NN NEXTNAV INC.

Overview and Growth

NEXTNAV INC. generated $4.57M of revenue in fiscal 2025, with net loss of $189.25M and an operating cash outflow of $50.74M. At $4.57M, the top line establishes the operating scale supporting the company’s profit and cash-flow profile. Compared with $5.67M in fiscal 2024, revenue decreased 19.3%, a top-line contraction that reduced operating scale. The company reported diluted EPS of -$1.42, adding a shareholder-level measure to the absolute income figures considered below. The diluted weighted-average share count was 132.87K, linking total earnings with the per-share result received by shareholders. At period end, total assets were $247.02M, framing the scale of the company’s operating and financing commitments. Asset turnover was 0.02x, relating the company’s annual revenue directly to the total assets reported at the period end.

Profitability

Direct costs exceeded revenue, producing a gross loss of $3.97M before operating expenses. The gross loss equaled 86.7% of revenue, quantifying the direct-cost deficit before operating expenses. The company recorded an operating loss of $70.23M after the reported operating expense base. The company ended the period with a net loss of $189.25M, extending the operating result through all remaining items. The company reported negative EBITDA of $62.48M, adding a pre-interest, tax, depreciation, and amortization view of the operating shortfall. The pretax result was a loss of $189.06M, establishing the deficit before tax effects. The company recognized $198.00K of income tax for the period, completing the transition from pretax income to net income. Relative to total assets, the net loss represented 76.6%. The bottom-line deficit increased from $101.88M in fiscal 2024 to $189.25M.

Liquidity and Capital Structure

The company held $247.02M of assets against $333.25M of liabilities and -$86.23M of equity, revealing how the asset base was financed. With total equity at -$86.23M, the company carried a negative book-capital position, increasing its reliance on liabilities and future earnings. At period end, current assets of $157.41M compared with current liabilities of $12.38M, defining the company’s short-term resource position. Current assets covered current liabilities by 12.71x, leaving a positive buffer for near-term obligations. Cash and equivalents totaled $44.76M, identifying the most liquid reported component available within the broader current-asset balance. The cash balance equaled 361.4% of current liabilities, showing how much near-term coverage came from cash alone. Total debt was $273.59M, establishing the amount of borrowing carried within the company’s capital structure. Debt represented 110.8% of total assets, placing borrowing in the context of the company’s full resource base. Book equity represented -34.9% of total assets, quantifying the balance-sheet share supported by shareholder capital. The liabilities-to-assets relationship was 134.9%, placing reported obligations against the full positive asset balance. Cash and equivalents equaled 18.1% of total assets, showing the liquid cash component within the company’s broader resource base. The asset base changed 52.7% from $161.74M in fiscal 2024, leaving current total assets higher year over year. Reported equity changed 272.1% from $50.12M in fiscal 2024, placing the current capital base lower year over year. The reported cash balance changed 13.8% from $39.33M in fiscal 2024, ending higher year over year.

Cash Flow and Earnings Quality

Operating activities used $50.74M of cash, resulting in an operating cash outflow for the year. Capital expenditures used $50.00K in addition to the operating cash outflow, increasing the total cash consumed by operations and investment during the period. Negative free cash flow was $50.80M, leaving a cash deficit after capital spending and reducing financial flexibility. Relative to total assets, the post-investment cash deficit measured 20.6%. Cash absorbed by operations increased from $38.01M in fiscal 2024 to $50.74M.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Sep 24, 2026.