Company: NXNVW
Filing Date: 2025-03-12
Form Type: 10-K
Source: 0001213900-25-023287
Chunk: 77

Company: NEXTNAV INC.
Filing Date: 2025-03-12
Form: 10-K
Item: Item 4
Chunk 77
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 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 maintenance and operational cost. The decreases were partially offset by a $0.3 million increase in payroll-related expenses, a $0.2 million increase in site rent expense due to deployment of new sites in second and third quarter of 2023, and a $0.1 million increase in non-recurring engineering services.

Research and Development

Year EndedDecember 31,

2024

2023

$ Change

% Change

(in thousands)

Research and development
 
$
16,242

$
19,503

$
(3,261
)

(16.7)
%    

35    

Research and development expenses decreased by $3.3 million, or 17%, to $16.2 million for the year ended December 31, 2024 from $19.5 million for the year ended December 31, 2023. The decrease was primarily driven by a $2.5 million decrease in stock based compensation, a $0.7 million decrease in software license expenses,