Revenue declined 19.33% year-over-year to $4.57M TTM, with gross margin deeply negative at -256.22% in the latest quarter, indicating the company is paying to provide its service.
NextNav Inc. (NN) annual income statement — 7-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 |
|---|
| Sales/Revenue | 3.98M | 4.57M | 5.67M | 3.86M | 3.93M | 763K | 569K | 164K |
| Revenue Growth % | -36.46% | -19.33% | 46.79% | -1.63% | 414.55% | 34.09% | 246.95% | - |
| Cost of Goods Sold | 11.09M | 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 | -7.11M | -11.72M | -5.11M | -8.88M | -7.88M | -17.63M | -7.2M | -5.52M |
| Gross Margin % | -178.73% | -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 | 68.47M | 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 | 32.1M | 39.56M | 0 | 0 | 0 | 13.55M | 13.26M | 0 |
| SG&A % of Revenue | - | 865.14% | - | - | - | 1776.54% | 2329.7% | - |
| Research & Development | 21.49M | 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 | 2M | 0 | 38.75M | 35.15M | 40.6M | 1.78M | 235K | 5.14M |
| Operating Income | -75.58M | -70.23M | -60.1M | -63.53M | -65.54M | -42.43M | -29.47M | -17.28M |
| Operating Margin % | -1900.43% | -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 | -70.25M | -62.48M | -55.48M | -59.04M | -62.21M | -40.65M | -29.23M | -17.17M |
| EBITDA Margin % | -1766.46% | -1366.32% | -978.73% | -1528.79% | -1584.54% | -5327.26% | -5137.79% | -10467.07% |
| EBITDA Growth % | -22.37% | -12.61% | 6.03% | 5.09% | -53.05% | -39.04% | -70.3% | - |
| D&A (Non-Cash Add-back) | 5.33M | 7.75M | 4.61M | 4.49M | 3.33M | 1.78M | 235K | 115K |
| EBIT | -105.79M | -176.61M | -92.31M | -67.85M | -64.64M | -126.77M | -127.26M | -17.28M |
| Net Interest Income | -5.85M | -12.22M | -9.4M | -3.66M | 901K | -17.84M | -10.04M | 2.96M |
| Interest Income | 0 | 222K | 0 | 0 | 901K | 0 | 0 | 2.96M |
| Interest Expense | 5.85M | 12.44M | 9.4M | 3.66M | 0 | 17.84M | 10.04M | 0 |
| Other Income/Expense | -36.06M | -118.82M | -41.61M | -7.99M | 25.39M | -102.19M | -107.83M | -1M |
| Pretax Income | -111.64M | -189.06M | -101.71M | -71.51M | -40.14M | -144.61M | -137.3M | -18.28M |
| Pretax Margin % | -2807.17% | -4134.16% | -1794.07% | -1851.73% | -1022.52% | -18953.34% | -24129.7% | -11148.17% |
| Income Tax | 214K | 198K | 173K | 221K | -28K | 52K | 38K | 19K |
| Effective Tax Rate % | -0.19% | -0.1% | -0.17% | -0.31% | 0.07% | -0.04% | -0.03% | -0.1% |
| Net Income | -111.86M | -189.25M | -101.88M | -71.73M | -40.12M | -144.67M | -137.34M | -98.77M |
| Net Margin % | -2812.55% | -4138.49% | -1797.12% | -1857.46% | -1021.8% | -18960.16% | -24136.38% | -60225.61% |
| Net Income Growth % | 33.28% | -85.76% | -42.02% | -78.82% | 72.27% | -5.34% | -39.05% | - |
| Net Income (Continuing) | -111.86M | -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) | -0.79 | -1.42 | -0.84 | -0.66 | -0.40 | -1.47 | -5.49 | -6.27 |
| EPS Growth % | 35.11% | -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 | 141.63M | 132.87M | 121.5M | 107.97M | 101.03M | 98.17M | 25M | 15.74M |
| Basic Shares Outstanding | 141.63M | 132.87M | 121.5M | 107.97M | 101.03M | 98.17M | 25M | 15.74M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - |
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.
Key Metrics
Top Statement Risk
Liquidity crunch within 12-18 months
Metrics are mathematically derived from official filings.
Revenue Decline Persists Amid Pre-Scale Phase
According to the latest quarterly data, NextNav's revenue fell 19.33% year-over-year to $4.57M TTM, indicating continued commercial traction loss and a failure to establish recurring demand.
The revenue trajectory shows a clear deceleration, with quarterly revenue declining from $1.9M in 2024Q4 to $1.1M in 2026Q2, a 42% drop over six quarters. This suggests that the company is losing existing pilot programs or failing to convert them into long-term contracts, as the YoY growth rates have turned increasingly negative, from +58.6% in 2024Q4 to -4.3% in 2026Q2. The lack of a stable revenue base implies that the business is still in a pre-commercialization phase, and investors should monitor for any signs of stabilization or new contract wins.
Gross Margin Deeply Negative, Reflecting Fixed-Cost Burden
As reported in the financial statements, NextNav's gross margin was -256.22% in the latest quarter, with COGS exceeding revenue by $2.6M, indicating that the company is paying to provide its service.
The gross margin has been consistently negative across all quarters, ranging from -2.7% to -181.6%, with the latest quarter showing a dramatic deterioration to -256.22%. This reflects the high fixed costs of maintaining a terrestrial beacon network and spectrum amortization, which are not being covered by the minimal revenue generated. The structural deficit suggests that the company is heavily front-loading network costs ahead of scale, and permanent margin improvement would require a massive increase in high-margin data licensing volume to amortize these fixed costs.
Operating Leverage Absent as Costs Outpace Revenue
Based on the reported figures, NextNav's operating margin was -1535.80% in the latest quarter, with operating losses of $33.8M against revenue of $1.1M, indicating no operating leverage.
Operating income has been consistently negative, with losses ranging from -$13.9M to -$33.8M, while revenue has declined. The operating margin has worsened from -7.7% in 2024Q4 to -1535.80% in 2026Q2, driven by rising SG&A and R&D expenses that are not scaling with revenue. This suggests that the company is in a heavy investment phase, but the lack of revenue growth means that these investments are not yet generating returns. Investors should monitor whether the company can achieve any operating leverage as it scales, or if the cost structure remains unsustainable.
Net Losses Driven by Non-Cash and One-Time Items
In the latest quarter, NextNav reported a net loss of $33.8M, but this included a $5.9M stock-based compensation charge, and the prior quarter's net income of $483K was likely due to a one-time gain.
The quality of earnings is poor, with net losses consistently exceeding operating losses, indicating significant non-operating expenses or one-time charges. For example, in 2025Q4, the net loss of $68.0M was much larger than the operating loss of $16.1M, suggesting a large impairment or other write-down. Additionally, stock-based compensation has been a significant recurring expense, averaging around $4-6M per quarter, which dilutes shareholders and reduces reported earnings quality. The tax rate appears anomalous, with a positive net income in 2025Q3 despite a negative operating income, likely due to a tax benefit or other non-recurring item.
SG&A and R&D Drive Cash Burn
According to the income statement data, SG&A expenses averaged $10.2M per quarter in the last two quarters, while R&D averaged $5.7M, together consuming over $15M quarterly against revenue of ~$1M.
The cost structure is dominated by SG&A and R&D, which together represent the bulk of operating expenses. SG&A has been increasing, from $8.0M in 2024Q3 to $12.6M in 2026Q2, while R&D has remained relatively stable around $5-6M. This suggests that management is investing heavily in sales and marketing to drive adoption, but the lack of revenue growth indicates that these efforts are not yet effective. The high fixed-cost nature of the business means that these expenses are unlikely to decrease without significant restructuring, and the company's cash burn rate of approximately $20M per quarter (based on operating losses) will deplete the $44.7M cash reserves within 2-3 quarters, necessitating additional financing.
Spectrum Value vs. Operational Reality
The strongest challenge to NextNav's narrative is that its revenue is declining and gross margins are deeply negative, suggesting that the spectrum assets may not be monetizable as assumed.
Short-sellers would likely focus on the fact that despite owning valuable 900 MHz spectrum, the company has failed to generate meaningful revenue or positive gross margins, indicating that the market may be overvaluing the spectrum's potential. The persistent revenue decline and high cash burn suggest that the company may face a liquidity crunch, forcing dilutive financing or asset sales. Additionally, the reliance on regulatory approvals and carrier adoption creates significant execution risk, and any unfavorable FCC ruling could render the spectrum less valuable. Investors should question whether the company can ever achieve the scale needed to justify its current valuation, given the operational hurdles and competitive pressures from software-based alternatives.