NextNav Inc. (NN): Business Model Canvas [Dec-2025 Updated]

You're looking at NextNav Inc. (NN) and seeing a classic 'asset play' story, which is defintely where my mind goes after two decades analyzing these situations. Honestly, the core tension is clear: they hold a massive, regulated asset-low-band spectrum covering over 4 billion MHz-POPs-while actively burning cash to deploy their 3D PNT (Positioning, Navigation, and Timing) technology, as evidenced by that $17.0 million operating loss in Q1 2025 against only $0.89 million in Q3 2025 revenue. Their entire value proposition rests on making their terrestrial Pinnacle network the resilient, z-axis backup for vulnerable GPS, a play that requires deep partnerships with carriers and government agencies. Dive into the full Business Model Canvas below to see exactly how NextNav Inc. (NN) is structuring its operations to turn that spectrum into realized service revenue.

NextNav Inc. (NN) - Canvas Business Model: Key Partnerships

You're looking at the core relationships NextNav Inc. (NN) has built to deliver its resilient Positioning, Navigation, and Timing (PNT) and 3D geolocation services. These aren't just handshake agreements; they are critical infrastructure linkages that underpin their entire value proposition, especially as they push for commercialization of their 5G-based PNT solution.

Extended network agreement with AT&T for Pinnacle operations

The relationship with AT&T Services, Inc. is foundational, particularly for the Pinnacle network, which NextNav Inc. primarily uses for public safety applications like enhanced E911 across national cellular networks. On October 9, 2025, NextNav LLC amended its Equipment, Network Colocation and Installation Agreement with AT&T Services, Inc., extending the term by approximately two years. This means the agreement, which allows NextNav to co-locate its altitude stations at AT&T wireless sites and use their power systems, now expires on October 28, 2028, up from the previous expiration date of October 7, 2026. This extension maintains the operational and financial terms of the original deal. To be defintely clear on the company's standing around this time, NextNav Inc.'s market capitalization was reported at $1.81B, and as of September 30, 2025, the company held $167.6 million in cash and cash equivalents and short-term investments, against a net long-term debt of $230.1 million.

The Pinnacle system supports key market segments:

• Public Safety: Situational Awareness for First Responders.
• Telecom: Enhanced 911 services.
• Critical Infrastructure: Resilient PNT delivery.
• Location Apps: Vertical Positioning for Location Apps.

Collaboration with Oscilloquartz for 5G-based timing integration in critical infrastructure

NextNav Inc. has a key technology partnership with Oscilloquartz, which is an Adtran company, focusing on time synchronization. This collaboration is designed to create a scalable complement and backup to GPS by fusing NextNav's terrestrial 5G PNT with Oscilloquartz's synchronization equipment. The goal is to deliver accurate, UTC-aligned time both indoors and outdoors, which is foundational for critical infrastructure like data centers and utilities. A major milestone was announced on October 24, 2025, with the successful integration of a NextNav 5G PRS-based timing receiver and an Oscilloquartz GNSS-enabled grandmaster clock. This fusion successfully produced GPS-quality timing output signals, including resilient pulse-per-second (PPS) and time-of-day (TOD) synchronization outputs, even in GPS-denied environments.

Here's a look at the financial context surrounding NextNav Inc. as of late 2025, which frames the importance of these commercialization milestones:

Financial Metric (as of Q3 2025 or Sept 30, 2025)	Amount	Context
Q3 2025 Revenue	$887,000	Came in more than 20% below analyst forecasts.
Q3 2025 Net Profit	$483,000	A surprise profit helped by cost controls.
Q2 2025 Revenue	$1.20 million	Up 8.8% year-over-year from the prior period.
Cash & Short-Term Investments (Sept 30, 2025)	$167.6 million	Strong liquidity position.
Net Long-Term Debt (Sept 30, 2025)	$230.1 million	Includes a derivative liability of $75.1 million.

Partnerships with defense and government agencies (e.g., NASA) for PNT resilience

NextNav Inc. actively partners with government entities to validate and deploy its resilient PNT technology, which directly supports national security priorities. The company has a long-standing relationship with NASA, which is crucial for demonstrating the technology's capability in GPS-denied scenarios. Specifically, NASA's Ames Research Center selected NextNav to provide PNT services for its urban drone program in the San Francisco Bay Area. This involves using the TerraPoiNT network to capture in-flight horizontal and vertical location data to validate drone flight safety, including navigation, detection, and collision avoidance. Furthermore, NASA's Langley Research Center in Hampton, Virginia, leverages the TerraPoiNT network to support its CERTAIN facilities.

Technology integration partners like Adtran for multisource receivers

The collaboration with Oscilloquartz, an Adtran company, directly addresses the need for integration into multisource receivers. These partnerships aim to embed NextNav's 5G-based PNT technology into timing receivers, which enhances PNT resilience and service continuity for mission-critical enterprise timing applications. This integration is seen as vital for AI use cases, such as autonomous vehicles, where accurate, real-time data is necessary. NextNav also reached a major milestone on October 10, 2025, demonstrating the delivery of accurate timing and positioning information while simultaneously handling both downlink and uplink data transmissions using standard 5G network equipment.

NextNav Inc. (NN) - Canvas Business Model: Key Activities

You're looking at the core engine driving NextNav Inc. right now, which is heavily weighted toward regulatory wins and proving out the technology in the field. It's a complex mix of lobbying, network maintenance, and technical milestones, all aimed at making their terrestrial PNT (Positioning, Navigation, and Timing) a national standard. Here's a breakdown of what the team is actively doing as of late 2025.

Advocacy and regulatory work with the FCC for PNT policy advancements

A huge chunk of NextNav Inc.'s effort goes into convincing the Federal Communications Commission (FCC) to authorize and formalize their 5G-based PNT services in the lower 900 MHz band. This involves constant, detailed engagement to counter opposition and demonstrate the national security benefits of a GPS backup.

The company continued to proactively advocate for the FCC to take the next step in the process, even while dealing with a government shutdown during the third quarter of 2025. NextNav Inc. urged the FCC to advance a rulemaking in a November 24 filing, laying out its vision for a 'near-term, future-proof' PNT system.

Key regulatory milestones achieved in 2025 include:

• FCC granted consent for license assignments on June 20, 2025.
• NextNav Inc. filed comments on April 28, 2025, supporting the FCC's Notice of Inquiry on PNT technologies.
• The company submitted a supplemental technical study and an economic report by The Brattle Group to support its case.
• In November 2025, NextNav Inc. submitted a detailed technical response to an engineering review sponsored by the Security Industry Association.

It's not a smooth ride; a coalition of fire, law enforcement, and emergency communications groups filed a joint letter on November 13, urging the FCC to reject the petition due to concerns about destabilizing life safety systems. Still, NextNav Inc. feels confident about its technical and economic analyses.

Commercialization and deployment of 5G PRS-based 3D PNT solutions

The focus here is proving the technology works efficiently on standard 5G gear, which is critical for widescale adoption. They aren't just talking about it; they are showing it works alongside data transmission.

On October 10, 2025, NextNav Inc. announced a major milestone: delivering accurate timing and positioning information while simultaneously delivering both downlink and uplink data transmissions using standard 5G network equipment. This validates that their 5G PRS-based PNT solution can be deployed efficiently.

The company actively showcased these capabilities, including its vertical location progress, at Mobile World Congress 2025 Las Vegas on October 14-15, 2025. Earlier in the year, NextNav Inc. successfully completed lab and field demonstrations of its 5G PRS-based PNT solution, establishing the foundation for commercial deployment. Furthermore, on October 24, 2025, NextNav Inc. and Oscilloquartz announced the successful integration of 5G-based timing for critical infrastructure applications.

Network operations and maintenance for the Pinnacle vertical location service

The Pinnacle service is NextNav Inc.'s current revenue-generating asset for 3D geolocation, primarily focused on vertical accuracy for public safety and other enterprise needs. Maintaining and expanding this network is a core, ongoing activity.

You can see the operational commitment in their partnership extensions. For instance, on October 9, 2025, NextNav Inc. extended its agreement with AT&T, which relates to Pinnacle network operations, by two years. The service is already quite extensive, having rolled out to 4,400 cities across the US, covering the top 105 Cellular Market Areas.

The quality of this operation is high, consistently delivering vertical location technology with ±3m accuracy 94% of the time, which beats the FCC requirement of ±3m 80% of the time. This provides z-axis coverage to over 90% of buildings with three or more stories. Key partners supporting this ecosystem include AT&T FirstNet, Qualcomm, Bosch, Unity, and Unreal Engine.

Research and development to integrate PNT into autonomous systems and AI applications

While specific R&D spending figures aren't public, the activity here is demonstrated by the application focus mentioned in recent announcements. The integration work is centered on leveraging their 5G PNT and Pinnacle capabilities for high-value, high-reliability use cases.

The development goal is clearly tied to enabling 'Nation Critical, Life Critical, and Business Critical solutions' through their 3D PNT architecture. The successful demonstration of 5G PRS on commercial 5G equipment, delivering timing, positioning, and data simultaneously, is a direct result of R&D aimed at efficient integration into existing and future networks. The focus on critical infrastructure timing integration also falls under this activity.

Acquiring and managing additional lower 900 MHz band spectrum licenses

Securing and managing spectrum is foundational, as NextNav Inc.'s entire terrestrial PNT strategy relies on this licensed low-band spectrum. This activity directly enhances their resource base.

NextNav Inc. closed an agreement on September 25, 2025, to acquire M-LMS A-block licenses. The FCC granted consent for the assignment of 128 active M-LMS A-block licenses to NextNav Inc. on June 20, 2025. These acquired licenses are in the same Lower 900 MHz band as all of NextNav Inc.'s other holdings, solidifying its position as the nation's largest license holder in this designated band.

The financial terms for this specific acquisition were not disclosed in the press release.

Here's a quick look at the financial context supporting these Key Activities as of the latest reporting period:

Metric	Value (As of Sept 30, 2025)	Context/Period
Cash and Cash Equivalents	$167.6 million	Balance Sheet
Net Long-Term Debt	$230.1 million	Balance Sheet
Q3 2025 Revenue	$0.887 million	Quarterly Sales
Q3 2025 Net Income	$0.483 million	Quarterly Result (vs. $13.61 million loss prior year)
Q3 2025 Diluted EPS (Continuing Ops)	-$0.12	Quarterly Result (Beat estimate of -$0.14)
Nine Months 2025 Sales	$3.63 million	Year-to-Date Sales
Nine Months 2025 Net Loss	$121.29 million	Year-to-Date Loss

The operational expenses for the quarter ended September 30, 2025, were $18.4 million, which included $3.7 million in equity compensation.

NextNav Inc. (NN) - Canvas Business Model: Key Resources

You're looking at the core assets NextNav Inc. (NN) relies on to execute its business plan-it's not just about the tech, but the regulated access and the capital backing the build-out. Here's the breakdown of what NextNav Inc. considers its essential resources as of late 2025.

Spectrum Holdings and Regulatory Access

The foundation of NextNav Inc.'s offering is its licensed radio frequency real estate. This is a non-replicable asset, given the regulatory hurdles involved in securing spectrum.

• Licensed low-band spectrum in the lower 900 MHz band, quantified as over 4 billion MHz-POPs.
• The spectrum position was recently enhanced by the closing of an agreement on September 25, 2025, to acquire additional M-LMS A-block licenses, further solidifying its operational leadership in the Lower 900 MHz band.

Proprietary Network Infrastructure and Technology

NextNav Inc. has two primary technology pillars, both leveraging this spectrum. The Pinnacle network focuses on vertical accuracy, while TerraPoiNT is the broader GPS complement.

The Pinnacle network, which targets z-axis (vertical) location data, has demonstrated high performance in independent testing.

• Achieved 94 percent 'floor-level' accuracy in independent tests conducted by CTIA measuring z-axis capabilities.
• The agreement relating to NextNav Inc.'s Pinnacle network operations was extended by two years on October 9, 2025.

The TerraPoiNT technology is positioned as the terrestrial complement and backup to GPS, a critical national security asset.

• TerraPoiNT was named the best performing solution across all evaluated measures in a 2021 Department of Transportation study on resilient PNT solutions.
• A major milestone was reached on October 10, 2025, demonstrating a widescale commercial 5G PRS-based 3D PNT solution.
• NASA is leveraging the commercially deployed TerraPoiNT network in the San Francisco Bay area to capture in-flight horizontal and vertical location data for its urban drone program at Ames Research Center.

Financial Capital

Liquidity is key when you're building out infrastructure and advocating for regulatory change. You need runway to operate while waiting on policy decisions. Here's the quick math on their cash position:

Financial Metric	Amount as of September 30, 2025
Cash and cash equivalents	$167.6 million
Reported as (in Billions USD)	$0.16 Billion USD

Intellectual Property

The technology itself is protected by a portfolio of patents, which is a significant barrier to entry for competitors trying to replicate the specific PNT/geolocation methods.

As of September 30, 2025, NextNav Inc.'s intellectual property portfolio related to 3D geolocation and PNT included:

• 468 Total Documents Applications and Grants.
• 281 Granted patents.

Finance: draft 13-week cash view by Friday.

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.