Company: NXNVW
Filing Date: 2025-03-12
Form Type: 10-K
Source: 0001213900-25-023287
Chunk: 33

Company: NEXTNAV INC.
Filing Date: 2025-03-12
Form: 10-K
Item: Item 2
Chunk 33
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 follows:    

34    

Year EndedDecember 31,

2024

2023

(in thousands)

Cost of goods sold
 
$
729

$
2,318

Research and development

4,106

6,655

Selling, general and administrative

9,021

12,865

Total stock-based compensation expense 
 
$
13,856

$
21,838

Comparison of the Fiscal Years Ended December 31, 2024 and 2023

Revenue

Year Ended December 31,

2024

2023

$ Change

% Change

(in thousands)

Revenue
 
$
5,669

$
3,862

$
1,807

46.8
%    

Revenue increased by $1.8 million, or 47%, to $5.7 million for the year ended December 31, 2024 from $3.9 million for the year ended December 31, 2023. The increase was driven by an increase in service revenue from technology and services contracts with government and commercial customers. For the year ended December 31, 2024, three customers accounted for 57%, 18% and 11% of total revenue. For the year ended December 31, 2023, two customers accounted for 75% and 10% of total revenue. Accounts receivable as of December 31, 2024 and December 31, 2023 were $3.3 million and $2.3 million, respectively; the deferred revenue balance as of December 31, 2024 and December 31, 2023 was $0.3 million.

Operating Expense

Cost of Goods Sold (COGS) 

Year EndedDecember 31,

2024

2023

$ Change

% Change

(in thousands)

COGS
 
$
10,777

$
12,743

$
(1,966
)

(15.4)
%    

COGS decreased by $2.0 million, or 15%, to $10.8 million for the year ended December 31, 2024 from $12.7 million for the year ended December 31, 2023. The decrease was primarily driven by a $1.6 million decrease in stock-based compensation, a $0.4 million decrease in software license expenses, a $0.3 million decrease in outside consulting expenses, and a $0.3 million decrease in