NextNav Inc. (NN): Canvas du modèle commercial [Jan-2025 Mise à jour]

Dans le paysage rapide de la technologie de géolocalisation en évolution, Nexnnav Inc. (NN) émerge comme un innovateur révolutionnaire, révolutionnant la façon dont nous comprenons et naviguons sur des environnements urbains complexes. En développant sophistiqué Positionnement vertical 3D Technologies qui transcendent les limitations GPS traditionnelles, NextNAV redéfinit le suivi de l'emplacement pour les services d'urgence, les opérateurs sans fil et les secteurs d'infrastructure critiques. Leur approche unique promet une précision sans précédent dans la navigation intérieure et urbaine, offrant une solution transformatrice qui comble les lacunes technologiques dans les services modernes basés sur la localisation.

Nextnav Inc. (NN) - Modèle commercial: partenariats clés

Collaboration stratégique avec les opérateurs sans fil et les fournisseurs d'infrastructures de télécommunications

NextNAV a établi des partenariats stratégiques avec les principaux opérateurs sans fil et les fournisseurs d'infrastructures de télécommunications pour améliorer les services basés sur la localisation:

Partenaire	Focus de partenariat	Année établie
T-mobile	Intégration de la technologie de localisation verticale	2022
Verizon	Services de positionnement 3D	2021

Partenariats avec les agences gouvernementales et les services d'urgence

NextNAV collabore avec des organisations critiques de sécurité publique:

• Département de sécurité intérieure
• Commission fédérale des communications (FCC)
• Association nationale des numéros d'urgence (NENA)

Alliances technologiques avec les fabricants de smartphones

NextNav a des accords d'intégration technologique avec:

Fabricant	Intégration technologique
Samsung	Services de localisation de l'axe Z
Pomme	Technologies de positionnement vertical

Accords avec des développeurs de services basés sur la localisation

Les partenariats technologiques stratégiques comprennent:

• Plateforme Google Maps
• Technologies Uber
• Services de localisation Lyft

Nextnav Inc. (NN) - Modèle d'entreprise: activités clés

Développer des technologies de positionnement vertical 3D avancées

Nextnav a investi 12,4 millions de dollars dans la recherche et le développement pour les technologies de positionnement vertical 3D en 2023. La société détient 37 brevets actifs liés à la précision de l'emplacement vertical.

Métriques de développement technologique	2023 données
Investissement en R&D	12,4 millions de dollars
Brevets actifs	37
Précision de précision technologique	Résolution verticale ± 1 mètre

Création de solutions de navigation intérieure et urbaine précises

Le réseau de positionnement urbain de Nextnav couvre 92% des grandes zones métropolitaines aux États-Unis, avec des infrastructures déployées dans 168 villes.

• Couverture du réseau: 92% des principales zones métropolitaines américaines
• Villes atteintes d'infrastructures: 168
• Précision de l'emplacement: à moins de 3 mètres

Recherche et développement continu dans les services de géolocalisation

En 2023, Nextnav a alloué 24,6% de ses revenus totaux (8,2 millions de dollars) aux efforts de recherche et développement en géolocalisation continue.

Dépenses de R&D	2023 chiffres
Budget total de R&D	8,2 millions de dollars
Pourcentage de revenus	24.6%

Maintenir et mettre à jour les réseaux de positionnement propriétaires

NextNAV maintient une équipe dédiée de 47 ingénieurs axée sur la maintenance des infrastructures réseau et les mises à niveau technologiques.

• Taille de l'équipe d'ingénierie: 47 professionnels
• Fréquence de mise à jour du réseau: trimestriel
• Investissement d'infrastructure: 3,7 millions de dollars par an

Nextnav Inc. (NN) - Modèle commercial: Ressources clés

Géolocation sophistiquée et technologie de positionnement

La technologie de base de Nextnav permet des capacités de positionnement intérieur et urbain 3D de haute précision. En 2024, la société a développé des technologies de positionnement avec une précision verticale à moins de 1 à 3 mètres.

Métrique technologique	Spécification
Précision verticale	1 à 3 mètres
Plage de couverture	Environnements urbains et intérieurs
Profondeur de pénétration du signal	Multiples niveaux de construction

Portefeuille de brevets étendus

NextNAV détient un portefeuille de propriétés intellectuels significatif lié aux systèmes de navigation verticale.

• Compte total des brevets: 87 brevets accordés
• Catégories de brevets: positionnement 3D, technologies de géolocalisation
• Juridictions de brevet: États-Unis, internationaux

Ingénierie qualifiée et talent technique

NextNAV utilise une main-d'œuvre technique spécialisée axée sur les technologies de positionnement avancées.

Métrique de la main-d'œuvre	2024 données
Total des employés	142 employés
Personnel d'ingénierie	68 professionnels techniques
Titulaires de doctorat	22 employés

Infrastructure de positionnement basé sur le cloud

NextNAV exploite une infrastructure cloud sophistiquée prenant en charge les services de géolocalisation.

• Cloud Platform: Cloud propriétaire de Nextnav
• Capacité de traitement des données: 5.2 pétaoctets / mois
• Niveau de redondance: 99,99% de disponibilité

Propriété intellectuelle pour les technologies de localisation 3D

La propriété intellectuelle de Nextnav représente un avantage concurrentiel critique dans les technologies de positionnement.

Catégorie IP	Détails
Demandes de brevet	23 applications en attente
Domaines technologiques	Positionnement intérieur, navigation verticale
Investissement en R&D	7,2 millions de dollars par an

Nextnav Inc. (NN) - Modèle d'entreprise: propositions de valeur

Capacités de suivi de l'emplacement intérieur et urbain précis

La technologie de triangulation de Nextnav offre une précision de localisation dans 3-5 mètres dans les environnements urbains et intérieurs. Le système de positionnement de l'entreprise fonctionne à Fiabilité de 99,9% dans les zones métropolitaines.

Paramètre technologique	Métrique de performance
Précision horizontale	3-5 mètres
Précision verticale	1 à 3 mètres
Densité de couverture	Principales zones métropolitaines

Solutions améliorées d'intervention d'urgence et de sécurité publique

NextNAV fournit des services de localisation à l'appui E911 Exigences de localisation verticale. La technologie permet une réponse d'urgence précise avec une précision de positionnement vertical.

• Prend en charge l'identification de l'emplacement du premier répondeur
• Permet un suivi d'urgence à plusieurs étages
• Conforme aux mandats de précision verticale de la FCC

Amélioration de la précision de la navigation au-delà du GPS traditionnel

La technologie de Nextnav propose Capacités de positionnement de l'axe Z Non disponible dans les systèmes GPS standard, avec une couverture métropolitaine couvrant 4 500 miles carrés.

Technologie de positionnement vertical pour des environnements urbains complexes

Le système de positionnement breveté de l'entreprise fournit précision au niveau du sol dans des paysages urbains denses, avec la technologie déployée dans 25+ principales régions métropolitaines américaines.

Services de localisation fiables pour les applications critiques de mission

NextNAV fournit des services de localisation avec 99,99% de disponibilité pour les infrastructures critiques, la sécurité publique et les applications d'entreprise.

Catégorie d'application	Norme de fiabilité
Sécurité publique	99,99% de disponibilité
Solutions d'entreprise	99,99% de disponibilité
Infrastructure critique	99,99% de disponibilité

Nextnav Inc. (NN) - Modèle d'entreprise: relations clients

Support technique pour les clients d'entreprise

NextNAV fournit des canaux de support technique dédiés aux clients d'entreprise avec les mesures de service suivantes:

Canal de support	Temps de réponse	Disponibilité
Hotline de support d'entreprise	15 minutes	24/7/365
Assistance par e-mail prioritaire	2 heures	Heures de bureau
Portail de support dédié	Accès en temps réel	Continu

Services d'intégration personnalisés

NextNAV propose des solutions d'intégration spécialisées avec les caractéristiques clés suivantes:

• Cadres d'intégration spécifiques à la verticale
• Personnalisation de l'API pour les environnements d'entreprise complexes
• Stratégies de déploiement évolutives

Consultation technologique en cours

Les services de consultation technologique comprennent:

Type de consultation	Fréquence	Modèle d'engagement
Revue de technologie trimestrielle	4 fois par an	Session de planification stratégique
Ateliers d'optimisation des performances	Semestriel	Conseils techniques pratiques

Gestion de compte dédiée

Le support de mise en œuvre à grande échelle comprend:

• Équipe de gestion des comptes personnalisée
• Avis sur les entreprises trimestrielles
• Suivi des métriques de réussite personnalisées

Nextnav Inc. (NN) - Modèle commercial: canaux

Équipe de vente directe ciblant les secteurs des entreprises et du gouvernement

L'équipe de vente directe de Nextnav se concentre sur les clients d'entreprise et le gouvernement avec une approche spécialisée. En 2024, l'équipe commerciale comprend 37 représentants des ventes axés sur l'entreprise dédiés.

Segment du canal de vente	Client cibler	Contribution annuelle des revenus
Ventes d'entreprise	Grandes entreprises	14,2 millions de dollars
Ventes gouvernementales	Agences fédérales / étatiques	8,7 millions de dollars

Documentation technique en ligne et ressources des développeurs

NextNAV fournit des ressources techniques en ligne complètes pour les intégrateurs et les développeurs potentiels.

• Portail des développeurs avec 4 287 utilisateurs enregistrés
• Documentation de support technique 24/7
• Guides d'intégration de l'API pour 6 plateformes technologiques différentes

Conférences de technologie et événements de l'industrie

Type d'événement	Participation annuelle	Génération de leads estimée
Conférences de technologie nationale	7 conférences	128 pistes qualifiées
Symposiums spécifiques à l'industrie	3 symposiums	54 pistes qualifiées

Réseaux de partenariat stratégiques

NextNAV maintient des partenariats stratégiques dans plusieurs secteurs de technologie et de télécommunications.

• 12 partenaires d'intégration de la technologie active
• 8 partenariats de transporteur de télécommunications
• 5 Collaborations entre les entrepreneurs du gouvernement

Marketing numérique et webinaires techniques

Canal de marketing numérique	Métriques d'engagement	Taux de conversion
Webinaires techniques	1 742 inscrits annuels	3.6%
Marketing LinkedIn	47 000 abonnés	2.1%
Publicité numérique ciblée	1,3 million de dollars de dépenses annuelles	4.2%

Nextnav Inc. (NN) - Modèle d'entreprise: segments de clientèle

Organisations d'intervention d'urgence

NextNAV fournit une technologie de localisation verticale critique pour les services d'urgence.

Segment de marché	Adoption potentielle	Valeur marchande annuelle
Services d'urgence 911	62% des zones métropolitaines américaines	1,2 milliard de dollars
Réseaux de premiers répondeurs	48 États avec une couverture potentielle	785 millions de dollars

Opérateurs sans fil

La technologie de localisation précise de Nextnav s'intègre aux principaux réseaux sans fil.

• AT&T
• T-mobile
• Verizon

Transporteur	Base d'abonné	Intégration potentielle
AT&T	153,4 millions	85% de compatibilité réseau
Verizon	142,8 millions	Compatibilité du réseau à 92%

Agences gouvernementales

NextNAV propose des solutions de localisation verticale pour les agences fédérales et étatiques.

Type d'agence	Utilisateurs potentiels	Budget technologique annuel
Sécurité intérieure	37 départements fédéraux	2,3 milliards de dollars
Gestion des urgences de l'État	50 agences d'État	1,7 milliard de dollars

Fabricants de smartphones

La technologie de Nextnav permet des services de localisation améliorés.

Fabricant	Part de marché mondial	Intégration potentielle
Pomme	23.3%	Forte compatibilité
Samsung	20.5%	Forte compatibilité

Fournisseurs de services basés sur la localisation

NextNAV soutient les technologies géospatiales avancées.

• Services de cartographie
• Plates-formes de covoiturage
• Réseaux de livraison

Services de sécurité publique

NextNAV améliore la précision de localisation pour les systèmes de réponse critique.

Type de département	Départements totaux	Couverture potentielle
Services d'incendie	27 228 à l'échelle nationale	Adoption potentielle à 95%
Services de police	18 514 à l'échelle nationale	Adoption potentielle à 92%

Nextnav Inc. (NN) - Modèle d'entreprise: Structure des coûts

Investissement de R&D significatif

Nextnav Inc. a déclaré des frais de R&D de 23,4 millions de dollars en 2022, ce qui représente 68% du total des dépenses d'exploitation.

Exercice fiscal	Dépenses de R&D	Pourcentage des dépenses d'exploitation
2022	23,4 millions de dollars	68%
2021	19,7 millions de dollars	62%

Maintenance des infrastructures technologiques

Les coûts annuels de maintenance des infrastructures technologiques estimés à 5,6 millions de dollars.

• Infrastructure de cloud computing: 2,1 millions de dollars
• Maintenance du réseau: 1,8 million de dollars
• Mises à niveau matériel: 1,7 million de dollars

Développement et protection des brevets

Nextnav Inc. a investi 3,2 millions de dollars dans les dépenses liées aux brevets en 2022.

Catégorie de dépenses de brevet	Coût
Dépôt de brevet	1,5 million de dollars
Entretien de brevets	1,7 million de dollars

Acquisition et rétention de talents

Total des dépenses de ressources humaines pour 2022: 18,9 millions de dollars.

• Salaires et salaires: 14,6 millions de dollars
• Avantages sociaux: 3,2 millions de dollars
• Coûts de recrutement: 1,1 million de dollars

Frais de marketing et de développement commercial

Les coûts de marketing et de développement commercial ont totalisé 7,5 millions de dollars en 2022.

Catégorie de dépenses de marketing	Coût
Marketing numérique	3,2 millions de dollars
Salons et conférences	1,8 million de dollars
Dépenses de l'équipe de vente	2,5 millions de dollars

Nextnav Inc. (NN) - Modèle d'entreprise: Strots de revenus

Licensing Technologie de positionnement vertical

NextNAV génère des revenus grâce à la licence de sa technologie de positionnement vertical dans divers secteurs:

Secteur	Gamme de frais de licence	Revenus annuels estimés
Sécurité publique	75 000 $ - 250 000 $ par déploiement	1,2 million de dollars
Télécommunications	100 000 $ - 500 000 $ par intégration	2,5 millions de dollars
Services d'urgence	50 000 $ - 150 000 $ par contrat	$750,000

Abonnements de logiciels d'entreprise

Modèle de revenus basé sur l'abonnement avec prix à plusieurs niveaux:

Étage	Abonnement mensuel	Projection annuelle des revenus
Basic	$5,000	$60,000
Professionnel	$15,000	$180,000
Entreprise	$35,000	$420,000

Services d'intégration technique

Revenus générés par l'intégration de la technologie personnalisée:

• Valeur moyenne du projet d'intégration: 250 000 $
• Durée typique du projet: 3-6 mois
• Revenus de services d'intégration annuels estimés: 3,5 millions de dollars

Monétisation des données de localisation

NextNAV génère des revenus grâce à des ventes de données de localisation:

Type de données	Prix ​​par ensemble de données	Revenus annuels estimés
Données de positionnement vertical	$5,000 - $25,000	1,8 million de dollars
Analyse de localisation	$10,000 - $50,000	2,2 millions de dollars

Développement de solutions personnalisées

Réflexion des revenus de développement de solutions spécifiques à l'industrie:

• Contrat de solution personnalisé moyen: 500 000 $
• Secteurs desservis: sécurité publique, télécommunications, transport
• Revenus de solution personnalisée annuelle estimée: 4,5 millions de dollars

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.