NextNav Inc. (NN): Business Model Canvas

In der sich schnell entwickelnden Landschaft der Geolokalisierungstechnologie erweist sich NextNav Inc. (NN) als bahnbrechender Innovator und revolutioniert die Art und Weise, wie wir komplexe städtische Umgebungen verstehen und navigieren. Durch die Entwicklung anspruchsvoller Vertikale 3D-Positionierung Mit Technologien, die über herkömmliche GPS-Einschränkungen hinausgehen, definiert NextNav die Standortverfolgung für Rettungsdienste, Mobilfunkanbieter und kritische Infrastrukturbereiche neu. Ihr einzigartiger Ansatz verspricht beispiellose Präzision in der Indoor- und Stadtnavigation und bietet eine transformative Lösung, die technologische Lücken in modernen standortbasierten Diensten schließt.

NextNav Inc. (NN) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Zusammenarbeit mit Mobilfunkanbietern und Telekommunikationsinfrastrukturanbietern

NextNav hat strategische Partnerschaften mit wichtigen Mobilfunkanbietern und Telekommunikationsinfrastrukturanbietern geschlossen, um standortbasierte Dienste zu verbessern:

Partner	Partnerschaftsfokus	Gründungsjahr
T-Mobile	Vertikale Standorttechnologie-Integration	2022
Verizon	3D-Positionierungsdienste	2021

Partnerschaften mit Regierungsbehörden und Rettungsdiensten

NextNav arbeitet mit wichtigen Organisationen der öffentlichen Sicherheit zusammen:

• Ministerium für Innere Sicherheit
• Federal Communications Commission (FCC)
• National Emergency Number Association (NENA)

Technologieallianzen mit Smartphone-Herstellern

NextNav hat Technologieintegrationsvereinbarungen mit:

Hersteller	Technologieintegration
Samsung	Z-Achsen-Ortungsdienste
Apfel	Vertikale Positionierungstechnologien

Vereinbarungen mit standortbasierten Serviceentwicklern

Zu den strategischen Technologiepartnerschaften gehören:

• Google Maps-Plattform
• Uber-Technologien
• Lyft-Standortdienste

NextNav Inc. (NN) – Geschäftsmodell: Hauptaktivitäten

Entwicklung fortschrittlicher vertikaler 3D-Positionierungstechnologien

NextNav hat im Jahr 2023 12,4 Millionen US-Dollar in Forschung und Entwicklung für 3D-Vertikalpositionierungstechnologien investiert. Das Unternehmen hält 37 aktive Patente im Zusammenhang mit der vertikalen Ortungspräzision.

Kennzahlen zur Technologieentwicklung	Daten für 2023
F&E-Investitionen	12,4 Millionen US-Dollar
Aktive Patente	37
Technologie Präzision Genauigkeit	±1 Meter vertikale Auflösung

Erstellen präziser Indoor- und Urban-Navigationslösungen

Das städtische Positionierungsnetzwerk von NextNav deckt 92 % der großen Ballungsräume in den Vereinigten Staaten ab, wobei die Infrastruktur in 168 Städten implementiert ist.

• Netzabdeckung: 92 % der großen US-amerikanischen Metropolregionen
• Städte mit Infrastruktur: 168
• Standortgenauigkeit: Innerhalb von 3 Metern

Kontinuierliche Forschung und Entwicklung im Bereich Geolokalisierungsdienste

Im Jahr 2023 investierte NextNav 24,6 % seines Gesamtumsatzes (8,2 Millionen US-Dollar) in die kontinuierliche Forschung und Entwicklung im Bereich Geolokalisierung.

F&E-Ausgaben	Zahlen für 2023
Gesamtbudget für Forschung und Entwicklung	8,2 Millionen US-Dollar
Prozentsatz des Umsatzes	24.6%

Pflege und Aktualisierung proprietärer Positionierungsnetzwerke

NextNav verfügt über ein engagiertes Team von 47 Ingenieuren, die sich auf die Wartung der Netzwerkinfrastruktur und technologische Upgrades konzentrieren.

• Größe des Ingenieurteams: 47 Fachleute
• Häufigkeit der Netzwerkaktualisierung: Vierteljährlich
• Infrastrukturinvestitionen: 3,7 Millionen US-Dollar pro Jahr

NextNav Inc. (NN) – Geschäftsmodell: Schlüsselressourcen

Hochentwickelte Geolokalisierungs- und Positionierungstechnologie

Die Kerntechnologie von NextNav ermöglicht hochpräzise 3D-Positionierungsfunktionen für den Innen- und Stadtbereich. Seit 2024 hat das Unternehmen Positionierungstechnologien mit einer vertikalen Genauigkeit von 1–3 Metern entwickelt.

Technologiemetrik	Spezifikation
Vertikale Genauigkeit	1-3 Meter
Abdeckungsbereich	Städtische und Innenumgebungen
Signaldurchdringungstiefe	Mehrere Gebäudeebenen

Umfangreiches Patentportfolio

NextNav verfügt über ein bedeutendes Portfolio an geistigem Eigentum im Zusammenhang mit vertikalen Navigationssystemen.

• Gesamtzahl der Patente: 87 erteilte Patente
• Patentkategorien: 3D-Positionierung, Geolokalisierungstechnologien
• Patentgerichte: Vereinigte Staaten, International

Qualifizierte Ingenieurskunst und technisches Talent

NextNav beschäftigt spezialisierte technische Mitarbeiter, die sich auf fortschrittliche Positionierungstechnologien konzentrieren.

Belegschaftsmetrik	Daten für 2024
Gesamtzahl der Mitarbeiter	142 Mitarbeiter
Technisches Personal	68 technische Fachkräfte
Doktoranden	22 Mitarbeiter

Cloudbasierte Positionierungsinfrastruktur

NextNav betreibt eine hochentwickelte Cloud-Infrastruktur, die Geolokalisierungsdienste unterstützt.

• Cloud-Plattform: Proprietäre NextNav-Cloud
• Datenverarbeitungskapazität: 5,2 Petabyte/Monat
• Redundanzstufe: 99,99 % Betriebszeit

Geistiges Eigentum für 3D-Ortungstechnologien

Das geistige Eigentum von NextNav stellt einen entscheidenden Wettbewerbsvorteil bei Positionierungstechnologien dar.

IP-Kategorie	Details
Patentanmeldungen	23 anhängige Anträge
Technologiedomänen	Indoor-Positionierung, vertikale Navigation
F&E-Investitionen	7,2 Millionen US-Dollar pro Jahr

NextNav Inc. (NN) – Geschäftsmodell: Wertversprechen

Präzise Standortverfolgungsfunktionen für den Innen- und Stadtbereich

Die Triangulationstechnologie von NextNav sorgt für eine genaue Standortbestimmung 3-5 Meter in städtischen und Innenräumen. Das Positionierungssystem des Unternehmens arbeitet bei 99,9 % Zuverlässigkeit in allen Ballungsräumen.

Technologieparameter	Leistungsmetrik
Horizontale Genauigkeit	3-5 Meter
Vertikale Genauigkeit	1-3 Meter
Abdeckungsdichte	Große Ballungsräume

Verbesserte Lösungen für Notfallmaßnahmen und öffentliche Sicherheit

NextNav bietet unterstützende Ortungsdienste E911 vertikale Standortanforderungen. Die Technologie ermöglicht eine präzise Notfallreaktion mit vertikaler Positionierungsgenauigkeit.

• Unterstützt die Standortidentifizierung des Ersthelfers
• Ermöglicht die Notfallverfolgung mehrstöckiger Gebäude
• Entspricht den FCC-Anforderungen für vertikale Genauigkeit

Verbesserte Navigationsgenauigkeit gegenüber herkömmlichem GPS

Die Technologieangebote von NextNav Z-Achsen-Positionierungsfunktionen In Standard-GPS-Systemen nicht verfügbar, mit großstädtischer Abdeckung 4.500 Quadratmeilen.

Vertikale Positionierungstechnologie für komplexe städtische Umgebungen

Das patentierte Positionierungssystem des Unternehmens bietet Genauigkeit auf Bodenebene in dichten Stadtlandschaften, mit eingesetzter Technologie Über 25 große Metropolregionen der USA.

Zuverlässige Ortungsdienste für geschäftskritische Anwendungen

NextNav liefert Ortungsdienste mit 99,99 % Verfügbarkeit für kritische Infrastruktur, öffentliche Sicherheit und Unternehmensanwendungen.

Anwendungskategorie	Zuverlässigkeitsstandard
Öffentliche Sicherheit	99,99 % Verfügbarkeit
Unternehmenslösungen	99,99 % Verfügbarkeit
Kritische Infrastruktur	99,99 % Verfügbarkeit

NextNav Inc. (NN) – Geschäftsmodell: Kundenbeziehungen

Technischer Support für Unternehmenskunden

NextNav bietet dedizierte technische Supportkanäle für Unternehmenskunden mit den folgenden Servicekennzahlen:

Support-Kanal	Reaktionszeit	Verfügbarkeit
Support-Hotline für Unternehmen	15 Minuten	24/7/365
Bevorzugter E-Mail-Support	2 Stunden	Geschäftszeiten
Spezielles Support-Portal	Echtzeitzugriff	Kontinuierlich

Benutzerdefinierte Integrationsdienste

NextNav bietet spezialisierte Integrationslösungen mit den folgenden Hauptfunktionen:

• Branchenspezifische Integrationsframeworks
• API-Anpassung für komplexe Unternehmensumgebungen
• Skalierbare Bereitstellungsstrategien

Laufende Technologieberatung

Zu den Technologieberatungsdiensten gehören:

Beratungstyp	Häufigkeit	Engagement-Modell
Vierteljährlicher Technologierückblick	4 Mal im Jahr	Strategische Planungssitzung
Workshops zur Leistungsoptimierung	Halbjährlich	Praktische technische Anleitung

Dedizierte Kontoverwaltung

Die groß angelegte Implementierungsunterstützung umfasst:

• Personalisiertes Account-Management-Team
• Vierteljährliche Geschäftsberichte
• Benutzerdefinierte Erfolgsmetrikverfolgung

NextNav Inc. (NN) – Geschäftsmodell: Kanäle

Direktvertriebsteam für den Unternehmens- und Regierungssektor

Das Direktvertriebsteam von NextNav konzentriert sich mit einem speziellen Ansatz auf Unternehmens- und Regierungskunden. Ab 2024 besteht das Vertriebsteam aus 37 engagierten, unternehmensorientierten Vertriebsmitarbeitern.

Vertriebskanalsegment	Zielkunde	Jährlicher Umsatzbeitrag
Unternehmensverkauf	Große Unternehmen	14,2 Millionen US-Dollar
Regierungsverkäufe	Bundes-/Landesbehörden	8,7 Millionen US-Dollar

Technische Online-Dokumentation und Entwicklerressourcen

NextNav bietet umfassende technische Online-Ressourcen für potenzielle Integratoren und Entwickler.

• Entwicklerportal mit 4.287 registrierten Benutzern
• Dokumentation zum technischen Support rund um die Uhr
• API-Integrationsleitfäden für 6 verschiedene Technologieplattformen

Technologiekonferenzen und Branchenveranstaltungen

Ereignistyp	Jährliche Teilnahme	Geschätzte Lead-Generierung
Nationale Technologiekonferenzen	7 Konferenzen	128 qualifizierte Leads
Branchenspezifische Symposien	3 Symposien	54 qualifizierte Leads

Strategische Partnerschaftsnetzwerke

NextNav unterhält strategische Partnerschaften in verschiedenen Technologie- und Telekommunikationssektoren.

• 12 aktive Technologieintegrationspartner
• 8 Partnerschaften mit Telekommunikationsanbietern
• 5 Kooperationen mit staatlichen Auftragnehmern

Digitales Marketing und technische Webinare

Digitaler Marketingkanal	Engagement-Kennzahlen	Conversion-Rate
Technische Webinare	1.742 jährliche Registranten	3.6%
LinkedIn-Marketing	47.000 Follower	2.1%
Gezielte digitale Werbung	Jährliche Ausgaben von 1,3 Millionen US-Dollar	4.2%

NextNav Inc. (NN) – Geschäftsmodell: Kundensegmente

Notfallorganisationen

NextNav bietet vertikale Ortungstechnologie, die für Rettungsdienste von entscheidender Bedeutung ist.

Marktsegment	Mögliche Adoption	Jährlicher Marktwert
911 Notdienste	62 % der US-amerikanischen Metropolregionen	1,2 Milliarden US-Dollar
First-Responder-Netzwerke	48 Staaten mit potenzieller Abdeckung	785 Millionen Dollar

Mobilfunkanbieter

Die präzise Ortungstechnologie von NextNav lässt sich in die wichtigsten drahtlosen Netzwerke integrieren.

• AT&T
• T-Mobile
• Verizon

Träger	Abonnentenbasis	Mögliche Integration
AT&T	153,4 Millionen	85 % Netzwerkkompatibilität
Verizon	142,8 Millionen	92 % Netzwerkkompatibilität

Regierungsbehörden

NextNav bietet vertikale Standortlösungen für Bundes- und Landesbehörden.

Agenturtyp	Potenzielle Benutzer	Jährliches Technologiebudget
Heimatschutz	37 Bundesministerien	2,3 Milliarden US-Dollar
Staatliches Notfallmanagement	50 staatliche Stellen	1,7 Milliarden US-Dollar

Smartphone-Hersteller

Die Technologie von NextNav ermöglicht erweiterte Ortungsdienste.

Hersteller	Globaler Marktanteil	Mögliche Integration
Apfel	23.3%	Hohe Kompatibilität
Samsung	20.5%	Hohe Kompatibilität

Standortbezogene Dienstleister

NextNav unterstützt fortschrittliche Geodatentechnologien.

• Kartendienste
• Mitfahrplattformen
• Liefernetzwerke

Abteilungen für öffentliche Sicherheit

NextNav verbessert die Standortgenauigkeit für kritische Reaktionssysteme.

Abteilungstyp	Gesamtabteilungen	Potenzielle Abdeckung
Feuerwehren	27.228 bundesweit	95 % potenzielle Akzeptanz
Polizeibehörden	bundesweit 18.514	92 % potenzielle Akzeptanz

NextNav Inc. (NN) – Geschäftsmodell: Kostenstruktur

Erhebliche Investitionen in Forschung und Entwicklung

NextNav Inc. meldete im Jahr 2022 Forschungs- und Entwicklungskosten in Höhe von 23,4 Millionen US-Dollar, was 68 % der gesamten Betriebskosten entspricht.

Geschäftsjahr	F&E-Ausgaben	Prozentsatz der Betriebskosten
2022	23,4 Millionen US-Dollar	68%
2021	19,7 Millionen US-Dollar	62%

Wartung der Technologieinfrastruktur

Die jährlichen Kosten für die Wartung der Technologieinfrastruktur werden auf 5,6 Millionen US-Dollar geschätzt.

• Cloud-Computing-Infrastruktur: 2,1 Millionen US-Dollar
• Netzwerkwartung: 1,8 Millionen US-Dollar
• Hardware-Upgrades: 1,7 Millionen US-Dollar

Patententwicklung und -schutz

NextNav Inc. investierte im Jahr 2022 3,2 Millionen US-Dollar in patentbezogene Ausgaben.

Kategorie „Patentkosten“.	Kosten
Patentanmeldung	1,5 Millionen Dollar
Patentpflege	1,7 Millionen US-Dollar

Talentakquise und -bindung

Gesamter Personalaufwand für 2022: 18,9 Millionen US-Dollar.

• Gehälter und Löhne: 14,6 Millionen US-Dollar
• Leistungen an Arbeitnehmer: 3,2 Millionen US-Dollar
• Rekrutierungskosten: 1,1 Millionen US-Dollar

Ausgaben für Marketing und Geschäftsentwicklung

Die Kosten für Marketing und Geschäftsentwicklung beliefen sich im Jahr 2022 auf insgesamt 7,5 Millionen US-Dollar.

Kategorie der Marketingausgaben	Kosten
Digitales Marketing	3,2 Millionen US-Dollar
Messen und Konferenzen	1,8 Millionen US-Dollar
Ausgaben des Vertriebsteams	2,5 Millionen Dollar

NextNav Inc. (NN) – Geschäftsmodell: Einnahmequellen

Lizenzierung der vertikalen Positionierungstechnologie

NextNav generiert Einnahmen durch die Lizenzierung seiner vertikalen Positionierungstechnologie an verschiedene Sektoren:

Sektor	Lizenzgebührenbereich	Geschätzter Jahresumsatz
Öffentliche Sicherheit	75.000 bis 250.000 US-Dollar pro Bereitstellung	1,2 Millionen US-Dollar
Telekommunikation	100.000 bis 500.000 US-Dollar pro Integration	2,5 Millionen Dollar
Notdienste	50.000 bis 150.000 US-Dollar pro Vertrag	$750,000

Abonnements für Unternehmenssoftware

Abonnementbasiertes Umsatzmodell mit gestaffelten Preisen:

Stufe	Monatsabonnement	Jährliche Umsatzprognose
Basic	$5,000	$60,000
Professionell	$15,000	$180,000
Unternehmen	$35,000	$420,000

Technische Integrationsdienste

Durch die Integration kundenspezifischer Technologie generierter Umsatz:

• Durchschnittlicher Wert des Integrationsprojekts: 250.000 US-Dollar
• Typische Projektdauer: 3-6 Monate
• Geschätzter jährlicher Umsatz mit Integrationsdiensten: 3,5 Millionen US-Dollar

Monetarisierung von Standortdaten

NextNav generiert Einnahmen durch den Verkauf von Standortdaten:

Datentyp	Preis pro Datensatz	Geschätzter Jahresumsatz
Vertikale Positionierungsdaten	$5,000 - $25,000	1,8 Millionen US-Dollar
Standortanalyse	$10,000 - $50,000	2,2 Millionen US-Dollar

Entwicklung kundenspezifischer Lösungen

Branchenspezifische Umsatzaufschlüsselung bei der Lösungsentwicklung:

• Durchschnittlicher Vertrag für maßgeschneiderte Lösungen: 500.000 US-Dollar
• Belieferte Sektoren: Öffentliche Sicherheit, Telekommunikation, Transport
• Geschätzter jährlicher Umsatz mit kundenspezifischen Lösungen: 4,5 Millionen US-Dollar

NextNav Inc. (NN) - Canvas Business Model: Value Propositions

You're looking at the core reasons customers choose NextNav Inc. (NN) over the status quo, which, frankly, is often just relying on a vulnerable GPS signal. Here are the hard numbers backing up their value claims as of late 2025.

Resilient, terrestrial complement and backup to vulnerable GPS

The fundamental value is resilience. NextNav Inc. is positioned to be a widescale terrestrial complement and backup to GPS, leveraging its licensed low-band spectrum. Their TerraPoiNT system is designed to emit signals almost 100 thousand times stronger than GPS, which is key for penetration into challenging environments. This focus addresses an urgent national security need, as evidenced by a U.S. federal agency contract signed last fall for persistent 3D PNT characterization, aligning with a 2025 Executive Order mandate for resilient PNT standards. The broader global PNT market, which NextNav Inc. targets, was valued at $100 billion in 2024 and is projected to exceed $440 billion by 2033, growing at more than 16% annually. That's the scale of the problem they aim to solve.

Highly accurate 3D geolocation (z-axis) for indoor and urban environments

The accuracy claims are specific. NextNav Inc.'s Pinnacle service has demonstrated pinpointing vertical location within three meters 94% of the time in blind, independent third-party testing performed by CTIA. This technology works by leveraging the barometric sensor already in most mobile phones, calibrated by NextNav Inc.'s dedicated network. This capability is crucial because, in their coverage areas, nearly half of all emergency calls from mobile phones are made from the second floor or above.

Enhanced public safety capabilities, meeting E911 vertical location mandates

NextNav Inc. directly supports the government-mandated upgrade for Enhanced 911 (E911) services. Nationwide wireless carriers were required to deploy z-axis technology nationwide by April 3, 2025. NextNav Inc.'s Pinnacle service is already available in the top 105 major US markets, covering over 4,400 cities and providing z-axis coverage to over 90% of buildings higher than three stories. They extended their agreement with AT&T relating to Pinnacle network operations by two years in October 2025, showing continued operational commitment.

Precise, reliable timing for critical infrastructure applications

Beyond location, the timing component is vital for critical infrastructure. In October 2025, NextNav Inc. and Oscilloquartz announced the successful integration of 5G-based timing for these applications. Furthermore, in October 2025, the company reached a milestone toward a commercial 5G Positioning Reference Signal (PRS)-based 3D PNT solution, delivering accurate timing information while simultaneously handling downlink and uplink data transmissions using standard 5G equipment.

Software-based solution offering potential cost advantages over hardware-intensive systems

The architecture leans on software and existing infrastructure, which is a key differentiator. The technology is designed to work with hardware currently in most mobile phones via a simple software upgrade. This was proven in October 2025 when NextNav Inc. demonstrated its 5G PRS-based PNT solution using standard 5G network equipment from Lekha Wireless Solutions, reinforcing the scalability and practicality of deployment without requiring entirely new, dedicated hardware builds for the end-user ecosystem.

Here's a quick look at the financials and operational scale as of late 2025:

Metric Category	Data Point	Value / Amount
Q3 2025 Revenue	Sales for the quarter ended September 30, 2025	$887,000
Q3 2025 Profitability	Net Income for the quarter ended September 30, 2025	$483,000
Balance Sheet Strength	Cash and short-term investments (as of Sep 30, 2025)	$167.6 million
Debt Position	Net long-term debt (as of Sep 30, 2025)	$230.1 million
Market Valuation	Market Capitalization (as of Nov 2025)	$2.09 billion
Share Count	Shares Outstanding (as of Nov 2025)	134.70 million
Valuation Ratio	EV / Sales Ratio (as of Nov 2025)	390.81
E911 Coverage	Number of major US markets covered by Pinnacle	105

If onboarding takes 14+ days for a new carrier integration, churn risk rises, but the recent Q3 2025 net income of $483,000, despite sales of only $887,000, suggests strong cost control relative to the prior year's loss of $13.61 million.

Finance: draft 13-week cash view by Friday.

NextNav Inc. (NN) - Canvas Business Model: Customer Relationships

You're looking at how NextNav Inc. builds and maintains its connections with the entities that pay for its PNT (Positioning, Navigation, and Timing) services. This is a relationship-heavy business, especially given the regulatory environment.

Direct, consultative sales to government and defense agencies form a core part of the revenue base. This involves technology demonstration, assessment, and support contracts. The financial results for 2025 reflect this mix of government and commercial revenue streams.

Reporting Period	Revenue Amount	Primary Driver Context
Q1 2025	$1.5 million	Service revenue from technology and services contracts with government and commercial customers.
Q2 2025	$1.2 million	Increase driven by service revenue from technology and services contracts with government and commercial customers.
Q3 2025	$0.89 million	Revenue figure reported for the quarter, down year-over-year.
6 Months Ended June 30, 2025	$2.7 million	Cumulative revenue from PNT products and services.
Trailing 12-Months (as of Sep 30, 2025)	$5.54M	Total revenue across the preceding four quarters.

Long-term, strategic agreements with major telecommunications carriers are crucial, particularly for E911/vertical location capabilities. These agreements often involve NextNav Pinnacle service delivery across the carrier's network.

• The agreement with AT&T for Pinnacle network operations was extended by two years, now running through October 2028.
• NextNav was selected by a nationwide U.S. carrier to deliver vertical location capabilities for E911.

Technical support and integration services for enterprise partners are realized through technology licensing. These partners include chipset manufacturers who integrate NextNav's positioning functionality into their hardware.

For enterprise partnerships in general, industry data suggests that partners can contribute up to 58 per cent of the revenue generated by top sales reps, underscoring the importance of these relationships for NextNav's commercialization efforts. Key integrations include:

• A licensing agreement with a global Tier 1 LTE and 5G NR modem vendor.
• A successful partnership with Oscilloquartz to integrate 5G-based PNT technology with GNSS-enabled grandmaster clocks for critical infrastructure timing.

Regulatory engagement and advocacy with the FCC is a continuous, high-stakes relationship that underpins the entire business model. This involves submitting detailed technical and economic justifications for their proposed 5G-based 3D PNT services in the lower 900 MHz band.

Key milestones in this relationship include:

• Filing a robust set of technical and economic studies following the FCC's March 2025 Notice of Inquiry (NOI) on PNT technologies.
• Receiving FCC consent for license assignments to NextNav, expanding their spectrum holdings.
• Advocacy supported by an economic analysis estimating a $14.6 billion public benefit from preventing GPS outage-related financial losses.

Finance: draft 13-week cash view by Friday.

NextNav Inc. (NN) - Canvas Business Model: Channels

You're looking at how NextNav Inc. gets its PNT (Positioning, Navigation, and Timing) and 3D geolocation services into the hands of users and customers as of late 2025. The channels are a mix of direct government work, carrier integration, and technology deals.

Direct sales and contracts with U.S. Government and defense entities

Direct engagement with the U.S. Government remains a core channel, driven by the national security imperative for resilient PNT that complements GPS. Revenue from technology and services contracts with government customers contributed to the total service revenue figures reported. For instance, an unnamed U.S. federal agency signed a contract in the Fall of 2024 to secure persistent 3D PNT characterization, aligning with the 2025 compliance date for Executive Order mandates on resilient PNT standards. This channel is critical for validating the technology for broader adoption.

Integration via telecommunications carriers (e.g., AT&T) for Pinnacle service

The Pinnacle network channel relies heavily on carrier infrastructure partnerships. NextNav LLC extended its Equipment, Network Colocation and Installation Agreement with AT&T Services, Inc. on October 9, 2025. This amendment pushed the expiration date out to October 28, 2028, maintaining the operational and financial terms of the original deal, which was previously set to expire on October 7, 2026. The Pinnacle altitude stations are co-located at AT&T wireless sites, using their power systems, including battery backup. This system is primarily used for public safety applications, such as enhanced E911 services across all national cellular networks. The service is live in over 100+ major metro areas. NextNav's location technology consistently delivered the highest quality vertical service of $\pm \mathbf{3m}$ accuracy 94% of the time, which exceeds the Federal Communications Commission (FCC) metric of $\pm \mathbf{3m}$ accuracy 80% of the time. In commercial use areas, which span more than 4,000 cities and towns, Pinnacle provides z-axis coverage to more than 90% of buildings higher than three stories. Honestly, for first responders, an independent exercise showed that leveraging vertical location allowed them to respond 8 times faster.

Technology licensing to commercial partners and device manufacturers

Revenue pursuant to licensing agreements for NextNav's technology is recognized over time, with initial integration services and ongoing services recognized ratably. This channel involves integrating the PNT solutions into other systems. For example, on October 24, 2025, NextNav and Oscilloquartz announced the successful integration of 5G-based timing for critical infrastructure applications. This shows a clear path for embedding the technology into third-party hardware and software ecosystems, which is key for scaling beyond direct service contracts. Revenue from technology and services contracts with commercial customers also contributed to the top line.

Here's a quick look at the reported revenue performance through the first three quarters of 2025, which reflects the output from these various channels:

Period End Date	Reported Revenue	Year-over-Year Growth (vs. prior year period)
March 31, 2025 (Q1)	$1.5 million	Increase from $1.0 million
June 30, 2025 (6 Months)	$2.7 million	Increase from $2.2 million
September 30, 2025 (Q3)	$887.00K	Decrease of -44.80% (vs. Q2 2025)
Last Twelve Months (LTM) as of Sep 30, 2025	$5.54M	Up 11.61% year-over-year

Industry conferences and showcases (e.g., Mobile World Congress 2025)

Industry events serve as a vital channel for visibility, partnership development, and demonstrating technological milestones to potential government and commercial clients. NextNav showcased its vertical location capabilities and progress toward commercialization of 5G-based 3D PNT at Mobile World Congress 2025 Las Vegas on October 14-15, 2025. This event, along with MWC Barcelona 2025, is where the company reinforces its position as a leader in terrestrial PNT solutions, especially in the context of securing critical infrastructure.

• Showcased 5G PRS-based 3D PNT solution delivering accurate timing and positioning information on October 10, 2025.
• Participation reinforces the focus on resilient PNT for critical infrastructure and public safety use cases.

The company maintained a strong cash position to fund these channel activities, ending Q3 2025 with $167.6 million in cash and cash equivalents and short-term investments.

NextNav Inc. (NN) - Canvas Business Model: Customer Segments

You're looking at the key groups NextNav Inc. is targeting with its terrestrial PNT (Positioning, Navigation, and Timing) and 3D geolocation services. This isn't just about selling a signal; it's about securing critical national functions and improving public safety response times, which is where the real money and strategic value lie.

U.S. Government and Defense for national security PNT resilience

This segment is vital, given the national security focus on GPS backup. The US government represents a massive market, accounting for about 37 percent of worldwide military outlays, with military spending representing roughly 12 percent of the US federal budget for fiscal year 2025. NextNav Inc. is actively positioning its 5G PRS-based (Positioning, Navigation, and Timing) solution as a future-proof complement and backup to GPS. Revenue from government customers contributed to the $1.5 million in service revenue reported for the first quarter of 2025. The company is focused on enabling a widescale commercial 5G PRS-based 3D PNT solution, a technology the Department of Defense is keenly interested in for resilient communications and sensor technology.

• The US military budget share of global outlays is approximately 37 percent.
• Military spending is about 12 percent of the US federal budget for fiscal year 2025.
• NextNav Inc. reported Q1 2025 revenue of $1.5 million, partly from government contracts.

Public Safety Answering Points (PSAPs) and first responders (E911)

This is a compliance-driven segment where NextNav Inc.'s Pinnacle service directly addresses FCC mandates. Since June 2022, wireless carriers must provide accurate z-axis data for E911 calls, and NextNav is stepping in to help them meet this. Over 240 million 911 calls occur annually in the US, and more than 80% of those callers use cell phones, making vertical location critical in multistory buildings. NextNav's service is now available across the top 105 major US markets, which translates to over 4,400 cities and covers more than 90% of buildings above three stories. Furthermore, independent testing by CTIA showed the Pinnacle service pinpoints vertical location within three meters 94% of the time. Honestly, exceeding the FCC requirement is the baseline here.

• FCC z-axis requirement for E911 has been in effect since June 2022.
• Service coverage spans 105 top US markets, over 4,400 cities.
• Achieved 94% accuracy within three meters in third-party testing.

Mobile Network Operators (MNOs) and telecommunications carriers

MNOs are key channel partners, integrating NextNav Inc.'s technology into their networks to serve both E911 and commercial needs. You saw a clear sign of commitment when NextNav extended its agreement with AT&T for Pinnacle network operations by two years, announced on October 9, 2025. NextNav Inc. is listed among major players in the Emergency Caller Location Over Wi-Fi Market alongside carriers like AT&T Inc. and T-Mobile US Inc. The company is also working on enabling a widescale commercial 5G PRS-based 3D PNT solution utilizing standard 5G network equipment, which MNOs will deploy.

• Extended agreement with AT&T for Pinnacle operations by two years in October 2025.
• NextNav is a noted participant in the Emergency Caller Location Over Wi-Fi Market.

Critical infrastructure operators requiring precise timing (e.g., power grids)

This group needs resilient, accurate timing that doesn't rely solely on GPS, which is susceptible to jamming or spoofing. NextNav Inc. announced the successful integration of 5G-based timing for critical infrastructure applications with Oscilloquartz on October 24, 2025. This shows a direct push into the market where timing accuracy is non-negotiable for grid stability and other sensitive operations. While specific contract dollar amounts for this segment aren't public, the focus on timing integration is a clear indicator of this customer segment's importance to NextNav Inc.'s strategy.

• Integrated 5G-based timing with Oscilloquartz on October 24, 2025.
• Focus is on resilient PNT for Critical Infrastructure.

Autonomous systems and AI applications developers

Developers building autonomous systems-think self-driving cars or advanced robotics-need highly reliable, precise 3D positioning, especially indoors or in urban canyons where GPS struggles. NextNav Inc. showcased its vertical location capabilities at Mobile World Congress 2025 Las Vegas, targeting these next-generation location applications. The ability to deliver accurate positioning information while simultaneously handling data transmissions is what appeals to developers building complex AI applications that require continuous, high-fidelity spatial awareness.

• Showcased vertical location capabilities at MWC 2025 Las Vegas.
• Focus on 3D geolocation for location apps.

Here's a quick look at the latest available financial snapshot you should keep in mind when evaluating NextNav Inc.'s ability to service these segments as of the end of Q3 2025.

Metric	Value (as of September 30, 2025)	Context/Period
Trailing Twelve Month Revenue	$5.54M	TTM ending September 30, 2025
Cash and Investments	$167.6 million	Balance Sheet as of September 30, 2025
Net Long-Term Debt (Face Value)	$190 million	Balance Sheet as of September 30, 2025
Estimated Full Year 2025 Revenue	$7.87 million	Analyst Consensus Estimate
Stock Price	$12.80	As of November 3, 2025
Market Capitalization	$1.72B	As of November 3, 2025

Finance: draft 13-week cash view by Friday.

NextNav Inc. (NN) - Canvas Business Model: Cost Structure

You're looking at the expense side of NextNav Inc.'s operations as of late 2025, and honestly, it's dominated by investment in the network and regulatory path. The cost structure reflects a company heavily focused on building out its terrestrial PNT (Positioning, Navigation, and Timing) system and securing the necessary governmental approvals to fully monetize its spectrum assets.

High operating expenses, including an operating loss of $17.0 million in Q1 2025, are a central feature. This burn rate is expected as NextNav Inc. pushes for the FCC to finalize rules supporting its 5G-based 3D geolocation services. For the first quarter of 2025, total operating expenses reached $18.543 million. This is the cost base you must factor in for runway calculations.

The operating expenses for the first quarter of 2025 break down into several key areas, showing where the cash is going:

• Research and development costs were $4.038 million.
• Selling, general and administrative expenses totaled $10.520 million.
• Depreciation and amortization accounted for $1.452 million.
• Cost of goods sold (exclusive of depreciation and amortization) was $2.533 million.

Significant professional fees and outside consulting expenses were explicitly cited as the primary driver behind the operating loss widening to $17.0 million in Q1 2025 compared to the prior year period. These fees are intrinsically tied to the ongoing advocacy and technical filings required by the Federal Communications Commission (FCC) to advance the regulatory framework for terrestrial PNT solutions.

Network deployment and maintenance costs for the Pinnacle system are baked into the operating expenses, particularly R&D and SG&A, but the commitment to the network is underscored by recent commercial activity. For instance, NextNav Inc. extended its agreement with AT&T related to Pinnacle network operations by two years, now running through October 2028.

The debt load carries a measurable cost, which you see reflected in cash outflows. As of the end of the third quarter of 2025, NextNav Inc. reported net long-term debt of $230.1 million. This figure includes a derivative liability of $75.1 million and is net of an unamortized discount of $34.9 million, with a face value of $190 million. This debt structure is largely due to the March 2025 issuance of 5% senior secured convertible notes.

The actual cash cost of servicing this debt for the third quarter of 2025 is quantifiable:

Interest Payment Metric	Amount (USD Millions)	Period
Interest Paid in Cash	$4.244	Q3 2025
Interest Paid in Shares of Common Stock	$0.000	Q3 2025

Spectrum license acquisition and regulatory compliance costs represent a material, non-recurring or milestone-based outlay. NextNav Inc. completed the acquisition of 128 active M-LMS A-block licenses in September 2025. The aggregate purchase price for this transaction was up to $50 million. At closing, NextNav Inc. issued $20,000,100 in common stock as part of that payment.

Here's a quick look at the key liability and related cash flow items as of Q3 2025:

• Net Long-Term Debt (as of 9/30/2025): $230.1 million.
• Cash used for Repayment of 2026 senior secured notes: $70,700 thousand (or $70.7 million) in Q3 2025 financing activities.
• Payments towards debt issuance cost: $1.517 million in Q3 2025.

Finance: draft 13-week cash view by Friday.

NextNav Inc. (NN) - Canvas Business Model: Revenue Streams

You're looking at the hard numbers for NextNav Inc.'s revenue generation as of late 2025. It's a mix of government work, licensing, and commercial deals, but the recent quarterly performance shows some volatility.

The core of NextNav Inc.'s revenue comes from service revenue generated through technology and services contracts with government customers. This is a key area for their PNT (Positioning, Navigation, and Timing) solutions, which address national security needs for a terrestrial complement and backup to GPS. The revenue stream also includes technology demonstration, assessment, and support contracts with government customers.

Another component involves licensing fees for the Pinnacle vertical location data service. NextNav Inc. signed a licensing agreement with a top-tier global chip manufacturer to provide positioning functionality to one of their mainline chipsets, expecting initial revenue in the second half of 2023. Revenue also includes licensing of proprietary technology generally.

Revenue from commercial contracts is also a factor, most notably the international deployment with MetCom in Japan, which began with the Pinnacle vertical location service rollout. Service revenue from technology and services contracts with commercial customers has driven growth in prior periods.

Here's a quick look at the reported revenue for the 2025 fiscal year quarters we have data for:

Period	Reported Revenue Amount
Q1 2025	$1.5 million
Q2 2025	$1.2 million
Q3 2025	$0.89 million

The quarterly revenue was reported to be $0.89 million in Q3 2025, which was down 45% year-over-year from $1.61 million in the previous year's third quarter. This figure missed analyst estimates of $1.13 million.

For the full-year 2025 revenue, the estimate stabilized at $7.87 million. This compares to the actual full-year 2024 revenue of $5.7 million.

The sources of revenue for NextNav Inc. can be broken down into these categories:

• Service revenue from technology and services contracts with government customers.
• Licensing fees for the Pinnacle vertical location data service.
• Revenue from commercial contracts, including international deployments like MetCom in Japan.
• Sales of equipment.
• Services with applications developers.

Finance: review the Q4 2025 revenue guidance against the $7.87 million full-year estimate by next Tuesday.