Total debt surged from $67.3M in 2024Q1 to $281.5M in 2026Q1, with equity turning negative in 2025Q1 and retained earnings deteriorating to -$1.1B, reflecting a precarious capital structure.
NextNav Inc. (NN) balance sheet — 7-year assets, liabilities & shareholders' equity history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 |
|---|
| Total Current Assets | 303.81M | 157.41M | 86.05M | 91.22M | 61.19M | 106.33M | 18.07M | 19.19M |
| Cash & Short-Term Investments | 228.84M | 152.14M | 80.11M | 85.83M | 55.45M | 100.08M | 8.67M | 14.48M |
| Cash Only | 77.72M | 44.76M | 39.33M | 81.88M | 47.23M | 100.08M | 8.67M | 14.48M |
| Short-Term Investments | 151.12M | 107.38M | 40.78M | 3.95M | 8.22M | 0 | 0 | 0 |
| Accounts Receivable | 2.11M | 2.35M | 3.3M | 2.33M | 2.17M | 1.74M | 77K | 0 |
| Days Sales Outstanding | 166.74 | 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 | 72.87M | 2.93M | 2.63M | 3.06M | 3.58M | 4.52M | 9.32M | 4.71M |
| Total Non-Current Assets | 85.24M | 90.68M | 75.69M | 70.94M | 62.6M | 30.49M | 26.83M | 20.1M |
| Property, Plant & Equipment | 23.38M | 26.62M | 35.34M | 40.83M | 32.9M | 21.76M | 5.71M | 45K |
| Fixed Asset Turnover | 0.15x | 0.17x | 0.16x | 0.09x | 0.12x | 0.04x | 0.10x | 3.64x |
| Goodwill | 18.58M | 19.16M | 16.97M | 17.98M | 17.49M | 0 | 0 | 0 |
| Intangible Assets | 41.77M | 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 | 1.51M | 561K | 13.8M | 1.51M | 1.81M | 4.64M | 16.98M | 16.59M |
| Total Assets | 389.05M | 248.09M | 161.74M | 162.16M | 123.79M | 136.82M | 44.9M | 39.29M |
| Asset Turnover | 0.01x | 0.02x | 0.04x | 0.02x | 0.03x | 0.01x | 0.01x | 0.00x |
| Asset Growth % | 145.89% | 53.39% | -0.26% | 31% | -9.53% | 204.71% | 14.27% | - |
| Total Current Liabilities | 11.85M | 12.38M | 12.14M | 9.8M | 8.89M | 6.68M | 4.24M | 9.58M |
| Accounts Payable | 958K | 661K | 858K | 391K | 1.02M | 448K | 680K | 837K |
| Days Payables Outstanding | 32.58 | 14.81 | 29.06 | 11.2 | 31.5 | 8.89 | 31.94 | 53.72 |
| Short-Term Debt | 0 | 2.67M | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 2.08M | 491K | 288K | 297K | 95K | 1.63M | 0 | 0 |
| Other Current Liabilities | 0 | 3.33M | 0 | 2.68M | 0 | 2.18M | 0 | 8.74M |
| Current Ratio | 25.63x | 12.71x | 7.09x | 9.31x | 6.89x | 15.92x | 4.26x | 2.00x |
| Quick Ratio | 25.63x | 12.71x | 7.09x | 9.31x | 6.89x | 15.92x | 4.26x | 2.00x |
| Cash Conversion Cycle | 134.16 | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 42.7M | 321.94M | 99.47M | 72.26M | 11.04M | 30.19M | 531.04M | 20.54M |
| Long-Term Debt | 0 | 273.59M | 54.62M | 48.45M | 0 | 0 | 58.87M | 15.83M |
| Capital Lease Obligations | 47.8M | 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 | 31.92M | 34.94M | 30.5M | 8.67M | 5.75M | 30.19M | 472.17M | 4.71M |
| Total Liabilities | 54.55M | 334.33M | 111.62M | 82.06M | 19.92M | 36.87M | 535.28M | 30.12M |
| Total Debt | 13.16M | 288.6M | 71.44M | 66.11M | 7.82M | 0 | 58.87M | 15.83M |
| Net Debt | -64.55M | 243.84M | 32.1M | -15.76M | -39.41M | -100.08M | 50.2M | 1.35M |
| Debt / Equity | 0.04x | - | 1.43x | 0.83x | 0.08x | - | - | 1.73x |
| Debt / EBITDA | -0.19x | - | - | - | - | - | - | - |
| Net Debt / EBITDA | 0.92x | - | - | - | - | - | - | - |
| Interest Coverage | -18.08x | -14.19x | -9.82x | -18.52x | - | -7.11x | -12.68x | - |
| Total Equity | 334.5M | -86.23M | 50.12M | 80.1M | 103.86M | 99.96M | -490.38M | 9.18M |
| Equity Growth % | -1066.06% | -272.05% | -37.42% | -22.88% | 3.91% | 120.38% | -5443.55% | - |
| Book Value per Share | 2.36 | -0.65 | 0.41 | 0.74 | 1.03 | 1.02 | -19.62 | 0.58 |
| Total Shareholders' Equity | 334.5M | -86.23M | 50.12M | 78.73M | 100.02M | 99.96M | -490.38M | 9.18M |
| Common Stock | 18K | 15K | 14K | 12K | 12K | 11K | 2K | 1K |
| Retained Earnings | -1.1B | -1.05B | -862.11M | -760.23M | -688.49M | -647.86M | -490.28M | -327.27M |
| Treasury Stock | -693K | -693K | -693K | -665K | -4K | 0 | 0 | 0 |
| Accumulated OCI | 2.85M | 3.81M | 665K | 2.2M | 1.37M | -121K | -96K | -84K |
| Minority Interest | 0 | 0 | 0 | 1.36M | 3.85M | 0 | 0 | 0 |
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.
Key Metrics
Top Statement Risk
Liquidity crunch within 12-18 months
Metrics are mathematically derived from official filings.
Balance Sheet Volatility Masks Underlying Strain
According to recent SEC filings, NextNav's total assets swung from $161.7M in 2024Q4 to $389.1M in 2026Q2, but equity turned negative in 2025Q1, indicating a precarious financial position.
The balance sheet shows extreme volatility, with total assets nearly doubling in 2026Q2 due to a capital raise, yet equity was negative for three consecutive quarters (2025Q1-Q4). This suggests the company has been relying on external financing to sustain operations, and the recent equity improvement may be temporary if losses persist. The trajectory implies a business that is not yet self-sustaining and remains dependent on capital markets.
Debt Surge Raises Refinancing Concerns
As reported in the financial statements, total debt jumped from $67.3M in 2024Q1 to $281.5M in 2026Q1, with D/E ratios spiking to 35.01 in 2025Q1, indicating a heavy reliance on borrowed funds.
The debt load increased dramatically, likely due to convertible notes or other financing instruments, and the D/E ratio became incalculable when equity turned negative. This suggests that leverage is necessity-driven rather than strategic, as the company's negative gross margins and cash burn require external funding. Investors should monitor the maturity profile and terms of this debt, as refinancing risk appears elevated given the company's weak operating performance.
Asset Mix Reflects Infrastructure-Heavy Model
Based on the balance sheet data, NextNav's PPE net declined from $39.3M in 2024Q1 to $23.4M in 2026Q2, while goodwill remained stable around $18-19M, indicating a shift toward intangible-heavy assets.
The decline in PPE suggests either asset disposals or depreciation outpacing new investment, which may indicate a reduced pace of network expansion. Goodwill, though modest, represents acquisition-related intangibles that could be at risk of impairment if the company's market value continues to lag. The asset mix underscores a capital-intensive business model that is not yet generating returns on its fixed assets.
Equity Quality Eroded by Persistent Losses
According to the quarterly data, retained earnings deteriorated from -$791.8M in 2024Q1 to -$1.1B in 2026Q2, and equity swung from positive to negative, reflecting cumulative losses exceeding $300M.
The equity base has been severely eroded by ongoing losses, with negative equity in three quarters, which is a red flag for solvency. The recent capital raise in 2026Q2 restored positive equity, but the retained earnings deficit continues to grow, indicating that the company is not generating internal capital. This suggests that shareholder value is being diluted as the company relies on external financing to bridge its cash burn.
Cash Buffer Improves but Burn Remains High
As reported in the balance sheet, cash increased from $39.3M in 2024Q4 to $77.7M in 2026Q2, but with quarterly operating losses averaging over $15M, the current runway appears limited to roughly 12-18 months.
The current ratio is exceptionally high (25.63 in 2026Q2), but this is largely due to a large cash balance relative to current liabilities, which are minimal. However, the company's cash burn, as indicated by operating losses and negative free cash flow, suggests that the cash buffer will be consumed quickly. Investors should monitor the burn rate and the potential need for additional financing, which could be dilutive.
Spectrum Value vs. Operational Reality
The most non-obvious risk is that NextNav's balance sheet may overstate asset value, as spectrum licenses are held at historical cost, while the company's negative gross margins and declining revenue suggest these assets may not be monetizable as assumed.
The balance sheet shows significant intangible assets, including spectrum licenses, which are not broken out but are likely substantial. However, the company's inability to generate positive gross margins or grow revenue raises questions about the realizable value of these assets. If the FCC or market conditions change, the carrying value of spectrum could be impaired, leading to a significant write-down. This distortion makes the headline equity figure potentially misleading, as the true economic value of the assets may be far lower than book value.