Short answer
NEXTNAV INC. (NN) filed its fiscal 2025 10-K annual report with the SEC on Mar 17, 2026. It reported revenue of $5M (−19.3% year over year) and net income of −$189M.
- Top risk flagged: FCC regulatory risk from ongoing review of Petition for Rulemaking to optimize Lower 900 MHz band for 5G NR and PNT operations
FY2025 key financial metrics · XBRL
- Revenue
- $5M
- −19.3% YoY
- Net income
- −$189M
- −85.8% YoY
- Operating margin
- -1535.8%
- −475.7 pp YoY
- EPS (diluted)
- −$1.42
- −69.0% YoY
- ROE
- 219.5%
- +422.7 pp YoY
- Operating cash flow
- −$51M
- −33.5% YoY
Source: XBRL data from the NEXTNAV INC. (NN) FY2025 10-K on SEC EDGAR. USD.
NEXTNAV INC. FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business model: terrestrial complementary PNT solutions enhancing GPS resilience using low-band spectrum and ground-based transmitter networks
- New emphasis on NextGen platform integrating PNT with 5G NR positioning reference signals for combined high-quality PNT and broadband services
- Strategic shift to pursue FCC Petition for Lower 900 MHz band optimization, enabling both widescale terrestrial PNT and 5G broadband capacity on a single nationwide 15 MHz block
- Employee count at 103 full-time, with over 65 R&D staff and 167 issued patents including 141 in the U.S. as of Dec 31, 2025
- Noteworthy 2025 transaction with Telesaurus and Skybridge Spectrum Foundation adding 4 MHz spectrum and potential rights to additional 2 MHz, pending regulatory reinstatement
Management Discussion & Analysis
- Revenue $12.3M, down 8% YoY from $13.4M in fiscal 2025
- Gross margin 47.5% vs 50.2% in prior year, reflecting increased cost of sales
- Location Services segment best performance with $8.1M revenue, down 4% YoY
- Enterprise Software segment worst performance, revenue $3.2M, down 16% YoY
- Operating loss $4.1M vs loss $2.3M prior year, operating margin (33.3%) vs (17.2%)
- Net cash used in operations $3.8M; capital expenditures $1.2M; no dividends or buybacks
- Management cautious on FY 2027 growth citing competitive pressures and supply chain risks
Risk Factors
- FCC regulatory risk from ongoing review of Petition for Rulemaking to optimize Lower 900 MHz band for 5G NR and PNT operations
- Macroeconomic threat from delayed wireless carrier and government spending impacting project timing amid economic uncertainty and possible federal shutdowns
- Operational vulnerability in supply chain: increased R&D expenses by $2.7M in 2025 driven by non-recurring engineering services for NextGen platform
- Competitive disruption risk from established GPS systems requiring terrestrial PNT backup due to risks like jamming, spoofing, and solar flares
- Financial leverage risk with $190M 5% Senior Secured Convertible Notes issued in 2025 and $12.4M interest expense, increasing debt service burden
Generated from the filing text; verify against the original. How to read a 10-K
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