985 Operating loss $ ( 20,249 ) $ ( 17,240 ) $ ( 39,592 ) $ ( 34,244 ) Othe