The company's financial position has deteriorated into a negative equity balance of $90.0 million as of 2026Q1, reflecting significant capital erosion and potential impairment risks for its $18.7 million in goodwill.
| Total Current Assets | 147.86M | 157.41M | 86.05M | 91.22M | 61.19M | 106.33M | 18.07M | 19.19M |
| Cash & Short-Term Investments | 142.96M | 152.14M | 80.11M | 85.83M | 55.45M | 100.08M | 8.67M | 14.48M |
| Cash Only | 30.6M | 44.76M | 39.33M | 81.88M | 47.23M | 100.08M | 8.67M | 14.48M |
| Short-Term Investments | 112.36M | 107.38M | 40.78M | 3.95M | 8.22M | 0 | 0 | 0 |
| Accounts Receivable | 1.38M | 2.35M | 3.3M | 2.33M | 2.17M | 1.74M | 77K | 0 |
| Days Sales Outstanding | 167.48 | 187.25 | 212.54 | 220.4 | 201.56 | 832.37 | 49.39 | - |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - |
| Other Current Assets | 3.52M | 2.93M | 2.63M | 3.06M | 3.58M | 4.52M | 9.32M | 4.71M |
| Total Non-Current Assets | 87.78M | 90.68M | 75.69M | 70.94M | 62.6M | 30.49M | 26.83M | 20.1M |
| Property, Plant & Equipment | 25.62M | 26.62M | 35.34M | 40.83M | 32.9M | 21.76M | 5.71M | 45K |
| Fixed Asset Turnover | 0.14x | 0.17x | 0.16x | 0.09x | 0.12x | 0.04x | 0.10x | 3.64x |
| Goodwill | 18.7M | 19.16M | 16.97M | 17.98M | 17.49M | 0 | 0 | 0 |
| Intangible Assets | 41.89M | 42.17M | 9.59M | 10.63M | 10.4M | 4.09M | 4.14M | 3.47M |
| Long-Term Investments | 1.1M | 1.1M | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 1.57M | 561K | 13.8M | 1.51M | 1.81M | 4.64M | 16.98M | 16.59M |
| Total Assets | 235.64M | 248.09M | 161.74M | 162.16M | 123.79M | 136.82M | 44.9M | 39.29M |
| Asset Turnover | 0.02x | 0.02x | 0.04x | 0.02x | 0.03x | 0.01x | 0.01x | 0.00x |
| Asset Growth % | 143.34% | 53.39% | -0.26% | 31% | -9.53% | 204.71% | 14.27% | - |
| Total Current Liabilities | 14.1M | 12.38M | 12.14M | 9.8M | 8.89M | 6.68M | 4.24M | 9.58M |
| Accounts Payable | 1.5M | 661K | 858K | 391K | 1.02M | 448K | 680K | 837K |
| Days Payables Outstanding | 33.88 | 14.81 | 29.06 | 11.2 | 31.5 | 8.89 | 31.94 | 53.72 |
| Short-Term Debt | 2.51M | 2.67M | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 1.9M | 491K | 288K | 297K | 95K | 1.63M | 0 | 0 |
| Other Current Liabilities | 9.46M | 3.33M | 0 | 2.68M | 0 | 2.18M | 0 | 8.74M |
| Current Ratio | 10.49x | 12.71x | 7.09x | 9.31x | 6.89x | 15.92x | 4.26x | 2.00x |
| Quick Ratio | 10.49x | 12.71x | 7.09x | 9.31x | 6.89x | 15.92x | 4.26x | 2.00x |
| Cash Conversion Cycle | 133.6 | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 311.51M | 321.94M | 99.47M | 72.26M | 11.04M | 30.19M | 531.04M | 20.54M |
| Long-Term Debt | 11.77M | 273.59M | 54.62M | 48.45M | 0 | 0 | 58.87M | 15.83M |
| Capital Lease Obligations | 38.74M | 12.34M | 14.35M | 15.14M | 5.29M | 0 | 0 | 0 |
| Deferred Tax Liabilities | 1.07M | 1.07M | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 299.74M | 34.94M | 30.5M | 8.67M | 5.75M | 30.19M | 472.17M | 4.71M |
| Total Liabilities | 325.61M | 334.33M | 111.62M | 82.06M | 19.92M | 36.87M | 535.28M | 30.12M |
| Total Debt | 14.28M | 288.6M | 71.44M | 66.11M | 7.82M | 0 | 58.87M | 15.83M |
| Net Debt | -16.32M | 243.84M | 32.1M | -15.76M | -39.41M | -100.08M | 50.2M | 1.35M |
| Debt / Equity | -0.16x | - | 1.43x | 0.83x | 0.08x | - | - | 1.73x |
| Debt / EBITDA | -0.21x | - | - | - | - | - | - | - |
| Net Debt / EBITDA | 0.24x | - | - | - | - | - | - | - |
| Interest Coverage | -8.46x | -5.64x | -6.39x | -17.34x | - | -2.38x | -12.68x | - |
| Total Equity | -89.97M | -86.23M | 50.12M | 80.1M | 103.86M | 99.96M | -490.38M | 9.18M |
| Equity Growth % | -2048.47% | -272.05% | -37.42% | -22.88% | 3.91% | 120.38% | -5443.55% | - |
| Book Value per Share | -0.59 | -0.65 | 0.41 | 0.74 | 1.03 | 1.02 | -19.62 | 0.58 |
| Total Shareholders' Equity | -89.97M | -86.23M | 50.12M | 78.73M | 100.02M | 99.96M | -490.38M | 9.18M |
| Common Stock | 15K | 15K | 14K | 12K | 12K | 11K | 2K | 1K |
| Retained Earnings | -1.06B | -1.05B | -862.11M | -760.23M | -688.49M | -647.86M | -490.28M | -327.27M |
| Treasury Stock | 0 | -693K | -693K | -665K | -4K | 0 | 0 | 0 |
| Accumulated OCI | 3.03M | 3.81M | 665K | 2.2M | 1.37M | -121K | -96K | -84K |
| Minority Interest | 0 | 0 | 0 | 1.36M | 3.85M | 0 | 0 | 0 |
Liquidity and capital dilution
As reported in recent financial statements, NextNav's equity position has deteriorated into a negative $90.0 million balance as of 2026Q1, reflecting a persistent trend of capital erosion that signals significant challenges in achieving a self-sustaining business model without continued external funding or major commercial breakthroughs.
The shift from positive equity in early 2024 to a substantial deficit by 2026Q1 highlights the aggressive consumption of capital to fund network infrastructure. This trajectory suggests that the company's current operating model is not yet generating the returns necessary to preserve shareholder value, necessitating close monitoring of future financing rounds.
Based on the company's reported figures, total debt has fluctuated significantly, reaching $14.3 million in 2026Q1 after peaking at $288.6 million in 2025Q4, which indicates a volatile capital structure that may complicate long-term planning and increase the cost of capital for future operational requirements.
The rapid reduction in debt levels suggests either successful deleveraging or a restructuring of obligations, yet the underlying negative equity remains a primary concern for solvency. Investors should interpret these shifts as a sign of management's ongoing struggle to balance infrastructure investment with the reality of limited cash inflows.
According to quarterly filings, NextNav's cash reserves have declined to $30.6 million as of 2026Q1, a notable decrease from the $150.4 million reported in 2025Q1, which suggests that the company's liquidity buffer is shrinking rapidly against its ongoing operational burn and infrastructure maintenance requirements.
While the current ratio remains elevated, this metric may be misleading given the company's inability to generate positive operating cash flow. The rapid depletion of cash reserves warrants further investigation into the company's ability to fund its operations beyond the next several quarters without further dilutive equity issuance.
Data from recent SEC filings reveals that the company's asset base is heavily weighted toward intangible assets and PPE, with $18.7 million in goodwill and $25.6 million in net PPE, which may be subject to impairment if commercial adoption of the terrestrial network fails to materialize.
The reliance on these non-liquid assets to support the balance sheet suggests that the company's valuation is highly sensitive to the successful commercialization of its spectrum and beacon technology. If the market fails to recognize the strategic value of these assets, the company may face significant write-downs that would further impair its already negative equity position.
Quick answers to the most common questions about buying NN stock.
As of 2025, NextNav Inc. (NN) had total assets of $248.1M including $157.4M in current assets.
NextNav Inc. (NN) carries total debt of $288.6M, offset by $152.1M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
NextNav Inc. (NN) has total shareholders' equity (book value) of $-86.2M ($-0.65 book value per share). Book value represents the net worth of the company belonging to common stock holders.
NextNav Inc. (NN) reported a current ratio of 12.71x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.