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NextNav (NNAVW) Financials

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$12.05 +2.03 (+20.26%)
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Annual Income Statements for NextNav

Annual Income Statements for NextNav

This table shows NextNav's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2020 2021 2022 2023 2024 2025
Period end date 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 -170 -158 -40 -72 -102 -189
Consolidated Net Income / (Loss)		 -275 -145 -80 -143 -102 -189
Net Income / (Loss) Continuing Operations		 -137 -126 -40 -72 -102 -189
Total Pre-Tax Income 		-137 -145 -40 -72 -102 -189
Total Operating Income		 -29 -42 -66 -64 -60 -70
Total Gross Profit		 0.57 0.76 3.93 3.86 -5.11 -3.97
Total Revenue		 0.57 0.76 3.93 3.86 5.67 4.57
Operating Revenue		 0.57 0.76 3.93 3.86 5.67 4.57
Total Cost of Revenue		 0.00 0.00 0.00 0.00 11 8.54
Operating Cost of Revenue		 - - - - 11 8.54
Total Operating Expenses		 30 25 69 67 55 66
Selling, General & Admin Expense		 13 14 37 30 34 40
Research & Development Expense		 8.78 9.47 17 20 16 19
Depreciation Expense		 0.24 1.78 3.67 4.82 5.24 7.75
Total Other Income / (Expense), net		 -108 -102 25 -7.99 -42 -119
Interest Expense		 10 18 -0.90 3.66 0.00 14
Interest & Investment Income		 - - - - -9.40 -12
Other Income / (Expense), net		 -98 -84 24 -4.32 -32 -92
Income Tax Expense		 0.04 0.05 -0.03 0.22 0.17 0.20
Basic Earnings per Share		 ($23.20) ($6.73) ($0.40) ($0.66) ($0.84) ($1.42)
Weighted Average Basic Shares Outstanding		 7.35M 23.56M 101.03M 107.97M 121.50M 132.87M
Diluted Earnings per Share		 ($23.20) ($6.73) ($0.40) ($0.66) ($0.84) ($1.42)
Weighted Average Diluted Shares Outstanding		 7.35M 23.56M 101.03M 107.97M 121.50M 132.87M
Weighted Average Basic & Diluted Shares Outstanding		 7.35M 23.56M 107.12M 111.19M 131.45M 135.60M

Quarterly Income Statements for NextNav

This table shows NextNav's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Income / (Loss) Attributable to Common Shareholders		 -23 -16 -32 -24 -14 -32 -59 -63 0.48 -68 -11
Consolidated Net Income / (Loss)		 -23 -88 -32 -24 -14 -134 -59 -63 0.48 -68 -11
Net Income / (Loss) Continuing Operations		 -23 -16 -32 -24 -14 -32 -59 -63 0.48 -68 -11
Total Pre-Tax Income 		-23 -16 -32 -24 -14 -32 -59 -63 0.53 -68 -11
Total Operating Income		 -15 -20 -16 -15 -14 -15 -17 -17 -20 -16 -19
Total Gross Profit		 -2.21 11 -1.72 -1.82 -0.98 -0.60 -0.99 -0.83 -1.15 -0.99 -1.13
Total Revenue		 1.03 1.21 1.05 1.11 1.61 1.91 1.54 1.20 0.89 0.95 1.00
Operating Revenue		 1.03 1.21 1.05 1.11 1.61 1.91 1.54 1.20 0.89 0.95 1.00
Total Cost of Revenue		 3.23 -9.40 2.76 2.92 2.59 2.51 2.53 2.04 2.04 1.93 2.12
Operating Cost of Revenue		 3.23 - 2.76 2.92 2.59 2.51 2.53 2.04 2.04 1.93 2.12
Total Operating Expenses		 12 31 14 14 13 14 16 16 19 15 18
Selling, General & Admin Expense		 6.15 12 8.45 8.11 8.02 8.94 11 10 10 8.80 11
Research & Development Expense		 5.01 4.92 4.67 4.11 3.55 3.92 4.04 4.82 5.15 4.94 5.94
Depreciation Expense		 1.26 1.26 1.32 1.30 1.31 1.31 1.45 1.35 3.55 1.40 1.53
Total Other Income / (Expense), net		 -8.58 3.60 -15 -8.99 0.27 -17 -42 -46 20 -52 8.78
Interest Expense		 1.74 2.05 - 0.00 0.00 2.70 14 0.00 0.00 - 0.00
Interest & Investment Income		 - - -2.17 -2.32 -2.22 - -2.74 -3.02 -3.18 -3.51 -3.91
Other Income / (Expense), net		 -6.84 5.65 -13 -6.67 2.49 -15 -24 -43 24 -48 13
Income Tax Expense		 0.02 0.06 0.04 0.07 0.03 0.04 0.06 0.04 0.05 0.05 0.06
Basic Earnings per Share		 ($0.21) ($0.15) ($0.28) ($0.21) ($0.11) ($0.24) ($0.45) ($0.48) $0.00 ($0.49) ($0.08)
Weighted Average Basic Shares Outstanding		 108.05M 107.97M 111.06M 115.21M 126.43M 121.50M 131.10M 132.32M 133.34M 132.87M 135.33M
Diluted Earnings per Share		 ($0.21) ($0.15) ($0.28) ($0.21) ($0.11) ($0.24) ($0.45) ($0.48) ($0.12) ($0.37) ($0.12)
Weighted Average Diluted Shares Outstanding		 108.05M 107.97M 111.06M 115.21M 126.43M 121.50M 131.10M 132.32M 149.56M 132.87M 151.62M
Weighted Average Basic & Diluted Shares Outstanding		 110.14M 111.19M 120.70M 126.32M 128.86M 131.45M 132.40M 133.13M 134.83M 135.60M 136.44M

Annual Cash Flow Statements for NextNav

This table details how cash moves in and out of NextNav's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2020 2021 2022 2023 2024 2025
Period end date 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 -0.81 86 -53 35 -43 5.43
Net Cash From Operating Activities		 -28 -48 -37 -35 -38 -51
Net Cash From Continuing Operating Activities		 -28 -48 -37 -35 -38 -51
Net Income / (Loss) Continuing Operations		 -137 -145 -40 -72 -102 -189
Consolidated Net Income / (Loss)		 -137 -145 -40 -72 -102 -189
Depreciation Expense		 0.24 1.78 3.67 4.82 5.24 7.75
Amortization Expense		 0.75 9.26 0.00 3.15 6.17 9.57
Non-Cash Adjustments To Reconcile Net Income		 109 100 2.04 26 45 119
Changes in Operating Assets and Liabilities, net		 -0.90 -14 -2.69 2.67 7.03 1.95
Net Cash From Investing Activities		 -7.18 -1.28 -16 1.07 -39 -65
Net Cash From Continuing Investing Activities		 -7.18 -1.28 -16 1.07 -39 -65
Purchase of Property, Plant & Equipment		 -6.42 -1.28 -2.96 -2.75 -3.08 -0.05
Acquisitions		 - 0.00 -4.02 - -0.44 -0.97
Purchase of Investments		 - 0.00 -14 -37 -82 -282
Sale and/or Maturity of Investments		 - 0.00 5.50 42 47 218
Net Cash From Financing Activities		 35 136 0.04 69 35 120
Net Cash From Continuing Financing Activities		 35 136 0.04 69 35 120
Repayment of Debt		 -5.54 -97 -0.02 -1.97 -0.11 -72
Issuance of Debt		 40 25 0.00 70 0.00 190
Other Financing Activities, net		 - 208 0.06 0.96 35 2.82
Effect of Exchange Rate Changes		 - -0.02 -0.06 0.03 -0.18 0.24
Cash Interest Paid		 - 4.94 0.00 1.81 3.50 8.69
Cash Income Taxes Paid		 - - 0.00 -0.15 -0.20 -0.19

Quarterly Cash Flow Statements for NextNav

This table details how cash moves in and out of NextNav's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Change in Cash & Equivalents		 37 -8.25 -8.56 -10 4.93 -29 111 -92 31 -45 -14
Net Cash From Operating Activities		 -8.69 -11 -6.99 -12 -6.78 -12 -12 -14 -8.97 -16 -10
Net Cash From Continuing Operating Activities		 -8.69 -11 -6.99 -12 -6.78 -12 -12 -14 -8.97 -16 -10
Net Income / (Loss) Continuing Operations		 -23 -16 -32 -24 -14 -32 -59 -63 0.48 -68 -11
Consolidated Net Income / (Loss)		 -23 -16 -32 -24 -14 -32 -59 -63 0.48 -68 -11
Depreciation Expense		 1.26 1.26 1.32 1.29 1.31 1.31 1.45 1.35 3.55 1.40 1.53
Amortization Expense		 1.29 1.38 1.44 1.51 1.58 1.65 1.74 2.54 2.60 2.69 2.78
Non-Cash Adjustments To Reconcile Net Income		 11 3.50 17 10 0.58 17 42 46 -20 52 -8.36
Changes in Operating Assets and Liabilities, net		 1.06 -0.58 4.44 -0.82 3.36 0.05 1.18 0.16 4.39 -3.77 4.63
Net Cash From Investing Activities		 25 2.57 -2.11 -20 4.66 -22 3.01 -79 41 -30 -4.16
Net Cash From Continuing Investing Activities		 25 2.57 -2.11 -20 4.66 -22 3.01 -79 41 -30 -4.16
Purchase of Property, Plant & Equipment		 -0.21 -0.21 -0.03 -2.88 -0.00 -0.17 -0.03 -0.03 -0.01 0.02 -0.01
Acquisitions		 -0.20 - -0.16 -0.10 -0.09 - -0.10 -0.10 -0.11 -0.66 -0.13
Purchase of Investments		 -2.96 -3.95 -5.92 -20 -19 -38 -31 -101 -62 -87 -88
Sale and/or Maturity of Investments		 29 7.00 4.00 3.00 24 16 35 22 103 58 84
Net Cash From Financing Activities		 21 -0.02 0.52 22 7.07 5.37 120 0.26 -0.35 0.41 0.23
Net Cash From Continuing Financing Activities		 21 -0.02 0.52 22 7.07 5.37 120 0.26 -0.35 0.41 0.23
Repayment of Debt		 -0.05 -0.03 -0.03 -0.03 -0.03 -0.03 -71 -1.00 -0.73 -0.03 -0.03
Issuance of Debt		 20 - 0.00 - - - 190 - - - 0.00
Other Financing Activities, net		 0.91 0.01 0.54 22 7.09 5.40 0.75 1.26 0.38 0.44 0.26
Effect of Exchange Rate Changes		 0.01 0.03 0.02 0.00 -0.01 -0.19 0.09 0.21 -0.08 0.02 -0.20
Cash Interest Paid		 - - - - - - 2.26 - - 4.45 0.00
Cash Income Taxes Paid		 - - - - - - 0.06 - - - 0.07

Annual Balance Sheets for NextNav

This table presents NextNav's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2020 2021 2022 2023 2024 2025
Period end date 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 45 137 124 162 162 247
Total Current Assets		 18 106 61 91 86 157
Cash & Equivalents		 8.67 100 47 82 39 45
Short-Term Investments		 - 0.00 8.22 3.95 41 107
Accounts Receivable		 0.08 1.74 2.17 2.33 3.30 2.35
Other Current Assets		 4.32 4.52 3.58 3.06 2.63 2.93
Plant, Property, & Equipment, net		 5.71 22 19 22 18 12
Total Noncurrent Assets		 21 8.73 43 49 58 78
Goodwill		 - 0.00 17 18 17 19
Intangible Assets		 4.14 4.10 10 11 9.59 42
Other Noncurrent Operating Assets		 17 4.64 16 21 31 17
Total Liabilities & Shareholders' Equity		 45 137 124 162 162 247
Total Liabilities		 166 37 20 82 112 333
Total Current Liabilities		 4.24 6.68 8.89 9.80 12 12
Accounts Payable		 4.24 5.05 6.26 6.98 9.39 9.22
Current Deferred Revenue		 0.00 1.63 0.10 0.30 0.29 0.49
Other Current Liabilities		 - 0.00 2.53 2.52 2.46 2.67
Total Noncurrent Liabilities		 161 29 11 72 99 321
Long-Term Debt		 60 - 0.00 48 55 274
Other Noncurrent Operating Liabilities		 101 29 5.75 24 45 47
Total Equity & Noncontrolling Interests		 -490 100 104 80 50 -86
Total Preferred & Common Equity		 -478 100 100 79 50 -86
Total Common Equity		 -490 100 100 79 50 -86
Common Stock		 0.00 748 787 837 912 962
Retained Earnings		 -490 -648 -688 -760 -862 -1,051
Treasury Stock		 - 0.00 -0.00 -0.67 -0.69 -0.69
Accumulated Other Comprehensive Income / (Loss)		 -0.10 -0.12 1.37 2.20 0.67 3.81

Quarterly Balance Sheets for NextNav

This table presents NextNav's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026
Period end date 9/30/2022 3/31/2023 6/30/2023 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026
Total Assets		 114 117 161 173 166 172 172 269 257 263 236
Total Current Assets		 75 52 90 102 97 104 104 193 182 172 148
Cash & Equivalents		 64 44 53 90 73 63 68 150 59 90 31
Short-Term Investments		 8.17 2.99 32 6.96 5.92 23 19 38 117 78 112
Accounts Receivable		 1.44 1.19 1.83 2.74 1.50 2.25 2.24 1.65 2.24 1.43 1.38
Other Current Assets		 1.69 3.64 2.93 2.32 16 16 15 3.41 3.66 3.24 3.52
Plant, Property, & Equipment, net		 19 20 21 21 19 18 17 17 16 13 12
Total Noncurrent Assets		 20 45 51 50 50 50 50 58 59 78 76
Goodwill		 - 18 18 17 18 17 18 18 19 19 19
Intangible Assets		 4.15 11 11 10 10 10 10 9.45 9.64 42 42
Other Noncurrent Operating Assets		 15 17 22 23 22 23 22 31 30 17 16
Total Liabilities & Shareholders' Equity		 114 117 161 173 166 172 172 269 257 263 236
Total Liabilities		 21 24 66 89 108 108 106 262 304 285 326
Total Current Liabilities		 9.01 8.15 9.68 11 24 18 21 12 12 15 14
Accounts Payable		 6.21 5.65 0.88 0.92 21 15 18 8.44 8.98 12 11
Current Deferred Revenue		 0.04 0.06 0.06 0.07 0.29 0.22 0.30 0.31 0.35 0.42 0.63
Other Current Liabilities		 2.76 2.44 2.76 2.63 2.42 2.43 2.54 2.80 2.82 2.77 2.51
Total Noncurrent Liabilities		 12 16 57 78 84 91 85 250 292 270 312
Long-Term Debt		 - - 34 47 50 51 53 213 246 230 267
Other Noncurrent Operating Liabilities		 12 16 23 31 34 40 32 37 46 40 44
Total Equity & Noncontrolling Interests		 92 93 95 84 57 64 66 6.57 -47 -22 -90
Total Preferred & Common Equity		 92 89 91 80 56 64 66 6.57 -47 -22 -90
Total Common Equity		 92 89 91 80 56 64 66 6.57 -47 -22 -90
Common Stock		 769 792 810 823 847 879 894 926 934 958 970
Retained Earnings		 -676 -705 -721 -744 -792 -816 -830 -921 -984 -983 -1,062
Treasury Stock		 -0.00 -0.00 -0.00 -0.00 -0.67 -0.69 -0.69 -0.69 -0.69 -0.69 -0.69
Accumulated Other Comprehensive Income / (Loss)		 -0.15 1.80 1.82 1.15 1.68 1.50 2.50 1.66 3.81 3.74 3.03

Annual Metrics And Ratios for NextNav

This table displays calculated financial ratios and metrics derived from NextNav's official financial filings.

Metric 2020 2021 2022 2023 2024 2025
Period end date 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
DEI Shares Outstanding		 - - - - - 134,829,088.00
DEI Adjusted Shares Outstanding		 - - - - - 134,829,088.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - -1.40
Growth Metrics		 - - - - - -
Profitability Metrics		 - - - - - -
Net Operating Profit after Tax (NOPAT)		 -21 -30 -46 -44 -42 -49
Return On Investment Capital (ROIC_SIMPLE)		 - - - -34.60% -40.16% -26.24%
Earnings before Interest and Taxes (EBIT)		 -127 -127 -41 -68 -92 -162
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -126 -116 -37 -60 -81 -145
Valuation Ratios		 - - - - - -
Leverage & Solvency		 - - - - - -
Liquidity Ratios		 - - - - - -
Cash Flow Metrics		 - - - - - -
Free Cash Flow to Firm (FCFF)		 0.00 -105 -98 -33 -24 -60
Efficiency Ratios		 - - - - - -
Capital & Investment Metrics		 - - - - - -
Invested Capital		 -74 1.19 54 43 25 35
Increase / (Decrease) in Invested Capital		 0.00 76 53 -11 -18 11
Book Value per Share		 ($66.75) $4.24 $0.94 $0.71 $0.39 ($0.64)
Tangible Book Value per Share		 ($67.32) $4.07 $0.68 $0.46 $0.18 ($1.09)
Total Capital		 -430 100 109 129 105 187
Total Debt		 60 0.00 5.29 48 55 274
Total Long-Term Debt		 60 0.00 5.29 48 55 274
Net Debt		 46 -100 -50 -37 -25 121
Capital Expenditures (CapEx)		 6.42 1.28 2.96 2.75 3.08 0.05
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 0.16 -0.42 -3.14 -4.42 -6.21 -7.11
Debt-free Net Working Capital (DFNWC)		 14 100 52 81 74 145
Net Working Capital (NWC)		 14 100 52 81 74 145
Net Nonoperating Expense (NNE)		 254 115 34 99 162 140
Net Nonoperating Obligations (NNO)		 416 -99 -50 -37 -25 121
Total Depreciation and Amortization (D&A)		 0.98 11 3.67 7.97 11 17
Earnings Adjustments		 - - - - - -
Adjusted Basic Earnings per Share		 $0.00 ($6.73) ($0.40) ($0.66) ($0.84) ($1.42)
Adjusted Weighted Average Basic Shares Outstanding		 0.00 95.55M 101.03M 107.97M 121.50M 132.87M
Adjusted Diluted Earnings per Share		 $0.00 ($6.73) ($0.40) ($0.66) ($0.84) ($1.42)
Adjusted Weighted Average Diluted Shares Outstanding		 0.00 95.55M 101.03M 107.97M 121.50M 132.87M
Adjusted Basic & Diluted Earnings per Share		 $0.00 ($6.73) $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 0.00 23.56M 107.12M 111.19M 131.45M 135.60M
Normalized Net Operating Profit after Tax (NOPAT)		 -21 -30 -46 -44 -42 -49
Debt Service Ratios		 - - - - - -
Payout Ratios		 - - - - - -

Quarterly Metrics And Ratios for NextNav

This table displays calculated financial ratios and metrics derived from NextNav's official financial filings.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
DEI Shares Outstanding		 - - - - - - - - - 134,829,088.00 135,595,665.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - 134,829,088.00 135,595,665.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - -0.50 -0.08
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 104.18% 50.06% 26.02% 38.13% 56.48% 58.59% 47.13% 8.78% -44.80% - -35.35%
EBITDA Growth		 -4.12% 3.09% -69.60% -40.96% 55.17% -128.30% -43.25% -192.95% 216.28% - 93.86%
EBIT Growth		 -12.62% -9.65% -74.67% -44.00% 47.03% -106.80% -40.65% -173.31% 132.62% - 83.91%
NOPAT Growth		 18.49% -37.11% -15.77% -2.01% 5.25% 25.92% -5.29% -12.44% -87.06% - -13.76%
Net Income Growth		 -23.97% -67.49% -93.35% -54.66% 41.39% -52.22% -85.32% -159.10% 103.55% - 81.87%
EPS Growth		 -16.67% -15.38% -86.67% -40.00% 47.62% -60.00% -60.71% -128.57% -9.09% - 73.33%
Operating Cash Flow Growth		 -3.29% 9.04% 5.95% -44.77% 21.95% -10.29% -74.36% -10.00% -32.21% - 17.55%
Free Cash Flow Firm Growth		 28.90% 95.29% 112.41% 113.66% 68.71% 362.39% -334.74% -238.62% -262.37% - -8.46%
Invested Capital Growth		 64.79% -20.48% -38.93% -34.43% -6.76% -42.34% 11.98% -20.38% 27.24% - 9.59%
Revenue Q/Q Growth		 28.38% 17.33% -13.20% 5.64% 45.43% 18.92% -19.47% -21.90% -26.21% - 5.29%
EBITDA Q/Q Growth		 -38.82% 38.43% -128.80% 27.92% 55.85% -213.54% -43.56% -47.41% 117.52% - 96.12%
EBIT Q/Q Growth		 -40.43% 33.43% -105.81% 25.16% 48.34% -159.89% -39.98% -45.43% 106.17% - 89.67%
NOPAT Q/Q Growth		 2.73% -36.31% 18.96% 5.07% 9.65% -6.58% -15.17% -1.39% -50.30% - -19.97%
Net Income Q/Q Growth		 -47.24% -279.55% 64.13% 22.84% 44.20% -885.74% 56.33% -7.88% 100.76% - 84.37%
EPS Q/Q Growth		 -40.00% 28.57% -86.67% 25.00% 47.62% -118.18% -87.50% -6.67% 75.00% - 67.57%
Operating Cash Flow Q/Q Growth		 -2.31% -24.69% 35.52% -76.01% 44.84% -76.20% -1.93% -11.04% 33.71% - 37.54%
Free Cash Flow Firm Q/Q Growth		 27.53% 87.50% 319.96% -31.43% -265.97% 204.81% -296.78% 59.51% -333.87% - 24.40%
Invested Capital Q/Q Growth		 -22.74% 25.33% -34.63% 3.59% 9.87% -22.50% 26.96% -26.35% 75.56% - -2.70%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 -214.70% 879.83% -163.96% -164.62% -60.86% -31.19% -64.59% -69.30% -130.10% - -113.27%
EBITDA Margin		 -1,841.19% -966.14% -2,546.56% -1,737.56% -527.50% -1,390.84% -2,479.40% -4,679.45% 1,111.27% - -235.38%
Operating Margin		 -1,423.56% -1,653.86% -1,543.98% -1,387.51% -861.98% -772.58% -1,104.87% -1,434.28% -2,239.57% - -1,944.02%
EBIT Margin		 -2,089.19% -1,185.39% -2,810.52% -1,991.13% -707.28% -1,545.74% -2,686.74% -5,002.75% 418.04% - -668.54%
Profit (Net Income) Margin		 -2,260.95% -7,313.78% -3,021.99% -2,207.24% -846.86% -7,019.83% -3,806.30% -5,257.49% 54.45% - -1,067.44%
Tax Burden Percent		 100.10% 539.56% 100.14% 100.28% 100.19% 416.16% 100.10% 100.07% 91.30% - 100.53%
Interest Burden Percent		 108.11% 114.35% 107.37% 110.54% 119.51% 109.13% 141.53% 105.02% 14.27% - 158.82%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 8.70% - 0.00%
Return on Invested Capital (ROIC)		 -125.93% -92.74% -119.70% -116.58% -90.95% -91.06% -161.04% -241.93% -313.73% - -167.33%
ROIC Less NNEP Spread (ROIC-NNEP)		 -104.61% 76.73% -66.37% -84.78% -81.61% 302.76% 1,843.95% -531.48% -184.20% - -163.41%
Return on Net Nonoperating Assets (RNNOA)		 72.16% -36.52% 33.74% 45.83% 45.71% -146.20% -134.48% -1,128.36% -121.88% - 291.82%
Return on Equity (ROE)		 -53.77% -129.26% -85.96% -70.76% -45.24% -237.25% -295.52% -1,370.29% -435.61% - 124.49%
Cash Return on Invested Capital (CROIC)		 -197.57% -69.43% -76.61% -84.99% -131.75% -71.24% -155.48% -146.72% -157.51% - -164.19%
Operating Return on Assets (OROA)		 -50.37% -32.02% -81.10% -52.29% -20.36% -54.11% -76.25% -145.95% 10.65% - -10.68%
Return on Assets (ROA)		 -54.52% -197.56% -87.20% -57.96% -24.38% -245.73% -108.03% -153.38% 1.39% - -17.06%
Return on Common Equity (ROCE)		 -52.60% -125.60% -82.97% -69.05% -44.08% -234.77% -289.22% -1,370.29% -435.61% - 124.49%
Return on Equity Simple (ROE_SIMPLE)		 -134.51% 0.00% -283.92% -262.10% -240.56% 0.00% -3,510.22% 0.00% 0.00% - 0.00%
Net Operating Profit after Tax (NOPAT)		 -10 -14 -11 -11 -9.70 -10 -12 -12 -18 -11 -14
NOPAT Margin		 -996.49% -1,157.70% -1,080.78% -971.26% -603.39% -540.81% -773.41% -1,003.99% -2,044.83% - -1,360.81%
Net Nonoperating Expense Percent (NNEP)		 -21.33% -169.48% -53.33% -31.80% -9.34% -393.82% -2,004.99% 289.55% -129.53% - -3.92%
Return On Investment Capital (ROIC_SIMPLE)		 - -10.85% - - - -9.87% -5.42% -6.06% -8.72% -6.02% -7.64%
Cost of Revenue to Revenue		 314.70% -779.83% 263.96% 264.62% 160.86% 131.19% 164.59% 169.30% 230.10% - 213.27%
SG&A Expenses to Revenue		 599.03% 962.82% 807.46% 733.76% 498.82% 467.82% 683.56% 851.33% 1,128.75% - 1,079.50%
R&D to Revenue		 487.54% 408.63% 446.46% 371.95% 220.60% 204.97% 262.38% 401.33% 580.95% - 597.09%
Operating Expenses to Revenue		 1,208.86% 2,533.69% 1,380.02% 1,222.90% 801.12% 741.39% 1,040.29% 1,364.98% 2,109.47% - 1,830.75%
Earnings before Interest and Taxes (EBIT)		 -21 -14 -29 -22 -11 -30 -41 -60 3.71 -64 -6.65
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -19 -12 -27 -19 -8.48 -27 -38 -56 9.86 -60 -2.34
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 6.93 6.22 13.09 15.33 14.43 40.01 243.38 0.00 0.00 - 0.00
Price to Tangible Book Value (P/TBV)		 10.56 9.78 26.16 26.99 25.43 85.09 0.00 0.00 0.00 - 0.00
Price to Revenue (P/Rev)		 160.76 126.90 179.41 223.34 190.64 353.70 259.62 321.53 343.70 - 539.15
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Earnings Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Enterprise Value to Invested Capital (EV/IC)		 14.97 10.63 25.20 32.64 28.71 80.39 51.96 90.44 48.64 - 67.02
Enterprise Value to Revenue (EV/Rev)		 147.42 117.58 172.55 215.37 183.83 349.20 263.63 332.75 354.99 - 569.99
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.56 0.60 0.87 0.81 0.81 1.09 32.42 -5.22 -10.40 - -2.97
Long-Term Debt to Equity		 0.56 0.60 0.87 0.81 0.81 1.09 32.42 -5.22 -10.40 - -2.97
Financial Leverage		 -0.69 -0.48 -0.51 -0.54 -0.56 -0.48 -0.07 2.12 0.66 - -1.79
Leverage Ratio		 1.63 1.55 1.89 2.10 2.30 2.49 6.80 25.80 10.00 - -6.05
Compound Leverage Factor		 1.76 1.78 2.03 2.32 2.75 2.71 9.63 27.09 1.43 - -9.60
Debt to Total Capital		 35.88% 37.69% 46.56% 44.60% 44.69% 52.15% 97.01% 123.72% 110.63% - 150.76%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Long-Term Debt to Total Capital		 35.88% 37.69% 46.56% 44.60% 44.69% 52.15% 97.01% 123.72% 110.63% - 150.76%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Noncontrolling Interests to Total Capital		 2.93% 1.06% 1.27% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Common Equity to Total Capital		 61.19% 61.25% 52.17% 55.40% 55.31% 47.85% 2.99% -23.72% -10.63% - -50.76%
Debt to EBITDA		 -0.78 -0.81 -0.70 -0.67 -0.80 -0.68 -2.31 -1.90 -2.07 - -2.45
Net Debt to EBITDA		 0.83 0.62 0.41 0.46 0.51 0.32 -0.27 -0.54 -0.56 - -1.14
Long-Term Debt to EBITDA		 -0.78 -0.81 -0.70 -0.67 -0.80 -0.68 -2.31 -1.90 -2.07 - -2.45
Debt to NOPAT		 -1.16 -1.09 -1.08 -1.11 -1.16 -1.30 -4.99 -5.60 -4.77 - -5.26
Net Debt to NOPAT		 1.23 0.84 0.64 0.76 0.74 0.61 -0.58 -1.60 -1.30 - -2.45
Long-Term Debt to NOPAT		 -1.16 -1.09 -1.08 -1.11 -1.16 -1.30 -4.99 -5.60 -4.77 - -5.26
Altman Z-Score		 -2.02 -2.64 -2.68 -1.01 -1.02 3.30 -0.81 -1.35 -0.44 - -1.70
Noncontrolling Interest Sharing Ratio		 2.18% 2.83% 3.48% 2.42% 2.57% 1.05% 2.13% 0.00% 0.00% - 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 9.12 9.31 4.01 5.93 5.01 7.09 16.75 14.97 11.54 - 10.49
Quick Ratio		 8.91 8.99 3.34 5.04 4.27 6.87 16.46 14.67 11.32 - 10.24
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -24 -2.95 6.50 4.45 -7.39 7.75 -15 -6.18 -27 -22 -17
Operating Cash Flow to CapEx		 -4,176.92% -5,158.57% -21,828.13% -426.73% -678,100.00% -7,111.90% -40,596.67% -50,088.89% -112,062.50% - -100,410.00%
Free Cash Flow to Firm to Interest Expense		 -13.58 -1.44 3.00 1.92 -3.33 2.87 -1.06 0.00 0.00 - 0.00
Operating Cash Flow to Interest Expense		 -4.99 -5.28 -3.22 -5.30 -3.06 -4.43 -0.84 0.00 0.00 - 0.00
Operating Cash Flow Less CapEx to Interest Expense		 -5.11 -5.39 -3.24 -6.54 -3.06 -4.49 -0.85 0.00 0.00 - 0.00
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.02 0.03 0.03 0.03 0.03 0.04 0.03 0.03 0.03 - 0.02
Accounts Receivable Turnover		 1.66 1.72 3.04 2.15 2.00 2.01 3.92 2.79 3.02 - 2.66
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Fixed Asset Turnover		 0.17 0.19 0.21 0.23 0.26 0.29 0.34 0.37 0.37 - 0.28
Accounts Payable Turnover		 2.64 0.00 0.00 0.00 0.00 1.32 0.71 0.81 0.61 - 0.84
Days Sales Outstanding (DSO)		 220.48 212.65 120.16 169.80 182.87 181.34 93.03 130.77 120.82 - 137.02
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Days Payable Outstanding (DPO)		 138.39 0.00 0.00 0.00 0.00 277.33 516.81 451.68 595.01 - 435.67
Cash Conversion Cycle (CCC)		 82.08 212.65 120.16 169.80 182.87 -95.99 -423.78 -320.90 -474.19 - -298.65
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 34 43 28 29 32 25 31 23 40 35 34
Invested Capital Turnover		 0.13 0.08 0.11 0.12 0.15 0.17 0.21 0.24 0.15 - 0.12
Increase / (Decrease) in Invested Capital		 13 -11 -18 -15 -2.30 -18 3.35 -5.89 8.65 11 3.00
Enterprise Value (EV)		 510 454 704 944 912 1,980 1,624 2,083 1,966 - 2,296
Market Capitalization		 556 490 732 979 946 2,005 1,600 2,012 1,904 - 2,172
Book Value per Share		 $0.74 $0.71 $0.50 $0.53 $0.52 $0.39 $0.05 ($0.36) ($0.17) ($0.64) ($0.66)
Tangible Book Value per Share		 $0.49 $0.46 $0.25 $0.30 $0.29 $0.18 ($0.16) ($0.57) ($0.63) ($1.09) ($1.11)
Total Capital		 131 129 107 115 119 105 220 199 208 187 177
Total Debt		 47 48 50 51 53 55 213 246 230 274 267
Total Long-Term Debt		 47 48 50 51 53 55 213 246 230 274 267
Net Debt		 -50 -37 -29 -35 -34 -25 25 70 63 121 124
Capital Expenditures (CapEx)		 0.21 0.21 0.03 2.88 0.00 0.17 0.03 0.03 0.01 -0.02 0.01
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -6.14 -4.42 -6.59 0.26 -3.19 -6.21 -6.49 -6.26 -10 -7.11 -9.20
Debt-free Net Working Capital (DFNWC)		 91 81 73 87 84 74 182 170 157 145 134
Net Working Capital (NWC)		 91 81 73 87 84 74 182 170 157 145 134
Net Nonoperating Expense (NNE)		 13 74 20 14 3.91 124 47 51 -19 57 -2.92
Net Nonoperating Obligations (NNO)		 -50 -37 -29 -35 -34 -25 25 70 63 121 124
Total Depreciation and Amortization (D&A)		 2.55 2.64 2.76 2.80 2.89 2.96 3.19 3.89 6.15 4.09 4.31
Debt-free, Cash-free Net Working Capital to Revenue		 -177.49% -114.32% -161.62% 6.02% -64.36% -109.61% -105.32% -99.95% -185.18% - -228.32%
Debt-free Net Working Capital to Revenue		 2,628.70% 2,108.16% 1,781.46% 1,975.56% 1,683.98% 1,303.60% 2,952.26% 2,712.83% 2,840.22% - 3,319.93%
Net Working Capital to Revenue		 2,628.70% 2,108.16% 1,781.46% 1,975.56% 1,683.98% 1,303.60% 2,952.26% 2,712.83% 2,840.22% - 3,319.93%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 ($0.21) ($0.15) ($0.28) ($0.21) ($0.11) ($0.24) ($0.45) ($0.48) $0.00 ($0.49) ($0.08)
Adjusted Weighted Average Basic Shares Outstanding		 108.05M 107.97M 111.06M 115.21M 126.43M 121.50M 131.10M 132.32M 133.34M 132.87M 135.33M
Adjusted Diluted Earnings per Share		 ($0.21) ($0.15) ($0.28) ($0.21) ($0.11) ($0.24) ($0.45) ($0.48) ($0.12) ($0.37) ($0.12)
Adjusted Weighted Average Diluted Shares Outstanding		 108.05M 107.97M 111.06M 115.21M 126.43M 121.50M 131.10M 132.32M 149.56M 132.87M 151.62M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 110.14M 111.19M 120.70M 126.32M 128.86M 131.45M 132.40M 133.13M 134.83M 135.60M 136.44M
Normalized Net Operating Profit after Tax (NOPAT)		 -10 -14 -11 -11 -9.70 -10 -12 -12 -18 -11 -14
Normalized NOPAT Margin		 -996.49% -1,157.70% -1,080.78% -971.26% -603.39% -540.81% -773.41% -1,003.99% -2,044.83% - -1,360.81%
Pre Tax Income Margin		 -2,258.62% -1,355.52% -3,017.78% -2,201.09% -845.24% -1,686.81% -3,802.53% -5,253.99% 59.64% - -1,061.81%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 -12.33 -6.97 -13.56 -9.48 -5.13 -10.96 -2.86 0.00 0.00 - 0.00
NOPAT to Interest Expense		 -5.88 -6.81 -5.21 -4.63 -4.37 -3.83 -0.82 0.00 0.00 - 0.00
EBIT Less CapEx to Interest Expense		 -12.45 -7.07 -13.57 -10.73 -5.13 -11.02 -2.87 0.00 0.00 - 0.00
NOPAT Less CapEx to Interest Expense		 -6.00 -6.91 -5.23 -5.87 -4.37 -3.90 -0.83 0.00 0.00 - 0.00
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Augmented Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%

Financials Breakdown Chart

Key Financial Trends

NextNav (NASDAQ: NN) has faced ongoing cash burn and net losses, but the company has intermittently accessed financing to fund operations and has generated some one-off liquidity through investment activity. Below is a concise look at the latest quarterly data, focusing on the last four years of results and highlighting notable trends for retail investors.

  • In Q1 2025, NextNav issued about $190 million in debt, contributing to roughly $120.2 million in net cash from continuing financing activities.
  • In Q3 2025, the company benefited from a substantial sale/maturity of investments totaling about $103.0 million, with about $40.5 million of net cash from continuing investing activities.
  • In Q1 2024, NextNav generated about $20.9 million in net cash from financing activities, signaling ongoing access to external funding in that period.
  • Revenue remains very small on a quarterly basis, running roughly in the $0.8 million to $1.5 million range in recent years (e.g., Q4 2025: $0.945 million; Q3 2025: $0.887 million; Q2 2025: $1.202 million; Q1 2025: $1.540 million).
  • The balance sheet shows total assets typically in the mid-$200s millions with liabilities often exceeding assets, resulting in a negative equity position in several periods (for example, Q3 2025: Total Liabilities around $285 million vs. Total Assets about $263 million; Total Equity approximately -$22.1 million).
  • Earnings per share have been negative across most quarters, with Basic EPS in 2025 mostly in the -$0.4x to -$0.5x range and Diluted EPS in the -$0.3x to -$0.5x range.
  • Cash flow from operating activities has been consistently negative in 2025, indicating ongoing cash burn from core operations (examples: Q4 2025 net cash from continuing operating activities around -$16.1 million; Q3 2025 around -$9.0 million; Q2 2025 around -$13.5 million; Q1 2025 around -$12.2 million).
  • There are sporadic one-off items that can temporarily improve reported results, such as positive other income in some quarters (e.g., Q3 2025), but these are not indicative of sustainable profitability.
  • Net income has been deeply negative in several quarters, with Q4 2025 reporting a loss of about $67.96 million and Q1 2025 about $58.58 million in net loss attributed to common shareholders.
06/04/26 09:12 PM ETAI Generated. May Contain Errors.

NextNav Financials - Frequently Asked Questions

According to the most recent income statement we have on file, NextNav's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

NextNav's net income appears to be on a downward trend, with a most recent value of -$189.25 million in 2025, falling from -$274.67 million in 2020. The previous period was -$101.88 million in 2024.

NextNav's total operating income in 2025 was -$70.23 million, based on the following breakdown:
  • Total Gross Profit: -$3.97 million
  • Total Operating Expenses: $66.27 million

Over the last 5 years, NextNav's total revenue changed from $569 thousand in 2020 to $4.57 million in 2025, a change of 703.7%.

NextNav's total liabilities were at $333.25 million at the end of 2025, a 198.6% increase from 2024, and a 101.1% increase since 2020.

In the past 5 years, NextNav's cash and equivalents has ranged from $8.67 million in 2020 to $100.08 million in 2021, and is currently $44.76 million as of their latest financial filing in 2025.

Over the last 5 years, NextNav's book value per share changed from -66.75 in 2020 to -0.64 in 2025, a change of -99.0%.


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Financial statements for NASDAQ:NNAVW last updated on 5/18/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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