Download PDF

1. Company Snapshot

1.a. Company Description

NextNav Inc.provides next generation global positioning system (GPS) and 3D geolocation services.The company delivers next generation positioning, navigation, and timing solutions through its network-based Pinnacle and TerraPoiNT solutions.


Its Pinnacle 3D geolocation service is commercially available in approximately 4,400 cities and towns in the United States; and its TerraPoiNT terrestrial-based encrypted network has deployments in 51 total markets nationally.The company sells its solutions directly to customers or through partners.The company was founded in 2007 and is headquartered in McLean, Virginia.

Show Full description

1.b. Last Insights on NN

NextNav Inc.'s recent performance was driven by several positive factors. The company's Q1 2025 earnings release highlighted a Notice of Inquiry (NOI) from the FCC, which was released with a bipartisan 4-0 vote, indicating a favorable regulatory environment. Additionally, NextNav announced the appointment of Rear Admirals H. Wyman Howard and Lorin Selby to its Board of Directors, bringing valuable expertise to the company. Furthermore, the company's CFO, Christian Gates, participated in several investor conferences, including the Laughing Water Capital Top 5 Investments, where NextNav's GPS technology investment was highlighted as having positive FCC developments and strategic refinancing, indicating long-term potential.

1.c. Company Highlights

2. NextNav's Q3 2025 Earnings: A Step Closer to Commercialization

NextNav reported a net income of nearly $0.5 million in Q3 2025, driven by gains of approximately $23.6 million associated with the change in the fair value of the derivative and warrants liability. The company's EPS came in at -$0.12, beating estimates of -$0.14. The revenue growth for the next year is estimated to be -13.7%. NextNav finished the quarter with $167.6 million in cash, cash equivalents, and short-term investments, demonstrating robust financial health.

Publication Date: Nov -24

📋 Highlights
  • FCC Process Advancement: Filed technical studies and met with FCC staff to push for an NPRM, supporting 5G-based 3D PNT in the 900 MHz band.
  • Commercialization Milestone: Integrated 5G PNT technology with Oscilloquartz clocks, advancing readiness for large-scale deployment.
  • Extended AT&T Agreement: Pinnacle network operations agreement extended to October 2028, ensuring long-term infrastructure collaboration.
  • Strong Financial Performance: $23.6M gains from derivative liabilities led to $0.5M net income, with $167.6M in cash and debt-free status post-2025 repayments.
  • DOT Validation & Awards: Achieved highest performance in 2021 DOT testing and secured a major 2024 award, reinforcing GPS backup leadership.

Financial Health and Funding

Having repaid its $70 million senior secured debt in March 2025, NextNav has a strong financial foundation with its remaining convertible notes not maturing until June 2028. The company's cash reserves and lack of near-term debt obligations provide a significant runway for funding its ambitious goals. With a 'P/S Ratio' of 284.76 and 'EV/EBITDA' of -13.21, the market is pricing in a high growth trajectory, despite the estimated revenue decline for the next year.

Technological Progress and Commercialization

NextNav achieved a major milestone in enabling a wide-scale commercial 5G-based 3D PNT solution, deriving accurate timing and positioning information while delivering both downlink and uplink data transmissions utilizing standard 5G network equipment. The company successfully integrated its 5G-based PNT technology with an Oscilloquartz GNSS-enabled grandmaster clock, marking a significant step towards commercialization. As Tim Gray, CFO, highlighted, the company is working to bolster the US economy and national security through its technological advancements.

Regulatory Progress and Industry Recognition

NextNav made significant progress on its FCC process, filing technical and economic studies demonstrating the feasibility and public interest benefits of its proposal to enable 5G-based 3D PNT in the lower 900 megahertz band. The company is optimistic about its proposal, and Chairman Carr reiterated the importance of PNT in public remarks. NextNav's technology has been recognized by the DOT's 2021 testing, where it achieved the highest performance in positioning, navigation, and timing technologies, supporting the concept of a "system of systems" and the need for backup solutions.

Valuation and Outlook

With a 'ROE (%)' of 4859.91 and 'ROIC (%)' of -19.54, the company's return metrics are mixed, reflecting its current stage of development. The market is pricing in a high growth trajectory, as reflected in its 'P/S Ratio'. However, the estimated revenue decline for the next year may temper investor enthusiasm. As NextNav continues to make progress towards commercialization, its valuation will likely be influenced by its ability to execute on its growth plans.

3. NewsRoom

Card image cap

What to Know Before Buying Nano Nuclear Energy Stock

Nov -27

Source: fool.com

Card image cap

Spartacus Acquisition (NN) Upgraded to Buy: Here's What You Should Know

Nov -12

Source: zacks.com

Card image cap

Stock Traders Purchase Large Volume of NextNav Call Options (NASDAQ:NN)

Nov -12

Source: defenseworld.net

Card image cap

NextNav to Participate in November 2025 Conferences

Nov -10

Source: businesswire.com

Card image cap

NextNav Inc. (NN) Q3 2025 Earnings Call Transcript

Nov -07

Source: seekingalpha.com

Card image cap

NextNav Inc. (NN) Reports Q3 Loss, Lags Revenue Estimates

Nov -06

Source: zacks.com

Card image cap

NextNav Inc. Reports Third Quarter 2025 Results and Operational Highlights

Nov -06

Source: businesswire.com

Card image cap

Long-Term Trendline Could Prop Geolocation Stock Higher

Oct -28

Source: schaeffersresearch.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (13.47%)

6. Segments

Commercial

Expected Growth: 13.47%

NextNav Inc.'s commercial segment growth of 13.47% is driven by increasing demand for precise location-based services, expansion into new industries such as autonomous vehicles and drones, and strategic partnerships with key players in the technology and automotive sectors.

Equipment

Expected Growth: 10.8%

NextNav Inc.'s equipment growth is driven by increasing demand for precise location services, adoption of 5G networks, and rising use of IoT devices. The company's unique metropolitan beacon system provides accurate altitude data, fueling growth in industries like autonomous vehicles, smart cities, and eVTOL aircraft.

Government Contracts

Expected Growth: 8.5%

NextNav Inc.'s 8.5% growth in government contracts is driven by increasing demand for precise location-based services, expansion of 5G networks, and rising adoption of IoT devices. Additionally, the company's unique metropolitan-scale terrestrial navigation network and partnerships with key government agencies have positioned it for continued growth in this segment.

7. Detailed Products

NextNav Pinnacle

A 3D geolocation platform that provides accurate altitude data for a wide range of applications, including aviation, drone operations, and more.

NextNav TerraPoiNT

A terrestrial-based positioning network that provides accurate and reliable location data for a variety of applications, including IoT, autonomous vehicles, and more.

NextNav Metropolitan Beacon System

A network of terrestrial transmitters that provide location data for urban areas, enabling accurate and reliable location-based services.

8. NextNav Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

NextNav Inc. faces moderate threat from substitutes, as there are alternative navigation systems available, but they are not as accurate or reliable as NextNav's technology.

Bargaining Power Of Customers

NextNav Inc. has a diverse customer base, and no single customer has significant bargaining power, reducing the threat of customer bargaining power.

Bargaining Power Of Suppliers

NextNav Inc. has a diversified supply chain, and no single supplier has significant bargaining power, reducing the threat of supplier bargaining power.

Threat Of New Entrants

NextNav Inc. operates in a highly competitive industry, and the threat of new entrants is high, as new companies can easily enter the market with similar technology.

Intensity Of Rivalry

NextNav Inc. operates in a highly competitive industry, and the intensity of rivalry is high, as companies compete for market share and customers.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 39.30%
Debt Cost 5.52%
Equity Weight 60.70%
Equity Cost 9.75%
WACC 8.09%
Leverage 64.74%

11. Quality Control: NextNav Inc. passed 5 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
NextNav

A-Score: 5.2/10

Value: 8.0

Growth: 7.3

Quality: 3.6

Yield: 0.0

Momentum: 10.0

Volatility: 2.0

1-Year Total Return ->

View Full Report
Stock-Card
Shutterstock

A-Score: 4.5/10

Value: 5.7

Growth: 3.9

Quality: 6.1

Yield: 7.0

Momentum: 1.0

Volatility: 3.3

1-Year Total Return ->

View Full Report
Stock-Card
IZEA

A-Score: 4.1/10

Value: 7.8

Growth: 2.0

Quality: 4.0

Yield: 0.0

Momentum: 8.5

Volatility: 2.0

1-Year Total Return ->

View Full Report
Stock-Card
MediaAlpha

A-Score: 3.6/10

Value: 7.0

Growth: 4.7

Quality: 5.8

Yield: 0.0

Momentum: 1.0

Volatility: 3.0

1-Year Total Return ->

View Full Report
Stock-Card
Zedge

A-Score: 3.5/10

Value: 8.0

Growth: 3.3

Quality: 4.6

Yield: 1.0

Momentum: 3.0

Volatility: 1.0

1-Year Total Return ->

View Full Report
Stock-Card
BuzzFeed

A-Score: 3.3/10

Value: 8.3

Growth: 3.1

Quality: 4.8

Yield: 0.0

Momentum: 2.5

Volatility: 1.3

1-Year Total Return ->

View Full Report

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

15.89$

Current Price

15.89$

Potential

-0.00%

Expected Cash-Flows