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NextNav Inc. (NN+2.52%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements for the year, showing an increase in revenue to $5,669,000 from $3,862,000 in the previous year. This increase was driven by higher service revenue from technology and services contracts with government and commercial customers.
Cost of goods sold decreased to $10,777,000 from $12,743,000, primarily due to reductions in stock-based compensation and software license expenses.
Research and development expenses decreased to $16,242,000 from $19,503,000, attributed to lower stock-based compensation and consulting expenses.
Selling, general, and administrative expenses increased to $33,510,000 from $30,324,000, driven by higher professional services and payroll-related expenses.
The company reported an operating loss of $60,098,000, compared to $63,529,000 in the previous year.
Net loss for the year was $101,879,000, up from a net loss of $71,735,000 in the previous year, due to increased interest expense and changes in the fair value of warrants.
Cash and cash equivalents, along with marketable securities, totaled $80,115,000 as of December 31, 2024.
NextNav continues to focus on expanding its Pinnacle and TerraPoiNT solutions and is pursuing regulatory changes to the Lower 900 MHz band to enhance its service offerings.
The company has entered into a Note Purchase Agreement to issue $190 million in senior secured convertible notes, with proceeds intended to redeem existing notes and support operations.
NextNav's strategic initiatives include evolving its technology platform to NextGen and securing additional spectrum licenses to expand its service coverage.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the NextNav Inc. annual 10-K report dated March 12, 2025. To report an error, please email earnings@qz.com.