NEXTNAV INC. NN
We are the market leader in delivering resilient, next generation, complementary positioning, navigation and timing ("PNT") solutions designed to overcome the limitations and vulnerabilities of existing space-based Global Navigation Satellite Systems ("GNSS"), including the Global Positioning System ("GPS"). PNT services are used in nearly every facet of our economy. Cellular and electrical distribution systems depend on GPS-based timing, and the mobile app economy relies on location to create innovative services and to drive data and advertising revenue. Public safety and enhanced 911 ("E911") save lives every day with the use of location services. GPS has powered the global economy for nearly 40 years. Without high-precision timing from GPS, cellular systems would fail, the distribution of electricity would be impacted, and other aspects of everyday life would be adversely affected. Recent international events have demonstrated that having viable systems to backup and complement GPS is a national security issue.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Revenue | $4.6M | $5.7M | $3.9M | $3.9M | $763.0K | $569.0K | — |
| Cost of revenue | — | $729.0K | $2.3M | $2.4M | $232.0K | $893.0K | — |
| Gross profit | — | $4.9M | $1.5M | $1.5M | $531.0K | -$324.0K | — |
| R&D | $19.0M | $16.2M | $19.5M | $17.1M | $9.5M | $8.8M | — |
| SG&A | $39.6M | $33.5M | $30.3M | $36.9M | $13.6M | $13.3M | — |
| Total operating expenses | $74.8M | $65.8M | $67.4M | $69.5M | $43.2M | $30.0M | — |
| Operating income | -$70.2M | -$60.1M | -$63.5M | -$65.5M | -$42.4M | -$29.5M | — |
| Interest expense | $12.4M | $9.4M | $3.7M | $901.0K | $17.8M | $10.0M | — |
| Pre-tax income | -$189.1M | -$101.7M | -$71.5M | -$40.1M | -$144.6M | -$137.3M | — |
| Income tax | $198.0K | $173.0K | $221.0K | $28.0K | $52.0K | $38.0K | — |
| Net income | -$189.3M | -$101.9M | -$71.7M | -$40.1M | -$144.7M | -$137.3M | — |
| EPS, basic | -1.42 | -0.84 | -0.66 | -0.40 | -6.73 | — | — |
| EPS, diluted | -1.42 | -0.84 | -0.66 | -0.40 | -6.73 | -23.20 | — |
| Shares, diluted (wtd. avg.) | $132.9K | $121.5K | $108.0M | $101.0M | $23.6K | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Cash and equivalents | $44.8M | $39.3M | $81.9M | $47.2M | $100.1M | $13.7M | $14.5M |
| Short-term investments | $107.4M | $40.8M | $4.0M | $8.2M | — | — | — |
| Receivables | $2.3M | $3.3M | $2.3M | $2.2M | $1.7M | $77.0K | — |
| Total current assets | $157.4M | $86.0M | $91.2M | $61.2M | $106.3M | $18.1M | — |
| Property, plant and equipment | — | — | — | $19.2M | $21.8M | $1.3M | — |
| Goodwill | $19.2M | $17.0M | $18.0M | $17.5M | — | — | — |
| Other intangibles | $42.2M | $9.6M | $10.6M | $10.4M | $4.1M | $4.1M | — |
| Total assets | $247.0M | $161.7M | $162.2M | $123.8M | $136.8M | $44.9M | — |
| Accounts payable | $661.0K | $858.0K | $391.0K | $1.0M | $448.0K | $680.0K | — |
| Total current liabilities | $12.4M | $12.1M | $9.8M | $8.9M | $6.7M | $4.2M | — |
| Long-term debt | $273.6M | $54.6M | $48.4M | — | — | — | — |
| Total liabilities | $333.3M | $111.6M | $82.1M | $19.9M | $36.9M | $165.7M | — |
| Retained earnings | -$1.05B | -$862.1M | -$760.2M | -$688.5M | -$647.9M | -$490.3M | — |
| Total equity | -$86.2M | $50.1M | $80.1M | $103.9M | $99.4M | -$490.4M | -$327.4M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -$50.7M | -$38.0M | -$35.4M | -$37.1M | -$47.9M | -$28.4M | — |
| Depreciation and amortisation | $7.8M | $5.2M | $4.8M | $3.7M | $1.8M | $235.0K | — |
| Stock-based compensation | $16.6M | $13.9M | — | — | — | — | — |
| Capital expenditure | $50.0K | $350.0K | $2.8M | $3.0M | $1.0M | $6.4M | — |
| Investing cash flow | -$64.6M | -$39.5M | $1.1M | -$15.7M | -$1.3M | -$7.2M | — |
| Financing cash flow | $120.5M | $35.1M | $69.0M | $43.0K | $135.6M | $34.8M | — |
| Buybacks | — | — | — | $4.0K | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001554855-26-000328.
Others in SIC 3812
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| NOC | NORTHROP GRUMMAN CORP /DE/ | $73.16B | 17.7x | 2.2% |
| GRMN | GARMIN LTD | $53.43B | 32.3x | 15.1% |
| LHX | L3HARRIS TECHNOLOGIES, INC. /DE/ | $47.75B | 30.1x | — |
| TDY | TELEDYNE TECHNOLOGIES INC | $28.31B | 32.3x | 7.9% |
| DRS | Leonardo DRS, Inc. | $9.77B | 35.5x | 12.8% |
| LUNR | Intuitive Machines, Inc. | $2.40B | — | -9.2% |
| CODA | Coda Octopus Group, Inc. | $114.7M | 27.5x | 30.7% |
| MIND | MIND TECHNOLOGY, INC | $41.5M | — | -12.6% |