NextNav Inc. (NN) Earnings
NextNav Inc. is expected to report next earnings on November 5, 2026 (in NaN days), with a consensus EPS estimate of $-0.12. NN has beaten EPS estimates in 5 of its last 12 reported quarters (average surprise -1.8% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Aug 11, 2026 | $-0.15 | $-0.24 | -54.8% | $1M | +25.3% |
| May 14, 2026 | $-0.15 | $-0.12 | +20.0% | $995000 | +5.5% |
| Mar 17, 2026 | $-0.15 | $-0.13 | +13.3% | $945000 | +18.1% |
| Nov 6, 2025 | $-0.14 | $-0.12 | +14.3% | $887000 | +3.5% |
| May 9, 2025 | $-0.14 | $-0.15 | -7.1% | $2M | -3.3% |
| Mar 12, 2025 | $-0.15 | $-0.25 | -66.7% | $2M | +2.2% |
| Nov 13, 2024 | $-0.15 | $-0.11 | +26.7% | $2M | +45.4% |
| May 8, 2024 | $-0.14 | $-0.28 | -100.0% | $1M | -14.3% |
| Mar 13, 2024 | $-0.14 | $-0.15 | -7.1% | $1M | -1.2% |
| Mar 22, 2023 | $-0.17 | $-0.13 | +23.5% | $803000 | +52.2% |
| Nov 10, 2022 | $-0.15 | $-0.18 | -20.0% | $503000 | -79.2% |
| Aug 10, 2022 | $-0.11 | $-0.13 | -18.2% | $1M | +10.2% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q2 FY2026 · August 11, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
### Financial Transformation - Successfully eliminated all debt via conversion to 15.2 million common shares, a move management frames as a show of stakeholder confidence in the company's strategy - Eliminated all public SPAC warrants; 14.8 million warrants were exercised, delivering nearly $170 million in proceeds to the company - Resulted in a strengthened, debt-free balance sheet with ~$300 million in available liquidity, providing full financial flexibility to execute long-term growth strategy ### Regulatory Progress (FCC PNT Rulemaking) - The FCC has submitted a draft Notice of Proposed Rulemaking (NPRM) focused on PNT technology development for interagency review by the Office of Information and Regulatory Affairs (OIRA), a key procedural step forward - FCC Chairman Carr's FY2026-2030 strategic plan explicitly includes spurring development of new PNT technologies as a GPS backup to reduce outage vulnerabilities, aligning with NextNav's core mission - SpaceX filed an ex parte letter supporting NextNav's 900 MHz low-band spectrum proposal, urging the FCC to accelerate productive use of scarce low/mid-band spectrum for terrestrial use, representing meaningful third-party validation from a major industry stakeholder - The International Association of Firefighters (IAFF) submitted a letter to Congress and the FCC emphasizing the urgent need for NextNav's resilient location technology for first responder safety - NextNav has engaged constructively with stakeholders including freight railroads, tolling operators, and utilities on coexistence planning, reaching meaningful progress on a practical deployment path; testing with freight railroads in Colorado was completed with strong results - A recent House subcommittee hearing confirmed bipartisan agreement on the need for a resilient complementary PNT system and the FCC's authority over spectrum decision-making ### Strategic Partnerships & Operational Milestones - Announced a new collaboration with Safran Electronics & Defense to integrate NextNav's terrestrial 5G 3D PNT with Safran's navigation receivers, for real-world performance validation targeting defense, UAV, aviation, energy, and critical infrastructure markets - Added Tiami Networks as a sensing ecosystem partner to develop 900 MHz 5G PRS-based counter-UAS detection solutions for homeland security and critical infrastructure applications - Entered a device-based Z-Access agreement with a Tier 1 partner to bring NextNav's 911 vertical location software directly to the partner's devices, validating the company's device-based commercial strategy and opening future incremental revenue opportunities - Achieved a technology milestone demonstrating ~20 nanoseconds of timing accuracy across real-world outdoor, indoor, and GPS-denied environments, exceeding critical infrastructure requirements and positioning NextNav's technology as a foundational enabler for scaling AI infrastructure - Joined a GSMA industry initiative to develop standards for safe, scalable commercial drone operations, highlighting the critical role of NextNav's network-based PNT for trusted low-altitude aviation - Continues active dialogue with potential strategic partners across wireless carriers, satellite operators, and big tech to advance the vision of a 5G-based GPS backup and complement
Guidance
NextNav management did not issue specific quantitative financial or operational guidance for future periods in this call. Qualitative forward-looking outlooks include: - Management expects remaining technical and policy questions will be resolved through the existing FCC and interagency decision-making processes, and believes swift FCC action could make NextNav's solution commercially available during the current presidential administration - Additional testing and public performance results for 3D PNT technology are planned, with more data on positioning accuracy to be released in coming periods - Management expects continued expansion of commercial and partnership opportunities for NextNav's technology across AI infrastructure, critical infrastructure, public safety, defense, and drone end markets
Segment performance
NextNav did not break out financial performance for separate product segments in this earnings call. Aggregate financial results for the second quarter 2026 include: a non-cash $32 million loss from the change in fair value of derivative and warrants liability, partially offset by a $21 million gain on debt extinguishment, resulting in a net loss of approximately $33.8 million. As of June 30, 2026, the company held ~$230 million in cash, cash equivalents, and marketable securities, with an additional $70 million in warrant exercise proceeds collected July 1, 2026, bringing total available liquidity to ~$300 million.
Risks & headwinds
- All forward-looking statements related to FCC rulemaking timing, regulatory outcomes, commercial partnership development, and future financial performance are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from expectations, many of which are outside of NextNav's control - The OIRA interagency review process for the FCC's draft NPRM is ongoing, and timing of final NPRM publication remains uncertain - Unlicensed users of the 900 MHz band have raised a range of questions and concerns about NextNav's proposed spectrum use, which require ongoing engagement and resolution through the regulatory process - The METCOM partnership in Japan remains contingent on Japanese government regulatory approval of spectrum positioning arrangements, which have not yet been completed to enable warrant conversion - NextNav's business model is heavily dependent on favorable regulatory action from the FCC to open the 900 MHz band for its PNT services, and unfavorable regulatory outcomes would materially harm the company's business prospects
Analyst Q&A
Q: What do the spectrum deployment commitments in SpaceX's ex parte filing mean for NextNav, and what is SpaceX's motivation for supporting the proceeding? /
A: SpaceX validated strong demand for scarce low-band spectrum, which aligns with NextNav's long-stated position that there is limited available low-band for new services. SpaceX has publicly outlined plans to build a terrestrial network alongside their direct-to-device satellite network, so their motivation stems from their own need to access low-band spectrum for their planned operations. SpaceX supports a flexible rulemaking that allows both terrestrial and direct-to-device operations, and explicitly noted NextNav's proposed spectrum configuration, which NextNav views as a very positive, meaningful development. /
Q: What is the current update on the METCOM partnership in Japan, specifically related to triggered warrant conversion terms? /
A: The warrant conversion is contingent on METCOM securing required Japanese government approval for their spectrum positioning arrangements. This approval has not yet been completed, so the conversion has not been triggered. NextNav will provide further updates when this process advances. The partnership remains valuable to NextNav as a key international deployment of its z-axis location technology. /
Q: What progress has NextNav made with stakeholders that have raised concerns about 900 MHz coexistence, and are more coexistence tests planned? /
A: NextNav completed testing with freight railroads in Colorado, and received strong positive test results. It continues active, constructive dialogue with railroads and other affected stakeholders to refine coexistence plans. Additional 3D PNT performance testing is ongoing, with new positioning and timing accuracy results planned for future release. Additional coexistence testing will only be conducted if it advances the FCC proceeding; NextNav is satisfied with the results of the testing completed to date and remains open to future testing as needed. /
Q: What is the expected timeline for the FCC to issue the final NPRM, and how does the OIRA interagency review process work for NextNav's proceeding? /
A: The FCC typically releases rulemaking documents during scheduled public meetings, so publication will align with the FCC's existing meeting schedule. NextNav has directly engaged with OIRA and other federal agencies as part of the interagency review process, which it views as positive and constructive. Stakeholders may interact directly with OIRA as part of the standard interagency process, which is currently ongoing.