RESTON, Va., Nov. 13, 2024 (GLOBE NEWSWIRE) -- NextNav Inc. (NASDAQ: NN) a leader in next generation positioning, navigation, and timing (PNT) and 3D geolocation, today reported financial results for NextNav’s third quarter ended September 30, 2024.
Mariam Sorond, NextNav CEO said, “In the third quarter, we continued efforts to advance our strategic vision and address the critical need for a terrestrial complement and backup to GPS. The NextNav team continues to hold active discussions with the appropriate stakeholders through engineer-to-engineer dialogue in support of our petition. We believe that collaborative analysis is essential to achieving an outcome that best serves the public interest and solves a national security problem.
“We are also excited about the outcome of the recent Brattle Group report whose analysis estimates a total quantified value of a having a terrestrial backup to GPS at $14.6 billion. Moving forward, we are committed to advancing our mission and working closely with the appropriate stakeholders, as well as the relevant government agencies, to deliver a solution that will provide enormous public benefit.”
Recent Operational Highlights
Three and Nine Months Ended September 30, 2024 Financial Highlights
Conference Call Information
NextNav will host a conference call for analysts and investors at 5:00 pm ET on Wednesday, November 13, 2024.
Registration for the conference call can be completed by visiting the following website prior to, or on the day of, the conference call: https://registrations.events/direct/Q4I6293675922. After registering, each participant will be provided with call details and a registrant ID. Reminders will also be sent to registered participants via email. Alternatively, the conference call will be available via a live webcast.
To access the live webcast or a replay, visit the Company’s investor relations website at https://ir.nextnav.com/.
A replay of the call can also be accessed via phone through November 20, 2024 by dialing (800) 770-2030 from the U.S., or (647) 362-9199 from outside the U.S. The conference I.D. number is 62936.
About NextNav Inc.
NextNav Inc. (Nasdaq: NN) is a leader in next generation positioning, navigation and timing (PNT), enabling a whole new ecosystem of applications and services that rely upon 3D geolocation and PNT technology. Powered by low-band licensed spectrum, NextNav's positioning and timing technologies deliver accurate, reliable, and resilient 3D PNT solutions for critical infrastructure, GPS resiliency and commercial use cases.
For more information, please visit https://nextnav.com/ or follow NextNav on Twitter or LinkedIn.
Source: NN-FIN
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “forecast,” “intend,” “seek,” “target,” “anticipate,” “believe,” “expect,” “estimate,” “plan,” “outlook,” and “project” and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These statements, which involve risks and uncertainties, relate to analyses and other information that are based on forecasts of future results and estimates of amounts not yet determinable and may also relate to NextNav’s future prospects, developments and business strategies. In particular, such forward-looking statements include the achievement of certain FCC-related milestones and FCC approvals, the ability to realize the broader spectrum capacity and the advancement of NextNav’s terrestrial 3D PNT services, NextNav’s position to drive growth in its 3D geolocation business and expansion of its next generation terrestrial 3D PNT technologies, the business plans, objectives, expectations and intentions of NextNav, and NextNav’s estimated and future business strategies, competitive position, industry environment, potential growth opportunities, revenue, expenses, and profitability. These statements are based on NextNav’s management’s current expectations and beliefs, as well as a number of assumptions concerning future events.
Such forward-looking statements are subject to known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside NextNav’s control that could cause actual results to differ materially from the results discussed in the forward-looking statements. These risks, uncertainties, assumptions and other important factors include, but are not limited to, those included in Part II, Item 1A, “Risk Factors” of the Company’s quarterly reports on Form 10-Q, and Part I, Item 1A, “Risk Factors” of the NextNav’s Annual Report on Form 10-K for the year ended December 31, 2023, as well as those otherwise described or updated from time to time in our other filings with the Securities and Exchange Commission (the “SEC”). You are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made, and NextNav undertakes no commitment to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.
Contact:
Erica Bartsch
Sloane & Company
This email address is being protected from spambots. You need JavaScript enabled to view it.
212-446-1875
| NEXTNAV INC. | ||||||||
| CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||
| (IN THOUSANDS, EXCEPT SHARE DATA) | ||||||||
| September 30, 2024 (unaudited) | December 31, 2023 | |||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 67,905 | $ | 81,878 | ||||
| Short term investments | 18,865 | 3,954 | ||||||
| Accounts receivable | 2,235 | 2,332 | ||||||
| Other current assets | 15,393 | 3,056 | ||||||
| Total current assets | $ | 104,398 | $ | 91,220 | ||||
| Network under construction | 1,678 | 1,676 | ||||||
| Property and equipment, net of accumulated depreciation of $12,713 and $9,724 at September 30, 2024 and December 31, 2023, respectively | 17,261 | 19,885 | ||||||
| Operating lease right-of-use assets | 18,640 | 19,267 | ||||||
| Goodwill | 18,185 | 17,977 | ||||||
| Intangible assets | 10,179 | 10,625 | ||||||
| Other assets | 1,331 | 1,508 | ||||||
| Total assets | $ | 171,672 | $ | 162,158 | ||||
| Liabilities and stockholders’ equity | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 918 | $ | 391 | ||||
| Accrued expenses and other current liabilities | 17,059 | 6,592 | ||||||
| Operating lease current liabilities | 2,542 | 2,523 | ||||||
| Deferred revenue | 303 | 297 | ||||||
| Total current liabilities | $ | 20,822 | $ | 9,803 | ||||
| Warrants | 15,053 | 7,053 | ||||||
| Operating lease noncurrent liabilities | 15,377 | 15,145 | ||||||
| Other long-term liabilities | 1,875 | 1,614 | ||||||
| Long term debt, net of debt issuance cost and discount | 52,974 | 48,447 | ||||||
| Total liabilities | $ | 106,101 | $ | 82,062 | ||||
| Stockholders’ equity: | ||||||||
| Common stock, authorized 500,000,000 shares; 127,677,549 and 111,261,434 shares issued and 127,545,321 and 111,132,222 shares outstanding at September 30, 2024 and December 31, 2023, respectively | 14 | 12 | ||||||
| Additional paid-in capital | 893,584 | 837,416 | ||||||
| Accumulated other comprehensive income | 2,502 | 2,198 | ||||||
| Accumulated deficit | (829,836 | ) | (760,227 | ) | ||||
| Common stock in treasury, at cost; 132,228 and 129,212 shares at September 30, 2024 and December 31, 2023, respectively | (693 | ) | (665 | ) | ||||
| Total stockholders’ equity | $ | 65,571 | $ | 78,734 | ||||
| Non-controlling interests | — | 1,362 | ||||||
| Total liabilities and stockholders’ equity | $ | 171,672 | $ | 162,158 | ||||
| NEXTNAV INC. | ||||||||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS | ||||||||||||||||
| (UNAUDITED) | ||||||||||||||||
| (IN THOUSANDS, EXCEPT PER SHARE AMOUNTS) | ||||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Revenue | $ | 1,607 | $ | 1,027 | $ | 3,758 | $ | 2,657 | ||||||||
| Operating expenses: | ||||||||||||||||
| Cost of goods sold (exclusive of depreciation and amortization) | 2,585 | 3,232 | 8,270 | 9,397 | ||||||||||||
| Research and development | 3,545 | 5,007 | 12,325 | 14,579 | ||||||||||||
| Selling, general and administrative | 8,016 | 6,152 | 24,570 | 18,722 | ||||||||||||
| Depreciation and amortization | 1,313 | 1,256 | 3,926 | 3,559 | ||||||||||||
| Total operating expenses | $ | 15,459 | $ | 15,647 | $ | 49,091 | $ | 46,257 | ||||||||
| Operating loss | $ | (13,852 | ) | $ | (14,620 | ) | $ | (45,333 | ) | $ | (43,600 | ) | ||||
| Other income (expense): | ||||||||||||||||
| Interest expense, net | (2,217 | ) | (1,740 | ) | (6,706 | ) | (1,614 | ) | ||||||||
| Change in fair value of warrants | 2,143 | (6,737 | ) | (19,523 | ) | (9,800 | ) | |||||||||
| Other income (loss), net | 343 | (99 | ) | 2,091 | (166 | ) | ||||||||||
| Loss before income taxes | $ | (13,583 | ) | $ | (23,196 | ) | $ | (69,471 | ) | $ | (55,180 | ) | ||||
| Provision for income taxes | 26 | 24 | 138 | 159 | ||||||||||||
| Net loss | $ | (13,609 | ) | $ | (23,220 | ) | $ | (69,609 | ) | $ | (55,339 | ) | ||||
| Foreign currency translation adjustment | 1,005 | (670 | ) | 304 | (218 | ) | ||||||||||
| Comprehensive loss | $ | (12,604 | ) | $ | (23,890 | ) | $ | (69,305 | ) | $ | (55,557 | ) | ||||
| Net loss | (13,609 | ) | (23,220 | ) | (69,609 | ) | (55,339 | ) | ||||||||
| Net loss attributable to common stockholders | $ | (13,609 | ) | $ | (23,220 | ) | $ | (69,609 | ) | $ | (55,339 | ) | ||||
| Weighted average of shares outstanding – basic and diluted | 126,429 | 108,045 | 118,978 | 107,504 | ||||||||||||
| Net loss attributable to common stockholders per share – basic and diluted | $ | (0.11 | ) | $ | (0.21 | ) | $ | (0.59 | ) | $ | (0.51 | ) | ||||
| NEXTNAV INC. | ||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||
| (UNAUDITED) | ||||||||
| (IN THOUSANDS) | ||||||||
| Nine Months Ended September 30, | ||||||||
| 2024 | 2023 | |||||||
| Operating activities | ||||||||
| Net loss | $ | (69,609 | ) | $ | (55,339 | ) | ||
| Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
| Depreciation and amortization | 3,926 | 3,559 | ||||||
| Equity-based compensation | 11,162 | 12,643 | ||||||
| Change in fair value of warranty liability | 19,523 | 9,800 | ||||||
| Change in fair value of asset purchase agreement liability | (2,217 | ) | — | |||||
| Realized and unrealized gain on short term investments | (517 | ) | (501 | ) | ||||
| Equity method investment loss | 118 | 157 | ||||||
| Asset retirement obligation accretion | 51 | 51 | ||||||
| Amortization of debt discount | 4,526 | 1,771 | ||||||
| Changes in operating assets and liabilities: | ||||||||
| Accounts receivable | 97 | (569 | ) | |||||
| Other current assets | 269 | 1,246 | ||||||
| Other assets | 60 | 84 | ||||||
| Accounts payable | 527 | (102 | ) | |||||
| Deferred revenue | 6 | (23 | ) | |||||
| Accrued expenses and other liabilities | 5,144 | 2,140 | ||||||
| Operating lease right-of-use assets and liabilities | 874 | 476 | ||||||
| Net cash used in operating activities | $ | (26,060 | ) | $ | (24,607 | ) | ||
| Investing activities | ||||||||
| Capitalization of costs and purchases of network assets, property, and equipment | (182 | ) | (2,541 | ) | ||||
| Purchase of internal use software | (354 | ) | (708 | ) | ||||
| Purchase of marketable securities | (44,894 | ) | (33,494 | ) | ||||
| Sale and maturity of marketable securities | 30,500 | 35,249 | ||||||
| Payment for asset purchase agreement liability | (2,732 | ) | — | |||||
| Net cash used in investing activities | $ | (17,662 | ) | $ | (1,494 | ) | ||
| Financing activities | ||||||||
| Proceeds from senior secured notes | — | 70,000 | ||||||
| Payments towards debt issuance cost | — | (1,861 | ) | |||||
| Payments towards debt | (82 | ) | (82 | ) | ||||
| Proceeds from exercise of common warrants | 27,896 | 882 | ||||||
| Redemption of non-controlling interests | 40 | — | ||||||
| Proceeds from exercise of common stock options | 1,882 | 66 | ||||||
| Net cash provided by financing activities | $ | 29,736 | $ | 69,005 | ||||
| Effect of exchange rates on cash and cash equivalents | 13 | (2 | ) | |||||
| Net (decrease) increase in cash and cash equivalents | (13,973 | ) | 42,902 | |||||
| Cash and cash equivalents at beginning of period | 81,878 | 47,230 | ||||||
| Cash and cash equivalents at end of period | $ | 67,905 | $ | 90,132 | ||||
| Non-cash investing and financing information | ||||||||
| Capital expenditure included in Accrued expenses and other current liabilities | $ | 159 | $ | 120 | ||||
| Issuance of warrants | $ | — | $ | 22,843 | ||||
| Interest paid in shares of Common Stock | $ | 1,867 | $ | — | ||||
| Last Trade: | US$16.68 |
| Daily Change: | 1.76 11.80 |
| Daily Volume: | 1,333,572 |
| Market Cap: | US$2.180B |
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