Free cash flow remains deeply negative at -$10.1 million for 2026Q1, with stock-based compensation of $5.1 million masking the underlying severity of the company's cash-based operating losses.
| Cash from Operations | -48.61M | -50.74M | -38.01M | -35.44M | -37.09M | -47.93M | -28.41M | -15.52M |
| Operating CF Margin % | - | -1109.67% | -670.45% | -917.66% | -944.85% | -6282.04% | -4992.09% | -9460.37% |
| Operating CF Growth % | -59.22% | -33.51% | -7.25% | 4.46% | 22.61% | -68.74% | -83.08% | - |
| Net Income | -141.29M | -189.25M | -101.88M | -71.73M | -40.12M | -144.67M | -137.34M | -98.77M |
| Depreciation & Amortization | 7.83M | 7.75M | 5.24M | 4.82M | 3.67M | 1.78M | 235K | 115K |
| Stock-Based Compensation | 17.4M | 16.64M | 13.86M | 21.84M | 26.5M | 1.68M | 7.36M | 70K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 93.45M | 0 | 0 |
| Other Non-Cash Items | 61.87M | 112.17M | 37.75M | 6.96M | -24.46M | 14.21M | 102.24M | 81.87M |
| Working Capital Changes | 5.58M | 1.95M | 7.03M | 2.67M | -2.69M | -14.38M | -903K | 1.2M |
| Change in Receivables | 265K | 955K | -969K | -164K | -428K | -5.3M | -860K | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 371K | -197K | 467K | -627K | 486K | -7.02M | -157K | 0 |
| Cash from Investing | -71.72M | -64.55M | -39.47M | 1.07M | -15.74M | -1.28M | -7.18M | -59K |
| Capital Expenditures | -30K | -50K | -350K | -3.73M | -3.58M | -1.28M | -7.18M | -59K |
| CapEx % of Revenue | 0.74% | 1.09% | 6.17% | 96.69% | 91.11% | 168.02% | 1261.51% | 35.98% |
| Acquisitions | 0 | 0 | 0 | 0 | -4.01M | 207.87M | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - |
| Other Investing | -449K | -424K | -3.17M | 0 | 0 | -207.87M | 0 | 0 |
| Cash from Financing | 543K | 120.48M | 35.1M | 68.98M | 43K | 135.64M | 34.77M | 24M |
| Debt Issued (Net) | -1.79M | 117.67M | -111K | 68.03M | -17K | -72.23M | 40.31M | 0 |
| Equity Issued (Net) | 1.95M | 2.81M | 35.21M | 955K | 3K | 2K | 3K | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | -4K | 0 | 0 | 0 |
| Other Financing | 376K | 0 | 0 | 0 | 57K | 207.87M | -5.54M | 24M |
| Net Change in Cash | -119.82M | 5.43M | -42.55M | 34.65M | -52.85M | 86.41M | -812K | 8.43M |
| Free Cash Flow | -48.85M | -50.8M | -38.36M | -38.19M | -40.67M | -49.21M | -35.58M | -15.57M |
| FCF Margin % | -1212.41% | -1110.76% | -676.63% | -988.89% | -1035.97% | -6450.07% | -6253.6% | -9496.34% |
| FCF Growth % | -11.68% | -32.42% | -0.44% | 6.1% | 17.36% | -38.31% | -128.48% | - |
| FCF per Share | -0.32 | -0.38 | -0.32 | -0.35 | -0.40 | -0.50 | -1.42 | -0.99 |
| FCF Conversion (FCF/Net Income) | 0.35x | 0.27x | 0.37x | 0.49x | 0.92x | 0.33x | 0.21x | 0.16x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Liquidity and regulatory dependency
Based on the provided financial data, the OCF/NI ratio exhibits extreme volatility, with the most recent quarter showing a 0.95 conversion rate, which obscures the underlying reality that operating cash flow remains consistently negative despite occasional accounting-driven fluctuations in reported net income figures.
The wide variance between net income and operating cash flow suggests that non-cash items, such as stock-based compensation and depreciation, are heavily distorting the company's true economic performance. Investors should monitor this divergence, as it indicates that the business is not yet generating sufficient operational efficiency to bridge the gap between accounting losses and actual cash consumption.
As reported in quarterly financial statements, NextNav's free cash flow remains deeply negative, with the most recent period showing a $10.1 million outflow, underscoring a trajectory where cash burn is fundamentally decoupled from the company's current, limited revenue-generating capacity in the terrestrial positioning market.
The consistent negative FCF margins suggest that the company is in a perpetual state of capital consumption to maintain its infrastructure. This trend implies that without a significant shift in commercial adoption, the current cash burn rate will continue to erode the company's liquidity position.
According to recent SEC filings, working capital changes have been highly inconsistent, swinging from a $4.8 million inflow in 2026Q1 to a $3.8 million outflow in 2025Q4, which suggests that the company's cash position is highly sensitive to the timing of project-based payments and operational payables.
This erratic working capital behavior may indicate a lack of predictable cash inflows from its commercial partners. Such instability complicates cash flow forecasting and highlights the operational risks inherent in a business model that relies on lumpy, project-based revenue streams.
Data from financial statements reveals that stock-based compensation, which reached $5.1 million in 2026Q1, consistently masks the true extent of the company's cash-based operating losses, effectively shifting the burden of compensation away from the cash flow statement and onto the equity base.
By relying heavily on non-cash compensation, the company preserves immediate liquidity but dilutes existing shareholders to fund operations. Analysts should treat these adjustments as a recurring cost of doing business, as they represent a real economic expense that is not captured in the headline operating cash flow figures.
Quick answers to the most common questions about buying NN stock.
NextNav Inc. (NN) generated $-50.7M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
NextNav Inc. (NN) reported negative free cash flow of $50.8M in 2025, indicating capital requirements exceeded cash from operations.
NextNav Inc. (NN) spent $0.1M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.