CONDENSED CONSOLIDATED BALANCE SHEETS(IN THOUSANDS, EXCEPT SHARE DATA) March 31, 2025 (unaudited) December 31, 2024 Assets Current assets: Cash and cash equivalents $150,422 $39,330 Short term investments 37,986 40,785 Accounts receivable 1,645 3,301 Other current assets 3,413 2,629 Total current assets $193,466 $86,045 Property and equipment, net of accumulated depreciation of $14,725 and $13,716 at March 31, 2025 and December 31, 2024, respectively 16,972 17,974 Operating lease right-of-use assets 17,329 17,368 Goodwill 17,641 16,966 Intangible assets 9,454 9,589 Other assets 13,744 13,798 Total assets $268,606 $161,740 Liabilities and stockholders’ equity Current liabilities: Accounts payable $1,131 $858 Accrued expenses and other current liabilities 7,312 8,536 Operating lease current liabilities 2,795 2,462 Deferred revenue 310 288 Total current liabilities $11,548 $12,144 Warrants 21,425 28,707 Operating lease noncurrent liabilities 14,198 14,352 Other long-term liabilities 1,761 1,795 Long term debt, net 213,101 54,621 Total liabilities $262,033 $111,619 Stockholders’ equity: Common stock, authorized 500,000,000 shares; 132,413,938 and 131,268,940 shares issued and 132,281,710 and 131,136,712 shares outstanding at March 31, 2025 and December 31, 2024, respectively 14 14 Additional paid-in capital 926,280 912,241 Accumulated other comprehensive income 1,657 665 Accumulated deficit (920,685) (862,106)Common stock in treasury, at cost; 132,228 shares at both March 31, 2025 and December 31, 2024 (693) (693)Total stockholders’ equity $6,573 $50,121 Total liabilities and stockholders’ equity $268,606 $161,740 NEXTNAV INC.
The increase was driven by an increase in service revenue from technology and services contracts with government and commercial customers.Operating Loss: was $17.0 million in the three months ended March 31, 2025, as compared to an operating loss of $16.2 million in the prior year period, primarily driven by higher professional fees and outside consulting expenses, partially offset by reductions in software license costs and payroll-related expenses.Net Loss: was $58.6 million in the three months ended March 31, 2025, including a loss on change in the fair value of derivative liability of $24.5 million and debt extinguishment loss of $14.4 million, as compared to a net loss of $31.6 million in the prior year period, including a loss on the fair value of the warrants of $13.2 million.
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.
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