# EDGAR Filing Document

**Accession Number:** 0001865631
**File Stem:** 0001554855-26-000328
**Filing Date:** 2026-3
**Character Count:** 392893
**Document Hash:** c7b061d6732d14754c1ca2123111eee3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001554855-26-000328.hdr.sgml**: 20260317

**ACCESSION NUMBER**: 0001554855-26-000328

**CONFORMED SUBMISSION TYPE**: 10-K

**PUBLIC DOCUMENT COUNT**: 97

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260317

**DATE AS OF CHANGE**: 20260317

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NEXTNAV INC.
- **CENTRAL INDEX KEY:** 0001865631
- **STANDARD INDUSTRIAL CLASSIFICATION:** SEARCH, DETECTION, NAVIGATION, GUIDANCE, AERONAUTICAL SYS [3812]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-40985
- **FILM NUMBER:** 26761909

**BUSINESS ADDRESS:**
- **STREET 1:** 11911 FREEDOM DRIVE
- **STREET 2:** STE 200
- **CITY:** RESTON
- **STATE:** VA
- **ZIP:** 20190
- **BUSINESS PHONE:** 800-775-0982

**MAIL ADDRESS:**
- **STREET 1:** 11911 FREEDOM DRIVE
- **STREET 2:** STE 200
- **CITY:** RESTON
- **STATE:** VA
- **ZIP:** 20190

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Spartacus Acquisition Shelf Corp.
- **DATE OF NAME CHANGE:** 20210603

?xml version='1.0' encoding='ASCII'? nn-20251231.htm

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM** 10-K

☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2025

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _____ to _____

Commission File Number: 001-40985

**NextNav Inc.**

(Exact name of registrant as specified in its charter)

---

| | |
|:---|:---|
| **Delaware**<br>| **87-0854654**<br>|
| (State or other jurisdiction of<br>incorporation or organization) | (I.R.S. Employer<br>Identification No.) |

---

---

| | |
|:---|:---|
| 11911 Freedom Dr**.** Ste. 200<br>Reston**,** VA  | **20190**<br>|
| (Address of principal executive offices) | (Zip Code) |

---

Registrant's telephone number, including area code (800) 775-0982

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| <br>**Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| Common Stock, $0.0001 par value<br>| NN<br>| The Nasdaq Capital Market |
| Warrants, each to purchase one share of Common Stock<br>| NNAVW<br>| The Nasdaq Capital Market |

---

Securities registered pursuant to Section 12(g) of the Act: **None**

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐ No ☒

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Act. Yes ☐ No ☒

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

------

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

---

| | | | |
|:---|:---|:---|:---|
| Large accelerated filer  | ☐ | Smaller reporting company | ☒<br>|
| Accelerated filer | ☐ | Emerging growth company | ☒<br>|
| Non-accelerated filer<br>| ☒ |  |  |

---

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☐

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to Section 240.10D-1(b). ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of June 30, 2025, the last business day of the registrant's most recently completed second fiscal quarter, the aggregate market value of common stock held by non-affiliates of the registrant was $1,708,615,797 (based on the closing price of $15.20 per share as reported on the Nasdaq Capital Market as of that date).

There were 135,595,665 of the registrant's common stock outstanding as of March 13, 2026.

**Documents Incorporated by Reference**

Portions of the registrant's Definitive Proxy Statement relating to the 2026 Annual Meeting of Stockholders, which will be filed with the Securities and Exchange Commission within 120 days after the end of the registrant's fiscal year ended December 31, 2025, are incorporated by reference into Part III of this Annual Report on Form 10-K**.**

------

**NEXTNAV INC.**

**Annual Report on Form 10-K for the Fiscal Year ended** December 31, 2025

**Table of Contents**

---

| | | |
|:---|:---|:---|
|  |  | **Page** |
| [<u>Cautionary Note Regarding Forward-looking Statements</u>](#bm_6ac8c7cc767a6b1e) | [<u>Cautionary Note Regarding Forward-looking Statements</u>](#bm_6ac8c7cc767a6b1e) | ii |
| [<u>Risk Factors Summary</u>](#bm_9318ad2a2a6140d3) | [<u>Risk Factors Summary</u>](#bm_9318ad2a2a6140d3) | iii |
|  | [<u>PART I</u>](#bm_f662f9264489a6fa) |  |
| Item 1. | [<u>Business.</u>](#bm_871067d828729680) | 1<br>|
| Item 1A. | [<u>Risk Factors.</u>](#bm_e852b8f5680c62b5) | 7<br>|
| Item 1B. | [<u>Unresolved Staff Comments.</u>](#bm_b95d9270f948aa1e) | 26<br>|
| Item 1C. | [<u>Cybersecurity.</u>](#bm_7bacd00a892bdf3f) | 26<br>|
| Item 2. | [<u>Properties.</u>](#bm_bc69bbeefb6ff6d5) | 27<br>|
| Item 3. | [<u>Legal Proceedings.</u>](#bm_be7e194c0c0aaa7b) | 27<br>|
| Item 4. | [<u>Mine Safety Disclosures.</u>](#bm_5b862fa6133462ed) | 27<br>|
|  | [<u>PART II</u>](#bm_7dfd97f07e3e5ab1) |  |
| Item 5. | [<u>Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.</u>](#bm_5388613cf7658dab) | 28<br>|
| Item 6. | [<u>Reserved.</u>](#bm_e3ce64c76a341771) | 29<br>|
| Item 7. | [<u>Management's Discussion and Analysis of Financial Condition and Results of Operations.</u>](#bm_93f50d5494a75f30) | 29<br>|
| Item 7A. | [<u>Quantitative and Qualitative Disclosures About Market Risk.</u>](#bm_14684eb7923a8e7c) | 37<br>|
| Item 8. | [<u>Financial Statements and Supplementary Data.</u>](#bm_519d3b52e3ded084) | 37<br>|
| Item 9. | [<u>Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.</u>](#bm_becc1a79de225172) | 38<br>|
| Item 9A. | [<u>Controls and Procedures.</u>](#bm_f0e05205f5e9709d) | 38<br>|
| Item 9B. | [<u>Other Information.</u>](#bm_1305fdd3e57e16d7) | 38<br>|
| Item 9C. | [<u>Disclosure Regarding Foreign Jurisdictions that Prevent Inspections.</u>](#bm_8ec6d94334a2e26a) | 38<br>|
|  | [<u>PART III</u>](#bm_ba85cffe4964b1f8) |  |
| Item 10. | [<u>Directors, Executive Officers and Corporate Governance.</u>](#bm_6b54832258d2b708) | 39<br>|
| Item 11. | [<u>Executive Compensation.</u>](#bm_f8733cbea416786f) | 39<br>|
| Item 12. | [<u>Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.</u>](#bm_da4de13804145dfa) | 39<br>|
| Item 13. | [<u>Certain Relationships and Related Transactions, and Director Independence.</u>](#bm_f78cb154a4e88bbf) | 39<br>|
| Item 14. | [<u>Principal Accountant Fees and Services.</u>](#bm_6f177114c7fec541) | 39<br>|
|  | [<u>PART IV</u>](#bm_287954a0e2e74adb) |  |
| Item 15. | [<u>Exhibits and Financial Statement Schedules.</u>](#bm_8edc9d39fb6dc211) | 40<br>|
| Item 16. | [<u>Form 10-K Summary.</u>](#bm_b1ffae956013a14a) | 44<br>|
|  | [<u>SIGNATURES</u>](#bm_4f0e07c396697819) | 45<br>|

---

Unless the context otherwise requires, all references in this Annual Report on Form 10-K to "NextNav," the "Company," "we," "us," and "our" include NextNav Inc. and its subsidiaries.

i

------

**CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS** 

This Annual Report on Form 10-K contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Forward-looking statements include, but are not limited to, statements regarding our management team's expectations, hopes, beliefs, intentions or strategies regarding the future, projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, and are not guarantees of future performance. The words "may," "will," "anticipate," "believe," "expect," "continue," "could," "estimate," "future," "expect," "intends," "might," "plan," "seek," "possible," "potential," "aim," "strive," "predict," "project," "should," "would" and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking.

The forward-looking statements in this Annual Report on Form 10-K include, among other things, statements about:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; expectations related to the successful resolution and timing of our petition before the Federal Communications Commission ("FCC") to modify our Lower 900 MHz licenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; expectations regarding our strategies and future financial performance, including our future business plans or objectives, expected functionality of our geolocation services, anticipated timing and level of deployment of our services, anticipated demand and acceptance of our services, prospective performance and commercial opportunities and competitors, the timing of obtaining regulatory approvals, ability to finance our research and development activities, commercial partnership acquisition and retention, products and services, pricing, marketing plans, operating expenses, market trends, revenue, liquidity, cash flows and uses of cash, capital expenditures, and our ability to invest in growth initiatives;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; our ability to recognize the anticipated benefits of the Asset Purchase Agreement (as defined in Note 3 in the notes to the consolidated financial statements below), and any subsequent asset purchases, mergers, acquisitions, or other similar transactions, which may be affected by, among other things, competition, and the ability of the combined business to grow and manage growth profitably;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; factors relating to our future operations, projected capital resources and financial position, estimated revenue and losses, projected costs and capital expenditures, prospects and plans, including the potential increase in customers and expectations about international markets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; projections of market growth and size, including the level of market acceptance for our services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; our ability to adequately protect key intellectual property rights or proprietary technology;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; our ability to evolve our technology to be compatible with 5G New Radio ("5G NR"), and realize the technical benefits of such proposed evolution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; our ability to maintain our Location and Monitoring Service ("LMS") licenses and obtain additional LMS or other licenses as necessary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; our ability to maintain adequate operational financial resources or raise additional capital or generate sufficient cash flows, including the adequacy of our financial resources to meet our operational and working capital requirements for the 12-month period following the issuance of this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; our ability to maintain an effective system of internal controls;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; our success in recruiting and/or retaining officers, key employees or directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; our statements regarding the factors that may impact our financial results and stock price; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the outcome of any known and unknown litigation and regulatory proceedings.

We have included important factors in the cautionary statements included in this Annual Report on Form 10-K, particularly in "Item 1A. Risk Factors," that could cause actual results or events to differ materially from the forward-looking statements that we make. You should read this Annual Report on Form 10-K and the documents that we have filed as exhibits to this Annual Report on Form 10-K completely and with the understanding that our actual future results may be materially different from what we expect. These forward-looking statements are based on information available as of the date of this Annual Report on Form 10-K, and current expectations, forecasts and assumptions, and involve a number of judgments, risks and uncertainties. Accordingly, forward-looking statements should not be relied upon as representing our views as of any subsequent date, and we do not undertake any obligation to update or revise any forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

ii

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**Risk Factors Summary**

*The following summarizes the principal factors that make an investment in us speculative or risky, all of which are more fully described in "Item 1A. Risk Factors" below. This summary should be read in conjunction with "Item 1A. Risk Factors" and should not be relied upon as an exhaustive summary of the material risks facing our business.*

**Risks Related to the Business and the Industry**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; We have incurred significant losses since inception. We expect to incur losses in the future, may not be able to achieve or maintain profitability, and may need to raise additional capital to maintain our operations in the future.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The developing nature of our technology and product services makes it difficult to evaluate our future prospects and the risks and challenges we may encounter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Indenture governing our 5% Senior Secured Convertible Notes due in 2028 (the "2028 Notes") contains restrictions and other provisions regarding events of default that may make it more difficult to execute our strategy or to effectively compete, or that could materially and adversely affect our financial position.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Our ability to sell Pinnacle z-axis service may be limited and depends on third-party adoption and market demand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The majority of our business plan depends on selling services that must be licensed and integrated into our customers' platforms for sales to end users, and we typically only generate revenue from the arrangements when end users access those third-party platforms and utilize our services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; We may not be successful in the evolution of our operations to utilize 5G NR signals, which will increase our costs and may increase the challenge of adopting our services, and the time it takes us to evolve our service may differ from our estimates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Our NextGen business strategy is dependent on entering into partnerships with third-party wireless operators; failure to secure these partnerships could prevent us from deploying our 5G services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; We face intense competition in our market, especially from competitors that offer their location services for free, which could make it difficult for us to acquire and retain customers and end users.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; We face competition from multiple sources.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Our Pinnacle network infrastructure is dependent on a hosting arrangement with AT&T.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; We rely, in part, on AT&T for distribution of our services to FirstNet® customers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Our services may not continue to be adopted or retained by wireless carriers and device vendors for E911.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Our Pinnacle service in smartphones relies on the availability of barometric pressure measurements and 2D location being made available to us or our customers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Our inability to maintain access to third-party platforms, such as mobile application stores, could significantly impair our service distribution and revenue.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; We rely upon Amazon Web Services to operate our cloud platform and any disruption of or interference with our use of Amazon Web Services or the need for additional cloud support would adversely affect our business, results of operations and financial condition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; We rely on a limited number of key vendors for timely supply of components or services for our service offerings. If these vendors experience problems, we could fail to obtain the equipment and services we require to operate our business successfully.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Our services are available within defined network footprints, and if we are not able to deploy new infrastructure, we will not be able to expand our service area.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; There is no guarantee that Federal and state government resilient PNT programs or our current commercial opportunities will result in procurements or in the adoption of our services or revenue to us, and the process that may result in such adoption or revenue may be delayed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Our business depends on the use of location by a wide range of applications, including public safety and E911 applications. Privacy concerns relating to location data, generally, and our technology could damage our reputation and deter current and potential users from using our products and applications.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Natural or man-made disasters or terrorist attacks could have an adverse effect on our business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Significant disruptions of our information technology systems or data security incidents, or the perceived failure to adequately protect personal information or other confidential or proprietary data, could trigger contractual and legal obligations, harm our reputation, subject us to liability, cause us to modify our business practices and otherwise adversely affect our business, financial condition and results of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; We may become subject to litigation arising out of any security breaches, which may adversely affect our business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; We maintain insurance policies to cover certain losses relating to our information technology systems, but there is no certainty that our policy limits will be sufficient to cover all liabilities that we may face as the result of security incident and there is no assurance that we will be able to maintain our current policies or secure new policies in the future.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; We depend on the availability of personnel with the requisite level of technical expertise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; We depend on key members of our senior management team; our performance could be adversely impacted if they depart and we cannot find suitable replacements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The failure to successfully obtain, maintain and enforce intellectual property rights and defend against challenges to our intellectual property rights could adversely affect us.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Our results could be adversely impacted by inflation and supply chain pressures impacting our or, our vendors' expenses and availability of resources and components.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Global economic conditions may directly or indirectly increase our risks from supply chain, cybersecurity, foreign currency fluctuations, or other factors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; We have acquired and may in the future acquire other businesses, which could require significant management attention, disrupt our business, dilute stockholder value and harm our business, revenue and financial results.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Strategic transactions, including mergers, acquisitions and divestitures, involve significant risks and uncertainties that could adversely affect our business, financial condition, results of operations, cash flows and equity.

iii

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**Risks Related to Legal and Regulatory Matters**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Our business depends on access to radio spectrum to provide certain of our location services, and access to such spectrum is not certain.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If we are able to convert our signal transmissions to a 5G NR platform, the FCC may not permit us to realize all of the benefits of our 5G NR architecture, including the additional transmission of high-throughput non-PNT-related voice and data alongside our PNT data.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Our FCC licenses authorize the use of radio frequencies that are shared with other radio services, which could result in harmful interference and impairment to our use of our licensed spectrum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Our LMS licenses are subject to renewal by the FCC and no certainty exists that we will be able to secure ongoing renewals of our licenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Many of our LMS licenses are subject to end-of-term build-out requirements maintained by the FCC, and no certainty exists that we will be able to comply with the build-out requirements for all of our licenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Our retention and use of our LMS licenses has been the subject of ongoing objections by third parties that could result in the revocation or non-renewal of our LMS licenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A portion of our business plan targets government customers, which subjects us to risks, including early termination, audits, investigations, sanctions and penalties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; We and our service providers collect, process, transmit, and store personal information, which creates legal obligations and may give rise to additional costs and liability. Failure to comply with federal, state and foreign laws and regulations relating to privacy and data protection could adversely affect our business and its financial condition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Our business is subject to a wide variety of additional extensive and evolving government laws and regulations. Failure to comply with such laws and regulations could have a material adverse effect on our business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; We are subject to stringent U.S. export control and economic sanctions laws and regulations. Unfavorable changes in these laws and regulations or U.S. government licensing policies, our failure to secure timely U.S. government authorizations under these laws and regulations, or our failure to comply with these laws and regulations could have a material adverse effect on our business, financial condition and results of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; We are exposed to risks related to geopolitical and economic factors, laws and regulations and our international business subjects us to numerous political and economic factors, legal requirements, cross-cultural considerations and other risks associated with doing business globally.

**Risks Related to our Common Stock** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If we issue and sell additional shares of our common stock in the future, our existing stockholders will be diluted and our stock price could fall.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Our principal stockholders own a significant percentage of our stock and will be able to exert significant control over matters subject to stockholder approval.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Our limited number of employees subjects us to significant resource constraints, which may hinder our ability to comply with public company regulations and manage our operations effectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; We have never paid dividends on our capital stock, and we do not anticipate paying any cash dividends in the foreseeable future.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The exercise of warrants to purchase our common stock will increase the number of outstanding shares in the public market and result in dilution to our stockholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If securities or industry analysts do not publish research or publish inaccurate or unfavorable research about our business, our stock price and trading volume could decline.

iv

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**PART I** 

**Item 1.** [**Business.**](#TOC)

**Overview**

We are the market leader in delivering resilient, next generation, complementary positioning, navigation and timing ("PNT") solutions designed to overcome the limitations and vulnerabilities of existing space-based Global Navigation Satellite Systems ("GNSS"), including the Global Positioning System ("GPS"). PNT services are used in nearly every facet of our economy. Cellular and electrical distribution systems depend on GPS-based timing, and the mobile app economy relies on location to create innovative services and to drive data and advertising revenue. Public safety and enhanced 911 ("E911") save lives every day with the use of location services. GPS has powered the global economy for nearly 40 years. Without high-precision timing from GPS, cellular systems would fail, the distribution of electricity would be impacted, and other aspects of everyday life would be adversely affected. Recent international events have demonstrated that having viable systems to backup and complement GPS is a national security issue.

Our PNT solutions seek to address these needs and issues in several ways. Our technology consists of a ground-based transmitter network operating on low-band spectrum assets in a manner similar to the function of GPS satellites. Unlike satellites, our network signals are designed to be much stronger and extremely difficult to jam or spoof. In addition, because the signals are terrestrial and low-band, they can penetrate buildings. As a result, our technology can act as a complement to satellite-based GPS, especially in urban canyons or deep indoors, and as a backup in case traditional GPS fails due to jamming, spoofing, technical failures, solar flares or other risks to satellite-based services. In addition, our location-based services are three-dimensional. Our core Pinnacle technology uses barometric sensors in smartphones and other communications devices and a network of sensors to determine vertical, or "z-axis", location. This technology can provide accurate vertical location data to assist first responders, dispatchers and others, or potentially could be used for autonomous systems, such as drones, in need of precise 3D mapping in urban areas, among other uses.

Our complementary PNT solutions are built on our asset base of FCC licenses that cover 12 MHz of low-band spectrum available for use. This spectrum consists of a contiguous 8 MHz block of 900 MHz spectrum covering over 90% of the U.S. population and an additional 4 MHz of complementary spectrum covering part of the U.S. population that was transferred to us in 2025 as a result of a transaction with Telesaurus and Skybridge Spectrum Foundation. That transaction also gave us potential rights to an additional 2 MHz of related spectrum covered by terminated Skybridge Spectrum Foundation licenses. These licenses are subject to a Skybridge and Telesaurus petition for reconsideration seeking reinstatement of these licenses. For more information on this transaction, refer to Note 3 to our consolidated financial statements for the twelve months ended December 31, 2025 included elsewhere in this Annual Report on Form 10-K.

We are evolving our PNT solutions to use 5G New Radio ("5G NR") positioning reference signals ("PRS"), under the 3GPP global standard, to determine location and timing - a platform we refer to as NextGen. We believe the evolution of our existing technologies and services to a 5G NR PRS capability will improve the efficiency, flexibility, and scale of our operations. 5G NR technologies drive enhanced network performance, capacity, and efficiency across multiple industry verticals. 5G NR enables low-latency, high-throughput connectivity and also improves spectral efficiency, which allows operators to increase returns on investment in licensed spectrum and, with respect to our technology, to improve both the density and availability of PNT signals. 5G NR can also support many different applications, including ultra-reliable low-latency communications (URLLC), enhanced mobile broadband (eMBB), and massive machine-type communications (mMTC). These capabilities permit 5G NR to support high-performance broadband services as well as emerging use cases in autonomous systems, industrial automation, and the Internet of Things (IoT). As a result, spectrum that can support 5G technologies and services is important to broadband providers and their customers.

To enable our evolution to 5G NR, we have filed a Petition for Rulemaking (the "Petition") asking the FCC to optimize the Lower 900 MHz radio spectrum band to enable 5G NR operations, the delivery of PNT via a 5G broadband network and in turn support such 5G technologies and services. Our Petition requests the FCC allow us to use a single, nationwide 15 MHz spectrum configuration for both PNT and 5G broadband. The Petition is subject to an ongoing FCC regulatory review process, and was referenced in the FCC's March 27, 2025 PNT Notice of Inquiry.

Under our proposal, the FCC would create a 5 MHz uplink and 10 MHz downlink suitable for 5G operations. We believe modernizing the Lower 900 MHz band will simultaneously enable a high-quality terrestrial PNT network to complement and back up GPS, addressing a critical national security vulnerability, and add 5G broadband capacity. As such, our NextGen capability is being designed with the goal of enabling one or more mobile network operators or other partners to integrate this optimized Lower 900 MHz spectrum into their 5G network deployments. We expect that these partnerships would result in wide-scale availability of our complementary PNT services and, for our potential partners, additional 5G broadband capacity.

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The backbone of wireless data services, electromagnetic spectrum, is a finite resource. Our spectrum licenses, which lie in the Lower 900 MHz band, are referred to as "low-band spectrum." There is a finite amount of low-band spectrum available, and low-band spectrum has favorable coverage characteristics compared to higher frequencies, including the ability to provide services indoors and over greater distances. These characteristics result in its ability to be used for coverage and to be deployed more economically, with higher-frequency spectrum often used to provide additional capacity in targeted locations. The transition to 5G NR for our PNT services will provide a technical capability to support broadband data services, which, subject to appropriate regulatory approvals, would allow the spectrum to be used to help meet the continued, growing demand for wireless data capacity.

A core element of our strategy is to pursue such partnerships to offset the costs of deploying and operating a widescale, terrestrial PNT network that can act as a complement and backup to GPS. While GPS is fully supported by the U.S. government, we believe it is unlikely that the U.S. government would subsidize an extensive, standalone terrestrial PNT network and other revenue-generating opportunities are limited, given existing use of GPS. However, we believe there is a financially viable path to a widescale terrestrial PNT network that meets critical national security needs through the spectrum optimization proposed by our Petition that would allow it to be used for 5G.

**Our Solutions** 

As we evolve our technology platform to NextGen and pursue regulatory changes to the Lower 900 MHz band and our spectrum licenses, we continue to deliver high-quality PNT services through our existing solutions. Our location systems have been engineered to provide comprehensive solutions to the limitations and vulnerabilities inherent in GPS and other satellite-based services. Key GPS limitations include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Low signal strength resulting in poor building/indoor penetration, limitations in urban areas;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vulnerability to jamming;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Poor vertical accuracy in most devices, which impacts any service where altitude is relevant (e.g., multi-level structures, vertical separation in low-altitude aviation);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The primary consumer GPS signal is unencrypted, resulting in poor location security and spoofing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inherent physical vulnerability due to few, isolated transmitters; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Single point of failure for a wide range of PNT services.

Our existing service platforms consist of Pinnacle, our altitude (z-axis) solution, and TerraPoiNT, which is similar to a terrestrial GPS constellation, in addition to our continued development of NextGen to bring complementary, high-quality PNT capabilities to a standards-based 5G NR broadband platform. Although we currently provide TerraPoiNT services to customers, going forward, we anticipate transitioning to our NextGen solution when it becomes commercially ready, which is intended in part to leverage legacy TerraPoiNT's technology and service delivery platform and adapt it to 5G.

*NextGen*

PNT systems are the core services provided by GPS, and NextGen can be thought of as a shared, land-based GPS satellite constellation, operating simultaneously with 5G broadband data services. We expect that NextGen services will be naturally resilient to service disruption and significantly more resistant to jamming than GPS. If GPS is disrupted or destroyed, a NextGen transmitter is designed to continue to operate and provide similar service within the NextGen service area. If one NextGen transmitter is disrupted, service is designed to continue from other nearby transmitters. Thus, there is the potential for both local- and wide-area resilience embedded in the basic system design. Our NextGen services are expected to leverage proven cellular infrastructure, which has been designed to provide wide-scale coverage, and is expected to be able to complement GPS by extending PNT availability to urban canyons and indoor locations where GPS reception is challenging.

We anticipate NextGen will increase our spectrum utilization significantly, allowing us to offer both high-quality PNT services and broadband data using the same spectrum. This increased data transmission capacity could be used, subject to FCC approval, to provide other types of 5G NR-based two-way voice and data transmission services while simultaneously delivering PNT information. Our plans to deploy NextGen with one or more network partners could result in minimal capital expenditures by us related to the operation of our high-quality PNT services, while our partner(s) would benefit from the proven economics of additional broadband capacity.

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*Pinnacle* 

As we evolve our technology platform to NextGen and pursue regulatory changes to the Lower 900 MHz band and our spectrum licenses, we continue to deliver high-quality PNT services through our Pinnacle solution. Our Pinnacle solution, launched in partnership with AT&T Services, Inc. ("AT&T") as part of its FirstNet<sup>®</sup> initiative, can provide accurate altitude service to any device with a barometric pressure sensor and covers over 90% of commercial structures over three stories in the U.S. Our Pinnacle system is primarily used for public safety applications, including E911 for Verizon Communications, Inc. ("Verizon"), and a growing number of devices operating on the remaining national cellular network providers.

This service is currently available in the top 105 major U.S. markets, which include more than 4,400 cities and more than 90% of commercial buildings that exceed three stories. In November 2022, Pinnacle service was launched by MetCom in Japan, and our partnership with MetCom has expanded through a technology and services agreement signed in 2025. The technologies underlying Pinnacle are planned to be incorporated into NextGen.

Because our Pinnacle technology relies on measurements available with the hardware currently used in most mobile phones and tablets, it can be made available for mass market applications, as well as enterprise, public safety, and other applications. Our Pinnacle service is delivered to customers over an applications programming interface ("API") or via a software development kit ("SDK") integrated into the relevant applications.

*TerraPoiNT*

TerraPoiNT is our prior-generation 3D PNT system, operating like a land-based GPS satellite constellation, like our planned NextGen solution. Our TerraPoiNT system is a terrestrially based dedicated, complementary PNT network designed to overcome the limitations inherent in the space-based nature of GPS. Furthermore, the TerraPoiNT signal can embed Pinnacle information to provide a full three-dimensional PNT solution. TerraPoiNT was designed to maximize compatibility with GPS and other GNSS receivers. TerraPoiNT service is made available through a highly distributed terrestrial network of transmitters and is naturally resilient to service disruption and significantly more resistant to jamming than GPS. Through a contract with the U.S. Department of Transportation ("DoT"), we are establishing performance characteristics for TerraPoiNT to allow DoT to incorporate our solutions into a clearinghouse of PNT solutions for potential acquisition by Federal government customers, as defined in the DoT Complementary PNT Action Plan.

**Our Strategy**

Domestically, we operate primarily as a service provider, leveraging our intellectual property, spectrum assets, and partnerships with key customers. Our target customers include wireless carriers, applications developers, and adjacent businesses selling PNT products and systems to end users, and Federal, state, and local governmental entities. Subject to regulatory approvals and the successful evolution of our technology to align with 5G NR standards, our NextGen platform and spectrum can be used to offer both high-quality PNT and high-bandwidth data capabilities. We deploy sensor and network capabilities, either directly or with our customers and partners, and license access to our technologies and the data generated by our networks to our customers. Internationally, we are pursuing collaborative relationships through licensing our technology and providing related services to enable our partners to commercialize our solutions in their home markets. The key elements of our strategy include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Continue to build on our leadership in complementary PNT.* We anticipate that the expanded availability of our systems, especially NextGen, will provide enhanced value to existing customers and open new vertical markets. In addition to our relationship with FirstNet®, built with AT&T, and our public safety offerings, we are continuing to grow our E911 service, including with Verizon, and have licensed our technology to device manufacturers operating on other nationwide wireless carriers. In addition, we plan to continue to work closely with the DoT and other agencies to drive adoption of our PNT solutions as a national complement to, and backup capabilities for, GPS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Evolve our system to be fully aligned with* 5*G NR standards, to enable a terrestrial PNT platform that evolves with global mobile network standards.* Evolving the technical foundation of our system to 5G NR will allow us to provide high-quality PNT services in conjunction with 5G broadband services. We anticipate that this may allow us to significantly increase the scope of potential customers and partners, reduce our time to market, improve the geographic coverage of our business, and align our operations with the mainstream global cellular ecosystem. Collectively, we anticipate these benefits will increase the potential reach of our services. Our objective is to operate our NextGen PNT services in partnership with one or more broadband partners, assuming we are successful with the Petition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Pursue our Petition with the FCC to optimize rules governing the Lower 900 MHz band*. It is a priority of the Company to secure appropriate regulatory approvals to maximize the use of our spectrum and enable the delivery of a widescale complementary 5G-based PNT solution. We are engaged with the FCC, stakeholders in the Lower 900 MHz band, and other stakeholders in the industry in seeking to ensure the availability of wide-scale complementary PNT services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Pursue partnerships to use the 5G broadband capacity.* As discussed, if our Petition is granted, we will seek to enter into partnerships with mobile operators and others who could take advantage of the newly-available 5G capacity. Such partnerships would facilitate our deployment of a widescale PNT network and backup to GPS.

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**Competition and Competitive Advantages**

GPS and GNSS services are broadly used across a large number of both industries and specific use cases, however, multiple technologies provide, or are planned to provide, services to complement and backup GPS. Depending upon the specific use case, we both compete with and complement other geolocation services, as part of the "system of systems" required to provide a comprehensive solution to this market. Key technologies participating in this segment include enhanced long-range navigation ("eLORAN"), low Earth orbit ("LEO") satellite systems, the Broadcast Positioning System ("BPS") and various short-range commercial systems.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *eLORAN* is an advanced version of the World War II-era hyperbolic radio navigation system that was developed in response to the vulnerability of GNSS systems. eLORAN has historically been targeted towards maritime and aviation applications. If deployed, eLORAN may also be well-suited to long-range time distribution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *LEO Satellite Systems* offer primarily timing service based on signals transmitted from LEO satellite constellations. LEO systems potentially offer global coverage. However, for use cases requiring terrestrial signal strength, their signals are not as strong as those from terrestrial-based systems. LEO systems are subject to similar physical vulnerabilities as GPS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Commercial Location Systems,* including legacy cellular systems, crowd-sourced systems and locally managed systems, are complements to GPS but generally rely on GPS or highly local surveys for their core performance. Most commercial location systems do not provide an independent timing source and are limited in their ability to be a viable backup to GPS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *BPS*, based on the Advanced Television Systems Committee standard and promoted by National Association of Broadcasters, aims to deliver terrestrial PNT service independent of GPS and is under development at the pilot stage. BPS signals will be transmitted from the broadcast infrastructure using ATSC 3.0.

Subject to appropriate regulatory approvals, we believe that our NextGen solution offers a near-term terrestrial, widescale PNT solution that will be broadly available to critical infrastructure, public safety, and consumers, and has a clear path to incorporation in end-user devices. We believe our NextGen capability, subject to FCC approvals, will have a shorter time to market as a complement and backup to GPS than other solutions. In addition, because our NextGen solution leverages 5G networks, we anticipate the capital expenditures associated with the network deployment will be associated with our future 5G partnerships, and we do not plan to seek Federal appropriations for the deployment of our NextGen system. While no single solution can complement and backup all GPS use cases, we believe that we offer an important component to securing the nation's PNT infrastructure.

**Network Operations**

Our Pinnacle network is primarily operated in partnership with AT&T. The Pinnacle altitude stations are co-located at AT&T wireless sites and use the power systems, including battery backup and generators, at the AT&T sites. We monitor the Pinnacle network health through our network operations center ("NOC") and work with AT&T to resolve any issues that may arise. Connectivity among the Pinnacle altitude stations, our cloud service platform, and our NOC are enabled through wireless connections, currently provided by AT&T.

We are not required to use AT&T wireless sites for network expansion and may establish new service areas through independently acquired site leases or with other partners.

Our TerraPoiNT network is deployed, operated, and maintained by us. The equipment is installed at traditional wireless sites with a mix of towers and rooftops. We monitor the network health through the same NOC as the Pinnacle network and directly dispatch our employees or maintenance contractors if needed.

As discussed, we anticipate operating our NextGen services in partnership with one or more mobile network operators. We anticipate that the radio network infrastructure will be deployed by, and the broadband services operated by those operators. We plan to utilize one or more partners' network facilities to operate our PNT services, the signal for which will be embedded in the 5G NR broadband transmission.

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**AT&T Relationship**

We have entered into a series of agreements with AT&T to provide our Pinnacle services to FirstNet<sup>®</sup>, built with AT&T, and to enable the co-location of elements of our network at AT&T's wireless sites. By co-locating the Pinnacle equipment at AT&T wireless sites, we were able to accelerate the nationwide deployment of our services and significantly reduce the ongoing operating costs associated with the Pinnacle system.

Our AT&T agreements provide for: (i) AT&T's marketing and resale of Pinnacle services to FirstNet<sup>®</sup> subscribers and certain pricing requirements for our SDKs based on the quantity of usage, revenue sharing, compliance with data rights and privacy, and support requirements; and (ii) AT&T hosting of Pinnacle equipment for altitude determination at AT&T sites, at no recurring cost to us.

We have provided AT&T with performance assurances and certain intellectual property and transition support rights in the event we are unable to continue providing services to AT&T, have significant service outages, or engage in transactions with certain persons. The parties also entered into escrow arrangements on customary terms for intellectual property storage and verification of the deposited escrow materials in various different escrow "lockers," which could be accessed by AT&T based on different conditions on which the draw down could be made.

In 2019, we entered into an equipment hosting agreement with AT&T that has a seven-year term (subject to earlier termination after three years in certain circumstances), expiring in October 2028. Under the terms of the equipment hosting agreement, AT&T is providing all site-related services during AT&T's continued use of the service. Our services agreement with AT&T for distribution of our services to FirstNet<sup>®</sup> customers expires in October 2028.

**Intellectual Property**

Our ability to drive innovation in PNT services depends in part upon our ability to protect our core technologies and intellectual property. We rely upon a combination of patent, trademark, and trade secret laws in the United States and abroad, as well as license agreements and other contractual protections. In addition, we seek to protect our intellectual property rights through nondisclosure and invention assignment agreements with our employees and consultants and through non-disclosure agreements with business partners and other third parties.

We regularly file applications for patents and have a significant number of patents in the United States and other countries where we do business.

As of December 31, 2025, we had approximately 167 issued patents domestically and internationally, which includes approximately 141 issued patents in the U.S. In addition, we had approximately 49 pending patent applications, which includes approximately 27 pending patent applications in the U.S.

**Research and Development**

The services that we provide are largely based on designs and technologies developed by us for our use, some of which we subsequently standardized. We believe our ability to maintain and extend our market share depends, in part, on our continuous innovations. Our research and development team consists of more than 65 employees, who are responsible for the development of our PNT solutions, including pioneers in location-based services. Our primary areas of focus in research and development include, but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Radiolocation position and navigation technologies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Precision timing and time distribution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4G/5G positioning and timing systems;.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5G RAN and core architecture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; E911 service delivery;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Altitude determination, including barometric altitude determination; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Location verification techniques, including techniques to mitigate spoofing.

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**Human Capital**

We pride ourselves on the quality of our world-class team and seek to hire employees dedicated to our strategic mission. Our employees typically have significant experience working with location systems. As of December 31, 2025, we employed 103 full-time employees, the majority in our headquarters in Reston, Virginia and in our facility in Santa Clara, California. Over 65 of our employees are engaged in research and development and related functions, and more than half of these employees hold advanced engineering and scientific degrees, including many from the world's top universities.

To date, we have not experienced any work stoppages and consider our relationship with our employees to be good. None of our employees are either represented by a labor union or subject to a collective bargaining agreement.

**Facilities**

We maintain a distributed workforce with facilities in Reston, Virginia, Santa Clara, California, Puteaux, France, Noida, India and Bangalore, India. Our principle executive office is in Reston, Virginia. Our corporate offices in Virginia include executive, finance, legal and regulatory functions, while our California facility hosts our operations and technology development, among other functions. Our French and Indian locations are focused on software development and research and development functions. We may add additional facilities in other locations in the future.

**Regulatory**

There are government regulations pertaining to our operation, use, and export of our vertical location and PNT solutions, some of which are currently applicable to us and others that will become applicable to us as we expand our operations. As we expand service to additional countries and regions, we will become subject to additional governmental approvals and regulations.

*Radio Spectrum*

Certain of our services rely on the use of radio communications spectrum, which is regulated in the United States and in most other countries. In the United States, spectrum access is licensed and regulated by the FCC. We hold radio licenses issued by the FCC that authorize the use of 8 MHz of contiguous spectrum in the 900 MHz band covering more than 90% of the population in the United States, and an additional 4 MHz of M-LMS licenses in parts of the United States. These licenses and the FCC rules impose obligations on us regarding the use of this spectrum, including power and operational limits, coexistence, build-out, and usage requirements, and a license renewal obligation. We must comply with these requirements to retain access and use of these spectrum resources.

On April 16, 2024, we filed a Petition for Rulemaking with the FCC, seeking to significantly accelerate and expand the availability of our PNT services as a complement and backup to GPS through an optimization of the Lower 900 MHz band. The Petition is subject to an ongoing FCC regulatory review process, and was referenced in the FCC's March 27, 2025 PNT Notice of Inquiry.

*Privacy and Data Security*

In developing highly accurate location information, we collect, process, transmit and store personal information, such as certain individual geolocation information, and other personal information relating to its business contacts, personnel, end users, and website visitors. A variety of federal and state laws and regulations govern the collection, use, retention, sharing and security of this information. The U.S. privacy and data protection legal landscape continues to evolve, with California and Virginia having enacted broad-based data privacy and protection legislation and with states and the federal government continuing to consider additional data privacy and protection legislation. As we expand overseas, our joint venture partners will be subject to foreign data privacy and protection legislation, and we may be as well.

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We understand that protection of data and privacy is critically important to the end-users of our services. Our core privacy principles are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transparency: We are transparent about our data practices, and we comply with our privacy policies and agreements so customers and business partners can make informed decisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Control: We have implemented appropriate means for our customers and business partners to control relevant personal and business information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Security: We endeavor to protect the data entrusted to us by using strong security protocols. NextNav maintains a cybersecurity team, responsible for threat monitoring, protection of internal and customer-facing systems and third-party compliance testing of NextNav's cyber security controls.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Compliance: We respect and comply with local privacy laws, ensuring that privacy-by-design is a core consideration as we develop our products and services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consent: We require appropriate opt-in consent for the provision of all of our services, consistent with the requirements of local law.

We have implemented multilayered administrative, physical, and technical security measures to protect data. Data access is implemented with the rule of "least privilege," and we isolate data by service, business function and customer agreement. Our data is encrypted both at rest (locally on the device and on the server) and in transit.

*Export*

Our business plans are based in part on the distribution of its services worldwide. We are required to comply with U.S. export control laws and regulations, including the Export Administration Regulations ("EAR") administered by the U.S. Department of Commerce's Bureau of Industry and Security and the foreign asset control regulations administered by the U.S. Department of the Treasury's Office of Foreign Assets Control. Pursuant to these foreign trade control laws and regulations, we are required, among other things, to (i) determine the proper licensing jurisdiction and export classification of products, software, and technology, (ii) obtain licenses or other forms of U.S. government authorization, or qualify for exceptions, to export our products, software, and technology outside the United States, and (iii) avoid engaging in unauthorized transactions with certain sanctioned countries, territories, entities, and individuals. Violations of applicable export control and sanctions laws and related regulations, which are enforced on a strict liability basis, could result in criminal and administrative penalties, including fines and possible denial of export privileges. U.S. export licenses or license exceptions are required to transfer or make accessible certain of our software source code and technology to our non-U.S. employees. In addition, U.S. export control laws and related licensing policies continue to change, further regulating the export and re-export of our products, services, and technology from the United States and abroad, and increasing our costs and the time necessary to obtain required authorization.

See the section entitled "*Risk Factors — Risks Related to Legal and Regulatory Matters*" for additional information regarding the regulatory requirements applicable to us.

**Corporate Information and Access to SEC Reports**

Our principal executive office is located at 11911 Freedom Dr., Ste. 200, Reston, VA 20190. Our telephone number is (800) 775-0982, and our website address is www.nextnav.com. Information contained on, or accessible through, our website is provided for textual reference only and does not constitute part of, and is not incorporated by reference into, this Annual Report on Form 10-K.

We make our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and amendments to those reports, available free of charge in the "Investors" section of our website as soon as reasonably practicable after we file these reports with the SEC. We routinely post these reports, recent news and announcements, financial results and other important information about our business on our website at www.nextnav.com. Information contained on our website does not constitute part of, and is not incorporated by reference into, this Annual Report on Form 10-K.

In addition, the United States Securities and Exchange Commission ("SEC") maintains an Internet website at www.sec.gov that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC.

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**Item 1A.** [**Risk Factors.**](#TOC)

*Our financial position, results of operations, liquidity, business and prospects are subject to various risks, many of which are not within our control, that could cause actual performance to differ materially from historical or projected future performance. You should consider carefully the risk factors described below in evaluating the information contained in this report as the occurrence of one or more of these risks could have a material adverse effect on our business.*

**Risks Related to the Business and the Industry** 

***We have incurred significant losses since inception. We expect to incur losses in the future, may not be able to achieve or maintain profitability, and may need to raise additional capital to maintain our operations in the future.***

We have incurred significant losses since inception. For the years ended December 31, 2025, 2024 and 2023, we incurred net losses of $189.3 million, $101.9 million and $71.7 million, respectively. We do not expect to be profitable or cash flow positive in the near future. Furthermore, any expansion of our services, including the deployment of our NextGen technology, will result in increased operating costs. As a result, our losses are expected to continue, and we may not achieve profitability as anticipated, or at all.

We expect our operating expenses to increase over the next several years as we scale our operations and increase research and development efforts relating to new offerings and technologies. These efforts may be more costly than we expect and may not result in meaningful revenue or growth in our business. Any failure to increase our revenue sufficiently to keep pace with our investments and other expenses could prevent us from achieving or maintaining profitability or positive cash flow. If our future growth and operating performance fail to meet investor or analyst expectations, or if we have future negative cash flow or losses resulting from expanding our operations, this could have a material adverse effect on our business, financial condition and results of operations.

We believe that our cash and cash equivalents and marketable securities as of December 31, 2025 will be sufficient to meet our working capital and capital expenditure needs, including all contractual commitments, beyond the next 12 months from the date of filing this Annual Report on Form 10-K. We expect to meet longer term expected future cash requirements and obligations through a combination of cash flows from operations and issuance of equity or debt securities. However, this expectation is based upon internal financial projections of operating cash flows and is subject to changes in market and business conditions. Our ability to raise additional capital on acceptable terms, or at all, will depend on, among other things, our financial performance and credit ratings, general economic factors, including inflation and prevailing interest rates, the condition of the credit and capital markets and other events, some of which may be beyond our control. If we need additional capital and cannot raise it on acceptable terms, or at all, our business, financial conditions, and results of operations will be materially impacted. If we raise capital through the sale of equity or debt securities, our current investors may be materially diluted.

***The developing nature of our technology and product services makes it difficult to evaluate our future prospects and the risks and challenges we may encounter.***

We have been focused on developing the next generation of complementary and backup PNT services and in order for us to be profitable, our services require substantial adoption across disparate industries and may further depend on the deployment of our NextGen technology. Our existing services have been adopted for E911 and public safety customers, but we have not achieved broad adoption across all industries that may be necessary to achieve significant revenue growth or profitability. Risks and challenges we have faced or expect to face in connection with commercially marketing our services include our ability to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; forecast our revenue and budget for and manage our expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; attract new customers and retain existing customers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; effectively manage our growth and business operations, including planning for and managing capital expenditures for our current and future infrastructure, and managing our supply chain and supplier relationships related to our services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; effectively manage our spending on sales and marketing in order to address a disparate set of industries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; comply with existing and new or modified laws and regulations applicable to our business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; anticipate and respond to macroeconomic changes and changes in the markets in which we operate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; secure the FCC rule changes needed to support the deployment of 5G-compatible PNT technologies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; maintain and enhance the value of our reputation and brand;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; develop and protect intellectual property; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; hire and retain talented people at all levels of our organization.

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There is ongoing volatility in the financial and capital markets. If our access to capital is restricted or associated borrowing costs increase as a result of developments in financial markets, our operations and financial condition could be adversely impacted.

If we fail to address the risks and difficulties that we face, including those associated with the challenges listed above as well as those described elsewhere in this "Risk Factors" section, our business, financial condition and results of operations could be adversely affected. Further, because we operate in a rapidly evolving market, any predictions about our future revenue, expenses and potential profitability may not be as accurate as they would be if we operated in a more developed market. Forecasting the revenue potential of our services is made more difficult by the fact that legacy location technologies, such as GPS, were developed by the U.S. Federal Government and made available to commercial users without charge. As a result, one of the adoption hurdles that must be overcome is convincing enterprise customers that the additional accuracy and security made available by our services justifies paying for them. We have encountered in the past, and we will encounter in the future, risks and uncertainties frequently experienced by growing companies with limited operating histories in rapidly changing industries. If our assumptions regarding these risks and uncertainties, which we use to plan and operate our business, are incorrect or change, or if we do not address these risks successfully, our results of operations could differ materially from our expectations and our business, financial condition and results of operations could be materially and adversely affected.

***The indenture governing our 5% Senior Secured Convertible Notes due in 2028 (the "2028 Notes") contains restrictions and other provisions regarding events of default that may make it more difficult to execute our strategy or to effectively compete, or that could materially and adversely affect our financial position.***

Subject to certain exceptions and qualifications, the indenture governing the 2028 Notes (the "2028 Indenture") restricts our ability to, among other things, (i) incur indebtedness, other than certain forms of permitted debt, (ii) issue any preferred equity interests, (iii) create or permit to exist any lien on any property, other than certain limited forms of permitted encumbrances, (iv) merge, amalgamate, consolidate or sell all or substantially all assets, (v) make or hold any investment, other than certain forms of permitted investments, (vi) consummate certain asset sales, (vii) pay any dividend or other distribution with respect to any of our capital stock, (viii) make any payment (whether in cash, securities or other property), including any sinking fund or similar deposit, on account of the purchase, redemption, retirement, acquisition, cancellation or termination of any of our capital stock or any option, warrant or other right to acquire any such capital stock, (ix) dispose or transfer intellectual property that is material to our business or (x) effect any transaction that would result in an adjustment to the conversion price of the 2028 Notes to an amount less than $2.05 per share of common stock. These restrictions, and others set forth in the 2028 Indenture as discussed below, may make it difficult to successfully execute our business strategy or effectively compete with others that are not similarly restricted.

The 2028 Indenture also provides that a number of events will constitute an event of default, including, among other things, (i) a failure to pay interest or any other amount due on the 2028 Notes, (ii) a failure to pay the principal of the 2028 Notes when due at maturity, upon any required repurchase, upon declaration of acceleration or otherwise, (iii) a failure to comply with our obligations to convert the 2028 Notes in accordance with the 2028 Indenture upon exercise of a holder's conversion right within five business days, (iv) any breach of our covenants with respect to consummating restricted consolidations, mergers, or other sale transactions, (v) the failure to comply with any of our other agreements contained in the 2028 Indenture or the 2028 Notes (vi) a failure by us to pay final legal, arbitral or other judgments aggregating $1 million or more, and (vii) certain events of liquidation, reorganization, bankruptcy or insolvency.

If an event of default occurs and is continuing, additional interest will accrue on the 2028 Notes at a rate of 2% per annum of the principal amount of the 2028 Notes outstanding as of the occurrence of the event of default. We will also be required to pay additional interest of up to 0.50% per annum if (x) we fail to timely make certain required filings with the SEC, until such filings are made, or (y) the 2028 Notes are not otherwise freely tradeable under Rule 144 under the Securities Act. If we fail to pay interest on the 2028 Notes for 30 days or the principal of the 2028 Notes when due, the trustee has the right to declare all the 2028 Notes to be due and payable immediately. In the case of certain events of bankruptcy, all outstanding 2028 Notes will become due and payable immediately. Any such events of default or other acceleration of, or any increase in the amounts otherwise payable on, our debt could have a material adverse effect on our liquidity, particularly if we are unable to negotiate mutually acceptable terms with the holders of the 2028 Notes or if alternate funding is not available to us. Furthermore, if we are unable to repay the 2028 Notes upon an acceleration or otherwise, we could be forced into bankruptcy or liquidation.

In the event of certain non-ordinary course asset sales, including sales of certain intellectual property or spectrum licensed by the Federal Communications Commission to us or our subsidiaries, we must make a mandatory repurchase offer for a portion of the 2028 Notes outstanding with the proceeds of such sale, at a price equal to 100% of the aggregate principal amount of the 2028 Notes subject to such repurchase, together with accrued and unpaid interest thereon to the date of the repurchase, subject to certain thresholds and limitations set forth in the 2028 Indenture.

In addition, in the event of a Fundamental Change (as defined in the 2028 Indenture), each holder has the right, at such holder's option and subject to the limitations set forth in the 2028 Indenture, to require us to repurchase for cash all of such holder's 2028 Notes in an amount equal to the greater of (i) the then outstanding principal amount of 2028 Notes held, plus all accrued and unpaid interest to such date and (ii) the consideration each holder of 2028 Notes would have received if such holder had converted the 2028 Notes into our common stock immediately prior to such Fundamental Change.

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***Our ability to sell Pinnacle z-axis service may be limited and depends on third-party adoption and market demand.***

We do not sell our Pinnacle z-axis solutions directly to end users. Instead, we provide location technology that integrates with devices and applications that are created or distributed by third parties. Accordingly, our future growth significantly depends on third parties choosing to incorporate our technology into smartphone devices, applications and other new device types and markets that utilize location. We also depend on our customers, resellers and licensees to develop products and services with value-added features to drive sales and demand. Because GPS has been viewed in the marketplace as a reliable geolocation service provided for free to end users, our customers may not see a business need to integrate our solutions into our devices and applications. Despite efforts to educate customers about the need for z-axis geolocation services, there can be no assurance that such efforts will be successful and as a result, a market for our solutions may not be created or result in meaningful revenue.

***The majority of our business plan depends on selling services that must be licensed and integrated into our customers' platforms for sales to end users, and we typically only generate revenue from the arrangements when end users access those third-party platforms and utilize our services.***

Our business plans are dependent in part on the sale of location services to our customers, which are third-party developers who use our services to create applications for use in mobile devices, on vehicles and in other platforms. For these types of contracts, we recognize revenue when end users access and use our customers' applications. As a result, our business plans are also dependent in part on the success of our customers in selling their own products and services to end users. Contracts of this type do not contain purchase commitments and our limited operating history makes estimating the future variable volume and revenue associated with these contracts difficult. If our customers take longer than expected to integrate our services into their applications or are unable to sell their applications in the volumes or timeframes we expect, then the use of our services by end users and the related recognition of revenue could be delayed or may never occur.

***We may not be successful in the evolution of our operations to utilize 5G NR signals, which will increase our costs and may increase the challenge of adopting our services, and the time it takes us to evolve our service may differ from our estimates.***

We are currently evolving our core technology from one reliant on a transmission that was designed to be technically compatible with GPS and GNSS receivers to one that is being designed to be technically compatible with the 5G NR ecosystem. This carries risks related to the technical performance of this transmission and the availability of equipment in the 5G NR ecosystem compatible with our spectrum and operations. If the technical performance of the 5G NR transmission is not similar to the technical performance of our legacy technologies, then the market for our services may be diminished. We must also secure approval from the FCC for this modified use of our licensed spectrum. We have submitted a petition to the FCC seeking this authority, which has been opposed by certain other users in the lower 900 MHz band. The petition remains pending before the FCC. Further, while we intend our signal to be compatible with the 5G NR ecosystem, we may not be successful at integrating our service into commercial 5G NR transmitters, core network, receivers or other system components, which would significantly reduce the market for our services.

If there are significant delays in our evolution to 5G NR-compatible technologies, including technology, ecosystem, standardization or other delays, our ability to offer our services to customers including the U.S. Federal Government and commercial entities will be impacted. If any or all such delays occur, our business may be harmed.

***Our NextGen business strategy is dependent on entering into partnerships with third-party wireless operators; failure to secure these partnerships could prevent us from deploying our 5G services.*** 

Our NextGen technology plans are largely dependent upon our ability to enter into strategic partnerships with wireless operators to utilize our spectrum licenses for 5G broadband services in the manner set forth in our petition before the Federal Communications Commission ("FCC"). The process of negotiating and securing these partnerships is complex, time-consuming, and subject to factors beyond our control, including the strategic priorities of potential partners, competitive bidding for spectrum usage, and general economic conditions.

Even if we are successful with our FCC petition, there is no guarantee that wireless operators will be willing to partner with us on commercially reasonable terms, or at all. If we are unsuccessful in entering into such partnerships, we may be unable to deploy or operate our 5G PNT services. Furthermore, any inability to execute these partnerships could significantly diminish the value of our spectrum assets and impair our ability to generate revenue or achieve profitability. Any failure or significant delay in establishing these relationships could have a material adverse effect on our business, financial condition, and the long-term viability of our NextGen service.

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***We face intense competition in our market, especially from competitors that offer their location services for free, which could make it difficult for us to acquire and retain customers and end users.*** 

The market for development, distribution and sale of location services is highly competitive. Many of our competitors have strong name recognition, sizable customer bases and significantly greater financial, technical, marketing, public relations, sales, distribution and other resources than we do. These competitors often offer competing services for free and have the financial capabilities to continue to improve upon their location services offering without charging a fee. Certain of our competitors are already vying for market share in the 3D location space through their participation in a federal regulatory proceeding involving the FCC in which wireless carriers are being required to enter into relationships with 3D location vendors in order to enable accurate 3D location information to be conveyed to E911 emergency dispatchers with each wireless call made to E911 emergency services. Although we believe our services currently offer an improved functionality over the services offered for free, there is no certainty that we will be able to achieve broad market appeal for our 3D location services. In addition, there is no guarantee that our services will be as reliable and with the same geographic coverage as the currently available geolocation services, which may impact our ability to attract new or retain existing customers to utilize our products over the free services offered by our competitors. The performance of our services may vary based on ambient conditions, both physical and environmental, which may impact the timing and location accuracy of the system. If our services are not meaningfully superior to those available at lower or no cost, we may have difficulty selling our services, achieving widespread adoption of our services and our business, financial position and results of operations may be harmed.

***We face competition from multiple sources.***

Our services compete against: (i) other satellite and terrestrial based location technology offerings, such as GPS, Observed Time Difference of Arrival and terrestrial beacons; (ii) other providers of Wi-Fi and cell-based positioning, such as Google, Apple and Polaris; (iii) venue-based solutions such as Bluetooth Low Energy; and (iv) other proprietary location solutions. In the smartphone location provider market, because Apple and Google control a large percentage of the market share for smartphone operating systems, already provide their services on a nationwide basis, and offer location provider services free as part of the iOS and Android markets, we are constrained in the distribution and monetization of our services in that market. As noted above, those vendors that secure access to wireless handsets for their 3D location services may be able to leverage a significant competitive advantage over other location service vendors. There are also a number of new location technologies in development that may further increase competition to support location capabilities in various wireless devices (such as Internet of Things) and which may require us to meet more stringent accuracy standards.

Certain of our competitors are substantially larger than us and have greater financial, technical, marketing and other resources. Thus, many of these large enterprises are in a better position to withstand any significant reduction in spending by customers in its markets, and often have broader product lines and market focus, have greater brand recognition and may not be as susceptible to downturns in a single market. These competitors may also be able to bundle their products together (such as with mapping software) to meet the needs of a particular customer, may be able to respond more rapidly to new or emerging technologies or changes in customer requirements and may be capable of delivering more complete solutions than we are able to provide. If large enterprises that currently do not compete directly with us choose to enter our markets by acquisition or otherwise, competition for both revenue and data would likely intensify. In addition, the growth of new location technologies currently in development may further increase competition to provide these new technologies. If we are not able to compete successfully for customers, our financial position may be materially adversely affected.

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***Our Pinnacle network infrastructure is dependent on a hosting arrangement with AT&T.***

We entered into an equipment hosting agreement with AT&T, expiring in October 2028 (subject to earlier termination after three years in certain circumstances), and there is no assurance that the agreement will be renewed. This AT&T agreement provides for such important capabilities as the hosting of our Pinnacle network at AT&T's wireless sites, the provision of power to the Pinnacle network equipment and AT&T data service to enable the Pinnacle network equipment to communicate with us. We have no contractual right to require AT&T to continue its relationship with us beyond the existing term of the equipment hosting agreement and AT&T may elect not to renew our contracts or we and AT&T may not be able to come to an agreement on renewal or extension terms at or before the end of agreement term. If we cannot secure a renewal or extension of the equipment hosting agreement, we may have to construct a new Pinnacle network prior to expiration of the equipment hosting agreement. Constructing a new network would require significant time and resources that we may not be able to secure. In addition, if there is a delay in our ability to build a new network, our Pinnacle services may experience lengthy disruptions and outages. If we are unable to maintain our relationship with AT&T, our business, financial condition and results of operations would be harmed. Our ability to transmit data is dependent on AT&T's wireless data network and on the associated power supply available within that network. We have experienced temporary and geographically limited service outages due to issues with the AT&T wireless data network and our forecasted value from the Pinnacle network and the other benefits of the AT&T agreement may be degraded by any similar future service outages or other disruptions.

***We rely, in part, on AT&T for distribution of our services to FirstNet***<sup>®</sup> ***customers.***

We entered into a services agreement with AT&T that was to expire in October 2022, with no renewal terms. Thereafter, we amended the agreement by extending it until January 7, 2024 and October 24, 2025, and the agreement has been further extended to October 24, 2028. This AT&T agreement, as amended, continues our relationship in which AT&T purchases, markets and sells our services to its FirstNet<sup>®</sup> subscribers. We have no contractual right to require AT&T to continue its relationship with us, and AT&T may decide not to renew our services contract prior to the end of the extended term. If we are not able to secure a further renewal or extension of our services agreement with AT&T, our ability to sell or market products to FirstNet<sup>®</sup> and other public safety customers may be impacted, and our business, financial and results of operations may be materially and adversely harmed.

***Our services may not continue to be adopted or retained by wireless carriers and device vendors for E911.***

We have expended significant resources developing, testing and licensing software and solutions targeted towards E911 services, the primary customers for which are wireless carriers. While we are currently providing service to Verizon, and provide services to devices operating on other carriers' networks as customers for E911 services, our ability to retain these customers or sell our z-axis service to additional wireless carriers or device vendors for E911 in our coverage area depends upon the continued willingness of these carriers and device vendors to use our service to comply with FCC mandates. If carriers prefer competing solutions, or if our service is not able to meet future performance, geographic or other customer requirements, then the market for our services for E911 may be reduced.

Our ability to offer our service for E911 is also influenced by the willingness of wireless device manufacturers to incorporate our software or services into their device platforms. Apple and Google exert significant market power over services on their respective platforms, and there is no assurance that they will approve or adopt our software or services in connection with their respective platforms. If Apple and/or Google do not provide such approval, there could be a material adverse impact to our business, financial condition and results of operations.

***Our Pinnacle service in smartphones relies on the availability of barometric pressure measurements and 2D location being made available to us or our customers.***

In order for our customers to be able to utilize our Pinnacle service in smartphones, we and our customers must have access to barometric pressure measurements and 2D location information, both of which are made available by APIs provided by Google, Apple and other device/OS vendors. If either Google or Apple or others meaningfully change their terms of service related to the use of this measurement and location data, choose not to provide this data to us or our customers, or choose not to incorporate location sensors in their devices, our ability to offer our Pinnacle service to our customers on these platforms will likely be impacted and affect our revenues.

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***Our inability to maintain access to third-party platforms, such as mobile application stores, could significantly impair our service distribution and revenue.***

Our customers market and distribute our products (including related mobile applications) through a variety of third-party distribution channels. Our ability to achieve broad market reach depends in part on the ability of our distribution partners and customers to use mobile application stores, such as the Apple App Store and Google Play Store. Both Apple and Google have broad discretion to change their policies regarding their mobile operating systems and app stores in ways that may limit, eliminate or otherwise interfere with our customers' ability to distribute or market their applications through such stores. To the extent our customers are unable to maintain a productive relationship with either or both of them, our relationships with these customers may be impacted and our ability to achieve broad market reach will be impacted and our business, financial condition and results of operations could be adversely affected.

***We rely upon Amazon Web Services to operate our cloud platform and any disruption of or interference with our use of Amazon Web Services or the need for additional cloud support would adversely affect our business, results of operations and financial condition.***

We host our applications in Amazon Web Services' ("AWS") cloud infrastructure. Customers of our products need to be able to access our platform at any time, without interruption or degradation of performance. AWS runs its own platform that we access, and we are, therefore, vulnerable to service interruptions at AWS. We have experienced and we expect that in the future we may experience interruptions, delays and outages in service and availability from time to time due to a variety of factors, including infrastructure changes, human or software errors, website hosting disruptions and capacity constraints. Capacity constraints could be due to a number of potential causes including technical failures, natural disasters, fraud or security attacks. In addition, if our security, or that of AWS, is compromised, our products or platform are unavailable or our users are unable to use our products within a reasonable amount of time or at all, then our business, results of operations and financial condition could be adversely affected. In some instances, we may not be able to identify the cause or causes of these performance problems within a period of time acceptable to our customers. To the extent that we do not effectively address capacity constraints and cost considerations, either through AWS or alternative cloud infrastructure, our business, results of operations and financial condition may be adversely affected. In addition, any changes in service levels from AWS may adversely affect our ability to meet our customers' requirements. Further, our customers may require it to support additional cloud platforms beyond AWS, which would result in additional costs to our business.

Any of the above circumstances or events may harm our reputation, possibly move customers to stop using our products, impair our ability to increase revenue from existing customers, effectively manage costs, impair our ability to grow our customer base, subject us to financial penalties and liabilities under our service level agreements and otherwise harm our business, results of operations and financial condition.

***We rely on a limited number of key vendors for timely supply of components or services for our service offerings. If these vendors experience problems, we could fail to obtain the equipment and services we require to operate our business successfully.***

The components required for our services and development are not available in high volume and are produced by a small number of vendors. We also depend on certain third-party services, in addition to those described elsewhere, for the provision of our services. If we are unable to procure these components or services or design or obtain effective alternatives, we may be unable to provide services to our customers, or develop our technology. In the event it becomes necessary to seek alternative vendors, we may be unable to obtain satisfactory replacement vendors on economically attractive terms on a timely basis, or at all, which could increase costs and may negatively impact our ability to expand our service offering or cause disruption in service.

If vendors of our equipment or providers of services on which we rely experience financial difficulties, service or billing interruptions, patent litigation or other problems or consolidate with larger entities, our growth and operating results could be negatively impacted. In addition, and without limiting the other risk factors specified herein relating to geopolitical and similar uncertainties, increases in tariffs or similar governmental authority actions may severely disrupt our supply chain and further degrade our ability to continue our existing, or find alternative, relationships with key component suppliers in a manner that materially harms our business.

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***Our services are available within defined network footprints, and if we are not able to deploy new infrastructure, we will not be able to expand our service area.***

Our services are available within defined network footprints. Unlike certain of our competitors that do not require the deployment of network infrastructure to provide location services, we are not able to sell our services outside of these footprints where our customers may require services. In order to expand our footprint, we would need to invest significant time and financial resources to build-out additional infrastructure and there is no certainty that even if we were to be able to secure the financial resources to do so, that we would be able to expand our footprint successfully. In addition, as discussed in a subsequent section, certain of our services, such as our TerraPoiNT service, depend on access to radio spectrum. Although we hold FCC spectrum licenses covering over 90% of the U.S. population, we do not currently have access to licensed radio spectrum in every location in the United States. If we are not able to deploy new infrastructure, we will not be able to expand our service area, customers that require service outside of our footprints may choose other service providers, or may combine our service with other offerings, which may impact the value of our business.

***There is no guarantee that Federal and state government resilient PNT programs or our current commercial opportunities will result in procurements or in the adoption of our services or revenue to us, and the process that may result in such adoption or revenue may be delayed.***

We have expended significant resources to successfully market our resilient PNT services to U.S. Federal and state governments, or commercial customers. While the U.S. Congress has allocated financial resources for the purchase of resilient PNT systems, and Executive Order 13905 requires Federal agencies to consider resiliency requirements when procuring PNT systems, there is no guarantee that our resilient PNT system will be purchased by any Federal or state government entities. Further, government procurement cycles can be extended pending Congressional, regulatory, procurement process or other actions, and any market for our services that emerges in this sector may not generate revenue for an extended period of time, if at all.

There is no guarantee that our PNT services will be widely adopted. Key manufacturers of devices and chipsets may be unwilling to integrate processing capabilities and required components into their devices. Further, even if we are able to secure agreements with these leading manufacturers, the terms under which such integrations may occur may not be favorable to us. Further, there is no certainty that one of our competitors will not develop and commercialize a different solution in the meantime. In addition, our ability to sell our services may be impacted by political or technological preferences. If we are unable to sell our PNT services commercially, to additional government users, or to an international market, our financial results will be materially adversely impacted.

***Our business depends on the use of location by a wide range of applications, including public safety and E911 applications. Privacy concerns relating to location data, generally, and our technology could damage our reputation and deter current and potential users from using our products and applications.***

Our business depends on the use of location by a wide range of applications, including public safety and E911 and which may include mobile marketing applications in the future. User perception about the sharing of location data and concerns, more broadly, about the collection of location data, or about our specific practices or the mobile applications that use our location services with regard to the collection, use, disclosure, or security of location information or other privacy related matters, even if unfounded, could damage our reputation and operating results, and could result in default and/or termination of agreements we have with various counterparties.

***Natural or man-made disasters or terrorist attacks could have an adverse effect on our business.***

Our services are built on a terrestrial-based technical infrastructure, which is vulnerable to damage or interruption from technology failures, power surges or outages, natural disasters(such as landslides, tornados, earthquakes, hurricanes and floods), fires, human error, terrorism, war, civil unrest, acts of god, pandemics, epidemics, intentional wrongdoing, cyber-security incidents, power losses, telecommunications failures or similar events. As a geolocation services provider, there is an increased risk that our technological infrastructure may be targeted in connection with terrorism or cyberattacks, either as a primary target, or as a means of facilitating additional attacks on other targets.

We are increasingly dependent on information technology systems and infrastructure to operate our business, so any such or similar events could materially disrupt our business operations or our provision of service in one or more markets. Costs we incur to restore, repair or replace our network or technical infrastructure, as well as costs associated with detecting, monitoring or reducing the incidence of unauthorized use, may be substantial and increase our cost of providing service. In addition, any of the aforementioned risks or events may be augmented if our business continuity and disaster recovery plans, or those of our supply chain, prove to be inadequate. If any of the above or similar events were to occur, we could experience an adverse impact to our business, financial condition and/or results of operations. Additionally, if applicable to any such events, our insurance may not be adequate to cover the costs associated. We also rely on third-party providers for certain of our infrastructure, any of which could also be subject to any such events, which could also have an adverse effect on our business.

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***Significant disruptions of our information technology systems or data security incidents, or the perceived failure to adequately protect personal information or other confidential or proprietary data, could trigger contractual and legal obligations, harm our reputation, subject us to liability, cause us to modify our business practices and otherwise adversely affect our business, financial condition and results of operations.***

We are dependent on information technology systems and infrastructure to operate our business. We also rely on third parties to operate our business, whether because we have outsourced certain elements of our operations (including elements of our information technology infrastructure) to third parties, or may have incorporated third-party technology into our platform, or rely on third parties to incorporate our products and services into their offerings. As a result, a number of third parties may or could have access to our information technology systems (including our computer networks) or to our confidential information. In addition, many of those third parties in turn subcontract or outsource some of their responsibilities to third parties. As a result, our information technology systems, including the functions of third parties that are involved or have access to those systems, is large and complex. While all information technology operations are inherently vulnerable to inadvertent or intentional security breaches, incidents, attacks and exposures, the size, complexity, accessibility and distributed nature of our information technology systems, and personal or confidential information stored on those systems, make such systems potentially vulnerable to unintentional or malicious internal and external threats on our technology environment.

Vulnerabilities can be exploited from inadvertent or intentional actions or omissions of our employees, third-party vendors, business partners, or by malicious third parties. Attacks of this nature are increasing in their frequency, levels of persistence, sophistication and intensity, and are being conducted by sophisticated and organized groups and individuals with a wide range of motives (including, but not limited to, industrial espionage) and expertise, including organized criminal groups, "hacktivists," nation-states and others. For example, despite our efforts to secure our information technology systems and the data contained in those systems, including any efforts to educate or train our employees, we remain vulnerable to phishing attacks.

In addition to the threat of unauthorized access or acquisition of sensitive or personal information, other threats could include the deployment of harmful malware, ransomware attacks, denial-of-service attacks, social engineering and other means to affect service reliability and threaten the confidentiality, integrity and availability of information. Some of these external threats may be amplified by the nature of third-party web hosting or cloud computing services or by the integration of our product into a third party's offerings. Our systems may experience directed attacks intended to interrupt our operations; extract money from it; and/or obtain our data (including without limitation end user or employee personal information or proprietary information).

Although we have implemented certain systems, processes, and safeguards intended to protect our information technology systems and data from such threats and mitigate risks to our systems and data, we cannot be certain that threat actors will not have a material impact on our systems or services in the future. Our safeguards intended to prevent or mitigate certain threats may not be sufficient to protect our information technology systems and data due to the developing sophistication and means of attack in the threat landscape. The risk of harm to our business caused by security incidents may also increase as we expand our product and service offerings and as we enter into new markets. The rise in the use and sophistication of artificial intelligence systems may also increase the risk and severity of cyber incidents.

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Any event that leads to unauthorized access, use or disclosure of personal information could disrupt our business, harm our reputation, compel us to comply with applicable federal and/or state breach notification laws and foreign law equivalents, subject us to time-consuming, distracting and expensive litigation, regulatory investigation and oversight, mandatory corrective action, or otherwise subject us to liability under laws, regulations and contractual obligations, including those that protect the privacy and security of personal information. Such statutory and contractual disclosures are costly, could lead to negative publicity, may cause our customers or the public to lose confidence in the effectiveness of our security measures and require us to expend significant capital and other resources to respond to and/or alleviate problems caused by the actual or perceived security breach. Compliance with these obligations could result in increased costs to us, as well as significant legal and financial exposure.

***We may become subject to litigation arising out of any security breaches, which may adversely affect our business.***

Litigation resulting from security breaches may adversely affect our business. Unauthorized access to our systems, networks, or physical facilities could result in litigation with our customers or other relevant stakeholders, government investigations, or regulatory actions, and may result in liability of or claims for indemnification by us with respect to the same. These proceedings could force us to spend money in defense or settlement, divert management's time and attention, increase our costs of doing business, and/or adversely affect our reputation. We could be required to fundamentally change our business activities and practices or modify our products and/or platform capabilities in response to such litigation, which could have an adverse effect on our business. Any costs incurred as a result of this potential liability could harm our business.

***We maintain insurance policies to cover certain losses relating to our information technology systems, but there is no certainty that our policy limits will be sufficient to cover all liabilities that we may face as the result of security incident and there is no assurance that we will be able to maintain our current policies or secure new policies in the future.***

We maintain insurance policies to cover certain losses relating to our information technology systems. However, there may be exceptions to our insurance coverage such that our insurance policies may not cover some or all aspects of a security incident. Even where an incident is covered by our insurance, the insurance limits may not cover the costs of complete remediation and redress that we may be faced with in the wake of a security incident and will not provide recovery for reputational harm. The successful assertion of one or more large claims against us that exceeds our available insurance coverage, or results in changes to its insurance policies (including premium increases or the imposition of large deductible or co-insurance requirements), could have an adverse effect on our business. In addition, we cannot be sure that our existing insurance coverage will continue to be available on acceptable terms or that our insurers will not deny coverage as to any future claim.

***We depend on the availability of personnel with the requisite level of technical expertise.*** 

Our ability to develop and maintain our solutions and execute our business plan is dependent on the availability of technical engineering, information technology, service delivery and monitoring, product development, sales, management, finance and other key personnel. The specialized engineers and other personnel required for our growth are in high demand by companies with greater resources, so we may have difficulty hiring and retaining critical personnel to develop and operate our services, which will have a negative impact on our ability to grow and achieve widespread customer and user acceptance.

***We depend on key members of our senior management team; our performance could be adversely impacted if they depart and we cannot find suitable replacements.***

Our success depends largely on the skills, experience and performance of key members of our senior management team, including key members located in India (and subject to potential change in law), as well as our ability to attract and retain other highly qualified management and technical personnel. There is competition for qualified personnel in our industry, and we may not be able to attract and retain the personnel necessary for the development of our business. The loss of the services of key members of management and the inability or delay in hiring new key employees could adversely affect our ability to manage our business and our future operational and financial results.

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***The failure to successfully obtain, maintain and enforce intellectual property rights and defend against challenges to our intellectual property rights could adversely affect us.***

Our services, products and processes rely on intellectual property, including patents, copyrights, trademarks and trade secrets. In some cases, that intellectual property is owned by another party and licensed to us. The value of our intellectual property relies in part on our ability to maintain our proprietary rights to such intellectual property and use rights with respect to the intellectual property of others.

If we are unable to (i) obtain or maintain the proprietary rights to our intellectual property or the use rights with respect to the intellectual property of others, (ii) prevent attempted infringement against our intellectual property, (iii) defend against claims that we are infringing on another party's intellectual property, or (iv) otherwise enforce our proprietary intellectual property rights or our use rights to intellectual property of others in any manner, we could be adversely affected. These adverse effects could include, without limitation, us having to abandon, alter and/or delay the deployment of products, services or processes that rely on such intellectual property; having to procure and pay for licenses from the holders of intellectual property rights that we seek to use; and having to pay damages, fines, court costs and attorney's fees in connection with intellectual property litigation.

***Our results could be adversely impacted by increased inflation and supply chain pressure impacting our or our vendors' expenses and availability of resources and components.***

Inflation and inflationary pressures have impacted, and may continue to impact, our business and the businesses of our suppliers and vendors. If we cannot manage inflationary pressures and any shortages in the labor market, it could increase labor costs or delay our ability to hire appropriate personnel. Further, tariffs, inflation and supply chain pressure may impact the availability and cost of services and equipment. Due to the competitive nature of our business, we may not be able to pass on to customers increases in our vendors' costs of production which could greatly affect our operating results. Independently or collectively these factors could have a material adverse effect on our consolidated operating results, financial condition, or ability to grow our business.

***Global economic conditions may directly or indirectly increase our risks from supply chain, cybersecurity, foreign currency fluctuations, or other factors.***

The financial markets and the global economy may be adversely affected by current or anticipated impact of military conflict, including the current conflict between Russia and Ukraine and related economic and other retaliatory measures taken by the United States, European Union and others, terrorism or other geopolitical events, including as a result of trade tensions between the U.S. and China. Sanctions imposed by the U.S. and other countries in response to conflicts, including the one in Ukraine, may also adversely impact the financial markets and the global economy, and any economic countermeasures by the affected countries or others could exacerbate market and economic instability. Deteriorating economic conditions, financial uncertainty or political disruption, including any international trade disputes, changes in laws or policies governing the terms of international trade, or tariffs or taxes on imports from other countries may increase the likelihood of supply chain interruptions, cybersecurity incidents, disruptions to our information systems, foreign currency fluctuations, or other risks. For example, the current Administration has issued a number of Executive Orders imposing higher tariffs on imports from a number of the United States' trading partners. Historically, tariffs have led to increased trade and political tensions and in some cases economic disruption. In response to the recent tariffs, other countries have implemented retaliatory tariffs on U.S. goods. Political tensions as a result of trade policies could reduce investment, technological exchange and other economic activities between major international economies, resulting in a material adverse effect on global economic conditions and the stability of global financial markets. In challenging and uncertain economic environments such as the current one, it is not possible to predict whether or when such circumstances may improve or worsen, or what impact, if any, such circumstances, such as additional sanctions, tariffs, embargoes, regional instability, changes in laws or governmental administrations, geopolitical shifts and any related adverse effects, could have on the global economy or on our business, financial condition and results of operations, as well as those of our customers, partners and third-party service providers.

***We have acquired and may in the future acquire other businesses, which could require significant management attention, disrupt our business, dilute stockholder value and harm our business, revenue and financial results.***

As part of our business strategy, we have made and intend to make acquisitions. Our previous and future acquisitions may not achieve our goals, and we may not realize benefits from acquisitions we make in the future. Any integration process will require significant time and resources, and we may not be able to manage the process successfully or expend additional resources in the integration process. If (i) we fail to successfully integrate acquisitions, or the personnel or technologies associated with those acquisitions, or (ii) the business case for consummating such acquisitions does not meet our expectations in any manner, the business, revenue and financial results of the combined company could be harmed. Our acquisition strategy may change over time and future acquisitions we complete could be viewed negatively by our stockholders or other parties with whom we do business. We may not successfully evaluate or utilize any acquired businesses, assets or technologies, or accurately forecast the financial impact of an acquisition, including the accounting impact of the acquisition. If we recognize a significant amount of goodwill in an acquisition and later are required to write down the value of the goodwill, our financial results could be negatively impacted. We may also incur unanticipated liabilities that we assume as a result of acquisitions. We may have to pay cash, incur debt or issue equity securities to pay for any such acquisition, each of which could affect our financial condition or the value of our securities. In the future, we may not be able to find suitable acquisition candidates, and we may not be able to complete acquisitions on favorable terms, if at all.

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***Strategic transactions, including mergers, acquisitions and divestitures, involve significant risks and uncertainties that could adversely affect our business, financial condition, results of operations, cash flows and equity.***

Any strategic mergers, acquisitions and divestitures we may make in the future present significant risks and uncertainties that could adversely affect our business, financial condition, results of operations, cash flows, liquidity and equity, which include, without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Difficulty in identifying and evaluating potential mergers and acquisitions, including the risk that our due diligence does not identify or fully assess valuation issues, potential liabilities or other merger or acquisition risks;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Difficulty, delays and expense in integrating newly merged or acquired businesses and operations, including combining product and service offerings, and in entering into new markets in which we are not experienced, in an efficient and cost-effective manner while maintaining adequate standards, controls and procedures, and the risk that we encounter significant unanticipated costs or other problems associated with integration;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Differences in business backgrounds, corporate cultures and management philosophies that may delay successful integration;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Difficulty, delays and expense in consolidating and rationalizing IT infrastructure, which may include multiple legacy systems from various mergers and acquisitions and integrating software code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Challenges in achieving strategic objectives, such as technology development, cost savings, that payments in common stock are more dilutive to current shareholders than anticipated or that cash consideration may be greater than anticipated, and other expected benefits;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Risk that our markets do not evolve as anticipated and that the strategic mergers, acquisitions and divestitures do not prove to be those needed to be successful in those markets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Risk that we assume or retain, or that companies or corporations we have merged with or acquired have assumed or retained or otherwise become subject to, significant liabilities that exceed the limitations of any applicable indemnification provisions or the financial resources of any indemnifying parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Risk that indemnification related to businesses divested or spun off that we may be required to provide or otherwise bear may be significant and could negatively impact our business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Risk that mergers, acquisitions, divestitures, spin offs and other strategic transactions fail to qualify for the intended tax treatment for U.S. Federal income tax purposes and the possibility that the full tax benefits anticipated to result from such transactions may not be realized;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Risk that we are not able to complete strategic divestitures on satisfactory terms and conditions, including unsatisfactory non-competition arrangements applicable to certain of our business lines, unsatisfactory non-solicitation provisions applicable to the talent we are able to pursue or within expected timeframes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Potential loss of key employees or customers of the businesses merged with or acquired or to be divested;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Risk of diverting the attention of senior management from our existing operations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Risk that we will not receive the necessary regulatory approvals.

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**Risks Related to Legal and Regulatory Matters**

***Our business depends on access to radio spectrum to provide certain of our location services and access to such spectrum is not a certainty.***

Through our wholly owned affiliate, Progeny LMS, LLC, we hold 354 licenses issued by the FCC to use radio spectrum for location services within the 902-928 MHz band, identified by the FCC as the Multilateration Location and Monitoring ("LMS") Service licenses, including 128 LMS licenses that we acquired from a third party in 2025. When the FCC created the LMS service, it used an auction process to issue three LMS licenses in each of 176 Economic Areas ("EAs") in the U.S. Progeny's 354 LMS licenses provide coverage of most of the U.S. and the vast majority of populated areas within the U.S., but the amount of spectrum authorized by its licenses varies by location. Progeny holds all three LMS licenses authorizing the use of 12 megahertz of spectrum in 81 EAs, it holds two LMS licenses authorizing the use of 8 megahertz of spectrum in another 32 EAs, and it holds one LMS license authorizing the use of 4 megahertz of spectrum in another 47 EAs. The remaining LMS licenses are all held by the FCC in reserve.

Progeny's LMS spectrum licenses are subject to rules that were adopted by the FCC more than thirty years ago and do not reflect (and are often incompatible with) current technology in the fields of radio signal modulation (such as 5G transmissions) and wireless PNT services. Certain of our location services depend on our ability to use portions of the radio spectrum licensed by the FCC in a manner that is inconsistent with the rules applicable to LMS services in this spectrum. We have therefore filed a petition with the FCC seeking to update the rules and optimize the 902-928 MHz spectrum band to enable 5G operations. Our petition has been opposed by third parties that use portions of the 902-928 MHz band for other purposes, many of them on a secondary, subordinate basis to our licensed operations. We continue to work with the FCC and interested third parties in seeking approval for our Petition so we can deploy next-generation PNT services using state-of-the-art 5G technology in that band.

If the FCC does reconfigure the spectrum, it may decide to use an auction as part of the process of distributing the spectrum licenses it holds in reserve. We may be required to participate and compete with other bidders in such an auction, with no certainty of winning. If we are unable to secure additional LMS licenses or suitable alternative spectrum in a different frequency band, our ability to expand certain of our services nationwide may be negatively impacted, which may have a negative impact on our business, financial condition and results of operations.

***If we are able to convert our signal transmissions to a*** 5***G NR platform, the FCC may not permit us to realize all of the benefits of our*** 5***G NR architecture, including the additional transmission of high-throughput non-PNT-related voice and data alongside our PNT data.***

One of the significant benefits of converting our spectrum transmissions to a 5G NR platform would be a substantial increase in the data transmission capacity of our network, thus facilitating the carriage of non-PNT-related two-way voice and data services alongside our core PNT data transmission. The FCC's rules already permit us to use our currently licensed LMS spectrum for the carriage of two-way voice and data services, but these communications must be related to our PNT services and are not permitted to be interconnected in real time with the public switched network unless a store and forward technology is used. Therefore, to maximize the benefit of a conversion to a 5G NR platform, assuming the conversion is successful, we have requested flexibility from the FCC permitting us to use our spectrum for additional non-PNT-related services in addition to our PNT offerings. Our proposal has faced substantial opposition from other users of the 902-928 MHz band, and there is no certainty that the FCC will provide us this flexibility nor is there certainty with respect to the extent of the flexibility that is provided.

***Our FCC licenses authorize the use of radio frequencies that are shared with other radio services, which could result in harmful interference and impairment to our use of our licensed spectrum.***

Our LMS licenses authorize us to use portions of the 902-928 MHz band. This is a shared frequency band that is used for a number of purposes both by individuals, businesses and the federal government. Other services that are authorized to use these frequencies include federal radiolocation systems; industrial, scientific and medical devices; licensed amateur radio operations; and certain unlicensed devices. Our use of the spectrum is subject to FCC requirements that our operations must accept interference from other uses of the spectrum that have more senior rights to the spectrum. We have been successful thus far in using our LMS spectrum to operate location services without experiencing material impairment of our location services caused by more senior spectrum uses, but no certainty exists that we will be able to continue to do so with either the current-generation systems or following our proposed transition to a 5G NR platform. More senior uses of the 902-928 MHz band could become more numerous or could alter the characteristics of their transmissions in ways that could increase the interference to our location services, resulting in diminished coverage, consistency and accuracy of our location services.

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In addition, our licenses are conditioned upon our ability to demonstrate through actual field tests that our systems do not cause unacceptable levels of interference to unlicensed devices. The FCC issued a decision in 2013 that concluded that, based on field tests, we had successfully demonstrated that our location services did not cause unacceptable interference to such unlicensed devices. Third-party challenges to that FCC decision are still pending. Further, changes in our operations could alter the transmission characteristics of our location services, potentially requiring us to provide further demonstrations that our location services do not cause unacceptable levels of interference to those unlicensed devices. No certainty exists that the FCC would conclude in the future that we have succeeded in making such a demonstration a second time. We have requested that the FCC eliminate this requirement. However, the FCC may decline to change the rule, and if we are unable to make this demonstration to the satisfaction of the FCC, we may not be able to make changes to our operating characteristics, potentially preventing the future implementation of desirable innovations.

***Our LMS licenses are subject to renewal by the FCC and no certainty exists that we will be able to secure ongoing renewals of our licenses.***

LMS licenses are issued by the FCC for renewable periods of ten years. Progeny's LMS licenses have different renewal deadlines, with the current license term for 33 of them extending until March 9, 2027, 52 of them until July 14, 2029, 78 of them until July 19, 2030, and 43 of them until October 5, 2031. For another 148 of our LMS licenses, the most recent term expired on July 19, 2020. We filed timely renewal requests for these LMS licenses at the FCC, which remain pending. The FCC's rules do not identify a specific threshold that must be demonstrated in order for us to secure renewal of our LMS licenses, which means the applicable threshold is the FCC's statutory obligation to grant a renewal of our licenses if it serves the public interest. The FCC has never denied an application that was filed by Progeny for renewal of its LMS licenses and we believe that our most recent license renewal applications satisfied all of the FCC's requirements for grant.

Beginning in 2029, however, our LMS license renewal applications will be subject to new FCC rules placing additional conditions on license renewal applications. Specifically, to secure additional renewals of our LMS licenses we will be required to demonstrate compliance with additional requirements, including that we have satisfied its build-out construction requirements, that we use our network to provide service to the public, and that the service provided is at least at the same level of service that was demonstrated at the time of our build-out showing. No certainty exists that we will receive the currently applied for renewal or continue to meet the requirements of such renewal for future applications. If we fail to secure renewals for our LMS licenses, we will not be able to pursue our next-generation PNT services as previously planned and our business, financial condition and results of operations will be materially harmed.

***Many of our LMS licenses are subject to end-of-term build-out requirements maintained by the FCC, and no certainty exists that we will be able to comply with the build-out requirements for all of our licenses.***

226 of Progeny's 354 LMS licenses are subject to FCC rules that require licensees to make productive use of their licensed radio spectrum by a specific deadline and generally continue such use throughout the term of the licenses. If a licensee fails to satisfy its build-out deadlines, the licenses would be terminated, unless it obtains an extension of time to construct or secures a waiver of the requirement.

With respect to 154 of Progeny's 226 LMS licenses that are subject to end-of-term buildout deadlines, Progeny filed notifications with the FCC that the construction of the required networks was completed and operational by the buildout deadline or by an extended deadline that was requested by Progeny. On April 17 and 18, 2023, the FCC "accepted" (i.e., approved) the build-out showings for 78 of these 154 LMS licenses. The buildout showings for another 76 of Progeny's LMS licenses remain pending before the FCC. While we do not currently have reason to believe that the FCC will decline to accept these build-out showings, there is no certainty that the FCC will act favorably on these 76 buildout showings.

Finally, with respect to Progeny's remaining 72 LMS licenses that are subject to buildout deadlines, Progeny has filed two requests for extension of the applicable buildout deadline, each request seeking an additional two years to complete construction of the required network. The 72 LMS licenses covered by these buildout extensions authorize the provision of location services in many of the least populated EAs authorized by Progeny's LMS licenses. These extension requests, which remain pending, were based on multiple justifications that have been deemed by the FCC to be sufficient to merit the grant of such extensions in comparable cases involving other FCC licensees, although no certainty exists that the FCC will conclude that Progeny's extension requests will be similarly warranted. If the FCC declines to accept any of our buildout showings, or declines to grant extensions of the buildout deadlines for those areas where Progeny has not yet completed the construction of its location service network, Progeny will lose access to its licensed spectrum and may be unable to secure alternative spectrum for these locations, preventing us from providing PNT services in these locations, which may have a material adverse impact on our business.

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***Our retention and use of our LMS licenses has been the subject of ongoing objections by third parties that could result in the revocation or non-renewal of our LMS licenses.***

The FCC's oversight of radio spectrum is conducted using a largely public process that is generally governed by the Administrative Procedure Act and the FCC's rules on public participation in spectrum allocation and licensing proceedings. As a result, our retention and use of our LMS licenses has been the subject of comments and objections from third parties, including other users of the 902-928 MHz frequencies and other current and former licensees of LMS spectrum. In the past, the FCC has regularly rejected and dismissed these objections to our retention and use of our LMS licenses, but no certainty exists that the FCC will continue to do so in the future. Certain of the previous objections remain pending before the FCC, meaning that the FCC could still act on them in a manner that is adverse to us. If the FCC acts on any current or future objections by third parties, our LMS licenses could be revoked or not renewed, which will have a material adverse impact on our ability to use the spectrum as previously planned and our business, financial condition and results of operations will be harmed.

***A portion of our business plan targets government customers, which subjects us to risks, including early termination, audits, investigations, sanctions and penalties.***

One of our objectives is to develop business relationships with U.S. government agencies for the provision of our products and services. We currently contract directly with U.S. government agencies, including NASA, and perform as a subcontractor to other contractors under U.S. government programs. As a U.S. government contractor, our business is subject to statutes and regulations applicable to companies doing business with the U.S. government, including the Federal Acquisition Regulation, or FAR; and NASA FAR Supplement, or NFS.

The funding of U.S. government programs is subject to annual U.S. Congressional appropriations. Long-term government contracts and related orders are subject to cancellation if appropriations for subsequent performance periods are not made. In addition, the U.S. government may modify, curtail or terminate its contracts and subcontracts without prior notice at its convenience and in that event, the counterparty to the contract may generally recover only its incurred or committed costs and settlement expenses and profit on work completed prior to the termination. If the government terminates a contract for default, the defaulting party may be liable for any extra costs incurred by the government in procuring undelivered items from another source, among other potential contract damages. The termination of funding for a U.S. government program that we support, or any modification or curtailment of our U.S. government prime contracts or subcontracts, would result in a loss of anticipated future revenue attributable to that program, which could have an adverse effect on our operations, financial condition or U.S. government customer demand for our products and services.

In addition, U.S. government contracts normally contain additional requirements that may increase our costs of doing business, reduce our profits, and expose us to liability for failure to comply with these terms and conditions. These compliance costs might further increase in the future, reducing our margins, which could have a negative effect on our financial condition. These requirements include, for example:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; specialized disclosure and accounting requirements unique to U.S. government contracts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; financial and compliance audits;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; public disclosures of certain contract and company information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; mandatory socioeconomic compliance requirements.

Failure to comply with these U.S. government contracting regulations and requirements may result in potential price adjustments, recoupment of U.S. government funds after such funds have been spent, civil and criminal penalties, or administrative sanctions such as suspension or debarment from U.S. government contracting or subcontracting for a period of time and could have a material adverse effect on our reputation and ability to secure future U.S. government contracts.

Our government contract activities are subject to audits and investigations by U.S. government agencies, including agency Inspectors General, regarding our compliance with U.S. government contract requirements. If any audit, inquiry or investigation uncovers improper or illegal activities, we may be subject to civil and criminal penalties and administrative sanctions, including termination of contracts, suspension of payments, fines, and suspension or debarment from doing business with the U.S. government.

In addition, if we fail to comply with U.S. government contracting laws, regulations and contract requirements, our contracts may be subject to termination, and we may be subject to financial and/or other liability under our contracts, the Federal Civil False Claims Act (including treble damages and other penalties), or criminal law. In particular, the False Claims Act's "whistleblower" provisions also allow private individuals, including present and former employees, to sue on behalf of the U.S. government. Any penalties, damages, fines, suspension, or damages could adversely affect our ability to operate our business and our financial results.

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***We and our service providers collect, process, transmit, and store personal information, which creates legal obligations and may give rise to additional costs and liability. Failure to comply with federal, state and foreign laws and regulations relating to privacy and data protection could adversely affect our business and its financial condition.***

We collect, process, transmit and store personal information, such as certain individual geolocation information, and other personal information relating to business contacts, personnel, end users, and website visitors, and we may rely in part on third parties that are not directly under its control to manage certain of these operations on our behalf. A variety of federal and state laws and regulations, as well as international laws and regulations (including as applicable the General Data Protection Regulation) govern the collection, use, retention, sharing and security of this information. If we fail to comply with these requirements, we may be subject to financial and/or other liability, including government investigations, regulatory action, litigation, and/or reputational harm.

The U.S. privacy and data protection legal landscape continues to evolve, with certain states having enacted broad-based data privacy and protection legislation and with other states and the federal government continuing to consider additional data privacy and protection legislation. The potential effects of this legislation are far-reaching, may be inconsistent between jurisdictions and may require us to modify our data processing practices and policies and to incur substantial costs and expenses in an effort to comply. Although we do not have direct interaction with end users, we may still be subject to these laws with respect to other personal information we process, or by way of acting as a service provider to our customers, which may bear additional obligations under these laws.

We or our customers may also be subject to FCC rules regarding Customer Proprietary Network Information or other restrictions on our ability to use certain data that we collect in connection with 911 or other calls. Further, the FCC's wireless location rules subject us to additional privacy restrictions with respect to our use of any location information resulting from the provision of location services to support 911 emergency services.

Our obligations under applicable data privacy laws, regulations, contracts, industry standards, self-certifications, and other documentation may include maintaining the confidentiality, integrity and availability of personal information or other data in our possession or control, maintaining reasonable and appropriate security safeguards as part of an information security program, and limits on the use and/or cross-border transfer of such personal information or other data. These obligations create potential liability to regulators, our business partners and customers, end users, and other relevant stakeholders and also may impact the attractiveness of our services to existing and potential customers. Data protection laws around the world often require "reasonable", "appropriate" or "adequate" technical and organizational security measures, and the interpretation and application of those laws are often uncertain and evolving, and there can be no assurance that our security measures will be deemed adequate, appropriate or reasonable by a regulator or court.

Given the evolving nature of security threats and evolving safeguards, we cannot be sure that our chosen safeguards will protect against security threats to our business, including the personal data that we process. However, even security measures that are appropriate, reasonable, and/or in accordance with applicable legal requirements may not be able to fully protect our information technology systems and the data contained in those systems, or our data that is contained in third parties' systems. Moreover, certain data protection laws impose on us responsibility for our employees and third parties that assist with aspects of our data processing. Our employees' or third parties' intentional, unintentional, or inadvertent actions may increase our vulnerability or expose us to security threats, such as phishing attacks, and we may remain responsible for successful access, acquisition or other disclosure of our data despite the quality and legal sufficiency of our security measures.

In addition to the risk of data breaches and noncompliance with applicable law, we may be exposed to additional liability for our failure to adhere to the technical or operational security requirements of the Payment Card Industry Data Security Standards ("PCI DSS") if and as applicable, imposed by the Payment Card Industry Security Standards Council to protect cardholder data. Penalties arising from PCI DSS enforcement are inherently uncertain as penalties may be imposed by various entities within the payment card processing chain without regard to any statutory or universally mandated framework. Such enforcement could threaten our relationship with our banks, card brands we do business with, and our third-party payment processors.

We publish privacy policies, notices and other documentation regarding our collection, processing, use and disclosure of personal information. Although we endeavor to comply with our published policies and other published documentation, we may at times fail to do so or may be perceived to have failed to do so. Moreover, despite our efforts, we may not be successful in achieving compliance if our employees or vendors fail to comply with our published policies or other documentation. Such failures can subject us to potential law enforcement or legal action if they are found to be deceptive, unfair, or misrepresentative of our actual practices.

We expect that new industry standards, laws and regulations will continue to be proposed regarding privacy, data protection and information security in many jurisdictions. We cannot yet determine the impact such future laws, regulations and standards may have on our business. We expect that the evolving regulatory interpretation and enforcement of data protection laws, as well as other domestic and foreign data protection laws, will lead to increased operational and compliance costs and may require us to make changes to our operations, policies, and procedures.

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***Our business is subject to a wide variety of additional extensive and evolving government laws and regulations. Failure to comply with such laws and regulations could have a material adverse effect on our business.***

We are subject to a wide variety of laws and regulations relating to various aspects of our business, including, without limitation, with respect to our wireless location services, employment and labor matters, health care matters, tax matters, privacy and data security matters, health and safety matters, customs matters and government contracting matters. Laws and regulations at the foreign, federal, state and local levels frequently change, especially in relation to new and emerging industries, and we cannot always reasonably predict the impact from, or the ultimate cost of compliance with, current or future legal, regulatory or administrative changes. We monitor these developments and devote a significant amount of our management's time and external resources towards compliance with these laws, regulations and guidelines, and such compliance places a significant burden on management's time and other our resources, and it may limit our ability to develop new business channels. Moreover, changes in law, the imposition of new or additional regulations or the enactment of any new or more stringent legislation that impacts our business could require us to change the way we operate and could have a material adverse effect on our sales, profitability, cash flows and financial condition.

Failure to comply with these laws or regulations or failure to satisfy any criteria or other requirement under such laws or regulations, such as with respect to obtaining and maintaining licenses, certificates, authorizations and permits critical for the operation of our business, may result in civil penalties private lawsuits, criminal actions or reputational harm, or result in a delay or the denial, suspension or revocation of our existing or contemplated licenses, certificates, authorizations or permits, which would prevent us from operating our business.

Additionally, regulation of our industry is still evolving, and new or different laws or regulations could affect our operations and increase direct compliance costs. Application of these laws or regulations to our business may negatively impact our performance in various ways, limiting the collaborations we may pursue and increasing our costs and the time necessary to obtain required authorization. The adoption of a multi-layered regulatory approach to any one of the laws or regulations to which we are or may become subject, particularly where the layers are in conflict, could require alteration of our services or operational parameters, which may adversely impact our business. We may not be in complete compliance with all such requirements at all times and, even when we believe we are in complete compliance, a governmental authority (including a regulatory agency) may determine that we are not.

***We are subject to stringent U.S. export control and economic sanctions laws and regulations. Unfavorable changes in these laws and regulations or U.S. government licensing policies, our failure to secure timely U.S. government authorizations under these laws and regulations, or our failure to comply with these laws and regulations could have a material adverse effect on our business, financial condition and results of operations.***

Our business plans are based in part on the distribution of our equipment, software and services world-wide. We are required to comply with U.S. export control laws and regulations, including the EAR administered by the U.S. Department of Commerce's Bureau of Industry and Security and the foreign asset control regulations administered by the U.S. Department of the Treasury's Office of Foreign Assets Control. Pursuant to these foreign trade control laws and regulations, we are required, among other things, to (i) determine the proper licensing jurisdiction and export classification of products, software, and technology, (ii) obtain licenses or other forms of U.S. government authorization, or qualify for exceptions, to export our products, software, and technology outside the United States, and (iii) avoid engaging in unauthorized transactions with certain sanctioned countries, territories, entities, and individuals. Violations of applicable export control and sanctions laws and related regulations, which are enforced on a strict liability basis, could result in criminal and administrative penalties, including fines and possible denial of export privileges. U.S. export licenses or license exceptions are required to transfer or make accessible certain of our software source code and technology to our non-U.S. employees (deemed exports).

In addition, U.S. export control laws and related licensing policies continue to change, further regulating the export and re-export of our products, services, and technology from the U.S. and abroad, and increasing our costs and the time necessary to obtain required authorization. For example, should exceptions or exemptions under the EAR be changed, our activities otherwise authorized via these mechanisms may become unavailable and could result in the need for additional export authorizations.

Additionally, changes to the administrative implementation of export control laws at the agency level may suddenly change as a result of geopolitical events, which could result in existing or proposed export authorization applications being viewed in unpredictable ways, or potentially rejected, as a result of the changed agency level protocol. Increasing trade tensions with China and Russia, in particular, may affect our supply chain, increase direct and indirect compliance costs, or significantly impact relations with business partners. The extensive and changing nature of these export control laws and related licensing policies may diminish our ability to market our solutions in the certain markets.

***We are exposed to risks related to geopolitical and economic factors, laws and regulations and our international business subjects us to numerous political and economic factors, legal requirements, cross-cultural considerations and other risks associated with doing business globally.***

Although our international business is still in its early stages, its development is subject to both U.S. and foreign laws and regulations, including, without limitation, laws and regulations relating to export/import controls (described above), sanctions, technology transfer restrictions, government contracts and procurement, data privacy and protection, anti-corruption laws, including the FCPA, the anti-boycott provisions of the U.S. Export Control Reform Act, security restrictions and intellectual property. Failure by us, our employees, affiliates, partners or others with whom we work to comply with applicable laws and regulations could result in administrative, civil, commercial or criminal liabilities, including suspension or debarment from government contracts or suspension of our export/import privileges. New regulations and requirements, or changes to existing ones in the various countries in which we operate can significantly increase our costs and risks of doing business internationally.

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Changes in laws, regulations, political leadership and environment, and/or security risks may dramatically affect our ability to conduct or continue to conduct business in international markets, including sales to customers and purchases from suppliers outside the U.S. We may also be impacted by U.S. and foreign national policies and priorities, political decisions and geopolitical relationships, any of which may be influenced by changes in the threat environment, political leadership, geopolitical uncertainties, world events, bilateral and multi-lateral relationships and economic and political factors, and any of which could impact our operations and/or export authorizations, or delay purchasing decisions or payments and the provision of supplies, goods and services. Global economic conditions and fluctuations in foreign currency exchange rates could further impact our business. For example, the tightening of credit in financial markets outside of the U.S. could adversely affect the ability of our customers and suppliers to obtain financing and could result in a decrease in or cancellation of orders for our products and services or impact the ability of our customers to make payments, or the implementation of new tariffs or other import- or customs-related regulations (e.g., the Information and Communications Technology and Services regime, forced labor restrictions) could impact the availability or cost of product components. We cannot predict what changes to U.S. trade policy will be made by the current Administration, a future presidential administration or Congress, including whether the entry into new bilateral or multilateral trade agreements will occur, nor can we predict the effects that any such changes would have on our business. Changes in U.S. trade policy have resulted and could again result in adverse reactions from U.S. trading partners, including the adoption by such countries of responsive trade policies that may make it more difficult or costly for U.S. businesses to do business with suppliers and manufacturers of such countries. Changes to U.S. foreign trade policy that restrict our ability to transact with other countries, individuals or entities or to conduct business outside the U.S. could materially and adversely affect our business, financial position, results of operations and/or cash flows.

We also are increasingly dependent on in-country suppliers and we face risks related to their failure to perform in accordance with the contracts and applicable laws, particularly where we rely on a sole source supplier. The services we provide internationally are sometimes in countries with unstable governments, economic or fiscal challenges, military or political conflicts and/or developing legal systems. This may increase the risk to our employees, subcontractors or other third parties, and/or increase the risk of a wide range of liabilities, as well as loss of property or damage to our products.

The occurrence and impact of these factors is difficult to predict, but one or more of them could have a material adverse effect on our financial position, results of operations and/or cash flows.

**Risks Related to our Common Stock**

***If we issue and sell additional shares of our common stock in the future, our existing stockholders will be diluted and our stock price could fall.***

Our amended and restated certificate of incorporation authorizes the issuance of up to 500,000,000 shares of common stock, of which, as of December 31, 2025, 135,372,269 shares were outstanding, 14,179,507 shares were reserved for future issuance under our stock incentive plan and 52,266,695 shares were issuable upon the exercise of warrants and conversion of debt. As a result, we have a large number of shares of common stock that are authorized for issuance and are not outstanding or otherwise reserved and could be issued at the discretion of our board of directors (our "Board") or through exercise of options and warrants or conversion of debt. We expect to seek additional financing in the future in order to fund our operations, and if we issue additional shares of common stock or securities convertible into common stock, our existing stockholders will be diluted. Our Board may also choose to issue shares of our common stock or securities convertible into or exercisable for our common stock to acquire assets, corporations or companies, for compensation to employees, officers, directors, consultants and advisors, to fund capital expenditures and to enter into strategic partnerships. Additionally, shares of common stock could be issued for anti-takeover purposes or to delay or prevent changes in control or management of the Company. Our Board may determine to issue shares of our common stock on terms that our stockholders do not believe enhance stockholder value, or that may ultimately have an adverse (including a material adverse) effect on our business or the trading price of our common stock. Further, the issuance of any such shares may cause further dilution to the ownership interest of our current stockholders, reduce the book value per share of our common stock and may contribute to a reduction in the market price for our common stock.

***Our principal stockholders own a significant percentage of our stock and will be able to exert significant control over matters subject to stockholder approval.***

Certain of our stockholders own a significant percentage of our outstanding capital stock. As of December 31, 2025, our holders of 5% or more of our capital stock and their respective affiliates beneficially owned approximately 40% of our outstanding shares of common stock. Accordingly, certain stockholders may have significant influence over our affairs due to their substantial stock ownership and, in one case, a position on our Board. For example, these stockholders may be able to control or influence elections of directors, amendments of our organizational documents, or the approval of any merger, sale of assets or our business, or other major corporate transaction. The concentrated ownership of our common stock may also cause additional volatility as fewer of our shares may be traded on a daily basis. Furthermore, any significant sale of common stock by any of these holders could have an adverse impact on the trading price of our common stock. This concentration of ownership may prevent or discourage unsolicited acquisition proposals or offers for our common stock that some of our stockholders may believe is in their best interest.

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***Our limited number of employees subjects us to significant resource constraints, which may hinder our ability to comply with public company regulations and manage our operations effectively.*** 

We operate with a very small number of employees, and our success depends on the continued service and performance of this lean team. As a public company, we are subject to complex reporting, legal, and accounting requirements that demand significant time and attention. Because of our limited headcount, our executive officers must personally devote a substantial portion of their time to compliance and SEC reporting tasks. This diverts their attention away from our primary business objectives. Our small staff makes it difficult to maintain an ideal "segregation of duties" within our internal control over financial reporting. This increases the risk that errors or fraud could occur and not be detected in a timely manner. The loss of even one or two employees could disproportionately disrupt our operations, as we lack the "bench strength" or redundancy found in larger organizations to easily redistribute specialized tasks. To meet our public obligations, we rely on outside consultants, auditors, and legal counsel. This increases our operating costs and makes our compliance dependent on the availability and performance of these third-party providers.

If we are unable to effectively manage our limited human resources or if we fail to scale our staff as our strategy progresses, we may experience delays in our filings, weaknesses in our internal controls, or a failure to execute our business plan, any of which could materially and adversely affect our stock price.

***We have never paid dividends on our capital stock, and we do not anticipate paying any cash dividends in the foreseeable future.***

The continued operation and expansion of our business will require substantial funding. We have paid no cash dividends on any of our capital stock to date and we currently intend to retain our available cash to fund the development and growth of our business. Any determination to pay dividends in the future will be at the discretion of our Board and will depend upon our results of operations, financial condition, contractual restrictions (such as those of the 2028 Indenture), restrictions imposed by applicable law and other factors our Board deems relevant. We do not anticipate paying any cash dividends on our common stock in the foreseeable future. Any return to stockholders will therefore be limited to the appreciation of their stock, which may never occur.

***The exercise of warrants to purchase our common stock will increase the number of outstanding shares in the public market and result in dilution to our stockholders.***

We have a significant number of outstanding warrants for the purchase of common stock. Outstanding warrants to purchase an aggregate of 18,749,960 shares of common stock became exercisable on November 27, 2021 in accordance with the terms of the warrant agreement governing those securities. These warrants consist of 14,715,170 public warrants and 4,034,790 private placement warrants, related to the initial public offering and financing of Spartacus Acquisition Corp. (a Delaware special purpose acquisition company with which we consummated a business combination in 2021). The 4,034,790 private placement warrants have been registered pursuant to an effective registration statement. Each warrant entitles its holder to purchase one share of common stock at an exercise price of $11.50 per share and will expire at 5:00 p.m., New York time, on October 28, 2026, or earlier upon redemption of our common stock or our liquidation. To the extent warrants are exercised, additional shares of common stock will be issued, which will result in dilution to our then existing stockholders and increase the number of shares eligible for resale in the public market.

Moreover, in conjunction with the issuance of our senior secured notes in 2023 (Refer to Note 8 to our consolidated financial statements for the twelve months ended December 31, 2025 included elsewhere in this Annual Report on Form 10-K for more information), we issued an aggregate of 25,925,927 warrants (the "2023 Debt Warrants") at an exercise price of $2.16 to purchase shares of our common stock to certain of the purchasers thereof. The 2023 Debt Warrants will expire at 5:00 p.m., New York time, on June 1, 2027. As of December 31, 2025, 10,589,346 2023 Debt Warrants were outstanding.

Additionally, in conjunction with the issuance of the 2028 Notes in 2025 (Refer to Note 8 to our consolidated financial statements for the twelve months ended December 31, 2025 included elsewhere in this Annual Report on Form 10-K for more information), we issued 7,800,000 warrants (the "2025 Debt Warrants" and, together with the 2023 Debt Warrants, the "Debt Warrants") with exercise prices ranging from $12.56 to $20.00 per share to certain of the purchasers thereof. The 2025 Debt Warrants will expire at 5:00 p.m., New York time, on December 31, 2028. As of December 31, 2025, 7,800,000 2025 Debt Warrants were outstanding.

Sales of substantial numbers of shares of our common stock underlying the Debt Warrants in the public market will dilute existing stockholders, may reduce the book value of existing shares of common stock and could depress the market price of our common stock.

***If securities or industry analysts do not publish research or publish inaccurate or unfavorable research about our business, our stock price and trading volume could decline.***

The trading market for our common stock will depend in part on the research and reports that securities or industry analysts publish about us or our business. If one or more of the analysts who cover us downgrade our stock or publish inaccurate or unfavorable research about our business, our stock price would likely decline. If one or more of these analysts cease coverage of our company or fail to publish reports on us regularly, demand for our stock could decrease, which might cause our stock price and trading volume to decline.

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**Item 1B.** [**Unresolved Staff Comments.**](#TOC)

Not applicable.

**Item 1C.** [**Cybersecurity.**](#TOC)

We are increasingly dependent on sophisticated software applications and computing infrastructure to conduct key operations. We depend on both our own systems, networks, and technology as well as the systems, networks and technology of our contractors, consultants, vendors and other business partners.

***Cybersecurity Program***

Given the importance of cybersecurity to our business, we maintain a robust cybersecurity program to support both the effectiveness of our systems and our preparedness for information security risks. This program includes several safeguards, such as: password protection; multi-factor authentication; code security standards; continuous monitoring and alerting systems for internal and external threats using industry leading platforms; regular evaluations of our cybersecurity program, including periodic internal and external audits, penetration tests, and incident response simulations; and industry benchmarking. We also require cybersecurity trainings when onboarding new employees and contractors, as well as annual cybersecurity awareness training for our employees and contractors. Our program leverages industry frameworks, including the National Institute of Standards and Technology (NIST) Cybersecurity Framework (CSF) to strengthen our program effectiveness and reduce cybersecurity risks.

We use a risk-based approach with respect to our use and oversight of third-party service providers, tailoring processes according to the nature and sensitivity of the data accessed, processed, or stored by such third-party service provider and performing additional risk screenings and procedures, as appropriate. We use several means to assess cyber risks related to our third-party service providers, including maintaining a vendor code of conduct and vendor questionnaires, conducting due diligence in connection with onboarding new vendors and annual due diligence with key third-party vendors. We also seek to collect and assess cybersecurity audit reports and other supporting documentation when available and include appropriate security terms in our contracts where applicable as part of our oversight of third-party providers.

***Process for Assessing, Identifying and Managing Material Risks from Cybersecurity Threats***

In the event of a cybersecurity incident, we maintain a regularly tested incident response program. Pursuant to the program and its escalation protocols, designated personnel are responsible for assessing the severity of an incident and associated threat, containing the threat, remediating the threat, including recovery of data and access to systems, analyzing any reporting obligations associated with the incident, and performing post-incident analysis and program enhancements. We maintain an Incident Response Plan ("IRP") and business continuity and disaster recovery plans in the event of a significant cybersecurity incident.

We have relationships with several third-party service providers to assist with cybersecurity containment and remediation efforts, including a forensic investigation firm, insurance providers and various law firms.

***Governance***

*Management Oversight*

The controls and processes employed to assess, identify, and manage material risks from cybersecurity threats are implemented and overseen by our Chief Information Security Officer ("CISO"). Our CISO leverages their over 20 years of experience in cybersecurity, compliance and risk management. Our CISO is responsible for the day-to-day management of the cybersecurity program, including the prevention, detection, investigation, response to, and recovery from cybersecurity threats and incidents, and are regularly engaged to help ensure the cybersecurity program functions effectively in the face of evolving cybersecurity threats. The CISO provides quarterly briefings for our senior management team on cybersecurity matters, including threats, events, and program enhancements.

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*Board Oversight*

While the Board has overall responsibility for risk oversight, our Audit Committee oversees cybersecurity risk matters. The Audit Committee is responsible for reviewing, discussing with management, and overseeing the Company's data privacy, information technology and security and cybersecurity risk exposures, including: (i) the potential impact of those exposures on the Company's business, financial results, operations and reputation; (ii) the programs and steps implemented by management to monitor and mitigate any exposures; (iii) the Company's information governance and cybersecurity policies and programs; and (iv) major legislative and regulatory developments that could materially impact the Company's privacy, data security and cybersecurity risk exposure. On a quarterly basis, the CISO reports to the Audit Committee on cybersecurity matters, including a detailed threat assessment relating to information technology risks, the programs and steps implemented by management to monitor and mitigate exposures, the Company's information governance and cybersecurity policies and programs, and significant legal/regulatory developments that could materially impact the Company's cybersecurity risk exposure. The CISO also apprises the Audit Committee of cybersecurity incidents promptly for high priority incidents and in aggregate for low priority incidents. The Audit Committee updates the full Board annually concerning the Company's cybersecurity matters.

***Cybersecurity Risks***

Our cybersecurity risk management processes are integrated into our overall Enterprise Risk Management ("ERM") process. As part of our ERM process, department leaders identify, assess and evaluate risks impacting our operations across the Company, including those risks related to cybersecurity.

While we maintain a robust cybersecurity program, the techniques used to infiltrate information technology systems continue to evolve. Accordingly, we may not be able to timely detect threats or anticipate and implement adequate security measures. For additional information, see "Item 1A—Risk Factors."

We also maintain cybersecurity insurance providing coverage for certain costs related to cybersecurity-related incidents that impact our own systems, networks, and technology or the systems, networks and technology of our contractors, consultants, vendors, and other business partners.

As of December 31, 2025, we have not experienced any material risks from cybersecurity threats, including as a result of any previous cybersecurity incidents or threats, that have materially affected our business strategy, results of operations or financial condition or are reasonably likely to have such a material effect.

**Item 2.** [**Properties.**](#TOC)

We maintain a distributed workforce with facilities in Reston, Virginia, Santa Clara, California, Puteaux, France, Noida, India and Bangalore, India. Our principle executive office is in Reston, Virginia. Our corporate offices in Virginia include executive, finance, legal and regulatory functions, while our California facility hosts our operations and technology development, among other functions. Our French and Indian locations are focused on software development and research and development functions.

**Item 3.** [**Legal Proceedings.**](#TOC)

In the course of our business, we are involved in litigation and legal matters from time to time. Such matters are subject to many uncertainties and outcomes are not predictable with assurance. We accrue liabilities for such matters when it is probable that future expenditures will be made and such expenditures can be reasonably estimated. We do not believe that any such matters, individually or in the aggregate, will have a material adverse effect on our business, financial condition, results of operations, or cash flows.

**Item 4.** [**Mine Safety Disclosures.**](#TOC)

Not applicable.

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**PART II** 

**Item 5.** [**Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.**](#TOC)

**Market Information**

Our common stock and certain warrants have been listed on The Nasdaq Capital Market ("Nasdaq") under the symbol "NN" and "NNAVW," respectively.

**Holders**

As of March 13, 2026, there were approximately 85 and 7 holders of record of our common stock and warrants, respectively. This number does not include beneficial owners whose shares were held in street name.

**Dividends**

We have never declared or paid, and for the foreseeable future do not expect to declare or pay, cash dividends on our common stock. We currently intend to retain all of our future earnings, if any, to finance the growth and development of our business.

**Securities Authorized for Issuance under Equity Compensation Plans**

The information required by this item regarding our equity compensation plans is incorporated herein by reference to Item 12 of Part III of this Annual Report on Form 10-K.

**Stock Performance Graph**

The following stock price performance graph should not be deemed incorporated by reference by any general statement incorporating by reference this Annual Report on Form 10-K into any filing under the Exchange Act or the Securities Act of 1933, as amended (the "Securities Act"), except to the extent that we specifically incorporate this information by reference, and shall not otherwise be deemed filed under such acts.

The graph below compares the cumulative total return of our common stock from October 29, 2021, the date on which our common shares commenced trading on Nasdaq, through December 31, 2025, with the comparable cumulative return of two indices, the S&P 500 Total Return and the S&P Information Technology Total Return. The performance graph and table assume an initial investment of $100 on October 29, 2021. We have not paid any cash dividends and, therefore, the cumulative total return calculation for us is based solely upon the change in share price. The share price performance shown on the graph is not necessarily indicative of future price performance.

![Graphics](cb7f496d57188bee6b88.jpg)

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**Recent Sales of Unregistered Securities; Use of Proceeds from Registered Securities**

Other than as previously disclosed in our Current Reports on Form 8-K, we did not sell any unregistered equity securities during the fiscal year ended December 31, 2025.

**Purchases of Equity Securities by the Issuer**

None.

**Item 6. Reserved.** 

**Item 7.** [**Management's Discussion and Analysis of Financial Condition and Results of Operations.**](#TOC)

*The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and related notes thereto and other financial information included elsewhere in this Annual Report on Form 10-K. In addition to historical information, some of the information contained in the following discussion and analysis contains forward-looking statements that involve risks, uncertainties and assumptions. Forward-looking statements reflect management's current expectations and are inherently uncertain. Actual results and outcomes could differ materially for a variety of reasons. You should review "Cautionary Note Regarding Forward-Looking Statements" and "Item 1A. Risk Factors" of this Annual Report on Form 10-K for a discussion of important factors that could cause our actual results to differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis.* 

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**Overview**

We are the market leader in delivering resilient, next generation, complementary positioning, navigation and timing ("PNT") solutions designed to overcome the limitations and vulnerabilities of existing space-based Global Navigation Satellite Systems ("GNSS"), including the Global Positioning System ("GPS"). PNT services are used in nearly every facet of our economy. Cellular and electrical distribution systems depend on GPS-based timing, and the mobile app economy relies on location to create innovative services and to drive data and advertising revenue. Public safety and enhanced 911 ("E911") save lives every day with the use of location services. GPS has powered the global economy for nearly 40 years. Without high-precision timing from GPS, cellular systems would fail, the distribution of electricity would be impacted, and other aspects of everyday life would be adversely affected. Recent international events have demonstrated that having viable systems to backup and complement GPS is a national security issue.

Our PNT solutions address these needs and issues in several ways. Our technology consists of a ground-based transmitter network operating on low-band spectrum assets in a manner similar to the function of GPS satellites. Unlike satellites, our network signals are designed to be much stronger and extremely difficult to jam or spoof. In addition, because the signals are terrestrial and low-band, they can penetrate buildings. As a result, our technology can act as a complement to satellite-based GPS, especially in urban canyons or deep indoors, and as a backup in case traditional GPS fails due to jamming, spoofing, technical failures, solar flares or other risks to satellite-based services. In addition, our location-based services are three-dimensional. Our core Pinnacle technology uses barometric sensors in smartphones and other communications devices and a network of sensors to determine vertical, or "z-axis", location. This technology can provide accurate vertical location data to assist first responders, dispatchers and others, or could be used for autonomous systems, such as drones, in need of precise 3D mapping in urban areas, among other uses.

Our complementary PNT solutions are built on our asset base of FCC licenses that cover 12 MHz of low-band spectrum available for use. This spectrum consists of a contiguous 8 MHz block of 900 MHz spectrum covering over 90% of the U.S. population and an additional 4 MHz of complementary spectrum covering part of the U.S. population that was transferred to us in 2025 as a result of a transaction with Telesaurus and Skybridge Spectrum Foundation. That transaction also gave us potential rights to an additional 2 MHz of related spectrum covered by terminated Skybridge Spectrum Foundation licenses. These licenses are subject to a Skybridge and Telesaurus petition for reconsideration seeking reinstatement of these licenses. For more information on this transaction, refer to Note 3 to our consolidated financial statements for the twelve months ended December 31, 2025 included elsewhere in this Annual Report on Form 10-K.

We are evolving our PNT solutions to use 5G New Radio ("5G NR") positioning reference signals ("PRS"), under the 3GPP global standard, to determine location and timing - a platform we refer to as NextGen. We believe the evolution of our existing technologies and services to a 5G NR PRS capability will improve the efficiency, flexibility, and scale of our operations. 5G NR technologies drive enhanced network performance, capacity, and efficiency across multiple industry verticals. 5G NR enables low-latency, high-throughput connectivity and also improves spectral efficiency, which allows operators to increase returns on investment in licensed spectrum and, with respect to our technology, to improve both the density and availability of PNT signals. 5G NR can also support many different applications, including ultra-reliable low-latency communications (URLLC), enhanced mobile broadband (eMBB), and massive machine-type communications (mMTC). These capabilities permit 5G NR to support high-performance broadband services as well as emerging use cases in autonomous systems, industrial automation, and the Internet of Things (IoT). As a result, spectrum that can support 5G technologies and services is important to broadband providers and their customers.

To enable our evolution to 5G NR, we have filed a Petition for Rulemaking (the "Petition") asking the FCC to optimize the Lower 900 MHz radio spectrum band to enable 5G NR operations, the delivery of PNT via a 5G broadband network and in turn support such 5G technologies and services. Our Petition requests the FCC allow us to use a single, nationwide 15 MHz spectrum configuration for both PNT and 5G broadband. The Petition is subject to an ongoing FCC regulatory review process, and was referenced in the FCC's March 27, 2025 PNT Notice of Inquiry.

Under our proposal, the FCC would create a 5 MHz uplink and 10 MHz downlink suitable for 5G operations. We believe modernizing the Lower 900 MHz band will simultaneously enable a high-quality terrestrial PNT network to complement and back up GPS, addressing a critical national security vulnerability, and add 5G broadband capacity. As such, our NextGen capability is being designed with the goal of enabling one or more mobile network operators or other partners to integrate this optimized Lower 900 MHz spectrum into their 5G network deployments. We expect that these partnerships would result in wide-scale availability of our complementary PNT services and, for our potential partners, additional 5G broadband capacity.

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The backbone of wireless data services, electromagnetic spectrum, is a finite resource. Our spectrum licenses, which lie in the Lower 900 MHz band, are referred to as "low-band spectrum." There is a finite amount of low-band spectrum available, and low-band spectrum has favorable coverage characteristics compared to higher frequencies, including the ability to provide services indoors and over greater distances. These characteristics result in its ability to be used for coverage and to be deployed more economically, with higher-frequency spectrum often used to provide additional capacity in targeted locations. The transition to 5G NR for our PNT services will provide a technical capability to support broadband data services, which, subject to appropriate regulatory approvals, would allow the spectrum to be used to help meet the continued, growing demand for wireless data capacity.

A core element of our strategy is to pursue such partnerships to offset the costs of deploying and operating a widescale, terrestrial PNT network that can act as a complement and backup to GPS. While GPS is fully supported by the U.S. government, we believe it is unlikely that the U.S. government would subsidize an extensive, standalone terrestrial PNT network and other revenue-generating opportunities are limited, given existing use of GPS. However, there is a financially viable path to a widescale terrestrial PNT network that meets critical national security needs through the spectrum optimization proposed by our Petition that would allow it to be used for 5G.

*Macroeconomic Factors*

Macroeconomic conditions, including changes in overall economic growth and broader business and government spending priorities, could affect our business, financial condition and results of operations. While our business is not highly sensitive to changes in interest rates, inflation or general capital market conditions, adverse macroeconomic developments may reduce or delay spending by wireless carriers, public sector and other commercial customers for our terrestrial PNT services and may affect the timing of planned projects and deployments. In addition, broader economic uncertainty, including the potential for federal government shutdowns, could delay administrative and regulatory actions by governmental agencies, including the Federal Communications Commission, that are important to the commercialization and expansion of our services. We continue to monitor macroeconomic developments and adjust our execution timelines as appropriate; however, prolonged or worsening economic conditions could negatively affect the timing of our initiatives and the pace of adoption of our solutions.

**Key Components of Results of Operations**

*Revenue*

We have generated limited revenue since our inception. We derive our revenue from PNT products and services. Our revenue includes revenue generated through services contracts with wireless carriers, services with applications developers, technology demonstration, assessment and support contracts with government customers, sales of equipment, and licensing of proprietary technology. We recognize revenue when an arrangement exists, services, equipment or access to licensed technology are delivered, the transaction price is determined, the arrangement has commercial substance, and collection of consideration is probable.

*Operating Expense*

***Cost of Goods Sold***

Cost of goods sold ("COGS") consist of personnel-related expenses, including salaries, benefits and stock-based compensation, and allocated facility costs for our operations and manufacturing teams. COGS also includes expenses for site leases, cost of equipment, software license costs, including cloud hosting costs, and professional services related to the maintenance of the equipment at each leased site. Our COGS may fluctuate from period to period based on changes in operating scale.

***Research and Development***

Research and development expenses consist of personnel-related expenses, including salaries, benefits and stock-based compensation, and allocated facility costs for our research and development functions. Research and development costs also include outside professional services for software and hardware development, and software license costs, including cloud hosting costs. We expect our research and development costs to increase for the foreseeable future as we continue to invest in research and development for our current and future products, including our NextGen platform.

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***Selling, General and Administrative***

Selling, general and administrative expenses consist of personnel-related expenses, including salaries, benefits and stock-based compensation, and allocated facility costs for our business development, marketing, corporate, executive, finance, legal, human resources, IT and other administrative functions. Selling, general and administrative expenses also include expenses for outside professional services, including legal, auditing and accounting services, recruitment expenses, travel expenses and certain non-income taxes, insurance and other administrative expenses.

We expect our selling, general and administrative expenses to increase for the foreseeable future with the growth of our business, in pursuit of regulatory and technology initiatives, and as a result of operating as a public company, including compliance with the rules and regulations of the SEC, legal, audit, and additional insurance expenses, investor relations activities, and other administrative and professional services.

***Depreciation and Amortization***

Depreciation and amortization expense results from depreciation and amortization of our property and equipment and intangible assets that is recognized over their estimated useful lives.

***Interest Income (Expense)***

Interest income consists of interest earned from our cash and cash equivalents balance and on marketable securities. Interest expense relates to interest and amortization of debt discounts on our senior secured notes.

***Other Income (Expense)***

Other income (expense) consists of miscellaneous non-operating items, such as change in fair value of warrants, change in fair value of derivative liability, debt extinguishment loss, equity method income (loss), and foreign currency gains (losses).

**Results of Operations**

The following table sets forth our statements of operations for the periods indicated:

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| | | |
|:---|:---|:---|
|  | **Year Ended** | **Year Ended** |
|  | **December 31,** | **December 31,** |
|  | **2025** | **2024** |
|  | **(in thousands)** | **(in thousands)** |
| Revenue<br>| $&nbsp;&nbsp;4573 | $&nbsp;&nbsp;5669<br>|
| Operating expense:<br>|  |  |
| &nbsp;&nbsp;Cost of goods sold<sup>(1)</sup><br>| &nbsp;&nbsp;8540<br>| &nbsp;&nbsp;10777<br>|
| &nbsp;&nbsp;Research and development<sup>(1)</sup><br>| &nbsp;&nbsp;18952<br>| &nbsp;&nbsp;16242<br>|
| &nbsp;&nbsp;Selling, general and administrative<sup>(1)</sup><br>| &nbsp;&nbsp;39563<br>| &nbsp;&nbsp;33510<br>|
| &nbsp;&nbsp;Depreciation and amortization<br>| &nbsp;&nbsp;7750 | &nbsp;&nbsp;5238<br>|
| Total operating expenses<br>| &nbsp;&nbsp;74805<br>| &nbsp;&nbsp;65767<br>|
| Operating loss<br>| &nbsp;&nbsp;(70232) | &nbsp;&nbsp;(60098) |
| &nbsp;&nbsp;Interest expense, net<br>| &nbsp;&nbsp;(12443) | &nbsp;&nbsp;(9401) |
| &nbsp;&nbsp;Other expense<br>| &nbsp;&nbsp;(106380) | &nbsp;&nbsp;(32207) |
| Loss before income taxes<br>| &nbsp;&nbsp;(189055) | &nbsp;&nbsp;(101706) |
| &nbsp;&nbsp;Provision for income taxes<br>| &nbsp;&nbsp;(198) | &nbsp;&nbsp;(173) |
| Net loss<br>| $&nbsp;&nbsp;(189253) | $&nbsp;&nbsp;(101879) |

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(1) Cost of goods sold, research and development, and selling, general and administrative expense for the periods do not include depreciation and amortization, which is presented separately in the Consolidated Statements of Comprehensive Loss, but include stock-based compensation as follows:

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| | | |
|:---|:---|:---|
|  | **Year Ended** | **Year Ended** |
|  | &nbsp;&nbsp;**December 31,** | &nbsp;&nbsp;**December 31,** |
|  | &nbsp;&nbsp;**2025** | &nbsp;&nbsp;**2024** |
|  | &nbsp;&nbsp;**(in thousands)** | &nbsp;&nbsp;**(in thousands)** |
| Cost of goods sold<br>| $&nbsp;&nbsp;704<br>| $&nbsp;&nbsp;729<br>|
| Research and development<br>| &nbsp;&nbsp;4420<br>| &nbsp;&nbsp;4106<br>|
| Selling, general and administrative<br>| &nbsp;&nbsp;11513<br>| &nbsp;&nbsp;9021<br>|
| Total stock-based compensation expense | $&nbsp;&nbsp;16637<br>| $&nbsp;&nbsp;13856<br>|

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**Comparison of the Fiscal Years Ended** December 31, 2025 **and** 2024

*Revenue*

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended** | **Year Ended** | | |
|  | **December 31,** | **December 31,** | | |
|  | **2025** | **2024** | &nbsp;&nbsp; <br>**$ Change** | &nbsp;&nbsp; <br>**% Change**<br>|
|  | &nbsp;&nbsp;**(in thousands)** | &nbsp;&nbsp;**(in thousands)** | &nbsp;&nbsp;**(in thousands)** | &nbsp;&nbsp;**(in thousands)** |
| Revenue<br>| $&nbsp;&nbsp;4573 | $&nbsp;&nbsp;5669<br>| $&nbsp;&nbsp;(1096) | (19.3)%<br>|

---

Revenue decreased by $1.1 million, or 19%, to $4.6 million for the year ended December 31, 2025 from $5.7 million for the year ended December 31, 2024. The decrease was driven by lower service revenue from technology and services contracts with government and commercial customers. For the year ended December 31, 2025, two customers accounted for 70% and 17% of total revenue. For the year ended December 31, 2024, three customers accounted for 57%, 18% and 11% of total revenue. Accounts receivable as of December 31, 2025 and December 31, 2024 were $2.3 million and $3.3 million, respectively; the deferred revenue balance as of December 31, 2025 and December 31, 2024 was $0.5 million and $0.3 million, respectively.

*Operating Expense*

***Cost of Goods Sold (COGS)*** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended** | **Year Ended** | | |
|  | **December 31,** | **December 31,** | | |
|  | **2025** | **2024** | <br>**$ Change** | <br>**% Change**<br>|
|  | &nbsp;&nbsp;**(in thousands)** | &nbsp;&nbsp;**(in thousands)** | &nbsp;&nbsp;**(in thousands)** | &nbsp;&nbsp;**(in thousands)** |
| COGS<br>| $&nbsp;&nbsp;8540<br>| $&nbsp;&nbsp;10777<br>| $&nbsp;&nbsp;(2237) | (20.8)%<br>|

---

COGS decreased by $2.2 million, or 21%, to $8.5 million for the year ended December 31, 2025 from $10.8 million for the year ended December 31, 2024. The decrease was primarily driven by a $0.9 million decrease in payroll-related expenses, a $0.6 million decrease in software license expenses, a $0.4 million decrease in site rent expense, a $0.2 million decrease in non-recurring engineering services, and a $0.1 million decrease in outside consulting expenses.

***Research and Development***

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended** | **Year Ended** | | |
|  | **December 31,** | **December 31,** | | |
|  | **2025** | **2024** | &nbsp;&nbsp; <br>**$ Change** | &nbsp;&nbsp; <br>**% Change**<br>|
|  | &nbsp;&nbsp;**(in thousands)** | &nbsp;&nbsp;**(in thousands)** | &nbsp;&nbsp;**(in thousands)** | &nbsp;&nbsp;**(in thousands)** |
| Research and Development<br>| $&nbsp;&nbsp;18952<br>| $&nbsp;&nbsp;16242<br>| $&nbsp;&nbsp;2710<br>| 16.7%<br>|

---

------

Research and development expenses increased by $2.7 million, or 17%, to $19.0 million for the year ended December 31, 2025 from $16.2 million for the year ended December 31, 2024. The increase was primarily driven by a $2.8 million increase in non-recurring engineering services, a $0.3 million increase in stock-based compensation, and a $0.2 million increase in other operational expenses. The increases were partially offset by a $0.6 million decrease in software license and cloud expenses.

***Selling, General and Administrative***

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended** | **Year Ended** | | |
|  | **December 31,** | **December 31,** | | |
|  | **2025** | **2024** | <br>**$ Change** | <br>**% Change**<br>|
|  | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** |
| Selling, General and Administrative<br>| $&nbsp;&nbsp;39563<br>| $&nbsp;&nbsp;33510<br>| $&nbsp;&nbsp;6053<br>| 18.1%<br>|

---

Selling, general and administrative expenses increased by $6.1 million, or 18%, to $39.6 million during the year ended December 31, 2025 from $33.5 million in the year ended December 31, 2024. The increase was primarily driven by a $2.5 million increase in stock-based compensation, a $1.6 million increase in outside consulting expenses, a $1.1 million increase in payroll-related expenses driven by headcount costs, a $0.5 million increase in marketing and recruiting cost, a $0.3 million increase in professional services and a $0.1 million increase in other operational expenses.

***Depreciation and Amortization***

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended** | **Year Ended** | | |
|  | **December 31,** | **December 31,** | | |
|  | **2025** | **2024** | <br>**$ Change** | <br>**% Change**<br>|
|  | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** |
| Depreciation and amortization<br>| $&nbsp;&nbsp;7750 | $&nbsp;&nbsp;5238<br>| $&nbsp;&nbsp;2512 | 48.0%<br>|

---

Depreciation and amortization expenses increased by $2.5 million, or 48%, to $7.8 million during the year ended December 31, 2025 from $5.2 million during the year ended December 31, 2024. The increase in depreciation and amortization expense is primarily driven by accelerated depreciation related to retired network assets.

*Interest Expense, Net*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended** | **Year Ended** | | |
|  | **December 31,** | **December 31,** | | |
|  | **2025** | **2024** | <br>**$ Change** | <br>**% Change**<br>|
|  | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** |
| Interest expense, net<br>| $&nbsp;&nbsp;(12443) | $&nbsp;&nbsp;(9401) | $&nbsp;&nbsp;(3042) | 32.4%<br>|

---

Interest expense, net of interest income, increased by $3.0 million, or 32%, to $12.4 million for the year ended December 31, 2025, compared to $9.4 million for the year ended December 31, 2024. The increase in interest expense was primarily driven by higher interest and amortization of debt discounts expense.

*Other Expense*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended** | **Year Ended** | | |
|  | **December 31,** | **December 31,** | | |
|  | **2025** | **2024** | <br>**$ Change** | <br>**% Change**<br>|
|  | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** |
| Other expense<br>| $&nbsp;&nbsp;(106380) | $&nbsp;&nbsp;(32207) | $&nbsp;&nbsp;(74173) | 230.3%<br>|

---

Other expense was $106.4 million for the year ended December 31, 2025 compared with other expense of $32.2 million for the year ended December 31, 2024. The change was primarily driven by a loss resulting from the change in the fair value of the derivative liability, a debt extinguishment loss, a non-cash expense related to warrants issued in connection with the March 2025 debt financing, and losses from the change in the fair value of the warrant liability.

------

**Liquidity and Capital Resources**

We have incurred net losses since our inception and to date have generated only limited revenue. We have primarily relied upon debt and equity financings to fund our cash requirements. During the twelve months ended December 31, 2025 and 2024, we incurred net losses of $189.3 million and $101.9 million, respectively. During the twelve months ended December 31, 2025, our net cash used in operating and investing activities was $50.7 million was $64.6 million, respectively. During the twelve months ended December 31, 2024, our net cash used in operating activities and investing activities was $38.0 million and $39.5 million, respectively. As of December 31, 2025, we had cash and cash equivalents and marketable securities of $152.1 million and an accumulated deficit of $1.1 billion. We expect to incur additional losses and higher operating expenses for the foreseeable future. Our primary uses of cash are to fund our operations as we continue to grow our business. We will require a significant amount of cash for expenditures as we invest in ongoing research and development and our PNT networks.

Managing liquidity and our cash position is a priority of ours. We continually work to optimize our expenses in light of the growth of our business, and adapt to changes in the economic environment. We believe that our cash and cash equivalents and marketable securities as of December 31, 2025 will be sufficient to meet our working capital and capital expenditure needs, including all contractual commitments, beyond the next 12 months from the filing of this Annual report on Form 10-K. We believe we will meet longer term expected future cash requirements and obligations through a combination of our existing cash and cash equivalents balances and marketable securities, cash flows from operations, and issuance of equity securities or debt offerings. However, this determination is based upon internal financial projections and is subject to changes in market and business conditions.

On March 12, 2025, we entered into a Note Purchase Agreement to sell to a group of lenders in a private placement (the "Private Placement") $190.0 million in aggregate principal amount of 5% Senior Secured Convertible Notes due in 2028 (the "2028 Notes") at par. The 2028 Notes will mature on June 30, 2028 with interest payable in cash semi-annually in arrears on June 1 and December 1 of each year at 5% per annum. Upon the closing of the Private Placement, the Company used a portion of the net proceeds from the Private Placement to redeem all of its $70.0 million senior secured notes that were issued with a fixed interest rate of 10% to a group of lenders during 2023 (the "2026 Notes"), at a redemption price of 101% of the principal amount of the 2026 Notes, plus accrued and unpaid interest. Refer to Note 8 to our consolidated financial statements for the twelve months ended December 31, 2025 included elsewhere in this Annual Report on Form 10-K for more information.

**Cash Flows**

The following table summarizes our cash flows for the period indicated:

---

| | | |
|:---|:---|:---|
|  | **Year Ended** | **Year Ended** |
|  | **December 31,** | **December 31,** |
|  | **2025** | **2024** |
|  | **(in thousands)** | **(in thousands)** |
| Net cash used in operating activities<br>| $&nbsp;&nbsp;(50745) | $&nbsp;&nbsp;(38008) |
| Net cash used in investing activities<br>| &nbsp;&nbsp;(64554) | &nbsp;&nbsp;(39467) |
| Net cash provided by financing activities<br>| &nbsp;&nbsp;120482 | &nbsp;&nbsp;35103<br>|

---

*Cash Flows from Operating Activities*

Our cash flows used in operating activities are significantly affected by the growth of our business primarily related to research and development, sales and marketing, and selling, general and administrative activities. Our operating cash flows are also affected by our working capital needs to support growth in personnel-related expenditures and fluctuations in accounts payable and other current assets and liabilities.

Net cash used in operating activities during 2025 was $50.7 million, resulting primarily from a net loss of $189.3 million adjusted for non-cash charges of $77.2 million for change in the fair value of derivative liability, $16.6 million for stock-based compensation, $13.7 million loss on the early extinguishment of the 2026 Notes, $9.6 million in amortization of debt issuance costs, $9.0 million related to warrants issued in connection with 2028 Notes, $7.8 million for depreciation and amortization, $5.7 million for change in the fair value of warrant liability, $0.1 million in asset retirement obligations accretion expense, and a net increase in operating liabilities of $2.0 million. These changes were partially offset by non-cash income of $3.1 million for realized and unrealized gain on marketable securities, and $0.1 million for equity method investment gain.

Net cash used in operating activities during 2024 was $38.0 million, resulting primarily from a net loss of $101.9 million adjusted for non-cash charges of $13.9 million for stock-based compensation, $33.2 million for change in the fair value of warrant liability, $6.2 million in amortization of debt issuance costs, $5.2 million for depreciation and amortization, $0.2 million for equity method investment loss, and $0.1 million in asset retirement obligations accretion expense. These changes were partially offset by a net increase in operating liabilities of $7.0 million, non-cash income of $1.0 million for change in fair value of Asset Purchase Agreement liability, and $0.9 million realized and unrealized gain on marketable securities.

------

*Cash Flows from Investing Activities*

Net cash provided by investing activities during 2025 was $64.6 million, representing net purchase of marketable securities of 63.5 million, acquisition of equity method investments of $0.6 million, and cash used for property and equipment, including internal use software of $0.5 million.

Net cash provided by investing activities during 2024 was $39.5 million, representing net purchase of marketable securities of $35.9 million, and cash used for Asset Purchase Agreement of $2.7 million and cash used for property and equipment, including internal use software of $0.8 million.

*Cash Flows from Financing Activities*

Net cash provided by financing activities during 2025 was $120.5 million, primarily reflecting cash proceeds from the issuance of the 2028 Notes, net of repayment of the 2026 Notes (refer to Note 8 to our consolidated financial statements for the twelve months ended December 31, 2025 included elsewhere in this Annual Report on Form 10-K for more information) and cash proceeds the from exercise of common stock options and warrants.

Net cash provided by financing activities during 2024 was $35.1 million, primarily reflecting cash proceeds from exercise of warrants and stock options.

**Critical Accounting Estimates**

Our discussion and analysis of our financial condition and results of operations are based on our Consolidated Financial Statements, which have been prepared in accordance with U.S. Generally Accepted Accounting Principles. In doing such preparation, we have to make estimates and assumptions. Our critical accounting estimates are those estimates that involve a significant level of uncertainty at the time the estimate was made, and changes in them have had or are reasonably likely to have a material effect on our financial condition or results of operations. Accordingly, actual results could differ materially from our estimates. We base our estimates on past experience and other assumptions that we believe are reasonable under the circumstances, and we evaluate these estimates on an ongoing basis.

See Note 2 of the Notes to Consolidated Financial Statements included in Item 8 of this Annual Report on Form 10-K for a summary of significant accounting policies and the effect on our financial statements.

**Long-term debt**

The carrying value of long-term debt in the Consolidated Balance Sheets generally consists of principal amount of debt, net of debt discounts. Debt discounts recognized as a result of allocating proceeds to bifurcated embedded derivatives as well as accounting for direct debt issuance costs are amortized to interest expense using the effective interest method.

We evaluate our debt agreements to determine whether debt contains embedded features requiring bifurcation from the debt host in accordance with ASC 815. If an embedded feature requires bifurcation from its debt host, we will account for it as a derivative at fair value. If a hybrid instrument has multiple embedded derivatives requiring bifurcation, we will bifurcate a single compound derivative. The Company uses valuation models to estimate the fair value of the bifurcated embedded derivatives.

In conjunction with the issuance of senior secured convertible notes in March 2025, we bifurcated the embedded conversion option as a derivative liability under ASC 815. For the valuation to record the debt and embedded derivative related to the conversion option at fair value, we used a binomial lattice valuation model and a "with-and-without" valuation methodology at inception and on subsequent valuation dates. This model incorporates inputs such as the stock price of the Company, risk-free interest rate, the transaction-calibrated debt yield and expected volatility. Certain inputs (e.g., expected volatility) involve unobservable inputs and are classified as level 3 of the fair value hierarchy. The sensitivity of the fair value calculation to these methods, assumptions, and estimates included could create materially different results under different conditions or using different assumptions. The fair value of bifurcated derivatives is presented in the same line item as debt in the Company's Consolidated Balance Sheets.

Unamortized debt discounts are written off and included in our gain or loss calculations to the extent the Company extinguishes debt prior to the original maturity.

------

**Recently Issued and Adopted Accounting Standards**

For information regarding new accounting pronouncements, and the impact of these pronouncements on our consolidated financial statements, if any, refer to Note 2 to our consolidated financial statements for the year ended December 31, 2025 included elsewhere in this Annual Report on Form 10-K.

**Emerging Growth Company Status**

Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can choose not to take advantage of the extended transition period and comply with the requirements that apply to non-emerging growth companies, and any such election to not take advantage of the extended transition period is irrevocable. Spartacus Acquisition Corp. (a Delaware special purpose acquisition company with which we consummated a business combination in 2021) previously elected to avail itself of the extended transition period, and following the consummation of such 2021 business combination, we became an emerging growth company (for the period described in the immediately succeeding paragraph) and will continue to take advantage of the benefits of the extended transition period emerging growth company status permits. During the extended transition period, it may be difficult or impossible to compare our financial results with the financial results of another public company that complies with public company effective dates for accounting standard updates because of the potential differences in accounting standards used.

We will remain an emerging growth company under the JOBS Act until the earliest of (a) December 31, 2026, (b) the last date of our fiscal year in which we have total annual gross revenue of at least $1.235 billion, (c) the date on which we are deemed to be a "large accelerated filer" under the rules of the SEC or (d) the date on which we have issued more than $1.0 billion in non-convertible debt securities during the previous three years.

**Item 7A.** [**Quantitative and Qualitative Disclosures About Market Risk.**](#TOC)

*Interest Rate Risk*

We had cash and cash equivalents and short-term marketable securities of $152.1 million as of December 31, 2025, which are held for working capital purposes. Our exposure to market risk for changes in interest rates relates primarily to our cash and investments in marketable securities, which consisted of U.S. Government securities and money market funds. The fair values of our investments in U.S. Government securities will generally fluctuate with movements of interest rates, increasing in periods of declining rates of interest and declining in periods of increasing rates of interest. Due to the short-term nature of these instruments, we believe that we do not have any material exposure to changes in the fair value due to changes in interest rates. The effect of a hypothetical 10% change in interest rates would not have a material impact on our consolidated financial statements.

As of December 31, 2025, we had $190 million in Senior Secured Convertible Notes due 2028 with a fixed interest rate of 5% per annum. Therefore, fluctuations in interest rates do not impact our consolidated financial statements. See Note 8 — Long-term debt, net for additional information.

*Concentration of Credit Risk*

We deposit our cash with financial institutions, and, at times, such balances may exceed federally insured limits. Management believes the financial institutions that hold our cash and cash equivalents are financially sound and, accordingly, minimal credit risk exists with respect to cash and cash equivalents. In addition, we seek to minimize our exposure to banking risk by limiting the amount of uninsured deposits and investing our excess cash in U.S. government securities and money market funds.

*Effects of Inflation and Supply Chain*

While inflation and supply chain challenges may impact our revenue and cost of services, we believe the effects of inflation and supply chain challenges on our results of operations and financial condition have not been significant to date. This is particularly true given the moderation of inflationary pressure in the US economy in the last two years. However, there can be no assurance that our results of operations and financial condition will not be materially impacted by inflation or supply chain challenges in the future.

**Item 8.** **Financial Statements and Supplementary Data.**

Our consolidated financial statements, together with the report of our independent registered public accounting firm, appear in the Index to Financial Statements beginning on page F-1 of this Annual Report on Form 10-K.

------

**Item 9.** [**Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.**](#TOC)

There has been no change of accountants nor any disagreements with accountants on any matter of accounting principles or practices or financial disclosure required to be reported under this Item.

**Item 9A.** [**Controls and Procedures.**](#TOC)

**Disclosure Controls and Procedures**

Disclosure controls and procedures are controls and other procedures that are designed to ensure that information required to be disclosed in our reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed in Company reports filed or submitted under the Exchange Act is accumulated and communicated to management, including our Chief Executive Officer and Chief Financial Officer, to allow timely decisions regarding required disclosure.

As required by Rules 13a-15 and 15d-15 under the Exchange Act, our Chief Executive Officer and Chief Financial Officer carried out an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures as of December 31, 2025. Based upon their evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) were effective as of December 31, 2025.

**Management Report on Internal Control Over Financial Reporting; Attestation Report of Registered Public Accounting Firm**

Management is responsible for establishing and maintaining adequate internal control over financial reporting, as defined in Rule 13a-15(f) and 15d-15(f) of the Exchange Act. Management, under the supervision and with the participation of our Chief Executive Officer and Chief Financial Officer, assessed the effectiveness of our internal control over financial reporting as of December 31, 2025 based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. As a result of this assessment, management concluded that, as of December 31, 2025, our internal control over financial reporting was effective in providing reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles.

This Annual Report on Form 10-K does not include an attestation report of internal controls from the Company's independent registered public accounting firm due to a transition period established by the rules of the SEC as a result of the Company's status as an emerging growth company.

**Changes in Internal Control over Financial Reporting**

There were no changes in our internal control over financial reporting during the fiscal quarter ended December 31, 2025 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

**Item 9B.** [**Other Information.**](#TOC)

*Trading Plans*

On December 11, 2025 and December 22, 2025, each of James Black, General Counsel, and Timothy Gray, Chief Financial Officer, respectively, entered into a "Rule 10b5-1 trading arrangement" (as defined in Item 408 of Regulation S-K), intended to satisfy the affirmative defense of Rule 10b5-1(c) of the Securities Exchange Act of 1934. Each sales plan applies to previously awarded grants of time-based vesting restricted stock units ("RSUs") and provides for the automatic sales of a specific percentage of shares following the settlement of vested RSUs in an amount sufficient to satisfy the applicable tax withholding obligation of such executive officer. The sale proceeds will be delivered to the Company in satisfaction of the withholding obligation.

On December 22, 2025, Mariam Sorond, Chief Executive Officer, entered into a Rule 10b5-1 trading arrangement intended to satisfy the affirmative defense of Rule 10b5-1(c) of the Securities Exchange Act of 1934. The sales plan applies to previously awarded grants of RSUs and performance-based vesting restricted stock units ("PSUs") and provides for the automatic sales of a specific percentage of shares following the settlement of vested RSUs and PSUs in an amount sufficient to satisfy the applicable tax withholding obligation of Ms. Sorond. The sale proceeds will be delivered to the Company in satisfaction of the withholding obligation.

The exact number of shares that would be sold for withholding purposes under each of the described plans currently is unknown as that number will vary based on the market price of Company common stock on the vesting date and other factors. The sales plans for both Mr. Black and Mr. Gray expire on December 31, 2026. Ms. Sorond's plan expires on March 31, 2027.

No other officers (as defined in Rule 16a-1(f) of the Exchange Act) or directors adopted or terminated a "Rule 10b5-1 trading arrangement" or a "non-Rule 10b5-1 trading arrangement" (as such terms are defined in Item 408 of Regulation S-K) during the fiscal quarter ended December 31, 2025.

**Item 9C.** [**Disclosure Regarding Foreign Jurisdictions that Prevent Inspections.**](#TOC)

Not Applicable.

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**PART III**

**Item 10.** [**Directors, Executive Officers and Corporate Governance.**](#TOC)

**Code of Conduct and Ethics** 

Our Board has adopted a written Code of Conduct and Ethics (the "Code of Conduct") applicable to our and our subsidiaries' directors, officers and employees (each, a "Covered Person"). The Code of Conduct covers fundamental ethical and compliance-related principles and practices such as accurate accounting records and financial reporting, avoiding conflicts of interest, the protection and use of our property and information and compliance with legal and regulatory requirements. A current copy of the Code of Conduct is posted on the Governance section of the Investors page of our website, which is located at www.nextnav.com. We intend to satisfy the disclosure requirement under Item 5.05 of Form 8-K regarding any substantive amendment to, or waiver from, a provision of the Code of Conduct by posting such information on the website address and location specified above. On November 4, 2025, our Board approved an amended and restated Code of Conduct, which was posted at this website address.

The Code of Conduct addresses (among other things) (i) the general principles and standards of honest and ethical conduct of the Covered Persons, (ii) the avoidance of conflicts of interest and insider trading, (iii) the Covered Persons' obligations with respect to corporate opportunities, (iv) procedures with respect to retention of business records and general recordkeeping, (v) bribes, gifts and gratuities, as well as political contributions, (vi) internal procedures for the reporting of violations of the Code of Conduct, and (vii) requests for waivers of or changes to the Code of Conduct.

The additional information required by this item will be set forth under the sections entitled "*Board of Directors*," "*Corporate Governance*" and "*Executive Officers*" in our 2026 Proxy Statement to be filed with the SEC within 120 days of December 31, 2025 and is incorporated by reference into this Annual Report on Form 10-K.

**Item 11.** [**Executive Compensation.**](#TOC)

The information required by this item will be set forth under the section entitled "*Executive and Director Compensation*" in our 2026 Proxy Statement to be filed with the SEC within 120 days of December 31, 2025 and is incorporated by reference into this Annual Report on Form 10-K.

**Item 12.** [**Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.**](#TOC)

The information required by this item will be set forth under the sections entitled "*Securities Authorized for Issuance Under Equity Compensation Plans at December 31, 2025*" and "*Security Ownership of Certain Beneficial Owners and Management*" in our 2026 Proxy Statement to be filed with the SEC within 120 days of December 31, 2025 and is incorporated by reference into this Annual Report on Form 10-K.

**Item 13.** [**Certain Relationships and Related Transactions, and Director Independence.**](#TOC)

The information required by this item will be set forth under the sections entitled "*Transactions with Related Parties*" and "*Corporate Governance*" in our 2026 Proxy Statement to be filed with the SEC within 120 days of December 31, 2025 and is incorporated by reference into this Annual Report on Form 10-K.

**Item 14.** [**Principal Accountant Fees and Services.**](#TOC)

The information required by this item will be set forth under the section entitled "*Fees Paid to Independent Registered Public Accounting Firm*" in our 2026 Proxy Statement to be filed with the SEC within 120 days of December 31, 2025 and is incorporated by reference into this Annual Report on Form 10-K.

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**PART IV**

**Item 15.** [**Exhibits and Financial Statement Schedules.**](#TOC)

**(a)(1) Consolidated Financial Statements**

The consolidated financial statements listed in the Index to Financial Statements beginning on page F-1 are filed as part of this Annual Report on Form 10-K.

**(a)(2) Financial Statement Schedules**

All schedules are omitted as they are inapplicable or the required information is furnished in the consolidated financial statements or the notes thereto.

**(a)(3) Exhibits**

The exhibits filed as part of this Annual Report on Form 10-K are set forth on the Exhibit Index and are incorporated herein by reference.

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**Exhibit Index**

---

| | |
|:---|:---|
| **Exhibit** <br>**Number** | **Description** |
| 2.1\*† | [<u>Agreement and Plan of Merger, dated June 9, 2021, by and among Spartacus Acquisition Corporation, Spartacus Acquisition Shelf Corp., NextNav, LLC, NextNav Holdings, LLC, NEA 14 NextNav Blocker, LLC, Oak NextNav Blocker, LLC, Columbia Progeny Partners IV, Inc., Global Long Short Partners Aggregating Holdings Del VII LLC, Global Private Opportunities Partners Holdings II Corp., SASC (SPAC) Merger Sub 1 Corporation, SASC (Target) Merger Sub 2 LLC, SASC (NB) Merger Sub 3 LLC, SASC (OB) Merger Sub 4 LLC, SASC (CB) Merger Sub 5 Corporation, SASC (GB1) Merger Sub 6 LLC, a Delaware limited liability company, and SASC (GB2) Merger Sub 7 Corporation, a Delaware corporation (incorporated by reference to Exhibit 2.1 to the Current Report on Form 8-K filed by Spartacus Acquisition Shelf Corporation on June 10, 2021).</u>](http://www.sec.gov/Archives/edgar/data/1822553/000121390021031789/ea142270ex2-1_spartacusacq.htm) |
| 3.1\* | [<u>Amended and Restated Certificate of Incorporation of NextNav Inc. (incorporated by reference to Exhibit 3.1 to the Registration Statement on Form S-1 filed by NextNav Inc. on November 2, 2021).</u>](http://www.sec.gov/Archives/edgar/data/1865631/000121390021056147/fs12021ex3-1_nextnav.htm) |
| 3.2\* | [<u>Bylaws of NextNav Inc. (incorporated by reference to Exhibit 3.2 to the Current Report on Form 8-K filed by NextNav Inc. on October 28, 2021).</u>](http://www.sec.gov/Archives/edgar/data/1865631/000121390021055141/ea149404ex3-2_nextnav.htm) |
| 4.1\* | [<u>Specimen Common Stock Certificate (incorporated by reference to Exhibit 4.1 to the Registration Statement on Form S-4 filed by NextNav Inc. on August 25, 2021).</u>](http://www.sec.gov/Archives/edgar/data/1865631/000121390021044800/fs42021a2ex4-1_spartacusacq.htm) |
| 4.2\* | [<u>Specimen Warrant Certificate (included in Exhibit 4.3).</u>](http://www.sec.gov/Archives/edgar/data/1865631/000121390021055141/ea149404ex4-3_nextnav.htm) |
| 4.3\* | [<u>Amended and Restated Warrant Agreement, by and among Spartacus Acquisition Corporation, NextNav Inc., and Continental Stock Transfer & Trust Company, as warrant agent (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K filed by NextNav Inc. on October 28, 2021).</u>](http://www.sec.gov/Archives/edgar/data/1865631/000121390021055141/ea149404ex4-3_nextnav.htm) |
| 4.4\* | [<u>Warrant To Purchase Common Stock of NextNav Inc. (incorporated by reference to Exhibit 4.4 to the Registration on Form S-1 filed by NextNav Inc. on November 2, 2021).</u>](http://www.sec.gov/Archives/edgar/data/1865631/000121390021056147/fs12021ex4-4_nextnav.htm) |
| 4.5\* | [<u>Description of NextNav Inc.'s Securities Registered Pursuant to Section 12 of the Securities Exchange Act of 1934 (incorporated by reference to Exhibit 4.5 to the Annual Report on Form 10-K for the period ended December 31, 2021 filed by NextNav Inc. on March 23, 2022).</u>](http://www.sec.gov/Archives/edgar/data/1865631/000121390022014480/f10k2021ex4-5_nextnavinc.htm) |
| 4.6\* | [<u>Form of Warrant to Purchase Common Stock of NextNav Inc. (incorporated by reference to Exhibit 4.3 to the Registration Statement on Form S-3 filed by NextNav Inc. on June 23, 2023).</u>](http://www.sec.gov/Archives/edgar/data/1865631/000121390023051359/ex43_2.htm) |
| 4.7\*† | [<u>Note Purchase Agreement, dated May 9, 2023, by and among NextNav Inc. and the Purchasers named therein (incorporated by reference to Exhibit 4.2 to the Quarterly Report on Form 10-Q for the period ended June 30, 2023 filed by NextNav Inc. on August 9, 2023).</u>](http://www.sec.gov/Archives/edgar/data/1865631/000121390023065043/ex42_1.htm) |
| 4.8\*† | [<u>Indenture, dated May 9, 2023, by and among NextNav Inc., the Guarantors listed therein and GLAS Trust Company LLC (incorporated by reference to Exhibit 4.3 to the Quarterly Report on Form 10-Q for the period ended June 30, 2023 filed by NextNav Inc. on August 9, 2023).</u>](http://www.sec.gov/Archives/edgar/data/1865631/000121390023065043/ex43_2.htm) |
| 4.9\* | [<u>Warrant Agreement, dated May 15, 2023, by and between NextNav Inc. and Continental Stock Transfer & Trust Company, as warrant agent (incorporated by reference to Exhibit 4.2 to the Registration Statement on Form S-3 filed by NextNav Inc. on June 23, 2023).</u>](http://www.sec.gov/Archives/edgar/data/1865631/000121390023051359/ex42_1.htm) |

---

------

---

| | |
|:---|:---|
| 4.10\*† | [<u>Security Agreement, dated May 9, 2023, by and among NextNav Inc., subsidiaries of NextNav Inc., the Noteholders referenced therein and GLAS Trust Company LLC (incorporated by reference to Exhibit 4.5 to the Quarterly Report on Form 10-Q for the period ended June 30, 2023 filed by NextNav Inc. on August 9, 2023).</u>](http://www.sec.gov/Archives/edgar/data/1865631/000121390023065043/ex45_3.htm) |
| 4.11\*† | [<u>Note Purchase Agreement, dated March 12, 2025, by and among NextNav Inc. and the purchasers named therein (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K filed by NextNav Inc. on March 13, 2025).</u>](https://www.sec.gov/Archives/edgar/data/1865631/000121390025023403/ex101_1.htm) |
| 4.12\* | [<u>Indenture, dated March 27, 2025, by and among NextNav Inc., the subsidiaries that are notes guarantors listed therein, and GLAS Trust Company, LLC, as trustee and notes collateral agent (incorporated by reference to Exhibit 10.2 to the Quarterly Report on Form 10-Q for the period ended March 31, 2025 filed by NextNav Inc. on May 9, 2025).</u>](https://www.sec.gov/Archives/edgar/data/1865631/000121390025041217/ex102_1.htm) |
| 4.13\*† | [<u>Security Agreement, dated March 27, 2025, by and among NextNav Inc., the subsidiaries listed therein, and GLAS Trust Company LLC, as collateral agent. (incorporated by reference to Exhibit 10.3 to the Quarterly Report on Form 10-Q for the period ended March 31, 2025 filed by NextNav Inc. on May 9, 2025).</u>](https://www.sec.gov/Archives/edgar/data/1865631/000121390025041217/ex103_2.htm) |
| 4.14\* | [<u>Form of Warrant to Purchase Common Stock of NextNav Inc. (incorporated by reference to Exhibit 10.4 to the Current Report on Form 8-K filed by NextNav Inc. on March 13, 2025).</u>](https://www.sec.gov/Archives/edgar/data/1865631/000121390025023403/ex104_4.htm) |
| 4.15\* | [<u>Form of Registration Rights Agreement (incorporated by reference to Exhibit 10.5 to the Current Report on Form 8-K filed by NextNav Inc. on March 13, 2025).</u>](https://www.sec.gov/Archives/edgar/data/1865631/000121390025023403/ex105_5.htm) |
| 10.1\* | [<u>Registration Rights Agreement, dated October 28, 2021, by and among</u> <u>NextNav</u> <u>Inc. and certain stockholders of</u> <u>NextNav (incorporated by reference to Exhibit 10.1 to the Annual Report on Form 10-K for the period ended December 31, 2021 filed by NextNav Inc. on March 23, 2022).</u>](http://www.sec.gov/Archives/edgar/data/1865631/000121390022014480/f10k2021ex10-1_nextnavinc.htm) |
| 10.2\*! | [<u>Equipment, Network Colocation and Installation Agreement, dated October 7, 2019, by and between NextNav, LLC and AT&T Services, Inc. (incorporated by reference to Exhibit 10.11 to the Registration Statement on Form S-4 filed by NextNav Inc. on August 25, 2021).</u>](http://www.sec.gov/Archives/edgar/data/1865631/000121390021034260/fs42021ex10-11_spartacusacq.htm) |
| 10.3\* | [<u>Private Placement Warrant Purchase Agreement, dated October 15, 2020, by and between the Company and the Sponsor (incorporated by reference to Exhibit 10.5 to the Registration Statement on Form S-4 filed by NextNav Inc. on August 25, 2021).</u>](http://www.sec.gov/Archives/edgar/data/1822553/000121390020032563/ea128465ex10-5_spartacusacq.htm) |
| 10.4\* | [<u>Private Placement Warrant Purchase Agreement, dated October 15, 2020, by and between the Company and B. Riley Principal Investments, LLC (incorporated by reference to Exhibit 10.5 to the Registration Statement on Form S-4 filed by NextNav Inc. on August 25, 2021).</u>](http://www.sec.gov/Archives/edgar/data/1822553/000121390020032563/ea128465ex10-6_spartacusacq.htm) |

---

---

| | |
|:---|:---|
| 10.5\* | [<u>Resale Registration Rights Agreement, dated May 9, 2023, by and among NextNav Inc. and the Parties named therein (incorporated by reference to Exhibit 10.1 to the Quarterly Report on Form 10-Q for the period ended June 30, 2023 filed by NextNav Inc. on August 9, 2023).</u>](http://www.sec.gov/Archives/edgar/data/1865631/000121390023065043/ex101_4.htm) |
| 10.6\*† | [<u>Resale Registration Rights Agreement, dated March 7, 2024, by and between NextNav Inc. and Telesaurus Holdings GB LLC (incorporated by reference to Exhibit 10.2 to the Quarterly Report on Form 10-Q for the period ended March 31, 2024 filed by NextNav Inc. on May 8, 2024).</u>](http://www.sec.gov/Archives/edgar/data/1865631/000121390024040871/ex102_2.htm) |
| 10.7\*! | [<u>Share Transfer Agreement, dated October 28, 2022, by and among NextNav Inc. and the Sellers party thereto (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K filed by NextNav Inc. on November 2, 2022).</u>](http://www.sec.gov/Archives/edgar/data/1865631/000121390022068422/ex101_1.htm) |
| 10.8\*† | [<u>Asset Purchase Agreement, dated March 7, 2024, by and among NextNav Inc., Progeny LMS, LLC, Telesaurus Holdings GB LLC and Skybridge Spectrum Foundation (incorporated by reference to Exhibit 10.1 to the Quarterly Report on Form 10-Q for the period ended March 31, 2024 filed by NextNav Inc. on May 8, 2024).</u>](http://www.sec.gov/Archives/edgar/data/1865631/000121390024040871/ex101_1.htm) |
| 10.9\*+ | [<u>Form of Indemnification Agreement (incorporated by reference to Exhibit 10.2 to the Current Report on Form 8-K filed by NextNav Inc. on October 28, 2021).</u>](http://www.sec.gov/Archives/edgar/data/1865631/000121390021055141/ea149404ex10-2_nextnav.htm) |
| 10.10\*+ | [<u>NextNav Inc. 2021 Omnibus Incentive Plan (incorporated by reference to Exhibit 10.4 to the Current Report on Form 8-K filed by NextNav Inc. on October 28, 2021).</u>](http://www.sec.gov/Archives/edgar/data/1865631/000121390021055141/ea149404ex10-4_nextnav.htm) |
| 10.11\*+ | [<u>Form of Nonqualified Option Agreement under the NextNav Inc. 2021 Omnibus Incentive Plan (incorporated by reference to Exhibit 10.12 to the Registration Statement on Form S-1 filed by NextNav Inc. on November 17, 2021).</u>](http://www.sec.gov/Archives/edgar/data/1865631/000121390021060379/fs12021a1ex10-12_nextnavinc.htm) |
| 10.12\*+ | [<u>Form of Restricted Stock Unit Agreement under the NextNav Inc. 2021 Omnibus Incentive Plan (for grants pursuant to the 2021 business combination with Spartacus) (incorporated by reference to Exhibit 10.13 to the Registration Statement on Form S-1 filed by NextNav Inc. on November 17, 2021).</u>](http://www.sec.gov/Archives/edgar/data/1865631/000121390021060379/fs12021a1ex10-13_nextnavinc.htm) |
| 10.13\*+ | [<u>Form of Restricted Stock Unit Agreement under the NextNav Inc. 2021 Omnibus Incentive Plan (Employees) (incorporated by reference to Exhibit 10.14 to the Registration Statement on Form S-1 filed by NextNav Inc. on November 17, 2021).</u>](http://www.sec.gov/Archives/edgar/data/1865631/000121390021060379/fs12021a1ex10-14_nextnavinc.htm) |
| 10.14\*+ | [<u>Form of Restricted Stock Unit Agreement under the NextNav Inc. 2021 Omnibus Incentive Plan (Directors) (incorporated by reference to Exhibit 10.15 to the Registration Statement on Form S-1 filed by NextNav Inc. on November 17, 2021).</u>](http://www.sec.gov/Archives/edgar/data/1865631/000121390021060379/fs12021a1ex10-15_nextnavinc.htm) |
| 10.15\*+ | [<u>Form of Restricted Stock Agreement under the NextNav Inc. 2021 Omnibus Incentive Plan (Directors) (incorporated by reference to Exhibit 10.16 to the Registration Statement on Form S-1 filed by NextNav Inc. on November 17, 2021).</u>](http://www.sec.gov/Archives/edgar/data/1865631/000121390021060379/fs12021a1ex10-16_nextnavinc.htm) |

---

------

---

| | |
|:---|:---|
| 10.17\*+ | [<u>2011 Unit Option and Profits Interest Plan (incorporated by reference to Exhibit 4.6 to the Registration Statement on Form S-8 filed by NextNav Inc. on December 27, 2021).</u>](http://www.sec.gov/Archives/edgar/data/1865631/000121390021067585/ea152832ex4-6_nextnavinc.htm) |
| 10.18\*+ | [<u>NextNav Inc. 2021 Employee Stock Purchase Plan (incorporated by reference to Exhibit 10.5 to the Current Report on Form 8-K filed by NextNav Inc. on October 28, 2021).</u>](http://www.sec.gov/Archives/edgar/data/1865631/000121390021055141/ea149404ex10-5_nextnav.htm) |
| 10.19\*+ | [<u>Employment Agreement, dated as of November 29, 2023, by and between NextNav Inc. and Mariam Sorond (incorporated by reference to Exhibit 10.19 to the Annual Report on Form 10-K for the period ended December 31, 2023 filed by NextNav Inc. on March 13, 2024).</u>](http://www.sec.gov/Archives/edgar/data/1865631/000121390024022183/ex1019_1.htm) |
| 10.20\*+ | [<u>Executive Employment Agreement, dated as of March 31, 2022, by and between Commlabs Technology Centre Pvt. Ltd., an indirectly, wholly-owned subsidiary of NextNav Inc. and Arun Raghupathy (incorporated by reference to Exhibit 10.1 to the Quarterly Report on Form 10-Q for the period ended March 31, 2022 filed by NextNav Inc. on May 12, 2022).</u>](http://www.sec.gov/Archives/edgar/data/1865631/000121390022025943/f10q0322ex10-1_nextnavinc.htm) |
| 10.21\*+† | [<u>Employment Agreement, dated February 27, 2025, by and among NextNav, Inc., NextNav, LLC, and James Black (incorporated by reference to Exhibit 10.6 to the Quarterly Report on Form 10-Q for the period ended March 31, 2025 filed by NextNav Inc. on May 9, 2025).</u>](https://www.sec.gov/Archives/edgar/data/1865631/000121390025041217/ex106_3.htm) |
| 10.22\*+† | [<u>Executive Agreement, dated September 18, 2024, by and among NextNav, Inc., NextNav, LLC, and Susan Insley (incorporated by reference to Exhibit 10.7 to the Quarterly Report on Form 10-Q for the period ended March 31, 2025 filed by NextNav Inc. on May 9, 2025).</u>](https://www.sec.gov/Archives/edgar/data/1865631/000121390025041217/ex107_4.htm) |
| 10.23\*+ | [<u>NextNav Inc. Non-Employee Director 2025-2026 Compensation Policy (incorporated by reference to Exhibit 10.1 to the Quarterly Report on Form 10-Q for the period ended June 30, 2025 filed by NextNav Inc. on August 6, 2025).</u>](https://www.sec.gov/Archives/edgar/data/1865631/000155485525000923/ex101_1.htm) |
| 10.24\*+† | [<u>Employment Agreement, dated as of September 3, 2025, by and between NextNav Inc., NextNav, LLC, and Timothy Gray (incorporated by reference to Exhibit 10.1 to the Quarterly Report on Form 10-Q for the period ended September 30, 2025 filed by NextNav Inc. on November 6, 2025).</u>](https://www.sec.gov/Archives/edgar/data/1865631/000155485525001955/ex101_1.htm) |
| 10.25\* | [<u>Amendment, dated as of October 9, 2025, to Equipment, Network Colocation and Installation Agreement, dated October 7, 2019, by and between NextNav, LLC and AT&T Services, Inc. (incorporated by reference to Exhibit 10.2 to the Quarterly Report on Form 10-Q for the period ended September 30, 2025 filed by NextNav Inc. on November 6, 2025).</u>](https://www.sec.gov/Archives/edgar/data/1865631/000155485525001955/ex102_2.htm) |
| 19.1 | [<u>Insider Trading Policy.</u>](ex191_1.htm) |
| 21.1 | [<u>Subsidiaries of the Registrant.</u>](ex211_2.htm) |
| 23.1 | [<u>Consent of Ernst & Young LLP.</u>](ex231_3.htm) |
| 31.1 | [<u>Certification of the Chief Executive Officer pursuant to Exchange Act Rule 13a-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.</u>](ex311_4.htm) |
| 31.2 | [<u>Certification of the Chief Financial Officer pursuant to Exchange Act Rule 13a-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.</u>](ex312_5.htm) |
| 32.1\*\* | [<u>Certification of the Chief Executive Officer & Chief Financial Officer pursuant to 18 U.S.C. Section 1350.</u>](ex321_6.htm) |
| 97\* | [<u>Incentive Compensation Recovery Policy (incorporated by reference to Exhibit 97 to the Annual Report on Form 10-K for the period ended December 31, 2023 filed by NextNav Inc. on March 13, 2024).</u>](http://www.sec.gov/Archives/edgar/data/1865631/000121390024022183/ex97_9.htm) |
| 101.INS | Inline XBRL Instance Document. |
| 101.SCH | Inline XBRL Taxonomy Extension Schema Document. |
| 101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document. |
| 101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document. |
| 101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document. |
| 101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document. |
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). |

---

------

---

| | |
|:---|:---|
| \* | Filed previously. |
| \*\* | Furnished herewith. |
| † | Certain schedules and/or exhibits have been omitted pursuant to Item 601(a)(5) of Regulation S-K. The Company will furnish supplementally a copy of any such omitted schedule and/or exhibit to the SEC upon request. |
| ! | Certain confidential portions of the agreement were omitted by means of marking such portions with brackets (due to the registrant customarily and actually treating such information as private or confidential and such omitted information not being material) pursuant to Item 601(b)(10) of Regulation S-K. The Company agrees to supplementally furnish a copy of any confidential portions to the SEC upon request. |
| + | Indicates a management or compensatory plan. |

---

**Item 16.** [**Form 10-K Summary.**](#TOC)

None

------

**SIGNATURES**

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | **NEXTNAV INC.** | **NEXTNAV INC.** |
| Date: March 17, 2026 | By: | /s/Mariam Sorond |
|  | Name: | Mariam Sorond |
|  | Title: | President and Chief Executive Officer |

---

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| **Signature** | **Capacity** | **Date** |
| /s/Mariam Sorond | President, Chief Executive Officer and Chair of the Board of Directors | March 17, 2026<br>|
| Mariam Sorond | (Principal Executive Officer)  |  |
| /s/ Timothy A. Gray | Chief Financial Officer | March 17, 2026<br>|
| Timothy A. Gray | (Principal Financial Officer) |  |
| /s/ Sammaad R. Shams | Chief Accounting Officer | March 17, 2026<br>|
| Sammaad R. Shams | (Principal Accounting Officer) |  |
| /s/ H. Wyman Howard III | Director | March 17, 2026<br>|
| H. Wyman Howard III |  |  |
| /s/ Alan B. Howe | Director | March 17, 2026<br>|
| Alan B. Howe |  |  |
| /s/ Bandel L. Carano | Director | March 17, 2026<br>|
| Bandel L. Carano |  |  |
| /s/ Jonathan A. Marcus | Director | March 17, 2026<br>|
| Jonathan A. Marcus |  |  |
| /s/ John B. Muleta | Director | March 17, 2026<br>|
| John B. Muleta |  |  |
| /s/ Nicola Palmer | Director | March 17, 2026<br>|
| Nicola Palmer |  |  |
| /s/ Lorin Selby | Director | March 17, 2026<br>|
| Lorin Selby |  |  |
| /s/ Neil S. Subin | Director | March 17, 2026<br>|
| Neil S. Subin |  |  |

---

------

**INDEX TO FINANCIAL STATEMENTS**

---

| | |
|:---|:---|
|  | **Page** |
| [<u>Report of Independent Registered Public Accounting Firm (PCAOB ID:</u> 42<u>)</u>](#bm_0eff0f36235faa3a) | F-2<br>|
| [<u>Consolidated Balance Sheets</u>](#bm_80d55edf31be7ec7) | F-3<br>|
| [<u>Consolidated Statements of Comprehensive Loss</u>](#bm_34c96251d21f3564) | F-4<br>|
| [<u>Consolidated Statements of Changes in Stockholders' Equity</u>](#bm_f7fb22d29bfbdd1a) | F-5<br>|
| [<u>Consolidated Statements of Cash Flows</u>](#bm_da9a86797d3e2789) | F-6<br>|
| [<u>Notes to Consolidated Financial Statements</u>](#bm_be59a22345558eaf) | F-7<br>|

---

------

**Report of Independent Registered Public Accounting Firm**

To the Stockholders and the Board of Directors of NextNav Inc.

**Opinion on the Financial Statements**

We have audited the accompanying consolidated balance sheets of NextNav Inc. (the Company) as of December 31, 2025 and 2024, the related consolidated statements of comprehensive loss, changes in equity and cash flows for each of the two years in the period ended December 31, 2025, and the related notes (collectively referred to as the "consolidated financial statements"). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the two years in the period ended December 31, 2025, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion**

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/ Ernst & Young LLP

We have served as the Company's auditor since 2012.

Tysons, Virginia

March 17, 2026

------

**NextNav Inc.**

[**Consolidated Balance Sheets**](#TOC1)

---

| | | |
|:---|:---|:---|
|  | **December 31,** | **December 31,** |
|  | **2025** | **2024** |
|  | **(in thousands)** | **(in thousands)** |
| **Assets**<br>|  |  |
| &nbsp;&nbsp;Current assets:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents<br>| $&nbsp;&nbsp;44757<br>| $&nbsp;&nbsp;39330<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Short term investments<br>| &nbsp;&nbsp;107381<br>| &nbsp;&nbsp;40785<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable<br>| &nbsp;&nbsp;2346<br>| &nbsp;&nbsp;3301<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Other current assets<br>| &nbsp;&nbsp;2927<br>| &nbsp;&nbsp;2629<br>|
| &nbsp;&nbsp;Total current assets<br>| $&nbsp;&nbsp;157411<br>| $&nbsp;&nbsp;86045<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Property and equipment, net of accumulated depreciation of $16,458 and $13,716 at December 31, 2025 and 2024, respectively<br>| &nbsp;&nbsp;11763<br>| &nbsp;&nbsp;17974<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Operating lease right-of-use assets<br>| &nbsp;&nbsp;14856<br>| &nbsp;&nbsp;17368<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Goodwill<br>| &nbsp;&nbsp;19161<br>| &nbsp;&nbsp;16966<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Intangible assets, net<br>| &nbsp;&nbsp;42167<br>| &nbsp;&nbsp;9589<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Other assets<br>| &nbsp;&nbsp;1661<br>| &nbsp;&nbsp;13798<br>|
| &nbsp;&nbsp;Total assets<br>| $&nbsp;&nbsp;247019<br>| $&nbsp;&nbsp;161740<br>|
| **Liabilities and stockholders' equity**<br>|  |  |
| &nbsp;&nbsp;Current liabilities:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable<br>| $&nbsp;&nbsp;661<br>| $&nbsp;&nbsp;858<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other current liabilities<br>| &nbsp;&nbsp;8560<br>| &nbsp;&nbsp;8536<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Operating lease current liabilities<br>| &nbsp;&nbsp;2673<br>| &nbsp;&nbsp;2462<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue<br>| &nbsp;&nbsp;491<br>| &nbsp;&nbsp;288<br>|
| &nbsp;&nbsp;Total current liabilities<br>| $&nbsp;&nbsp;12385<br>| $&nbsp;&nbsp;12144<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Warrants<br>| &nbsp;&nbsp;33167<br>| &nbsp;&nbsp;28707<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Operating lease noncurrent liabilities<br>| &nbsp;&nbsp;12337<br>| &nbsp;&nbsp;14352<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Long-term debt, net<br>| &nbsp;&nbsp;273589<br>| &nbsp;&nbsp;54621<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Other long-term liabilities<br>| &nbsp;&nbsp;1776<br>| &nbsp;&nbsp;1795<br>|
| &nbsp;&nbsp;Total liabilities<br>| $&nbsp;&nbsp;333254<br>| $&nbsp;&nbsp;111619<br>|
| &nbsp;&nbsp;Stockholders' equity:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Stock, authorized 500,000,000 shares; 135,504,497 and 131,268,940 shares issued and 135,372,269 and 131,136,712 shares outstanding at December 31, 2025 and 2024, respectively<br>| $&nbsp;&nbsp;15<br>| $&nbsp;&nbsp;14<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital<br>| &nbsp;&nbsp;961991<br>| &nbsp;&nbsp;912241<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive income<br>| &nbsp;&nbsp;3811<br>| &nbsp;&nbsp;665<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated deficit<br>| &nbsp;&nbsp;(1051359) | &nbsp;&nbsp;(862106) |
| &nbsp;&nbsp;&nbsp;&nbsp;Common stock in treasury, at cost, 132,228 shares at both December 31, 2025 and December 31, 2024.<br>| &nbsp;&nbsp;(693) | &nbsp;&nbsp;(693) |
| &nbsp;&nbsp;Total stockholders' equity (deficit)<br>| $&nbsp;&nbsp;(86235) | $&nbsp;&nbsp;50121<br>|
| &nbsp;&nbsp;Total liabilities and stockholders' equity<br>| $&nbsp;&nbsp;247019<br>| $&nbsp;&nbsp;161740<br>|

---

*See accompanying notes.*

------

**NextNav INC.** 

[**CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS**](#TOC1)

---

| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | &nbsp;&nbsp;**2025** | &nbsp;&nbsp;**2024** |
|  | &nbsp;&nbsp;**(in thousands, except per share amounts)** | &nbsp;&nbsp;**(in thousands, except per share amounts)** |
| **Revenue**<br>| $&nbsp;&nbsp;4573<br>| $&nbsp;&nbsp;5669<br>|
| **Operating expenses:**<br>|  |  |
| &nbsp;&nbsp;Cost of goods sold (exclusive of depreciation and amortization)<br>| &nbsp;&nbsp;8540 | &nbsp;&nbsp;10777<br>|
| &nbsp;&nbsp;Research and development<br>| &nbsp;&nbsp;18952 | &nbsp;&nbsp;16242<br>|
| &nbsp;&nbsp;Selling, general and administrative<br>| &nbsp;&nbsp;39563 | &nbsp;&nbsp;33510<br>|
| &nbsp;&nbsp;Depreciation and amortization<br>| &nbsp;&nbsp;7750<br>| &nbsp;&nbsp;5238<br>|
| **Total operating expenses**<br>| $&nbsp;&nbsp;74805 | $&nbsp;&nbsp;65767<br>|
| **Operating loss**<br>| &nbsp;&nbsp;(70232) | &nbsp;&nbsp;(60098) |
| **Other income (expense):**<br>|  |  |
| &nbsp;&nbsp;Interest expense, net | &nbsp;&nbsp;(12443) | &nbsp;&nbsp;(9401) |
| &nbsp;&nbsp;Debt extinguishment loss<br>| &nbsp;&nbsp;(14434) | &nbsp;&nbsp;—<br>|
| &nbsp;&nbsp;Change in fair value of warrants<br>| &nbsp;&nbsp;(5701) | &nbsp;&nbsp;(33177) |
| &nbsp;&nbsp;Change in fair value of derivative liability<br>| &nbsp;&nbsp;(77184) | &nbsp;&nbsp;—<br>|
| &nbsp;&nbsp;Other income (loss), net<br>| &nbsp;&nbsp;(9061) | &nbsp;&nbsp;970<br>|
| **Loss before income taxes**<br>| $&nbsp;&nbsp;(189055) | $&nbsp;&nbsp;(101706) |
| &nbsp;&nbsp;Provision for income taxes<br>| &nbsp;&nbsp;(198) | &nbsp;&nbsp;(173) |
| **Net loss**<br>| $&nbsp;&nbsp;(189253) | $&nbsp;&nbsp;(101879) |
| &nbsp;&nbsp;Foreign currency translation adjustment<br>| &nbsp;&nbsp;3146<br>| &nbsp;&nbsp;(1533) |
| **Comprehensive loss**<br>| $&nbsp;&nbsp;(186107) | $&nbsp;&nbsp;(103412) |
| **Net loss**<br>| $&nbsp;&nbsp;(189253) | $&nbsp;&nbsp;(101879) |
| **Net loss attributable to common stockholders**<br>| $&nbsp;&nbsp;(189253) | $&nbsp;&nbsp;(101879) |
| Weighted average of shares outstanding – basic and diluted<br>| &nbsp;&nbsp;132866<br>| &nbsp;&nbsp;121500<br>|
| **Net loss attributable to common stockholders per share – basic and diluted**<br>| $&nbsp;&nbsp;(1.42) | $&nbsp;&nbsp;(0.84) |

---

*See accompanying notes.*

------

**NextNav INC.**

[**Consolidated Statements of Changes in equity**](#TOC1)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Common Stock** | **Common Stock** | **Additional Paid-In Capital** | **Accumulated Deficit** | **Accumulated Other Comprehensive (Loss)** | **Treasury stock, at cost** | **Stockholders' Equity (Deficit)** | **Non-controlling Interest** | **Total Equity** |
|  | **Shares**<br>| **Value** | **Additional Paid-In Capital** | **Accumulated Deficit** | **Accumulated Other Comprehensive (Loss)** | **Treasury stock, at cost** | **Stockholders' Equity (Deficit)** | **Non-controlling Interest** | **Total Equity** |
| **Balance, December 31, 2023**<br>| **111132222**<br>| $**12**<br>| $**837416**<br>| $**(**760227**)** | $**2198**<br>| $**(**665**)** | $**78734**<br>| $**1362**<br>| $**80096**<br>|
| Vesting of RSUs<br>| 2456403<br>| 1<br>| —<br>| —<br>| —<br>| —<br>| **1**<br>| —<br>| **1**<br>|
| Issuance of RSAs<br>| 269453<br>| —<br>| —<br>| —<br>| —<br>| —<br>| **—**<br>| —<br>| **—**<br>|
| Exercise of common stock options<br>| 1381143<br>| —<br>| 3787<br>| —<br>| —<br>| —<br>| **3787**<br>| —<br>| **3787**<br>|
| Exercise of common warrants<br>| 14531193<br>| 1<br>| 31386<br>| —<br>| —<br>| —<br>| **31387**<br>| —<br>| **31387**<br>|
| Stock-based compensation expense<br>| —<br>| —<br>| 14040<br>| —<br>| —<br>| —<br>| **14040**<br>| —<br>| **14040**<br>|
| Interest payment through issuance of shares of common stock<br>| 352171<br>| —<br>| 3842<br>| —<br>| —<br>| —<br>| **3842**<br>| —<br>| **3842**<br>|
| Redemption of non-controlling interests<br>| 397037<br>| —<br>| 1429<br>| —<br>| —<br>| —<br>| **1429**<br>| (1362) | **67**<br>|
| Reclassification of warrant liability to common stock warrants<br>| —<br>| —<br>| 11523<br>| —<br>| —<br>| —<br>| **11523**<br>| —<br>| **11523**<br>|
| Shares of Common Stock received from settlement of employee receivables<br>| (3016) | —<br>| —<br>| —<br>| —<br>| (28) | **(**28**)** | —<br>| **(**28**)** |
| Shares of Common Stock issued to settle Asset Purchase Agreement liability<br>| 620106<br>| —<br>| 8818<br>| —<br>| —<br>| —<br>| **8818**<br>| —<br>| **8818**<br>|
| Net loss<br>| —<br>| —<br>| —<br>| (101879) | —<br>| —<br>| **(**101879**)** | —<br>| **(**101879**)** |
| Foreign currency translation adjustment<br>| —<br>| —<br>| —<br>| —<br>| (1533) | —<br>| **(**1533**)** | —<br>| **(**1533**)** |
| **Balance, December 31, 2024**<br>| **131136712**<br>| $**14**<br>| $**912241**<br>| $**(**862106**)** | $**665**<br>| $**(**693**)** | $**50121**<br>| $**—**<br>| $**50121**<br>|
| Vesting of RSUs<br>| 1902059<br>| 1<br>| —<br>| —<br>| —<br>| —<br>| **1**<br>| —<br>| **1**<br>|
| Issuance of RSAs<br>| 120265<br>| —<br>| —<br>| —<br>| —<br>| —<br>| **—**<br>| —<br>| **—**<br>|
| Exercise of common stock options<br>| 621226<br>| —<br>| 1957<br>| —<br>| —<br>| —<br>| **1957**<br>| —<br>| **1957**<br>|
| Exercise of common warrants<br>| 397187<br>| —<br>| 858<br>| —<br>| —<br>| —<br>| **858**<br>| —<br>| **858**<br>|
| Stock-based compensation expense<br>| —<br>| —<br>| 16294<br>| —<br>| —<br>| —<br>| **16294**<br>| —<br>| **16294**<br>|
| Issuance of Common Warrants<br>| —<br>| —<br>| 9006<br>| —<br>| —<br>| —<br>| **9006**<br>| —<br>| **9006**<br>|
| Reclassification of warrant liability to common stock warrants<br>| —<br>| —<br>| 1241<br>| —<br>| —<br>| —<br>| **1241**<br>| —<br>| **1241**<br>|
| Issuance of shares for asset purchase agreement<br>| 1194820<br>| —<br>| 20394<br>| —<br>| —<br>| —<br>| **20394**<br>| —<br>| **20394**<br>|
| Net loss<br>| —<br>| —<br>| —<br>| (189253) | —<br>| —<br>| **(**189253**)** | —<br>| **(**189253**)** |
| Foreign currency translation adjustment<br>| —<br>| —<br>| —<br>| —<br>| 3146<br>| —<br>| **3146**<br>| —<br>| **3146**<br>|
| **Balance, December 31, 2025**<br>| **135372269**<br>| **15**<br>| **961991**<br>| **(**1051359**)** | **3811**<br>| **(**693**)** | **(**86235**)** | **—**<br>| **(**86235**)** |

---

*See accompanying notes.* 

------

**NextNav INC.**

[**Consolidated Statements of Cash Flows**](#TOC1)

---

| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** |
|  | **(in thousands)** | **(in thousands)** |
| **Operating activities**<br>|  |  |
| Net loss<br>| $&nbsp;&nbsp;(189253) | $&nbsp;&nbsp;(101879) |
| Adjustments to reconcile net loss to net cash used in operating activities:<br>|  |  |
| &nbsp;&nbsp;Depreciation and amortization<br>| &nbsp;&nbsp;7750<br>| &nbsp;&nbsp;5238<br>|
| &nbsp;&nbsp;Equity-based compensation<br>| &nbsp;&nbsp;16637 | &nbsp;&nbsp;13856<br>|
| &nbsp;&nbsp;Change in fair value of warrants<br>| &nbsp;&nbsp;5701<br>| &nbsp;&nbsp;33177<br>|
| &nbsp;&nbsp;Debt extinguishment loss<br>| &nbsp;&nbsp;13734<br>| &nbsp;&nbsp;—<br>|
| &nbsp;&nbsp;Issuance of common warrants<br>| &nbsp;&nbsp;9006<br>| &nbsp;&nbsp;—<br>|
| &nbsp;&nbsp;Change in fair value of derivative liability<br>| &nbsp;&nbsp;77184<br>| &nbsp;&nbsp;—<br>|
| &nbsp;&nbsp;Change in fair value of asset purchase agreement liability<br>| &nbsp;&nbsp;—<br>| &nbsp;&nbsp;(966) |
| &nbsp;&nbsp;Realized and unrealized gain on short term investments<br>| &nbsp;&nbsp;(3066) | &nbsp;&nbsp;(888) |
| &nbsp;&nbsp;Equity method investment (gain)loss<br>| &nbsp;&nbsp;(58) | &nbsp;&nbsp;175<br>|
| &nbsp;&nbsp;Asset retirement obligation accretion<br>| &nbsp;&nbsp;104<br>| &nbsp;&nbsp;76<br>|
| &nbsp;&nbsp;Amortization of debt discount<br>| &nbsp;&nbsp;9566<br>| &nbsp;&nbsp;6174<br>|
| &nbsp;&nbsp;Changes in operating assets and liabilities:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable<br>| &nbsp;&nbsp;955<br>| &nbsp;&nbsp;(969) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other current assets<br>| &nbsp;&nbsp;(231) | &nbsp;&nbsp;388<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Other assets<br>| &nbsp;&nbsp;167<br>| &nbsp;&nbsp;110<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable<br>| &nbsp;&nbsp;(197) | &nbsp;&nbsp;467<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue<br>| &nbsp;&nbsp;203<br>| &nbsp;&nbsp;(9) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities<br>| &nbsp;&nbsp;362<br>| &nbsp;&nbsp;5990<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Operating lease right-of-use assets and liabilities<br>| &nbsp;&nbsp;691<br>| &nbsp;&nbsp;1052<br>|
| Net cash used in operating activities<br>| $&nbsp;&nbsp;(50745) | $&nbsp;&nbsp;(38008) |
| **Investing activities**<br>|  |  |
| &nbsp;&nbsp;Purchases of network assets, property, and equipment<br>| &nbsp;&nbsp;(50) | &nbsp;&nbsp;(350) |
| &nbsp;&nbsp;Purchase of equity method investment<br>| &nbsp;&nbsp;(550) | &nbsp;&nbsp;—<br>|
| &nbsp;&nbsp;Purchase of internal use software<br>| &nbsp;&nbsp;(424) | &nbsp;&nbsp;(442) |
| &nbsp;&nbsp;Purchase of marketable securities<br>| &nbsp;&nbsp;(281530) | &nbsp;&nbsp;(82443) |
| &nbsp;&nbsp;Sale and maturity of marketable securities<br>| &nbsp;&nbsp;218000<br>| &nbsp;&nbsp;46500<br>|
| &nbsp;&nbsp;Payment for asset purchase agreement liability<br>| &nbsp;&nbsp;—<br>| &nbsp;&nbsp;(2732) |
| Net cash used in investing activities<br>| $&nbsp;&nbsp;(64554) | $&nbsp;&nbsp;(39467) |
| **Financing activities**<br>|  |  |
| &nbsp;&nbsp;Proceeds from 2028 senior convertible notes<br>| &nbsp;&nbsp;190000<br>| &nbsp;&nbsp;—<br>|
| &nbsp;&nbsp;Repayment of 2026 senior secured notes<br>| &nbsp;&nbsp;(70700) | &nbsp;&nbsp;—<br>|
| &nbsp;&nbsp;Payments towards debt issuance cost | &nbsp;&nbsp;(1517) | &nbsp;&nbsp;—<br>|
| &nbsp;&nbsp;Payments towards debt<br>| &nbsp;&nbsp;(116) | &nbsp;&nbsp;(111) |
| &nbsp;&nbsp;Proceeds from exercise of common stock options<br>| &nbsp;&nbsp;1957<br>| &nbsp;&nbsp;3787<br>|
| &nbsp;&nbsp;Proceeds from exercise of common warrants<br>| &nbsp;&nbsp;858<br>| &nbsp;&nbsp;31387<br>|
| &nbsp;&nbsp;Redemption of non-controlling interests<br>| &nbsp;&nbsp;—<br>| &nbsp;&nbsp;40<br>|
| Net cash provided by financing activities<br>| $&nbsp;&nbsp;120482<br>| $&nbsp;&nbsp;35103<br>|
| Effect of exchange rates on cash and cash equivalents<br>| &nbsp;&nbsp;244<br>| &nbsp;&nbsp;(176) |
| Net increase (decrease) in cash and cash equivalents<br>| &nbsp;&nbsp;5427<br>| &nbsp;&nbsp;(42548) |
| Cash and cash equivalents at beginning of period<br>| &nbsp;&nbsp;39330<br>| &nbsp;&nbsp;81878<br>|
| Cash and cash equivalents at end of period<br>| $&nbsp;&nbsp;44757<br>| $&nbsp;&nbsp;39330<br>|
| **Supplemental disclosures**<br>|  |  |
| Issuance of shares for asset purchase agreement<br>| $&nbsp;&nbsp;20394<br>| $&nbsp;&nbsp;—<br>|
| Issuance of warrants<br>| $&nbsp;&nbsp;9006<br>| $&nbsp;&nbsp;—<br>|
| Interest paid in cash<br>| $&nbsp;&nbsp;8694<br>| $&nbsp;&nbsp;3502<br>|
| Reclassification of warrant liability to common stock warrants<br>| $&nbsp;&nbsp;1241<br>| $&nbsp;&nbsp;11523<br>|
| Income taxes paid, net<br>| $&nbsp;&nbsp;186<br>| $&nbsp;&nbsp;195<br>|
| Interest paid in shares<br>| $&nbsp;&nbsp;—<br>| $&nbsp;&nbsp;3842<br>|

---

*See accompanying notes.*

------

**NextNav INC.**

[**Notes to Consolidated Financial Statements**](#TOC1)

**1. Organization and Business**

**Principal Business**

NextNav Inc., together with its consolidated subsidiaries ("NextNav" or the "Company") is the market leader in delivering resilient, next generation, complementary positioning, navigation and timing ("PNT") solutions designed to overcome the limitations and vulnerabilities of existing space-based Global Navigation Satellite Systems ("GNSS"), including the Global Positioning System ("GPS").

The Company is evolving its PNT solutions to use 5G New Radio ("5G NR") positioning reference signals ("PRS"), under the 3GPP global standard, to determine location and timing - a platform the Company refers to as NextGen. The Company believes the evolution of its existing technologies and services to a 5G NR PRS capability will improve the efficiency, flexibility, and scale of its operations. 5G NR technologies drive enhanced network performance, capacity, and efficiency across multiple industry verticals.

Since its inception, NextNav has incurred recurring losses and generated negative cash flows from operations and has primarily relied upon debt and equity financings to fund its cash requirements. During the years ended December 31, 2025 and 2024, the Company incurred net losses of $189.3 million and $101.9 million, respectively. During the years ended December 31, 2025 and 2024, net cash used in operating activities was $50.7 million and $38.0 million, respectively. As of December 31, 2025, cash and cash equivalents and marketable securities was $152.1 million. The Company's primary use of cash is to fund operations as NextNav continues to perform research and development and grow. The Company expects to incur additional losses and higher operating expenses for the foreseeable future, specifically as NextNav invests in ongoing research and development and its PNT networks.

Managing liquidity and the Company's cash position is a priority of the Company. The Company continually works to optimize its expenses in light of the growth of its business and adapt to changes in the economic environment. The Company believes that the cash and cash equivalents and marketable securities as of December 31, 2025 will be sufficient to meet its working capital and capital expenditure needs, including all contractual commitments, beyond the next 12 months from the date of filing this Annual Report on Form 10-K. The Company believes it will meet longer term expected future cash requirements and obligations through a combination of its existing cash and cash equivalents balances and marketable securities, cash flows from operations, and issuance of equity securities or debt offerings. However, this determination is based upon internal financial projections and is subject to changes in market and business conditions.

**2. Summary of Significant Accounting Policies**

*Basis of Presentation*

The accompanying consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries, have been prepared in accordance with U.S. Generally Accepted Accounting Principles ("GAAP"). All intercompany transactions and balances have been eliminated in these consolidated financial statements.

*Use of Estimates*

The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements and the reported amounts of income and expenses during the reporting period and accompanying notes. These estimates include those related to the useful lives and recoverability of long-lived and intangible assets, valuation of common stock warrants, derivative liability-conversion option, income taxes and equity-based compensation, among others. NextNav bases estimates on historical experience, anticipated results and various other assumptions, including assumptions of future events, it believes are reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets, liabilities, equity, revenue and expenses, that are not readily apparent from other sources. Actual results and outcomes could differ materially from these estimates and assumptions.

------

**NEXTNAV INC.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

*Cash and Cash Equivalents and Marketable Securities*

Cash and cash equivalents include all cash in banks and highly liquid investments with an original maturity of three months or less when purchased. The combined account balances held on deposit at each institution typically exceed Federal Deposit Insurance Corporation ("FDIC") insurance coverage and, as a result, there is a concentration of credit risk related to amounts on deposit in excess of FDIC insurance coverage. The Company seeks to reduce this risk by maintaining such deposits with high quality financial institutions that management believes are creditworthy. Further, the Company seeks to minimize its exposure to banking risk by limiting the amount of uninsured deposits and investing its excess cash in U.S. government securities and money market funds.

The Company invests excess cash primarily in U.S. treasury bills and money market funds. The Company classifies all marketable securities that have stated maturities of three months or less from the date of purchase as cash equivalents, and those that have stated maturities of over three months but one year or less as short-term investments on the Consolidated Balance Sheets. The Company determines the appropriate classification of investments in marketable securities at the time of purchase and reevaluates such designation at each balance sheet date. Marketable securities that are held for resale are classified as "trading securities" and are measured at fair value with the related gains and losses, including unrealized, recognized in interest expense, net. Marketable securities not classified as held to maturity or as trading securities are classified as "available-for-sale securities" and the fair value option ("FVO") was elected, for which related gains and losses, including unrealized gains and losses and interest, are recognized in interest expense, net. The FVO election allows the Company to account for the marketable securities at fair value, which is consistent with the manner in which the instruments are managed. For the twelve months ended December 31, 2025 and 2024, the Company recorded $5.4 million and $0.9 million gains from fair value changes from FVO available-for-sale debt securities, which were recorded within interest expense, net in the Consolidated Statements of Comprehensive Loss.

*Equity Method Investment* 

The Company applies the equity method of accounting to investments when it has significant influence, but not controlling interest, in the investee. Judgment regarding the level of influence over each equity method investment includes considering key factors such as ownership interest, representation on the board of directors, participation in policy-making decisions and material intercompany transactions.

The initial carrying value of equity method investment is based on the amount paid to purchase the interest in the investee entity. Subsequently, the investment is increased or decreased by the Company's proportionate share in the investee's earnings or losses and decreased by cash distributions from the investee. The Company eliminates from its financial results all significant intercompany transactions to the extent of its ownership interest, including the intercompany portion of transactions with equity method investee. The Company's share of the investee's income or loss is recorded on a one quarter lag.

The Company evaluates equity method investment for impairment based upon a comparison of the fair value of the equity method investment to its carrying value, when impairment indicators exist. If the Company determines a decline in the fair value of an equity method investment below its carrying value is other-than-temporary, an impairment is recorded. Determining fair value involves significant judgment. The Company's estimates consider alternative evidence including, but not limited to, general economic conditions and other relevant factors. The Company did not recognize any impairment losses for its equity method investment for the year ended December 31, 2025.

*Leases*

NextNav leases office spaces under non-cancellable leases as well as site leases for towers and shelters under operating leases related to its network. Site leases are entered into throughout the United States under which NextNav receives the rights to install equipment used to transmit its services over its licensed spectrum. The Company, at the inception of the contract, determines whether a contract is or contains a lease based on assessment of the terms and conditions of the contract. The Company classifies leases with contractual terms longer than twelve months as either operating or finance. The Company has elected not to recognize lease assets and liabilities for its short-term leases, which are defined as leases with an initial term of twelve months or less.

The Company's leases may include options to extend or terminate the lease. The option to renew may be automatic, at the option of NextNav or mutually agreed to between the landlord and NextNav. Lease terms include the non-cancellable term and periods under options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option.

------

**NEXTNAV INC.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

The Company's lease agreements generally contain lease and non-lease components. Payments under the lease arrangements are primarily fixed. Non-lease components primarily include payments for utilities and maintenance. The Company combines fixed payments for non-lease components with lease payments and accounts for them together as a single lease component which increases the amount of the Company's lease assets and liabilities. Certain lease agreements contain variable payments, which are expensed as incurred and not included in the lease assets and liabilities. These amounts include payments for common area maintenance.

Lease assets and liabilities are recognized at the present value of the future lease payments at the lease commencement date. The interest rate used to determine the present value of the future lease payments is the Company's incremental borrowing rate, because the interest rate implicit in the Company's leases is not readily determinable. The Company's incremental borrowing rate is estimated to approximate the interest rate on a collateralized basis with similar terms and payments, and in economic environments where the leased asset is located. Lease assets are reduced by landlord incentives, plus any direct costs from executing the leases or lease prepayments reclassified from "Other current assets" upon lease commencement.

Operating lease expense is recognized on a straight-line basis over the lease term. Monthly rent expense includes any site related utility payments or other fees such as administrative or up-front fees contained in the lease agreements that are determinable upon execution of the lease agreement.

*Property and Equipment, Network under Construction and Intangible Assets*

Property and equipment, net of accumulated depreciation and network under construction are recorded at cost. Employee-related costs for construction of network assets are also capitalized during the construction phase. Expenditures for maintenance and repairs that do not materially extend the useful lives of property and equipment are charged to cost of goods sold ("COGS") and selling, general and administrative ("SG&A") as incurred. When property or equipment is retired or otherwise disposed of, the related property accounts are relieved of costs and accumulated depreciation and any resulting gain or loss is included in the Consolidated Statements of Comprehensive Loss.

NextNav records asset retirement obligations associated with the contractually required removal of property and equipment assets from leased properties. When an asset retirement obligation is identified, NextNav records the fair value of the obligation discounted at present value as a liability. The fair value of the obligation is also capitalized as property and equipment, which is amortized over the estimated remaining useful life of the associated asset. Accretion expense on the liability is recognized over the estimated life of the related assets. The carrying value of asset retirement obligations as of December 31, 2025 is classified in other long-term liabilities.

Asset retirement obligations for the years ended December 31, 2025 and 2024 were:

---

| | | |
|:---|:---|:---|
|  | **Year Ended** | **Year Ended** |
|  | **December 31,** | **December 31,** |
|  | &nbsp;&nbsp;**2025** | &nbsp;&nbsp;**2024** |
|  | &nbsp;&nbsp;**(in thousands)** | &nbsp;&nbsp;**(in thousands)** |
| **Beginning Balance**<br>| $&nbsp;&nbsp;1643<br>| $&nbsp;&nbsp;1340<br>|
| Liabilities incurred<br>| &nbsp;&nbsp;54<br>| &nbsp;&nbsp;—<br>|
| Liabilities settled<br>| &nbsp;&nbsp;(76) | &nbsp;&nbsp;(100) |
| Change in estimates<br>| &nbsp;&nbsp;—<br>| &nbsp;&nbsp;327<br>|
| Accretion<br>| &nbsp;&nbsp;104<br>| &nbsp;&nbsp;76<br>|
| **Ending Balance**<br>| $&nbsp;&nbsp;1725<br>| $&nbsp;&nbsp;1643<br>|

---

Depreciation and Amortization are computed using the straight-line method over the estimated useful lives of the assets as follows:

---

| | |
|:---|:---|
| Pinnacle and PNT network<br>| 5–8 years<br>|
| Office equipment, furniture and internal use software<br>| 2–5 years<br>|
| Leasehold improvements<br>| Shorter of the useful life or lease term<br>|
| Acquired finite-lived intangible assets<br>| 12 years<br>|

---

Certain decommissioned network assets were retired in 2025 as the Company evolves its technology platform to NextGen. The Company recorded $2.5 million of accelerated depreciation expense on these assets as depreciation and amortization in the Consolidated Statements of Comprehensive Loss for the year ended December 31, 2025. No network assets were retired in 2024.

------

**NEXTNAV INC.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

*Software Development Costs*

Research and development costs to develop software to be sold, leased or marketed are expensed as incurred up to the point of technological feasibility for the related software product. NextNav has not capitalized development costs for software to be sold, leased or marketed to date, as the software development process is essentially completed concurrent with the establishment of technological feasibility. As such, these costs are expensed as incurred and recognized in research and development costs in the Consolidated Statements of Comprehensive Loss.

Software developed for internal use, with no substantive plans to market such software at the time of development, are capitalized and included in intangible assets in the Consolidated Balance Sheets. Costs incurred during the preliminary planning and evaluation and post implementation stages of the project are expensed as incurred. Costs incurred during the application development stage of the project are capitalized. During the year ended December 31, 2025 and 2024, the Company capitalized $0.5 million of development costs related to internal-use software in each year.

Internal use software is amortized over a three year useful life. Amortization of internal use software was $0.8 million and $0.7 million for the years ended December 31, 2025 and December 31, 2024, respectively.

*Acquired finite-lived intangible assets*

Acquired finite-lived intangible assets primarily includes proprietary technology and software. See Note 4 — Property, Equipment, Network Under Construction, and Intangible Assets.

*Goodwill*

Goodwill represents the excess of the purchase price over the fair value of the net tangible and intangible assets acquired in a business combination. Goodwill is not amortized but is tested for impairment annually in the fourth quarter or more frequently if events or changes in circumstances indicate that the asset may be impaired. The Company operates as one reporting unit. When testing goodwill for impairment, the Company may first perform an optional qualitative assessment. If the Company determines it is not more likely than not the reporting unit's fair value is less than its carrying value, then no further analysis is necessary. If the Company determines that it is more likely than not that the fair value of its reporting unit is less than its carrying amount, then the quantitative impairment test will be performed. Under the quantitative impairment test, if the carrying amount of the Company's reporting unit exceeds its fair value, the Company will recognize an impairment loss in an amount equal to that excess but limited to the total amount of goodwill. No goodwill impairment was recorded for the years ended December 31, 2025 and December 31, 2024. The following summarizes the Company's goodwill activities (in thousands):

---

| | | |
|:---|:---|:---|
|  | **Year Ended** | **Year Ended** |
|  | **December 31,** | **December 31,** |
|  | **2025** | **2024** |
|  | **(in thousands)** | **(in thousands)** |
| **Beginning Balance**<br>| $&nbsp;&nbsp;16966<br>| $&nbsp;&nbsp;17977<br>|
| Changes in foreign exchange rates<br>| &nbsp;&nbsp;2195<br>| &nbsp;&nbsp;(1011) |
| **Ending Balance**<br>| $&nbsp;&nbsp;19161<br>| $&nbsp;&nbsp;16966<br>|

---

*Impairment*

NextNav's long-lived assets, including property and equipment, network under construction, intangible assets and right-of-use lease assets, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. If circumstances require a long-lived asset or asset group to be tested for possible impairment, impairment is determined by comparing the carrying value of these long-lived assets to management's probability weighted estimate of the future undiscounted cash flows expected to result from the use of the asset or asset group. In the event an impairment exists, a loss is recognized based on the amount by which the carrying value exceeds the fair value of the asset group. For the years ended December 31, 2025, and 2024, the Company determined that no events or changes in circumstances existed that would indicate any impairment of its long-lived assets.

------

**NEXTNAV INC.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

*Indefinite-Lived Intangible assets*

NextNav holds wireless Multilateration Location and Monitoring Service ("LMS") licenses. Certain general regulatory requirements apply to some of the licensed wireless spectrum held by NextNav, including, for example, certain build-out or "substantial service" requirements, which generally must be satisfied as a condition to the license. NextNav is actively engaged in either meeting such requirements currently or seeking an extension of such requirements from the Federal Communications Commission ("FCC") for each of its LMS licenses subject to the requirements. Although licenses are issued by the FCC for only a fixed time, ten years, such licenses are subject to renewal by the FCC, based on the achievement of certain milestones and a finding that such renewal would serve the public interest. Upon renewal, the licenses are granted for additional ten-year periods. Renewal of NextNav's licenses has occurred previously and at nominal cost. As a result, NextNav treats its wireless LMS spectrum licenses as an indefinite-lived intangible asset. NextNav reevaluates the useful life determination for wireless licenses each year to determine whether events and circumstances continue to support an indefinite useful life. Costs incurred to maintain the FCC licenses are recorded in operating expenses.

NextNav assesses indefinite-lived intangible assets for potential impairment annually as of October 1 or during the year if an event or other circumstance indicates that NextNav may not be able to recover the carrying amount of the asset. In evaluating indefinite-lived intangible assets for impairment, NextNav first assesses qualitative factors to determine whether it is more likely than not that the fair value of the asset is less than its carrying amount. If NextNav concludes that it is not more likely than not that the fair value of the asset is less than its carrying value, then no further testing is required. However, if NextNav concludes that it is more likely than not that the fair value of the asset is less than its carrying value, then NextNav performs a two-step impairment test to identify potential impairment and measures the amount of impairment it will recognize, if any.

Based on its qualitative assessment performed for the years ended December 31, 2025 and 2024, NextNav concluded that it was not more likely than not that the fair value of its indefinite-lived asset is less than its carrying amount, and as such, no impairment exists.

------

**NEXTNAV INC.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

*Long-term debt* 

The carrying value of long-term debt in the Consolidated Balance Sheets generally consists of principal amount of debt, net of debt discounts. The Company evaluates its debt agreements to determine whether debt contains embedded features requiring bifurcation from the debt host in accordance with Accounting Standards Codification 815, Derivatives and Hedging ("ASC 815"). If an embedded feature requires bifurcation from its debt host, the Company will account for it as a derivative at fair value. If a hybrid instrument has multiple embedded derivatives requiring bifurcation, the Company will bifurcate a single compound derivative. The Company uses valuation models to estimate the fair value of the bifurcated embedded derivatives. Debt discounts recognized as a result of allocating proceeds to bifurcated embedded derivatives as well as accounting for direct debt issuance costs are amortized to interest expense using the effective interest method.

The fair value of bifurcated derivatives is presented in the same line item as debt in the Consolidated Balance Sheets.

Unamortized debt discounts are written off and included in the Company's gain or loss calculations to the extent the Company extinguishes debt prior to the original maturity.

*Non-controlling Interests* 

The non-controlling interest in the Company's consolidated financial statements represented the warrants for Nestwave, SAS (as subsequently renamed, "NextNav France") shares that were owned by the selling shareholders of NextNav France, which was acquired by the Company in 2022. Holders of the warrants did not have the right to income or obligation to losses of NextNav France, and the Company did not attribute any net loss to the non-controlling interests. In October 2023, the Company issued 591,658 unregistered shares of its common stock in connection with the Company's acquisition of the issued and outstanding shares of NextNav France, pursuant to certain agreements by and among the Company and certain shareholders of NextNav France, dated October 28, 2022. This resulted in a $2.5 million redemption of the non-controlling interests in 2023. In May 2024, the Company issued 397,037 unregistered shares of its common stock in connection with the Company's acquisition of all of the issued and outstanding shares of NextNav France. This resulted in a $1.4 million redemption in full of the non-controlling interests in 2024. As of December 31, 2025, the Company does not have any non-controlling interests.

*Revenue*

NextNav derives its revenue from PNT technology, products and services including revenue generated through technology demonstration and assessment contracts with customers, support services provided to customers, sales of equipment, and licensing of proprietary technology.

The Company recognizes revenue when an arrangement exists, services, equipment or access to licensed technology are delivered, the transaction price is determined, the arrangement has commercial substance, payment terms are determined and collection of consideration is probable.

The Company sells software licenses and services through arrangements that may bundle software, equipment, and other services. When the Company determines that it has separate distinct performance obligations, the Company allocates the bundled contract price among the various performance obligations based on each deliverable's stand-alone selling price. If the stand-alone selling price is not directly observable, the Company estimates the amount to be allocated for each performance obligation based on observable market transactions. When the Company determines the performance obligations are not distinct, the Company recognizes revenue on a combined basis as the obligation is satisfied. To the extent the Company's contracts include variable consideration, the transaction price includes both fixed and variable consideration. The variable consideration contained within the Company's contracts with customers may include discounts, credits and other similar items. When a contract includes variable consideration, the Company evaluates the estimate of the variable consideration to determine whether the estimate needs to be constrained; therefore, the Company includes the variable consideration in the transaction price only to the extent that it is probable that a significant reversal of the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved.

NextNav recognizes equipment sales and the related costs when control of the equipment passes to the customer, typically upon shipment. The Company has made an accounting policy election to account for shipping activities, consisting of direct costs to ship products performed after the control of a product has been transferred to the customer, in cost of goods sold. Customers do not have rights of return without NextNav's prior consent. Revenue pursuant to licensing agreements for NextNav's technology represents performance obligations that are satisfied over time. NextNav recognizes revenue from initial integration services and ongoing services ratably over the periods in which the services are provided; the related costs are expensed as incurred.

------

**NEXTNAV INC.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

The timing of revenue recognition, billings and cash collections results in billed accounts receivable, unbilled receivables, and deferred revenue on the Consolidated Balance Sheets. The Company bills amounts under its agreed-upon contractual terms at periodic intervals for services, upon shipment for equipment, or upon achievement of contractual milestones or as work progresses. Billing may occur subsequent to revenue recognition, resulting in accounts receivable. The Company may also receive payments from customers before revenue is recognized, resulting in deferred revenue. Additionally, the Company had performance obligations associated with commitments in customer contracts for future services that have not yet been recognized in the Company's financial statements. The Company applies the practical expedient available that provides the option to exclude the expected revenues arising from unsatisfied performance obligations related to contracts that have an original expected duration of one year or less.

The following table presents the Company's revenue disaggregated by category and source:

---

| | | |
|:---|:---|:---|
|  | **Year Ended** | **Year Ended** |
|  | **December 31,** | **December 31,** |
|  | **2025** | **2024** |
|  | **(in thousands)** | **(in thousands)** |
| Commercial<br>| $&nbsp;&nbsp;3759<br>| $&nbsp;&nbsp;4599<br>|
| Government contracts<br>| &nbsp;&nbsp;814<br>| &nbsp;&nbsp;1068<br>|
| Equipment sales<br>| &nbsp;&nbsp;—<br>| &nbsp;&nbsp;2<br>|
| Total revenue<br>| $&nbsp;&nbsp;4573<br>| $&nbsp;&nbsp;5669<br>|

---

*Contract Balances*

Accounts receivable are billed and unbilled amounts related to the Company's rights to consideration as performance obligations are satisfied when the rights to payment become unconditional but for the passage of time. As of December 31, 2025 and 2024, the Company's accounts receivable balances were $2.3 million and $3.3 million, respectively. The Company assesses collectability by reviewing accounts receivable on a collective basis where similar characteristics exist and on an individual basis when the Company identifies specific customers with known disputes or collectability issues. In determining the amount of the allowance for credit losses, the Company considers historical collectability based on past due status and makes judgments about the creditworthiness of customers based on ongoing credit evaluations. The Company also considers customer-specific information, current market conditions, and reasonable and supportable forecasts of future economic condition. An allowance for credit losses for accounts receivable is recorded as an offset to accounts receivable, and changes in such are classified as selling, general and administrative expense in the Consolidated Statements of Comprehensive Loss. As of December 31, 2025 and 2024, all accounts receivable balances were current and no allowance for credit losses were recorded.

------

**NEXTNAV INC.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

Contract liabilities relate to amounts billed in advance, or advance consideration received from customers, for which transfer of control of the good or service occurs at a later point in time. As of December 31, 2025 and 2024, the Company's contract liabilities balances were $491 thousand and $288 thousand, respectively, and are recorded in deferred revenue in the Consolidated Balance Sheets.

*Cost of Goods Sold*

Cost of goods sold consist of personnel-related expenses, including salaries, benefits and stock-based compensation, and allocated facility costs for the Company's operations and manufacturing teams. Cost of goods sold also includes expenses for site leases, cost of equipment, software license costs, including cloud hosting costs, and professional services related to the maintenance of the equipment at each leased site.

*Research and Development Costs*

Research and development expenses consist of personnel-related expenses, including salaries, benefits and stock-based compensation, and allocated facility costs for the Company's research and development functions. Research and development costs also include outside professional services for software and hardware development, and software license costs, including cloud hosting costs.

*Selling, General and Administrative*

Selling, general and administrative expenses consist of personnel-related expenses, including salaries, benefits and stock-based compensation, and allocated facility costs for the Company's business development, marketing, corporate, executive, finance, legal, human resources, IT and other administrative functions. Selling, general and administrative expenses also include expenses for outside professional services, including legal, auditing and accounting services, recruitment expenses, travel expenses and certain non-income taxes, insurance and other administrative expenses.

*Equity-Based Compensation*

Measurement of equity-based compensation with employees is based on the estimated grant date fair value of the equity instruments issued. The fair value of stock options is determined using the Black-Scholes option pricing model. The fair value of restricted awards is based on the closing price of NextNav's common stock on the date of grant. NextNav recognizes equity-based compensation on a straight-line basis over the requisite service period of the grant, which is generally equal to the vesting period. NextNav accounts for forfeitures as they occur.

The following details the amount of stock-based compensation included in cost of goods sold, research and development, and selling, general and administrative expenses:

---

| | | |
|:---|:---|:---|
|  | **Year Ended** | **Year Ended** |
|  | **December 31,** | **December 31,** |
|  | **2025** | **2024** |
|  | **(in thousands)** | **(in thousands)** |
| Cost of goods sold<br>| $&nbsp;&nbsp;704 | $&nbsp;&nbsp;729<br>|
| Research and development<br>| &nbsp;&nbsp;4420 | &nbsp;&nbsp;4106<br>|
| Selling, general and administrative<br>| &nbsp;&nbsp;11513 | &nbsp;&nbsp;9021<br>|
| Total stock-based compensation expense<br>| $&nbsp;&nbsp;16637 | $&nbsp;&nbsp;13856<br>|

---

------

**NEXTNAV INC.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

*Basic and Diluted Net Loss per Share*

Basic loss per share ("EPS") excludes dilution for common stock equivalents and is computed by dividing net loss available to stockholders by the weighted-average number of shares of common stock outstanding for the period. Restricted shares are included in the computation of basic EPS as they vest.

Diluted EPS is computed using the weighted average number of shares and diluted potential shares outstanding to the extent the effect would not be antidilutive. Dilutive potential shares of common stock are additional shares of common stock assumed to be exercised determined using the treasury stock method or if-converted method. Adjustments to the numerator are made for diluted EPS, including reversal of mark-to-market ("MTM") adjustments recognized in earnings related to private placement warrants and derivative liability, to the extent the combined effect of the numerator and denominator adjustments is dilutive.

The determination of the diluted weighted average shares is included in the following calculation of EPS:

---

| | | |
|:---|:---|:---|
|  | **Year Ended** | **Year Ended** |
|  | **December 31,** | **December 31,** |
|  | **2025** | **2024** |
|  | **(in thousands, except per share amounts)** | **(in thousands, except per share amounts)** |
| **Numerator**<br>|  |  |
| &nbsp;&nbsp;&nbsp;Net loss attributable to common stockholders<br>| $&nbsp;&nbsp;189253 | $&nbsp;&nbsp;101879<br>|
| **Denominator**<br>|  |  |
| &nbsp;&nbsp;&nbsp;Weighted average shares – basic and diluted<br>| &nbsp;&nbsp;132866<br>| &nbsp;&nbsp;121500<br>|
| **Basic and diluted loss per share**<br>| $&nbsp;&nbsp;1.42<br>| $&nbsp;&nbsp;0.84<br>|

---

The following details anti-dilutive unvested restricted stock units and unvested restricted stock awards, as well as the anti-dilutive effects of the outstanding warrants, convertible notes, and stock options:

---

| | | |
|:---|:---|:---|
|  | **Year Ended** | **Year Ended** |
|  | **December 31,** | **December 31,** |
|  | **2025** | **2024** |
|  | **(in thousands)** | **(in thousands)** |
| **Antidilutive Shares Excluded**<br>|  |  |
| Warrants<br>| &nbsp;&nbsp;37139<br>| &nbsp;&nbsp;29736<br>|
| Stock Options<br>| &nbsp;&nbsp;3827<br>| &nbsp;&nbsp;3628<br>|
| Unvested Restricted Stock Units<br>| &nbsp;&nbsp;3334<br>| &nbsp;&nbsp;4401<br>|
| Unvested Restricted Stock Awards<br>| &nbsp;&nbsp;205<br>| &nbsp;&nbsp;231<br>|
| 2028 Notes Convertible Stock<br>| &nbsp;&nbsp;15127<br>| &nbsp;&nbsp;—<br>|

---

------

**NEXTNAV INC.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

*Income Taxes*

Income taxes are accounted for using the asset and liability method. Deferred income taxes are provided for temporary differences in recognizing certain income, expense and credit items for financial reporting purposes and tax reporting purposes. Such deferred income taxes primarily relate to the difference between the tax bases of assets and liabilities and their financial reporting amounts. Deferred tax assets and liabilities are measured by applying enacted statutory tax rates applicable to the future years in which deferred tax assets or liabilities are expected to be settled or realized. Excess tax benefits and tax deficiencies are recognized in the income tax provision in the period in which they occur.

The Company records a valuation allowance when it determines, based on available positive and negative evidence, that it is more-likely-than-not that some portion or all of its deferred tax assets will not be realized. The Company determines the realizability of its deferred tax assets primarily based on the reversal of existing taxable temporary differences and projections of future taxable income (exclusive of reversing temporary differences and carryforwards). In evaluating such projections, the Company considers its history of profitability, the competitive environment, and general economic conditions. In addition, the Company considers the time frame over which it would take to utilize the deferred tax assets prior to their expiration.

For certain tax positions, the Company uses a more-likely-than-not threshold based on the technical merits of the tax position taken. Tax positions that meet the more-likely-than-not recognition threshold are measured at the largest amount of tax benefits determined on a cumulative probability basis, which are more-likely-than-not to be realized upon ultimate settlement in the financial statements. The Company's policy is to recognize interest and penalties related to income tax matters in income tax expense.

*Foreign Currency Translation*

The functional currency of NextNav's foreign subsidiaries is generally the local currency. Assets and liabilities are translated into U.S. dollars at the exchange rate in effect at the Consolidated Balance Sheet date. Operating accounts are translated at an average rate of exchange for the respective accounting periods. Translation adjustments resulting from the process of translating foreign currency financial statements into U.S. dollars are reported as a component of accumulated other comprehensive loss. Transaction gains and losses reflected in the functional currencies are charged to income or expense at the time of the transaction.

Net transaction gains (losses) from foreign currency contracts recorded in the Consolidated Statements of Comprehensive Loss were immaterial for the fiscal years ended December 31, 2025 and 2024. The only component of other comprehensive loss is currency translation adjustments for all periods presented. No income tax expense was allocated to the currency translation adjustments.

*Segments*

NextNav operates as one operating segment. NextNav's chief operating decision maker ("CODM") is its Chief Executive Officer, who reviews financial information presented on an entity-wide basis for purposes of making operating decisions, assessing financial performance and allocating resources. See Note 16 – Segments for detail.

------

**NEXTNAV INC.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

*Adopted Accounting Pronouncements* 

In December 2023, the Financial Accounting Standards Board (the "FASB") issued Accounting Standards Update ("ASU") 2023-09, *Income Taxes (Topic 740): Improvements to Income Tax Disclosures* ("ASU 2023-09"). ASU 2023-09 requires the Company to disclose additional information on the rate reconciliation and income taxes paid. The Company adopted ASU 2023-09 for the year ended December 31, 2025, and applied the new disclosure requirements retrospectively. Adoption of ASU 2023-09 did not have an impact on the Company's Consolidated Balance Sheets, Consolidated Statements of Comprehensive Loss or Consolidated Statements of Cash Flows. See Note 14 - Income Taxes in the accompanying notes to the consolidated financial statements for further detail.

*Recent Accounting Developments Not Yet Adopted*

In November 2024, the FASB issued ASU 2024-03, *Income Statement — Reporting Comprehensive Income — Expense Disaggregation Disclosures* (Subtopic 220-40)— *Disaggregation of Income Statement Expenses* ("ASU 2024-03") which requires disclosure in the notes to the financial statements of specified information about certain costs and expenses. ASU 2024-03 is effective for the Company's annual periods beginning January 1, 2027, on a prospective basis, with early adoption and retrospective application permitted. The Company has not yet adopted ASU 2024-03 and is currently evaluating the potential effect of the adoption on its consolidated financial statements.

In September 2025, the FASB issued ASU 2025-06, Intangibles — Goodwill and Other — Internal-Use Software (Subtopic 350-40) — Targeted Improvements to the Accounting for Internal-Use Software, which amends the criteria used to begin capitalizing software costs. ASU 2025-06 is effective for the Company's annual periods beginning January 1, 2028, with early adoption and prospective, modified retrospective and retrospective applications permitted. The Company has not yet adopted ASU 2025-06 and is currently evaluating the potential effect of the adoption on its consolidated financial statements.

Management does not believe that any other recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on the Company's consolidated financial statements.

**3. Asset Purchase Agreement**

On March 7, 2024, the Company and its wholly-owned subsidiary Progeny LMS, LLC entered into an Asset Purchase Agreement (the "Asset Purchase Agreement") with Telesaurus Holdings GB and Skybridge Spectrum Foundation to acquire (1) certain Multilateration Location and Monitoring Service licenses (the "M-LMS Licenses") issued by the FCC and (2) rights to a petition for reconsideration, dated December 20, 2017, which, if granted, may reinstate additional M-LMS Licenses owned by the sellers and terminated by the FCC in 2017 (the "Transaction").

------

**NEXTNAV INC.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

The consideration for the Transaction was as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2.5 million in cash consideration within 30 days of the approval of the Transaction by the Superior Court of the State of California, County of Alameda (the "Alameda Court Approval");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $7.5 million in shares of NextNav common stock on the earlier of the approval by the FCC of the application seeking the transfer and assignment of the M-LMKS Licenses to the Company (the "FCC Approval") or, if no action has been taken by the FCC, November 15, 2024 (payable regardless of whether the closing of the Transaction occurs (the "Closing") ("First Noncash Consideration"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $20.0 million in shares of NextNav common stock within 30 days of the assignment of the M-LMS Licenses at Closing, contingent upon FCC Approval (the "Closing Consideration").

On March 28, 2024, the Company received the Alameda Court Approval and made a cash payment of $2.5 million in April 2024. The Company also recognized a liability and asset of $9.8 million as of March 31, 2024 with respect to the fair value of shares expected to be issued (based on a 20-day volume weighted average price of $5.04 and share price of $6.58) equivalent to the $7.5 million First Noncash Consideration, as the payment obligation was based upon passage of time and was not contingent. On November 15, 2024, the Company settled the First Noncash Consideration liability by issuing 620,106 shares of NextNav common stock (based on a 20-day volume weighted average price of $12.09), which had a fair value of $8.8 million (based on a share price of $14.22 upon issuance) that resulted in a gain of $1.0 million, which is recorded in other income (loss), net in the Consolidated Statement of Comprehensive Loss for the year ended December 31, 2024, as a result of the difference between the fair value of the shares issued on November 15, 2024 and the fair value of the shares that were expected to be issued for the First Noncash Consideration liability based on the 20-day volume-weighted average price on March 31, 2024.

On June 20, 2025, the FCC issued a Memorandum and Order consenting to the assignment of 128 M-LMS licenses pursuant to the Asset Purchase Agreement. Subsequently, an application for review was filed by a party with interests in terminated M-LMS licenses not related to this transaction. The Company filed a response to the application for review on August 4, 2025 and no further applications or objections were filed.

The Transaction closed on September 19, 2025. In connection with the Closing, the Company issued 1,194,820 shares of common stock equivalent to the $20 million Closing Consideration.

Prior to Closing, the Company had a total of $12.6 million related to the Asset Purchase Agreement recognized within other assets in the Consolidated Balance Sheet, which was comprised of the $2.5 million cash consideration, $0.3 million in qualifying direct transaction costs, and $9.8 million related to the First Noncash Consideration.

Upon Closing, the Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Released the prepaid consideration of $12.6 million from other assets in the Consolidated Balance Sheet; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recognized the acquired M-LMS Licenses as intangible assets in the Consolidated Balance Sheet at a value of $33.0 million, which was comprised of (i) $12.6 million prepaid consideration and (ii) $20.4 million related to the fair value of shares issued for Closing Consideration (based on closing date share price of $17.07)

The acquired M-LMS Licenses are classified as indefinite-lived intangible assets in the Consolidated Balance Sheet. The Company reevaluates the useful life determination for wireless licenses each year to determine whether events and circumstances continue to support an indefinite useful life. See Note 2 — Summary of Significant Accounting Policies.

The Asset Purchase Agreement provides for additional contingent consideration in the amount of $20 million, payable in shares of NextNav common stock. Payment of this additional consideration is contingent upon the FCC granting additional flexibility in the use of M-LMS spectrum, including the M-LMS spectrum covered by the acquired M-LMS Licenses. On April 16, 2024, the Company petitioned the FCC to commence a rule making to reconfigure and update the rules governing the Lower 900 MHz band plan to allow additional flexibility in the use of M-LMS spectrum (the "Petition"). The FCC's review of the Petition is pending.

**4. Property and Equipment, and Intangible Assets**

Property and equipment, net consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **Year Ended** | **Year Ended** |
|  | **December 31,** | **December 31,** |
|  | **2025** | **2024** |
|  | **(in thousands)** | **(in thousands)** |
| Network under construction<br>| $&nbsp;&nbsp;582<br>| $&nbsp;&nbsp;1664<br>|
| PNT network <br>| &nbsp;&nbsp;25452<br>| &nbsp;&nbsp;27903<br>|
| Office equipment, furniture, and leasehold improvements<br>| &nbsp;&nbsp;2187<br>| &nbsp;&nbsp;2123<br>|
| Accumulated depreciation<br>| &nbsp;&nbsp;(16458) | &nbsp;&nbsp;(13716) |
| Property and equipment, net<br>| $&nbsp;&nbsp;11763<br>| $&nbsp;&nbsp;17974<br>|

---

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**NEXTNAV INC.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

Depreciation expense on property and equipment was $6.3 million and $4.0 million for the years ended December 31, 2025 and 2024, respectively.

No impairment was recorded for the years ended December 31, 2025 or 2024.

Intangible assets as of December 31, 2025 consisted of the following (in thousands):

---

| | | | |
|:---|:---|:---|:---|
|  | **Gross Amount**<br>| **Accumulated Amortization**<br>| **Net Carrying Value**<br>|
| Indefinite-Lived intangible assets<br>| $&nbsp;&nbsp;36443<br>| $&nbsp;&nbsp;—<br>| $&nbsp;&nbsp;36443<br>|
| Acquired Software<br>| &nbsp;&nbsp;7602<br>| &nbsp;&nbsp;3264<br>| &nbsp;&nbsp;4338<br>|
| Acquired Technology<br>| &nbsp;&nbsp;639<br>| &nbsp;&nbsp;182<br>| &nbsp;&nbsp;457<br>|
| Internal Use Software<br>| &nbsp;&nbsp;3650<br>| &nbsp;&nbsp;2721<br>| &nbsp;&nbsp;929<br>|
|  | $&nbsp;&nbsp;48334<br>| $&nbsp;&nbsp;6167<br>| $&nbsp;&nbsp;42167<br>|

---

The weighted average remaining useful lives of acquired software and acquired technology were 8.8 years as of December 31, 2025.

Intangible assets as of December 31, 2024 consisted of the following (in thousands):

---

| | | | |
|:---|:---|:---|:---|
|  | **Gross Amount**<br>| **Accumulated Amortization**<br>| **Net Carrying Value**<br>|
| Indefinite-Lived intangible assets<br>| $&nbsp;&nbsp;3467<br>| $&nbsp;&nbsp;—<br>| $&nbsp;&nbsp;3467<br>|
| Acquired Software<br>| &nbsp;&nbsp;6907<br>| &nbsp;&nbsp;2492<br>| &nbsp;&nbsp;4415<br>|
| Acquired Technology<br>| &nbsp;&nbsp;566<br>| &nbsp;&nbsp;102<br>| &nbsp;&nbsp;464<br>|
| Internal Use Software<br>| &nbsp;&nbsp;3120<br>| &nbsp;&nbsp;1877<br>| &nbsp;&nbsp;1243<br>|
|  | $&nbsp;&nbsp;14060<br>| $&nbsp;&nbsp;4471<br>| $&nbsp;&nbsp;9589<br>|

---

The weighted average remaining useful lives of acquired software and acquired technology were 9.8 years as of December 31, 2024.

Amortization expense on intangible assets was $1.5 million and $1.2 million for the years ended December 31, 2025 and 2024, respectively. Future amortization is expected as follows:

---

| | |
|:---|:---|
| 2026<br>| $&nbsp;&nbsp;1147<br>|
| 2027<br>| &nbsp;&nbsp;782<br>|
| 2028<br>| &nbsp;&nbsp;633<br>|
| 2029<br>| &nbsp;&nbsp;542<br>|
| 2030 and thereafter<br>| &nbsp;&nbsp;2620<br>|
|  | $&nbsp;&nbsp;5724<br>|

---

**5. Leases** 

All leases were classified as operating leases as of December 31, 2025 and 2024.

Components of operating lease expense were as follows (in thousands):

---

| | | |
|:---|:---|:---|
|  | **Year Ended** | **Year Ended** |
|  | **December 31,** | **December 31,** |
|  | **2025** | **2024** |
| Operating lease cost<br>| $&nbsp;&nbsp;4915<br>| $&nbsp;&nbsp;5133<br>|
| Variable lease cost<br>| $&nbsp;&nbsp;302<br>| $&nbsp;&nbsp;209<br>|
| Short-term lease cost<br>| $&nbsp;&nbsp;130<br>| $&nbsp;&nbsp;311<br>|

---

------

**NEXTNAV INC.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

Supplemental information related to operating leases was as follows (in thousands):

---

| | | |
|:---|:---|:---|
|  | **Year Ended** | **Year Ended** |
|  | **December 31,** | **December 31,** |
|  | **2025** | **2024** |
| Operating cash flows from operating leases<br>| $&nbsp;&nbsp;4658<br>| $&nbsp;&nbsp;4574<br>|
| Right-of-use assets obtained in exchange for new operating lease liabilities <br>| $&nbsp;&nbsp;1047<br>| $&nbsp;&nbsp;2068<br>|

---

As of December 31, 2025, the Company's operating leases had a weighted average remaining lease term of 6.0 years and a weighted average discount rate of 8.0%.

Future lease payments under operating leases as of December 31, 2025 were as follows (in thousands):

---

| | |
|:---|:---|
| 2026<br>| $&nbsp;&nbsp;3928<br>|
| 2027<br>| &nbsp;&nbsp;3104<br>|
| 2028<br>| &nbsp;&nbsp;2813<br>|
| 2029<br>| &nbsp;&nbsp;2547<br>|
| 2030<br>| &nbsp;&nbsp;2154<br>|
| Thereafter<br>| &nbsp;&nbsp;4720<br>|
| Total undiscounted future lease payments<br>| $&nbsp;&nbsp;19266<br>|
| Less: imputed interest<br>| &nbsp;&nbsp;(4256) |
| Total lease liability balance<br>| $&nbsp;&nbsp;15010<br>|

---

As of December 31, 2025, and 2024, the Company did not enter into leases that have not yet commenced.

6**. Equity Method Investment** 

The Company has an investment in MetCom Inc., a privately-owned Japanese joint stock company (kabushiki kaisha) ("MetCom"). The Company provides licenses to its technology, infrastructure and subscriber equipment to MetCom to support MetCom's efforts in commercializing terrestrial positioning technology (both TerraPoiNT and Pinnacle) in Japan. Due to the technological dependencies, the Company's equity ownership and representation on MetCom's board of directors, the Company has significant influence, but not controlling interest, over MetCom. The Company's investment in MetCom is accounted for under the equity method. The basis difference in the Company's cost basis and the basis reflected at the investee entity level is allocated to equity method goodwill and is not amortized.

During the fourth quarter of 2025, the Company, together with other third-party investors, participated in MetCom's series BBB round fund raising and invested $550 thousand in exchange for 95,168 shares at JPY900 per share. As a result, the Company's total ownership of MetCom decreased from 14.8% to 13.8%. The Company recorded a change of interest gain of $222 thousand in other income (loss), net in the Consolidated Statements of Comprehensive Loss for the year ended December 31, 2025.

As of December 31, 2025, the Company's total ownership of MetCom consisted of 797,502 shares, representing ownership of 13.8%. The Company recognized losses of $164 thousand and $175 thousand for the years ended December 31, 2025 and 2024, respectively, related to its share of MetCom's operating results, and is recorded in other income (loss), net in the Consolidated Statements of Comprehensive Loss. The carrying value of the Company's investment in MetCom was $1.1 million and $0.5 million as of December 31, 2025 and 2024, respectively, and is classified in other long-term assets in the Consolidated Balance Sheets. The Company had $28 thousand and $13 thousand in accounts receivable from MetCom as of December 31, 2025 and 2024, respectively.

As part of MetCom's series BBB round fund raising, the Company committed to contribute an additional $450 thousand equity investment in MetCom ("Tranche B Investment"). The closing of Tranche B Investment is subject to certain closing conditions which were not yet met as of December 31, 2025.

The Company holds a warrant (the "MetCom Warrant") issued by MetCom which entitles the Company to purchase additional shares at an exercise price of JPY10 per share, such that the Company may obtain an aggregate total of 33% of MetCom common stock on an "as-converted" basis. The MetCom Warrant is subject to certain vesting conditions, and the closing of Tranche B Investment will trigger an amendment to these vesting terms. The MetCom Warrant vesting conditions were not met as of December 31, 2025; therefore, the MetCom Warrant remained not exercisable.

------

**NEXTNAV INC.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**7. Accrued Expenses and Other Current Liabilities**

Accrued expenses and other current liabilities consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **Year Ended** | **Year Ended** |
|  | **December 31,** | **December 31,** |
|  | **2025** | **2024** |
|  | **(in thousands)** | **(in thousands)** |
| Accrued salary and other employee liabilities<br>| $&nbsp;&nbsp;5229 | $&nbsp;&nbsp;4837<br>|
| Accrued legal and professional services<br>| &nbsp;&nbsp;372<br>| &nbsp;&nbsp;1266<br>|
| Accrued interest<br>| &nbsp;&nbsp;792<br>| &nbsp;&nbsp;583<br>|
| Other accrued liabilities<br>| &nbsp;&nbsp;2167<br>| &nbsp;&nbsp;1850<br>|
| Total<br>| $&nbsp;&nbsp;8560 | $&nbsp;&nbsp;8536 |

---

**8. Long-term debt, net**

*2026 Notes and related warrants*

The Company issued a total of $70 million of senior secured notes (the "2026 Notes") with a fixed interest rate of 10% to a group of lenders during 2023. The terms of the 2026 Notes provide that they would mature on December 1, 2026 with interest payable semi-annually in arrears on June 1 and December 1 of each year. The Company had the option to elect, in its sole discretion, to pay up to 50% of the accrued and unpaid interest on the 2026 Notes due with its common stock. Upon the closing of the Private Placement (as defined below), the Company used a portion of the net proceeds from the Private Placement to redeem all of the 2026 Notes, at a redemption price of 101% of the principal amount of the 2026 Notes, plus accrued and unpaid interest. Accordingly, none of the 2026 Notes remain outstanding.

In conjunction with the issuance of 2026 Notes, the Company issued 25,925,927 warrants at an exercise price of $2.16 per share to purchase Company's common stock to the 2026 Notes holders (the "2026 Warrants"). The Company had the right to redeem for cash the applicable pro rata portion of any 2026 Warrant on each of May 1, 2025, September 1, 2025 and December 1, 2025, in each case, at a redemption price of $0.01 per share of underlying common stock, where there exists both a Funding Shortfall (as defined in the form of 2026 Warrant) and the market price of the underlying common stock, calculated in accordance with the provisions of the form of warrants, exceeded 130% of the exercise price of the warrants.

*2028 Notes and related warrants*

On March 12, 2025, the Company entered into a Note Purchase Agreement (the "NPA"), among the Company and certain purchasers named therein (the "Purchasers"), pursuant to which the Company agreed to (i) sell to the Purchasers, in a private placement (the "Private Placement"), pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended (the "Securities Act"), and Regulation D promulgated thereunder, $190 million in aggregate principal amount of its 5.00% Senior Secured Convertible Notes due 2028 (the "2028 Notes") and (ii) issue to certain of the purchasers, common stock purchase warrants (the "2028 Warrants") to purchase an aggregate of 7,800,000 shares of the Company's common stock, par value $0.0001 per share, with exercise prices ranging from $12.56 to $20.00 per share.

On March 27, 2025 (the "Closing Date"), in connection with the Private Placement, the Company entered into (i) an indenture (the "Indenture"), among the Company, certain subsidiaries of the Company named therein as notes guarantors (the "Guarantors") and GLAS Trust Company, LLC, as trustee and notes collateral agent ("GLAS Trust"), (ii) a security agreement (the "Security Agreement"), among the Company, the Guarantors and GLAS Trust and (iii) a registration rights agreement (the "Registration Rights Agreement"), among the Company and the Purchasers. On March 27, 2025, the Company also issued the 2028 Warrants to certain of the Purchasers.

The 2028 Notes will mature on June 30, 2028 with interest payable in cash semi-annually in arrears on June 1 and December 1 of each year at 5% per annum.

The Purchasers may, at any time, elect to convert some or all of the 2028 Notes into a number of shares of common stock equal to (i) the sum of the then-outstanding principal amount of 2028 Notes to be converted plus all accrued and unpaid interest to the date of the conversion divided by (ii) the then-applicable conversion price. The initial conversion price was set at 79.6178 shares per $1,000 principal and is subjected to adjustment based on standard antidilution provisions. Upon conversion, the Company is required to deliver to the Purchasers shares of common stock and no alternative settlement methods are permitted.

------

**NEXTNAV INC.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

The Company may redeem the 2028 Notes, in whole or in part, at any time on or after March 27, 2026 at a redemption price equal to 100% of the principal amount of such 2028 Notes, plus accrued and unpaid interest, if the last reported sale price of common stock is greater than or equal to 160% of the conversion price for the 2028 Notes for at least 20 trading days during any 30 consecutive trading day period.

Upon the closing of the Private Placement, the Company used a portion of the net proceeds from the Private Placement to redeem all of the 2026 Notes, at a redemption price of 101% of the principal amount of the 2026 Notes, plus accrued and unpaid interest.

The Company recognized a $14.4 million loss on the early extinguishment of the 2026 Notes during the year ended December 31, 2025. The loss on extinguishment of the 2026 Notes was determined based on the difference between reacquisition price and the net carrying amount of the 2026 Notes.

The terms of the 2026 Warrants were not modified or impacted by the Private Placement and the subsequent redemption of the 2026 Notes.

In conjunction with the issuance of the 2028 Notes, the Company issued the 2028 Warrants to two lead investors, who were non-2026 Notes lenders to purchase shares of the Company's common stock with exercise prices ranging from $12.56 to $20.00 per share. The aggregated fair value of the 2028 Warrants was $9.0 million on the issuance date and presented as "additional paid-in capital" in the Consolidated Balance Sheets, with an offset entry recorded in other loss, net in the Consolidated Statements of Comprehensive Loss. The fair value of the 2028 Warrants was determined using the Black-Scholes option pricing model based on non-observable pricing inputs (e.g., expected volatility) in the market and is categorized accordingly as Level 3 in the fair value hierarchy.

As part of the NPA, an entity affiliated with Fortress Investment Group LLC ("Fortress"), a 10% or greater stockholder of the Company and one of the lead investors, purchased $50 million in 2028 Notes and received 3,900,000 warrants. Additionally, an entity affiliated with Neil S. Subin, a director of the Company, purchased $6.3 million of the 2028 Notes.

For the year ended December 31, 2025, the interest expense related to these notes was $1.9 million, for the entity affiliated with Fortress, and $0.2 million, for the entity affiliated with Neil S. Subin. As of December 31, 2025, the accrued interest expense related to these notes was $208 thousand for the entity affiliated with Fortress and $26 thousand for the entity affiliated with Neil S. Subin.

The Company agreed to file a registration statement under the Securities Act registering the resale of the 2028 Warrants, the shares of common stock underlying the 2028 Warrants and the conversion option of the 2028 Notes within 35 business days of the Closing Date. The Company filed such registration statement with the United States Securities and Exchange Commission ("SEC") on April 25, 2025, which the SEC declared effective on May 2, 2025.

The Company determined that the conversion option embedded within the 2028 Notes required bifurcation as a derivative liability under ASC 815. For the valuation to record the debt and embedded derivative related to the conversion option at fair value, the Company used a binomial lattice valuation model and a "with-and-without" valuation methodology at inception and on subsequent valuation dates. This model incorporates inputs such as the stock price of the Company, risk-free interest rate, the transaction-calibrated debt yield and expected volatility. Certain inputs (e.g., expected volatility) involve unobservable inputs and are classified as level 3 of the fair value hierarchy. See Note 10 – Fair Value. The sensitivity of the fair value calculation to these methods, assumptions, and estimates included could create materially different results under different conditions or using different assumptions. Further, the Company determined that contingent interest features require bifurcation and therefore, bifurcated these embedded derivatives, along with the conversion option, from the debt host as a single, compound derivative liability. The Company determined the likelihood of the occurrence of events requiring payment under the contingent interest features to be remote and therefore, determined their value to be de minimis. The fair value of derivative liability was $115.8 million and was included in long term debt in the Consolidated Balance Sheets as of December 31, 2025.

------

**NEXTNAV INC.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

The carrying value of the 2028 Notes was $157.8 million as of December 31, 2025, net of unamortized debt discount of $32.2 million and was included in long-term debt in the Consolidated Balance Sheets.

As of December 31, 2025, the effective interest rate of the 2028 Notes was 13%.

The Company recognized interest expense associated with the 2028 Notes as follows for the year ended December 31, 2025. No interest expense associated with the 2028 Notes was recognized during the year ended December 31, 2024.

---

| | |
|:---|:---|
|  | **December 31,**<br>&nbsp;&nbsp;**2025** |
| Contractual interest expense <br>| $&nbsp;&nbsp;7231<br>|
| Amortization of debt discounts <br>| &nbsp;&nbsp;7922<br>|
| Interest expense – 2028 Notes<br>| $&nbsp;&nbsp;15153<br>|

---

*Debt Covenant Compliance*

The obligations of the Company under the 2028 Notes will be, subject to certain customary exceptions, secured by substantially all of the assets of the Company and its subsidiaries.

The Indenture contains customary covenants limiting the ability of the Company and its subsidiaries to: (i) incur or guarantee additional indebtedness; (ii) pay dividends or distributions on, or redeem or repurchase, capital stock; (iii) make certain investments or other restricted payments; (iv) sell assets; (v) enter into transactions with affiliates; or (vi) merge or consolidate or sell all or substantially all of their assets. These covenants are subject to a number of important and significant limitations, qualifications and exceptions. The Indenture also contains customary events of default.

As of December 31, 2025, the Company was in compliance with all of the applicable debt covenants described above.

**9. Warrants and Warrant Liability**

As of December 31, 2025, NextNav had 37,139,306 warrants outstanding, which includes: (a) 14,715,170 public warrants associated with Spartacus Acquisition Corp.'s ("Spartacus") initial public offering (the "Public Warrants") and (b) 4,034,790 warrants issued to Sponsor in a private placement on the initial public offering closing date (the "Private Placement Warrants") and (c) 10,589,346 2026 Warrants (as further described in Note 8) and (d) 7,800,000 2028 Warrants (as further described in Note 8).

The Private Placement Warrants are classified as a liability on the Consolidated Balance Sheet as of December 31, 2025 and 2024. During the twelve months ended December 31, 2025 and 2024, 205,402 and 3,510,338 Private Placement Warrants, respectively, were reclassified from liability to equity. The terms included in the Private Warrants that initially precluded equity classification were no longer applicable. Accordingly, the Company reclassified $1.2 million and $11.5 million from warrant liability to additional paid-in capital in its Consolidated Balance Sheet as of December 31, 2025 and 2024, respectively. During the year ended December 31, 2025, the Company recorded a $5.7 million loss in the Consolidated Statement of Comprehensive Loss as a fair value adjustment for the Private Placement Warrants.

Holders of the Public Warrants and Private Placement Warrants are entitled to acquire shares of common stock of NextNav. Each whole warrant entitles the registered holder to purchase one share at an exercise price of $11.50 per share. The Public Warrants and Private Placement Warrants expire on October 28, 2026.

NextNav has the right to redeem the outstanding Public Warrants in whole and not in part at a price of $0.01 per warrant upon a minimum of 30 days' prior written notice of redemption, if and only if the last sales price of the Company's common stock matched or exceeded $18.00 per share for any 20 trading days within a 30-trading day period ending on the third trading day prior to the date on which NextNav sends the notice of redemption to the warrant holders.

The Private Placement Warrants are identical in all respects to the Public Warrants except that, so long as they are held by the Sponsor or its permitted transferees: (i) they will not be redeemable by NextNav; (ii) they may be exercised by the holders on a cashless basis; and (iii) they are subject to registration rights.

------

**NEXTNAV INC.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**10**. **Fair Value**

NextNav uses observable and unobservable inputs to determine the value of its assets and liabilities recorded at fair value. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect internal market assumptions. The three-tier hierarchy for inputs used to measure fair value, which prioritizes the inputs used in the methodologies of measuring fair value for assets and liabilities, where applicable, is as follows:

- Level 1 — Quoted prices in active markets for identical assets or liabilities

- Level 2 — Observable inputs other than quoted prices in active markets for identical assets and liabilities

- Level 3 — No observable pricing inputs in the market

Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurements. NextNav's assessment of the significance of a particular input to the fair value measurements requires judgment and may affect the valuation of the assets and liabilities being measured and their placement within the fair value hierarchy. NextNav effectuates transfers between levels of the fair value hierarchy, if any, as of the date of the actual circumstance that caused the transfer.

The following table presents the Company's fair value hierarchy for its financial assets and liabilities measured at fair value on a recurring basis:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **December 31, 2025**<br>| **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** |
| &nbsp;&nbsp;&nbsp;Cash and Cash Equivalents - Money Market Funds<br>| $&nbsp;&nbsp;1878<br>| $&nbsp;&nbsp;—<br>| $&nbsp;&nbsp;—<br>| $&nbsp;&nbsp;1878<br>|
| &nbsp;&nbsp;&nbsp;Cash and Cash Equivalents - Available-for-sale debt securities with fair value option election<br>| &nbsp;&nbsp;—<br>| &nbsp;&nbsp;39896<br>| &nbsp;&nbsp;—<br>| &nbsp;&nbsp;39896<br>|
| &nbsp;&nbsp;&nbsp;Short term investments - Available-for-sale debt securities with fair value option election<br>| &nbsp;&nbsp;—<br>| &nbsp;&nbsp;107381<br>| &nbsp;&nbsp;—<br>| &nbsp;&nbsp;107381<br>|
| &nbsp;&nbsp;&nbsp;Private Placement Warrants<br>| &nbsp;&nbsp;—<br>| &nbsp;&nbsp;—<br>| &nbsp;&nbsp;33167<br>| &nbsp;&nbsp;33167<br>|
| &nbsp;&nbsp;&nbsp;Derivative Liability - Conversion Option<br>| &nbsp;&nbsp;—<br>| &nbsp;&nbsp;—<br>| &nbsp;&nbsp;115834<br>| &nbsp;&nbsp;115834<br>|
| **December 31, 2024**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cash and Cash Equivalents - Money Market Funds<br>| &nbsp;&nbsp;151<br>| &nbsp;&nbsp;—<br>| &nbsp;&nbsp;—<br>| &nbsp;&nbsp;151<br>|
| &nbsp;&nbsp;&nbsp;Cash and Cash Equivalents - Available-for-sale debt securities with fair value option election<br>| &nbsp;&nbsp;—<br>| &nbsp;&nbsp;34485<br>| &nbsp;&nbsp;—<br>| &nbsp;&nbsp;34485<br>|
| &nbsp;&nbsp;&nbsp;Short term investments - Available-for-sale debt securities with fair value option election<br>| &nbsp;&nbsp;—<br>| &nbsp;&nbsp;40785<br>| &nbsp;&nbsp;—<br>| &nbsp;&nbsp;40785<br>|
| &nbsp;&nbsp;&nbsp;Private Placement Warrants<br>| $&nbsp;&nbsp;—<br>| $&nbsp;&nbsp;—<br>| $&nbsp;&nbsp;28707<br>| $&nbsp;&nbsp;28707<br>|

---

The carrying values of cash and cash equivalents, accounts payable, accrued expenses, amounts included in other current assets and current liabilities that meet the definition of a financial instrument, approximate fair value due to their short-term nature. The total estimated fair value of the 2028 Notes was $152.0 million as of December 31, 2025.

Assets, liabilities, and equity instruments that are measured at fair value on a nonrecurring basis include fixed assets and intangible assets. The Company recognizes these items at fair value when they are considered to be impaired or upon initial recognition. The fair value of these assets and liabilities are determined with valuation techniques using the best information available and may include quoted market prices, market comparables and discounted cash flow models.

------

**NEXTNAV INC.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**Level 3 Liabilities**

*Private Placement Warrants*

The Company engaged a third-party valuation firm to assist with the fair value analysis of the warrants. The analysis used commonly accepted valuation methodologies and best practices to determine the fair value of the equity, in accordance with fair value standards and U.S. GAAP. For the Private Placement Warrants that were outstanding as of December 31, 2025 and 2024, NextNav used a Monte Carlo simulation model. The following table shows the assumptions used in each respective model:

---

| | | |
|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2024** |
|  | **Values** | **Values** |
| Stock Price<br>| $16.64<br>| $15.56<br>|
| Strike price<br>| $11.50<br>| $11.50<br>|
| Holding Period/Term (years)<br>| 0.82<br>| 1.82<br>|
| Volatility<br>| 104.50%<br>| 55.90%<br>|
| Expected dividends<br>|  |  |
| Risk-Free Rate<br>| 3.52%<br>| 4.23%<br>|
| Fair value of warrants<br>| $8.22<br>| $6.77<br>|

---

The significant unobservable input used in the fair value measurement of the Private Placement Warrants is expected volatility. Holding other inputs constant, an increase (decrease) in expected volatility would have resulted in a higher (lower) fair value measurement, respectively.

The table below provides a reconciliation of the beginning and ending balances for the Private Placement Warrants measured at fair value using significant unobservable inputs (Level 3).

---

| | |
|:---|:---|
|  | **(in thousands)** |
| **Balance as of December 31, 2024**<br>| $&nbsp;&nbsp;28707<br>|
| Fair value adjustment of Private Placement Warrants<br>| &nbsp;&nbsp;5701<br>|
| Reclassification of warrant liability to common stock warrants<br>| &nbsp;&nbsp;(1241) |
| **Balance as of December 31, 2025**<br>| $&nbsp;&nbsp;**33167**<br>|

---

*Derivative Liability-Conversion Option*

The 2028 Notes (as defined above) contain an embedded conversion feature that is required to be bifurcated and accounted for separately from the 2028 Notes as a derivative liability. The fair value of the conversion option was determined using a binomial lattice valuation model and a "with-and-without" valuation methodology. The derivative liability related to the 2028 Notes conversion option was measured at March 12, 2025 (agreement date of 2028 Notes, see Note 8 - Long term debt) and December 31, 2025 and contained the following assumptions:

---

| | | |
|:---|:---|:---|
|  | **December 31,**<br>**2025** | **March 12,**<br>**2025** |
| Stock price volatility (transaction calibrated)<br>| 35.0%<br>| 20.4%<br>|
| Holding Period/Term (years)<br>| 2.5<br>| 3.3<br>|
| Stock price <br>| $16.64<br>| $10.27<br>|
| Risk-free interest rate<br>| 3.5%<br>| 4.0%<br>|
| Credit rate <br>| CCC-<br>| CCC-<br>|
| Debt yield (transaction-calibrated)<br>| 12.6%<br>| 12.7%<br>|

---

------

**NEXTNAV INC.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

The significant unobservable input used in the fair value measurement of the conversion option is expected volatility. Holding other inputs constant, an increase (decrease) in expected volatility would have resulted in a higher (lower) fair value measurement, respectively.

The table below provides a summary of the changes in fair value of the Company's 2028 Notes conversion option derivative liability accounted for as liabilities using significant unobservable inputs (Level 3):

---

| | |
|:---|:---|
|  | **(in thousands)**  |
| **Balance as of December 31, 2024**<br>| $&nbsp;&nbsp;—<br>|
| Initial recognition of derivative liability<br>| &nbsp;&nbsp;31999<br>|
| Fair value adjustment of derivative liability\*<br>| &nbsp;&nbsp;83835<br>|
| **Balance as of December 31, 2025**<br>| $&nbsp;&nbsp;115834<br>|

---

\* Includes $6.7 million change in estimate related to initial recognition of derivative liability.

The sensitivity of the fair value calculation to these methods, assumptions, and estimates included could create materially different results under different conditions or using different assumptions.

**11. Common Stock**

As of December 31, 2025, NextNav had authorized the issuance of 600,000,000 shares of capital stock, par value, $0.0001 per share, consisting of (a) 500,000,000 shares of common stock and (b) 100,000,000 shares of undesignated preferred stock. As of December 31, 2025, NextNav had 135,504,497 shares of common stock issued and 135,372,269 shares of common stock outstanding. The Company did not have any undesignated preferred stock issued or outstanding as of December 31, 2025 and 2024.

**12. Equity-Based Compensation**

**NextNav 2021 Omnibus Incentive Plan**

In October 2021, the Company adopted the NextNav 2021 Omnibus Incentive Plan (the "Omnibus Plan"). The Omnibus Plan became effective upon consummation of the Company's 2021 business combination with Spartacus and succeeds the Incentive Plan. Upon adoption of the Omnibus Plan, a total of 12,818,902 shares were approved to be issued as stock options and restricted stock awards under the Omnibus Plan. In addition, the Omnibus Plan provides for annual increases in the number of shares available for issuance thereunder on the first day of the fiscal year, equal to the lesser of: (i) 5,636,259 shares; or (ii) a lesser number of shares as determined by the Company's Board of Directors. (the "Board"). The vesting period of awards granted under the Omnibus Plan is determined by the Board, although, for service-based awards vesting has historically been generally ratably over a four-year period. As of December 31, 2025, a total of 14,176,507 shares were available for future issuance under the Omnibus Plan.

------

**NEXTNAV INC.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**Stock Options Valuation**

The Black-Scholes option pricing model requires NextNav to make certain assumptions, including the fair value of the underlying units, the expected term, the expected volatility, the risk-free interest rate, and the dividend yield. The expected term of option awards is calculated as the midpoint between the vesting date and the end of the contractual term. Historical data is not sufficient to reasonably estimate the expected term of new grants. The expected dividend rate of zero is based on the fact that NextNav has not historically paid and does not expect to pay a dividend on its common stock. The risk-free interest rate was based on U.S. Treasury yields for securities with similar terms. Volatility was calculated based on the trading prices for a group of comparable public companies.

Assumptions used in determining the fair value of Stock Options issued each year are as follows:

---

| | | |
|:---|:---|:---|
|  | **Year Ended** | **Year Ended** |
|  | **December 31,** | **December 31,** |
|  | **2025** | **2024**<br>|
| **Expected volatility**<br>| 67.8 - 78.6%<br>| 67.80 - 70.40%<br>|
| **Expected term (years)**<br>| 3.50 - 6.11<br>| 6.06 - 6.11<br>|
| **Expected dividends**<br>| —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| **Risk-free rate**<br>| 3.66 - 4.47%<br>| 3.54 - 4.43%<br>|

---

The following table summarizes stock option activity under the Omnibus Plan:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Number of Shares**<br>| **Weighted Average Exercise Price per Unit**<br>| **Weighted-Average Remaining Contractual Term (in years)**<br>| **Aggregate Intrinsic Value**<br>|
|  | &nbsp;&nbsp;**(in thousands, except per share data)** | &nbsp;&nbsp;**(in thousands, except per share data)** | &nbsp;&nbsp;**(in thousands, except per share data)** | &nbsp;&nbsp;**(in thousands, except per share data)** |
| **Options outstanding at December 31, 2024**<br>| &nbsp;&nbsp;3628<br>| $&nbsp;&nbsp;3.94<br>| &nbsp;&nbsp;8.07<br>| $&nbsp;&nbsp;42142<br>|
| &nbsp;&nbsp;Granted<br>| &nbsp;&nbsp;1368 | &nbsp;&nbsp;13.30 | &nbsp;&nbsp;—<br>| &nbsp;&nbsp;—<br>|
| &nbsp;&nbsp;Cancelled<br>| &nbsp;&nbsp;548<br>| &nbsp;&nbsp;6.87 | &nbsp;&nbsp;—<br>| &nbsp;&nbsp;—<br>|
| &nbsp;&nbsp;Expired<br>| &nbsp;&nbsp;—<br>| &nbsp;&nbsp;—<br>| &nbsp;&nbsp;—<br>| &nbsp;&nbsp;—<br>|
| &nbsp;&nbsp;Exercised<br>| &nbsp;&nbsp;621 | &nbsp;&nbsp;3.15 | &nbsp;&nbsp;—<br>| &nbsp;&nbsp;—<br>|
| **Options outstanding at December 31, 2025**<br>| &nbsp;&nbsp;3827<br>| $&nbsp;&nbsp;7.00 | &nbsp;&nbsp;7.80 | $&nbsp;&nbsp;37174<br>|
| &nbsp;&nbsp;Options exercisable at December 31, 2025<br>| &nbsp;&nbsp;1797 | $&nbsp;&nbsp;3.45 | &nbsp;&nbsp;6.61 | $&nbsp;&nbsp;23700 |
| &nbsp;&nbsp;Options exercisable at December 31, 2024<br>| &nbsp;&nbsp;1391<br>| $&nbsp;&nbsp;2.17<br>| &nbsp;&nbsp;6.63<br>| $&nbsp;&nbsp;18625<br>|
| &nbsp;&nbsp;Unvested at December 31, 2025<br>| &nbsp;&nbsp;2031 | $&nbsp;&nbsp;10.14 | &nbsp;&nbsp;8.86 | $&nbsp;&nbsp;37174 |
| &nbsp;&nbsp;Unvested at December 31, 2024<br>| &nbsp;&nbsp;2237<br>| $&nbsp;&nbsp;5.05<br>| &nbsp;&nbsp;8.97<br>| $&nbsp;&nbsp;23517<br>|

---

The weighted average grant date fair value of options granted during the years ended December 31, 2025 and 2024 was $12.73 and $5.08, respectively. The intrinsic value of options exercised during the years ended December 31, 2025 and 2024 was $13.5 million and $12.8 million, respectively.

As of December 31, 2025, the total compensation cost related to nonvested awards not yet recognized was $10.8 million and the weighted-average period over which it is expected to be recognized was 2.76 years.

Compensation costs of $3.7 million and $3.2 million related to stock option equity awards were recognized during the years ended December 31, 2025 and 2024, respectively.

------

**NEXTNAV INC.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**Restricted Stock Awards and Restricted Stock Units**

The Company's restricted stock awards are comprised of Restricted Stock Awards ("RSAs") and Restricted Stock Units ("RSUs"). The following table summarizes RSA and RSU activity during the year ended December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Restricted Stock Units | Restricted Stock Awards | Total Restricted Awards | Weighted-Average Grant-Date Fair Value |
|  | &nbsp;&nbsp;**(in thousands, except per share data)** | &nbsp;&nbsp;**(in thousands, except per share data)** | &nbsp;&nbsp;**(in thousands, except per share data)** | &nbsp;&nbsp;**(in thousands, except per share data)** |
| Units nonvested at January 1, 2025<br>| &nbsp;&nbsp;4401<br>| &nbsp;&nbsp;231<br>| &nbsp;&nbsp;4632<br>| $&nbsp;&nbsp;4.49<br>|
| Units granted in 2025<br>| &nbsp;&nbsp;1258 | &nbsp;&nbsp;120 | &nbsp;&nbsp;1378 | &nbsp;&nbsp;12.16 |
| Units cancelled in 2025<br>| &nbsp;&nbsp;424<br>| &nbsp;&nbsp;—<br>| &nbsp;&nbsp;424<br>| &nbsp;&nbsp;6.48<br>|
| Units vested in 2025<br>| &nbsp;&nbsp;1901<br>| &nbsp;&nbsp;146 | &nbsp;&nbsp;2047<br>| &nbsp;&nbsp;5.68<br>|
| Units nonvested at December 31, 2025<br>| &nbsp;&nbsp;3334<br>| &nbsp;&nbsp;205 | &nbsp;&nbsp;3539<br>| $&nbsp;&nbsp;6.50<br>|

---

The grant date fair value of RSAs and RSUs granted during the year ended December 31, 2025 was $16.8 million. The total fair value of RSAs and RSUs vested upon grant and vested during the year ended December 31, 2025 was $11.6 million.

As of December 31, 2025, the total compensation cost related to RSAs and RSUs not yet recognized was $15.8 million and the weighted-average period over which it is expected to be recognized was 2.13 years.

Compensation costs of $12.9 million and $10.7 million related to the RSAs and RSUs were recognized during the years ended December 31, 2025 and 2024, respectively.

**13. Commitments and Contingencies**

**Litigation and Legal Matters**

From time to time, the Company may be party to litigation and other legal matters incidental to the conduct of its business. Such matters are subject to many uncertainties and outcomes are not predictable with assurance. The Company accrues liabilities for such matters when it is probable that future expenditures will be made and such expenditures can be reasonably estimated. As of December 31, 2025, the Company was not involved in any such matters, individually or in the aggregate, which management believes would have a material adverse effect on the Company's business, financial condition, results of operations, or cash flows.

------

**NEXTNAV INC.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**14. Income Taxes**

On October 28, 2021, the Company became the owner of NextNav Holdings, LLC, a Delaware limited liability company ("Holdings")and the various operating subsidiaries of Holdings upon consummation of the Company's 2021 business combination with Spartacus. Holdings is taxed as a partnership, and as such is generally not subject to federal, state, or local income tax directly. Rather, its members are subject to income taxations based on the member's portion of Holdings' income or loss. Accordingly, in addition to the Company's operating activities, the Company will also incur income taxes on its allocable share of any net taxable income of Holdings.

Holdings' non-operating subsidiary, CommLabs, Inc., is taxed as a U.S. corporation. Holdings, through its subsidiaries, also owns an Indian subsidiary, Commlabs Technology Centre Pvt. Ltd. ("Commlabs India"), which is taxed as a corporation in India and, as such, is subject to Indian entity-level income tax. Additionally in October of 2022, the Company acquired NextNav France, which is taxed as a corporation in France and as such is subject to French entity-level income tax.

U.S. and international components of (loss) income before income taxes were comprised of the following for the periods indicated:

---

| | | |
|:---|:---|:---|
|  | **Year Ended** | **Year Ended** |
|  | **December 31,** | **December 31,** |
|  | **2025** | **2024** |
|  | **(in thousands)** | **(in thousands)** |
| United States<br>| $&nbsp;&nbsp;(190185) | $&nbsp;&nbsp;(102253) |
| Foreign<br>| &nbsp;&nbsp;1130<br>| &nbsp;&nbsp;547<br>|
| Total<br>| $&nbsp;&nbsp;(189055) | $&nbsp;&nbsp;(101706) |

---

The provision for income taxes consisted of the following for the periods indicated:

---

| | | |
|:---|:---|:---|
|  | **Year Ended**  | **Year Ended**  |
|  | **December 31,**  | **December 31,**  |
|  | **2025** | **2024** |
|  | **(in thousands)** | **(in thousands)** |
| Provision for income taxes:<br>|  |  |
| Current:<br>|  |  |
| &nbsp;&nbsp;&nbsp;Federal<br>| $&nbsp;&nbsp;—<br>| $&nbsp;&nbsp;—<br>|
| &nbsp;&nbsp;&nbsp;State<br>| &nbsp;&nbsp;32<br>| &nbsp;&nbsp;—<br>|
| &nbsp;&nbsp;&nbsp;Foreign<br>| &nbsp;&nbsp;166<br>| &nbsp;&nbsp;173<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Total current<br>| $&nbsp;&nbsp;198<br>| $&nbsp;&nbsp;173<br>|
| Deferred:<br>|  |  |
| &nbsp;&nbsp;&nbsp;Federal<br>| &nbsp;&nbsp;—<br>| &nbsp;&nbsp;—<br>|
| &nbsp;&nbsp;&nbsp;State<br>| &nbsp;&nbsp;—<br>| &nbsp;&nbsp;—<br>|
| &nbsp;&nbsp;&nbsp;Foreign<br>| &nbsp;&nbsp;—<br>| &nbsp;&nbsp;—<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Total deferred<br>| $&nbsp;&nbsp;—<br>| $&nbsp;&nbsp;—<br>|
| Provision for income taxes:<br>| $&nbsp;&nbsp;198<br>| $&nbsp;&nbsp;173<br>|

---

------

**NEXTNAV INC.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

The benefit from or provision for income taxes differs from the amount computed by applying the federal statutory income tax rate to the Company's loss or income before income taxes as follows for the periods indicated:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2025** | **2024** | **2024** |
|  | **Amount** | **Percent**<br>| **Amount** | **Percent**<br>|
| U.S Federal Statutory Tax Rate<br>| $&nbsp;&nbsp;(39702) | 21.0%<br>| $&nbsp;&nbsp;(21358) | 21.0%<br>|
| State and Local Income Tax, Net of Federal Income Tax Eﬀect\*<br>| $&nbsp;&nbsp;34<br>| 0.0%<br>| $&nbsp;&nbsp;—<br>| 0.0%<br>|
| Foreign Tax Eﬀects<br>| $&nbsp;&nbsp;(71) | 0.0%<br>| $&nbsp;&nbsp;58<br>| (0.1)%<br>|
| Changes in Valuation Allowances<br>| $&nbsp;&nbsp;34486<br>| (18.2)%<br>| $&nbsp;&nbsp;11643<br>| (11.4)%<br>|
| Nontaxable or Nondeductible Items<br>|  |  |  |  |
| Non-deductible Officers Compensation<br>| $&nbsp;&nbsp;2378<br>| (1.3)%<br>| $&nbsp;&nbsp;3066<br>| (3.0)%<br>|
| &nbsp;&nbsp;Fair Value Adjustments<br>| $&nbsp;&nbsp;3088<br>| (1.6)%<br>| $&nbsp;&nbsp;6764<br>| (6.7)%<br>|
| &nbsp;&nbsp;Other Adjustments<br>| $&nbsp;&nbsp;(15) | 0.0%<br>| $&nbsp;&nbsp;-<br>| 0.0%<br>|
| Eﬀective Tax Rate<br>| $&nbsp;&nbsp;**198**<br>| **(**0.1**)%**<br>| $&nbsp;&nbsp;**173**<br>| **(**0.2**)%**<br>|

---

\* The states that contribute to the majority (greater than 50%) of the tax effect in this category include New Jersey for both 2025 and 2024.<br>

The change in the Company's effective tax rate in 2024 and 2025, as compared to the statutory rate was primarily due to the need for a full valuation allowance in the U.S and France.

The Tax Cuts and Jobs Act enacted in December of 2017 requires certain Global Intangible Low Income ("GILTI") earned by a controlled foreign corporation ("CFC") to be included in the gross income of the CFC's U.S. shareholder. The Company has elected the "period cost method" and treats taxes due on future U.S. inclusions in taxable income related to GILTI as a current-period expense when incurred.

As of December 31, 2025, the Company has accumulated undistributed earnings generated by Commlabs India of approximately $1.9 million. The Company has an accumulated deficit with respect to NextNav France. Because all of these earnings generated by Commlabs have previously been subject to the one-time transition tax on foreign earnings required by the Tax Cuts and Jobs Act of 2017, any additional taxes due with respect to such earnings or the excess of the amount for financial reporting over the tax basis of the Company's foreign investments would generally be limited to withholding taxes and state taxes. The Company intends, however, to indefinitely reinvest these earnings and expects future U.S. cash generation to be sufficient to meet future U.S. cash needs.

Deferred income taxes reflect the net tax effects of the temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company's deferred tax assets and liabilities were as follows for the periods indicated:

---

| | | |
|:---|:---|:---|
|  | **Year Ended** | **Year Ended** |
|  | **December 31,** | **December 31,** |
|  | **2025** | **2024** |
|  | **(in thousands)** | **(in thousands)** |
| Deferred tax assets<br>|  |  |
| &nbsp;&nbsp;&nbsp;Net operating loss carryforwards<br>| $&nbsp;&nbsp;74307<br>| $&nbsp;&nbsp;50167<br>|
| &nbsp;&nbsp;&nbsp;Stock compensation<br>| &nbsp;&nbsp;909<br>| &nbsp;&nbsp;1148<br>|
| &nbsp;&nbsp;&nbsp;Basis in underlying investments<br>| &nbsp;&nbsp;71539<br>| &nbsp;&nbsp;76913<br>|
| &nbsp;&nbsp;&nbsp;Section 163(j) interest limitation<br>| &nbsp;&nbsp;9096<br>| &nbsp;&nbsp;5905<br>|
| &nbsp;&nbsp;&nbsp;Change in FV of conversion option<br>| &nbsp;&nbsp;20498<br>| &nbsp;&nbsp;—<br>|
| &nbsp;&nbsp;&nbsp;Other deferred balances<br>| &nbsp;&nbsp;3288<br>| &nbsp;&nbsp;274<br>|
| &nbsp;&nbsp;&nbsp;Total Deferred tax assets<br>| $&nbsp;&nbsp;179637<br>| $&nbsp;&nbsp;134407<br>|
| Valuation allowance<br>| &nbsp;&nbsp;(178562) | &nbsp;&nbsp;(133165) |
| Total Deferred tax assets, net of valuation allowance<br>| $&nbsp;&nbsp;1075<br>| $&nbsp;&nbsp;1242<br>|
| Deferred tax liabilities<br>|  |  |
| Intangibles<br>| &nbsp;&nbsp;(1075) | &nbsp;&nbsp;(1242) |
| Total deferred tax liabilities<br>| $&nbsp;&nbsp;(1075) | $&nbsp;&nbsp;(1242) |
| Total net deferred tax asset (liability)<br>| $&nbsp;&nbsp;—<br>| $&nbsp;&nbsp;—<br>|

---

------

**NEXTNAV INC.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

Management assesses the available positive and negative evidence to estimate whether sufficient future taxable income will be generated to permit use of the existing deferred tax assets ("DTA"). A significant piece of objective negative evidence evaluated was the cumulative loss incurred over the three-year period ended December 31, 2025. Such objective evidence limits the ability to consider other subjective evidence, such as the Company's projections for future growth.

On the basis of this evaluation, as of December 31, 2025, a valuation allowance of $178.6 million has been recorded because management has concluded that it is more likely than not that such DTA will ultimately not be realized. The amount of the DTA considered realizable, however, could be adjusted in future years if estimates of future taxable income during the carryforward period are reduced or increased or if objective negative evidence in the form of cumulative losses is no longer present and additional weight is given to subjective evidence such as the Company's projections for growth.

As of December 31, 2025 and 2024 the Company did not have any unrecognized income tax benefits.

The Company has U.S. income tax net operating loss ("NOL") carryforwards of $275.5 million and $186.3 million as of December 31, 2025, and 2024, respectively. $5.0 million of the NOLs are expected to expire beginning in 2027 while the remaining $270.5 million can be carried forward indefinitely. The Company also has various state NOL carryforwards of $414.0million and $267.4 million as of December 31, 2025 and December 31, 2024 respectively which are expected to expire beginning in 2041. The Company's NOLs in the U.S. may be limited under Section 382 of the Internal Revenue Code ("IRC"). NOLs are limited when there is a significant ownership change as defined by the IRC Section 382. At this time, the Company expects that none of its federal NOLs will expire unutilized as a result of a limitation under Section 382.

The Company had foreign NOLs as of December 31, 2025 of $6.2 million attributable to NextNav France which can be carried forward indefinitely.

The Company is subject to taxation in the United States, various states within the United States, India, and France. Each jurisdiction has its own statute of limitations for making assessment of additional tax liabilities. As of December 31, 2025 due to its net operating losses, all the Company's tax years remained open for U.S. Federal and state income tax purposes. India generally has a 3-year statute of limitations, and years prior to 2023 are closed. France has a statute of limitation tax expires 3 years following the year that triggered the liability.

**15. Retirement Plan**

NextNav sponsors a defined contribution benefit plan to provide retirement benefits for its employees. Participants may make voluntary contributions not to exceed maximum allowable contribution amounts. NextNav made discretionary contributions and matching contributions, totaling $0.5 million and $0.4 million for the years ended December 31, 2025 and 2024 respectively.

------

**NEXTNAV INC.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**16. Segments**

NextNav operates as one operating segment. Information on the Company's products and service offerings are included in Note 1 - Organization and Business. The accounting policies of the single operating segment are the same as those described in Note 2 - Summary of Significant Accounting Policies.

NextNav's chief operating decision maker ("CODM") is its Chief Executive Officer, who reviews financial information presented on an entity-wide basis for purposes of making operating decisions, assessing financial performance, and allocating resources.

The CODM assesses performance and decides how to allocate resources based on consolidated net loss that also is reported on the Consolidated Statements of Comprehensive Loss. Consolidated net loss is used to monitor budget versus actual results and in the annual budgeting and forecasting process. The measure of segment assets is reported on the Consolidated Balance Sheets as total consolidated assets. The CODM reviews cash flow forecasts in making capital and investment decisions. The CODM considers budget-to-actual variances in consolidated net loss monthly in determining performance and the compensation of employees.

NextNav does not have any intra-entity sales or transfers during the years ended December 31, 2025 or 2024.

Segment financial information for the years ended December 31, 2025 and 2024, is as follows. The Company reclassified certain expenses between significant expense categories presented in the segment financial information below for all periods to align with the organizational structure changes as of December 31, 2025.

---

| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025**<br>| **2024**<br>|
| Revenue<br>| $&nbsp;&nbsp;(4573) | $&nbsp;&nbsp;(5669) |
| Less:<br>|  |  |
| Technology development expenses<br>| &nbsp;&nbsp;10460<br>| &nbsp;&nbsp;6815<br>|
| Business operation expenses<br>| &nbsp;&nbsp;15876<br>| &nbsp;&nbsp;18770<br>|
| General and administrative expenses<br>| &nbsp;&nbsp;23776<br>| &nbsp;&nbsp;20133<br>|
| Depreciation and amortization<br>| &nbsp;&nbsp;7750<br>| &nbsp;&nbsp;5238<br>|
| Interest expense, net<br>| &nbsp;&nbsp;12443<br>| &nbsp;&nbsp;9401<br>|
| Change in fair value of warrants and derivative liabilities<br>| &nbsp;&nbsp;82885<br>| &nbsp;&nbsp;33177<br>|
| Other segment items<sup>1</sup><br>| &nbsp;&nbsp;40438<br>| &nbsp;&nbsp;13841<br>|
| Provision for income taxes<br>| &nbsp;&nbsp;198<br>| &nbsp;&nbsp;173<br>|
| Consolidated net loss<br>| $&nbsp;&nbsp;189253<br>| $&nbsp;&nbsp;101879<br>|

---

<sup>1</sup> Other segment items include equity-based compensation, non-cash rent expense, capitalized labor costs, accretion expense on asset retirement obligations and other income (loss).

Substantially all long-lived tangible assets are located in the United States.

For the year ended December 31, 2025, two customers accounted for 70% and 17% of total revenue. For the year ended December 31, 2024, three customers accounted for 57%, 18% and 11% of total revenue. Substantially all revenue was generated from the United States.

------

**NEXTNAV INC.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**17. Subsequent Events**

The Company has completed an evaluation of all subsequent events through the date of this Annual Report on Form 10-K to ensure that these financial statements include appropriate disclosure of events both recognized in the financial statements and events which occurred but were not recognized in the financial statements. The Company has concluded that no subsequent events have occurred that require disclosure.

------

## Exhibit 19.1

**Exhibit 19.1**

**NextNav Insider Trading Policy**

**Introduction**

Federal and state securities laws generally prohibit any person who is aware of material non-public information ("MNPI") about a company from trading in securities of that company. These laws also prohibit such person from disclosing MNPI to other persons who may trade on the basis of that information.

Our board of directors has adopted this policy to promote compliance with these laws and to protect you and our Company from the serious liabilities and penalties that can result from violations of these laws.

It is the responsibility of every employee, consultant, officer, and director of NextNav to comply with the securities laws and this policy. If you have questions about this policy, please contact the NextNav Legal Department.

**Persons Subject to This Policy**

If you are an employee, consultant, officer, or director of NextNav Inc. (the "Company" or "we") or any of its subsidiaries, then this policy applies to you.

It also applies to your family members who reside with you (including a spouse, a child, a child away at college, stepchildren, grandchildren, parents, stepparents, grandparents, siblings and in-laws), anyone else who lives with you, any family members who do not live with you but whose transactions in Company securities are directed by you or are subject to your influence or control (such as parents or children who consult with you before they trade in Company securities) (collectively referred to as "Family Members") and any entity whose transactions in Company securities are influenced or controlled by you or any of your Family Members (collectively referred to as "Controlled Entities"). You are responsible for the transactions in Company securities by Family Members and Controlled Entities and, therefore, you should make them aware of the need to confer with you before they trade in Company securities. You should treat all such transactions in Company securities by Family Members and Controlled Entities for the purposes of this policy and applicable securities laws as if the transactions were for your own account. This Policy does not, however, apply to personal securities transactions of Family Members where the purchase or sale decision is made by a third party not controlled by, influenced by or related to you or your Family Members.

If you possess MNPI regarding us at the time your employment or other services with us terminates, you remain subject to this policy until the information has been publicly announced by us or is no longer material.

**Trading and Disclosure Restrictions Applicable to All Employees, Officers and Directors**

The following trading and disclosure restrictions apply to all of our employees, officers and directors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● If you have MNPI regarding the Company, you may not buy or sell ("trade") or advise anyone else to trade in our securities until that information has been publicly disclosed. This includes trading during an open window, as described below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● If you have MNPI regarding any other company that you obtained from your employment or relationship with us, you must not trade or advise anyone else to trade in the securities of that other company until that information has been publicly disclosed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● You must not disclose any MNPI concerning the Company (or concerning any other company that you obtained from your employment or relationship with us) to anyone inside the Company whose job does not require the person to have that information or outside the Company unless the disclosure is made in accordance with the Company's disclosure and external communications policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● You may not (i) sell the Company's securities short; (ii) buy or sell puts or calls or other derivative securities on the Company's securities; and (iii) enter into hedging or monetization transactions or similar arrangements with respect to Company securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; You may not trade in puts or calls or engage in short sales with respect to Company securities. Trading in "puts" and "calls" (publicly traded options to sell or buy stock) and engaging in short sales are often perceived as involving insider trading and they may focus your attention on the Company's short-term performance rather than its long-term objectives. In addition, Section 16(c) of the Exchange Act prohibits officers and directors from engaging in short sales. Therefore, transactions in puts, calls and other derivative securities with respect to Company securities on an exchange or in any other organized market are prohibited by this policy, as are short sales of Company securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*●* You may not hold Company securities in a margin account, and you may not, without prior approval, pledge Company securities as collateral for any other loan. Because a broker is permitted to sell securities in a margin account if the customer fails to meet a margin call, the securities can be sold at a time when the customer is aware of MNPI about the Company. Also, a foreclosure sale under any other loan could also occur at a time when the borrower has MNPI about us. Therefore, you may not hold Company securities in a margin account or pledge Company securities as collateral for a loan. An exception to this prohibition may be granted in the case of a non-margin loan where you are able to clearly demonstrate the financial ability to repay the loan without resorting to the pledged securities. A request for any such exception must be made to the Compliance Officer at least 10 days in advance of entering into the pledge agreement. Except as specifically noted in this Policy, our General Counsel serves as the Compliance Officer.

------

**Trading Restrictions Applicable to Company Insiders**

The following trading and disclosure restrictions apply to our members of the board of directors, executive officers and any other individuals designated by the Legal Department as "insiders" (collectively, "Company Insiders"). From time to time, the Legal Department will designate Company Insiders and will inform such persons of this designation and a Company Insider's specific responsibilities. If you are not informed of your designation as a Company Insider, then you are not subject to the following trading restrictions. However, you are at all times subject to the other requirements set forth in this policy and applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Company Insiders may not trade in Company securities outside of an open trading window. For purposes of this policy, a "trading window" will commence after the close of trading *two* (2) full trading days following the Company's public release of its quarterly operating results and end seven days prior to the end of each fiscal quarter. The Company will count the day earnings are released as the first trading day if such release is made prior to market open. Company management may, in its discretion, close the window sooner or later than this designated date. Any such deviation shall be documented in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A "trading window" refers to any time that a blackout period is not in effect. During a trading window period, Company Insiders may trade in Company securities so long as they are not in possession of MNPI and subject to the requirements of this policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Company Insiders may not trade during a trading window without prior approval. During a trading window, Company Insiders may trade in Company securities only after obtaining the approval of the Compliance Officer. If a Company Insider decides to engage in a transaction involving Company securities during a trading window, such Insider must notify the Compliance Officer in writing of the amount and nature of the proposed trade(s) and certify in writing that they are not in possession of MNPI concerning the Company. A Company Insider must not engage in the transaction unless and until the Compliance Officer provides approval in writing. Any determination by the Compliance Officer to disapprove a proposed trade will require the concurrence of the Chief Executive Officer (or the Chief Financial Officer if the Chief Executive Officer is unavailable). The foregoing functions of the General Counsel will be undertaken by the Chief Executive Officer in the case of proposed trades by the General Counsel. Proposed trades by the Chief Executive Officer will require approval by either the General Counsel or the Chief Financial Officer, acting as Compliance Officer. The existence of these approval procedures does not in any way obligate the Compliance Officer to approve any transaction.

**Special Trading Blackout Periods**

From time to time, the General Counsel may designate special blackout periods, with the prior written approval of the Chief Executive Officer (or the Chief Financial Officer if the Chief Executive Officer is unavailable). Such special blackout periods may be applicable to any employee, executive officer, or director of the Company and will depend on their access to MNPI regarding ongoing Company activities or developments. During a Special Trading Blackout, persons designated as subject to the blackout may not trade in Company securities until such time as the General Counsel rescinds the blackout period. Persons subject to the special trading blackout period may not disclose to any other employee, executive officers, director or to any third party that a special blackout period has been designated.

**Transactions Covered by This Policy**

This policy applies to any purchase or sale of (i) Company securities, including our common stock, options to purchase our common stock, any other type of securities that we may issue, such as preferred stock, convertible debentures and warrants, as well as exchange-traded options, other derivative securities, and puts, calls and short sales involving Company securities and (ii) the securities of certain other companies, including common stock, options to purchase common stock, any other type of securities that those other companies may issue, such as preferred stock, convertible debentures and warrants, as well as exchange-traded options, other derivative securities, and puts, calls and short sales involving those other companies' securities.

Notwithstanding this general rule, this policy contains certain exceptions that are discussed in more detail below.

**Definition of Material Non-public Information**

***Material information.*** Information about our Company is "material" if there is a substantial likelihood that a reasonable shareholder or investor would consider it important in making a decision to buy, sell or hold our securities, or if the disclosure of the information would be expected to significantly alter the total mix of the information in the marketplace about us. In simple terms, material information is any type of information that could reasonably be expected to affect the market price of our securities. Both positive and negative information may be material. Information that could be material about the Company includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● earnings estimates (including changes of previously announced estimates) or other earnings guidance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● changes to previously announced earnings guidance, or decision to suspend earnings guidance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● a significant change in our operations, projections or strategic plans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● a Company restructuring;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● a potential merger, acquisition or tender offer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● a potential sale of significant assets or subsidiaries or disposition of a significant asset;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● a pending or proposed joint venture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● significant related party transactions;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● impending bankruptcy or the existence of severe liquidity problems;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the gain or loss of a major supplier or customer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● award or loss of a significant contract;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● material cybersecurity incidents, including vulnerabilities and breaches;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● significant developments in borrowings, or financings or capital investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● changes in accounting methods and write-offs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● a declaration of a stock split, a public or private securities offering by us or a change in our dividend policies or amounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the establishment of a repurchase program for Company securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● a change in senior management;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● a change in auditors or notification that the auditor's report may no longer be relied upon;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● imposition of an event-specific restriction on trading in Company securities or the securities of another company or the extension or termination of such restriction; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● pending or threatened significant litigation or government agency investigations, or resolution of such.

Material information is not limited to historical facts but may also include projections and forecasts. With respect to a future event, such as a merger, acquisition or introduction of a new product, the point at which negotiations or product development are determined to be material is determined by balancing the probability that the event will occur against the magnitude of the effect the event would have on a company's operations or stock price should it occur. Thus, information concerning an event that would have a large effect on stock price, such as a merger, may be material even if the possibility that the event will occur is relatively small. When in doubt about whether particular nonpublic information is material, you should presume it is material.

***Non-public information.*** Non-public information is information that is not generally available to the investing public. If you are aware of material non-public information, you may not trade until the information has been widely disclosed to the public (for example, through a press release or filing with the Securities and Exchange Commission) and the market has had sufficient time to absorb the information. For purposes of this policy, information will generally be considered public after the second full trading day following the Company's public release of the information. For example, if we publicly disclosed the information on a Tuesday, the first day that trading could occur would be Friday.

If you are not sure whether information is material or non-public, consult with the Compliance Officer for guidance before engaging in any transaction in Company securities.

**Unauthorized Disclosure of Material Non-Public Information**

You are prohibited from disclosing any MNPI concerning the Company (or any other company that you obtained from your employment or relationship with us) to anyone inside the Company whose job does not require the person to have that information or outside the Company unless the disclosure is made in accordance with the Company's disclosure and external communications policies.

We are subject to laws that govern the timing of our disclosures of material information to the public and others. Only certain designated employees may communicate on behalf of the Company with the news media, securities analysts and investors in accordance with the Disclosure Policy of the Company. All inquiries from outsiders regarding MNPI about the Company should be forwarded to our Chief Financial Officer.

**Consequences of Violating Insider Trading Laws or This Policy**

The consequences of violating the securities laws or this policy can be severe. They include

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● paying civil penalties up to three times the profit made or loss avoided;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● paying a criminal penalty of up to $5 million for individuals; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● serve a jail term of up to 20 years.

In addition, the Company and/or the supervisors of a person who violates these laws may also be subject to civil or criminal penalties if they did not take appropriate steps to prevent illegal trading.

***Company Discipline.*** If you violate this policy or insider trading or tipping laws, you may be subject to disciplinary action by the Company, up to and including termination.

***Reporting of Violations.*** Any employee, officer or director who violates this policy or any federal or state laws governing insider trading or tipping, or knows of any such violation by any other employee, officer or director, must report the violation immediately to the Compliance Officer.

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**Exceptions to This Policy**

Certain transactions in Company securities are not prohibited by this policy. These are:

***Stock Option Exercises.*** This policy does not apply to your exercise of an employee stock option. It also does not apply to your election to have the Company withhold shares subject to an option to satisfy tax withholding requirements. This policy does, however, apply to sales of shares received upon exercise of an option, including any broker-assisted cashless exercise of an option, or any other market sale for the purpose of generating the cash needed to pay the exercise price of an option.

***Restricted Stock Awards and Restricted Stock Units.*** This policy does not apply to the vesting of restricted stock or restricted stock units, or the withholding of shares of stock to satisfy tax withholding requirements upon the vesting of any restricted stock or restricted stock units. The policy does apply, however, to any subsequent market sale of restricted stock.

***Rule 10b5-1 Trading Plans***. This policy does not apply to trading in Company securities if the trades occur pursuant to a prearranged trading plan that complies with Rule 10b5-1(c) under the Securities Exchange Act of 1934, as amended, as well as any Company policies or guidelines concerning such plans and has been precleared by our Compliance Officer. Rule 10b5-1(c) provides an affirmative defense from insider trading liability for trades that occur pursuant to a prearranged "trading plan" that meets certain specified conditions. You must enter into the trading plan at a time when you were not aware of any MNPI. In addition, the establishment and operation of the trading plan, as well as any modification or termination of the plan prior to its scheduled expiration date, must (a) comply with the requirements of Rule 10b5-1(c) and any Company policies or guidelines concerning such plans, and (b) be precleared by our Compliance Officer. In preclearing the establishment, operation, modification or termination of a trading plan, neither the Company nor the Compliance Officer will be responsible for determining whether the plan is in compliance with the provisions of Rule 10b5-1(c). Compliance with Rule 10b5-1(c) is solely your responsibility.

***Other Transactions.*** This policy does not apply to philanthropic contributions of to a 501(c)(3) or similar organization; gifts of Company securities to an individual (unless the donor has reason to believe that the recipient intends to sell the shares during the current blackout period); or transfers of Company securities to or from a trust.

***Specific Exceptions.*** Specific exceptions to this policy may be made with the approval of the Compliance Officer when the person requesting approval does not possess MNPI, personal circumstances warrant the exception and the exception would not otherwise contravene the law or the purposes of this policy. Any request for an exception should be directed to the Compliance Officer. The Compliance Officer's discretion is limited to extraordinary personal financial emergencies. All requests and exceptions shall be in writing, and the person requesting approval shall certify in writing that they do not possess MNPI and provide evidence confirming the existence of a personal hardship. All waivers must be reported to the Audit Committee of the Board of Directors.

**Information about the Compliance Officer**

Except in circumstances specifically noted herein, we have designated the Company's General Counsel as the Compliance Officer for this policy. If you have any questions about this policy, you should contact the Compliance Officer.

**Post-Termination Transactions**

This policy will continue to apply to you after your employment or service has terminated with the Company until such time as any MNPI that you possessed when your service terminated has become public or is no longer material.

**Company Assistance**

If you have a question about this policy or whether it applies to a particular transaction, contact our General Counsel for additional guidance. The General Counsel may be contacted at legal@nextnav.com<u>.</u> 

***<u>Effective February 2026</u>***

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## Exhibit 21.1

**Exhibit 21.1**

**NextNav inc.**

**LIST OF SUBSIDIARIES**

---

| | |
|:---|:---|
| **Name of Subsidiary** | **State or Other Jurisdiction of**<br>**Incorporation or**<br>**Organization** |
| NextNav Acquisition Corp. | Delaware |
| NextNav MS 3, LLC | Delaware |
| NextNav MS 4, LLC  | Delaware |
| NextNav MS 5, Inc. | Delaware |
| NextNav MS 6, LLC | Delaware |
| NextNav MS 7, Inc. | Delaware |
| NextNav Holdings, LLC | Delaware |
| NextNav Intermediate HoldCo, LLC | Delaware |
| NextNav, LLC  | Delaware |
| Progeny LMS, LLC  | Indiana |
| CommLabs, Inc. | Delaware |
| Commlabs Technology Centre Private Limited | Bangalore, India |
| NextNav France | Puteaux, France  |
| NextNav HoldCo France | Puteaux, France |

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## Exhibit 23.1

**Exhibit 23.1**

**Consent of Independent Registered Public Accounting Firm**

We consent to the incorporation by reference in the following Registration Statements:

(1) Registration Statement (Form S-3 No. 333-260687) of NextNav Inc.,

(2) Registration Statement (Form S-3 No. 333-272875) of NextNav Inc.,

(3) Registration Statement (Form S-3 No. 333-274969) of NextNav Inc.,

(4) Registration Statement (Form S-3 No. 333-275983) of NextNav Inc.,

(5) Registration Statement (Form S-8 No. 333-261902) pertaining to the NextNav Inc. 2021 Omnibus Incentive Plan, the NextNav Inc. 2021 Employee Stock Purchase Plan, and the NextNav Holdings, LLC 2011 Unit Option and Profits Interest Plan, as amended, of NextNav Inc.,

(6) Registration Statement (Form S-8 No. 333-272883) pertaining to the NextNav Inc. 2021 Omnibus Incentive Plan, and the NextNav Inc. 2021 Employee Stock Purchase Plan of NextNav Inc.,

(7) Registration Statement (Form S-8 No. 333-277889) pertaining to the NextNav Inc. 2021 Omnibus Incentive Plan,

(8) Registration Statement (Form S-3 No. 333-279957) of NextNav Inc.,

(9) Registration Statement (Form S-3 No. 333-279959) of NextNav Inc.,

(10) Registration Statement (Form S-3 No. 333-283412) of NextNav Inc.,

(11) Registration Statement (Form S-3 No. 333-283800) of NextNav Inc.,

(12) Registration Statement (Form S-8 No. 333-285757) pertaining to the NextNav Inc. 2021 Omnibus Incentive Plan, and the NextNav Inc. 2021 Employee Stock Purchase Plan,

(13) Registration Statement (Form S-3 No. 333-286758) of NextNav Inc., and

(14) Registration Statement (Form S-3 No. 333-290509) of NextNav Inc.;

of our report dated March 17, 2026, with respect to the consolidated financial statements of NextNav Inc. included in this Annual Report (Form 10-K) of NextNav Inc. for the year ended December 31, 2025.

/s/ Ernst and Young LLP

Tysons, Virginia

March 17, 2026

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## Exhibit 31.1

**Exhibit 31.1**

**Certification of Principal Executive Officer**

**Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002**

I, Mariam Sorond, certify that:

1. I have reviewed this Annual Report on Form 10-K of NextNav Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting , or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles ;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: March 17, 2026 | Date: March 17, 2026 |
| /s/ Mariam Sorond | /s/ Mariam Sorond |
| Name:  | Mariam Sorond |
| Title: | President and Chief Executive Officer |

---

------

## Exhibit 31.2

**Exhibit 31.2**

**Certification of Principal Financial Officer**

**Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002**

I, Timothy A. Gray, certify that:

1. I have reviewed this Annual Report on Form 10-K of NextNav Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting , or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles ;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: March 17, 2026 | Date: March 17, 2026 |
| /s/ Timothy A. Gray | /s/ Timothy A. Gray |
| Name: | Timothy A. Gray |
| Title: | Chief Financial Officer |

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------

## Exhibit 32.1

**Exhibit 32.1**

**CERTIFICATION PURSUANT TO**

**18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the Annual Report on Form 10-K of NextNav Inc. (the "Company") for the year ended December 31, 2025, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), the undersigned each hereby certifies pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to the best of their knowledge, on the date hereof:

(1) the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

(2) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | | |
|:---|:---|:---|
| Dated: March 17, 2026 |  |  |
|  | /s/ Mariam Sorond | /s/ Mariam Sorond |
|  | Name: | Mariam Sorond |
|  | Title: | President and Chief Executive Officer |
|  |  | *(Principal Executive Officer)* |
| Dated: March 17, 2026 |  |  |
|  | /s/ Timothy A. Gray | /s/ Timothy A. Gray |
|  | Name: | Timothy A. Gray |
|  | Title: | Chief Financial Officer |
|  |  | *(Principal Financial Officer)* |

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