Revenue growth has decelerated into a 35.3% year-over-year contraction, while the company continues to struggle with a negative gross margin of -2.7% due to high fixed operating costs.
| Sales/Revenue | 4.03M | 4.57M | 5.67M | 3.86M | 3.93M | 763K | 569K | 164K |
| Revenue Growth % | -34.62% | -19.33% | 46.79% | -1.63% | 414.55% | 34.09% | 246.95% | - |
| Cost of Goods Sold | 12.41M | 16.29M | 10.78M | 12.74M | 11.81M | 18.39M | 7.77M | 5.69M |
| COGS % of Revenue | - | 356.22% | 190.1% | 329.96% | 300.71% | 2410.22% | 1365.55% | 3467.68% |
| Gross Profit | -8.39M | -11.72M | -5.11M | -8.88M | -7.88M | -17.63M | -7.2M | -5.52M |
| Gross Margin % | -208.14% | -256.22% | -90.1% | -229.96% | -200.71% | -2310.22% | -1265.55% | -3367.68% |
| Gross Profit Growth % | - | -129.39% | 42.48% | -12.7% | 55.3% | -144.79% | -30.38% | - |
| Operating Expenses | 64.18M | 58.52M | 54.99M | 54.65M | 57.66M | 24.8M | 22.27M | 11.76M |
| OpEx % of Revenue | - | 1279.58% | 970.01% | 1415.02% | 1468.57% | 3250.59% | 3913.53% | 7169.51% |
| Selling, General & Admin | 29.77M | 39.56M | 0 | 0 | 0 | 13.55M | 13.26M | 0 |
| SG&A % of Revenue | - | 865.14% | - | - | - | 1776.54% | 2329.7% | - |
| Research & Development | 20.86M | 18.95M | 16.24M | 19.5M | 17.06M | 9.46M | 8.78M | 6.62M |
| R&D % of Revenue | - | 414.43% | 286.51% | 505% | 434.51% | 1240.5% | 1542.53% | 4033.54% |
| Other Operating Expenses | 1000K | 0 | 38.75M | 35.15M | 40.6M | 1.78M | 235K | 5.14M |
| Operating Income | -72.57M | -70.23M | -60.1M | -63.53M | -65.54M | -42.43M | -29.47M | -17.28M |
| Operating Margin % | -1801.22% | -1535.8% | -1060.12% | -1644.98% | -1669.28% | -5560.81% | -5179.09% | -10537.2% |
| Operating Income Growth % | - | -16.86% | 5.4% | 3.06% | -54.46% | -43.98% | -70.53% | - |
| EBITDA | -67.21M | -62.48M | -55.48M | -59.04M | -62.21M | -40.65M | -29.23M | -17.17M |
| EBITDA Margin % | -1668.23% | -1366.32% | -978.73% | -1528.79% | -1584.54% | -5327.26% | -5137.79% | -10467.07% |
| EBITDA Growth % | -20.98% | -12.61% | 6.03% | 5.09% | -53.05% | -39.04% | -70.3% | - |
| D&A (Non-Cash Add-back) | 5.36M | 7.75M | 4.61M | 4.49M | 3.33M | 1.78M | 235K | 115K |
| EBIT | -49M | -70.23M | -60.1M | -63.53M | -64.64M | -42.43M | -127.26M | -17.28M |
| Net Interest Income | -5.79M | -12.22M | -9.4M | -3.66M | 0 | -17.84M | -10.04M | 2.96M |
| Interest Income | 0 | 222K | 0 | 0 | 0 | 0 | 0 | 2.96M |
| Interest Expense | 5.79M | 12.44M | 9.4M | 3.66M | 0 | 17.84M | 10.04M | 0 |
| Other Income/Expense | -68.53M | -118.82M | -41.61M | -7.99M | 25.39M | -102.19M | -107.83M | -1M |
| Pretax Income | -141.1M | -189.06M | -101.71M | -71.51M | -40.14M | -144.61M | -137.3M | -18.28M |
| Pretax Margin % | -3502.08% | -4134.16% | -1794.07% | -1851.73% | -1022.52% | -18953.34% | -24129.7% | -11148.17% |
| Income Tax | 196K | 198K | 173K | 221K | -28K | 52K | 38K | 19K |
| Effective Tax Rate % | -0.14% | -0.1% | -0.17% | -0.31% | 0.07% | -0.04% | -0.03% | -0.1% |
| Net Income | -141.29M | -189.25M | -101.88M | -71.73M | -40.12M | -144.67M | -137.34M | -98.77M |
| Net Margin % | -3506.95% | -4138.49% | -1797.12% | -1857.46% | -1021.8% | -18960.16% | -24136.38% | -60225.61% |
| Net Income Growth % | -9.66% | -85.76% | -42.02% | -78.82% | 72.27% | -5.34% | -39.05% | - |
| Net Income (Continuing) | -141.29M | -189.25M | -101.88M | -71.73M | -40.12M | -144.67M | -137.34M | -18.3M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 1.36M | 3.85M | 0 | 0 | 0 |
| EPS (Diluted) | -0.93 | -1.42 | -0.84 | -0.66 | -0.40 | -1.47 | -5.49 | -6.27 |
| EPS Growth % | -4.81% | -69.05% | -27.27% | -65% | 72.79% | 73.22% | 12.44% | - |
| EPS (Basic) | - | -1.42 | -0.84 | -0.66 | -0.40 | -1.47 | -5.49 | -6.27 |
| Diluted Shares Outstanding | 151.62M | 132.87M | 121.5M | 107.97M | 101.03M | 98.17M | 25M | 15.74M |
| Basic Shares Outstanding | 135.33M | 132.87M | 121.5M | 107.97M | 101.03M | 98.17M | 25M | 15.74M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - |
Liquidity and regulatory dependency
According to recent financial disclosures, NextNav's revenue trajectory has shifted into a decline, with the most recent quarterly figures showing a 35.3% year-over-year contraction, signaling that the company is struggling to maintain its commercial pilot programs or secure new, meaningful enterprise-level data licensing agreements.
The consistent revenue volatility suggests that the company has yet to transition from a project-based trial phase to a recurring, scalable revenue model. Investors should monitor whether this downward trend reflects a fundamental lack of market demand or merely the lumpy nature of early-stage infrastructure deployment contracts.
As reported in quarterly filings, NextNav maintains a deeply negative gross margin profile, with the most recent period recording a -2.7% margin, which highlights the significant burden of maintaining physical terrestrial beacon infrastructure without sufficient high-margin data volume to offset these fixed operating costs.
The inability to achieve positive gross margins indicates that the direct costs of network maintenance, including site leases and backhaul, currently exceed the revenue generated by the platform. This structural imbalance suggests that the business model remains highly speculative until it can achieve the scale necessary to amortize its fixed infrastructure expenses.
Based on the company's reported income statements, operating expenses remain elevated relative to revenue, with R&D and SG&A spending consistently outpacing top-line growth, which underscores a cost structure that is currently misaligned with the company's limited commercial footprint and early-stage revenue generation capabilities.
The persistent reliance on heavy R&D and SG&A investment suggests that management is prioritizing long-term network development and regulatory positioning over immediate expense discipline. This strategy may be necessary for a technology-heavy infrastructure firm, but it leaves the company highly vulnerable to cash depletion in the absence of a clear path to commercial monetization.
Data from recent SEC filings indicates that NextNav's operating losses, combined with a significant cash burn rate, raise questions regarding the sustainability of its current financial trajectory, as the company continues to consume capital at a rate that may necessitate further dilutive financing in the near term.
Short-sellers would likely focus on the widening gap between the company's high valuation as a spectrum-rich asset and its poor operational performance as a service provider. The lack of a clear, near-term path to positive cash flow suggests that the company's survival may depend more on its ability to raise capital than on its ability to generate organic revenue.
Quick answers to the most common questions about buying NN stock.
For fiscal year 2025, NextNav Inc. (NN) reported total revenue of $4.6M. This represents a 2688.4% increase compared to $0.2M in 2019.
NextNav Inc. (NN) reported a net loss of $189.3M for the fiscal year ending 2025.
NextNav Inc. (NN) reported an operating income of $-70.2M, resulting in an operating profit margin of -1535.8%. This margin reflects the operational efficiency of the business before interest and taxes.
NextNav Inc. (NN) generated $-11.7M in gross profit for the year, representing a gross profit margin of -256.2%. This demonstrates the company's core pricing power and production efficiency.