NextNav (NASDAQ:NN) used its fourth-quarter 2025 earnings call to highlight progress in the Federal Communications Commission’s (FCC) process to advance resilient positioning, navigation and timing (PNT) technologies, while also outlining recent technology milestones, international commercialization efforts, and year-end liquidity.
FCC process update: draft NPRM sent to OMB
Chief Executive Officer Mariam Sorond said the FCC has “formally sent a draft notice of proposed rulemaking (NPRM) focused on PNT technologies and solutions to the White House OMB,” calling it a “critical step” and a milestone achieved with “extraordinary momentum.” Sorond said the development underscores what she described as growing urgency around identifying resilient backups and complements to GPS, framing it as a national security priority amid heightened global risk.
While Sorond said the company does not control the timing of the FCC process, she emphasized confidence in what she described as “a direct path to a Report and Order,” citing the “strength and completeness of the existing record.” She also said the company believes it plays a unique role in a “system of systems” approach combining terrestrial and space-based capabilities to increase redundancy and resiliency across critical infrastructure.
Technology and commercialization: 5G-powered PNT testing and spectrum discussion
Sorond said NextNav has begun operating what she called “the world’s first 5G-powered PNT network,” describing it as an important step toward commercialization. She said the FCC granted the company an experimental license to conduct testing in a defined geographic location, and stressed that the testing is for early commercialization purposes and is “independent of the FCC’s NPRM process.”
In response to Crawford’s follow-up question about channel size and precision, Sorond said the company has been testing toward a “10+ five capability,” and stated that “positioning… becomes more accurate with the downlink being 10 MHz.” She said NextNav has shared those studies with the FCC and remains confident it can work with the agency to meet requirements for a backup and complement to GPS.
More broadly, Sorond described market and policy discussions indicating that PNT is increasingly viewed as a “killer application” for 5G and 6G. She cited vulnerabilities in GPS, including indoor coverage gaps as well as susceptibility to jamming and spoofing, and pointed to recent events in the Middle East as an example of how disruptions can escalate.
International expansion: expanded MetCom partnership in Japan
NextNav also highlighted an expanded partnership with Japan’s MetCom. Sorond said MetCom has licensed NextNav’s technology to power new terrestrial timing services in major Japanese metropolitan areas, calling it a validation of demand for “resilient terrestrial 5G-based 3D PNT solutions” and a potentially significant commercial opportunity beyond the U.S.
Sorond emphasized the international scalability of the platform and said the company’s “3GPP standards-based approach” makes technology partnerships outside the U.S. attractive. In response to a question from Seaport Research Partners’ David Joyce about early learnings from MetCom and how it might accelerate U.S. commercialization, Sorond said jamming and spoofing are global issues and that the company would share results as MetCom publicizes them. She characterized the latest development as a step forward in the relationship and reiterated her view that the solution can be taken global.
Governance and industry engagement
Sorond said she joined the CTIA Board of Directors and participated in her first board meeting, positioning the move as part of NextNav’s efforts to engage with industry leadership and support the expansion of 5G capabilities tied to public safety and national security.
She also said the company is strengthening governance as it advances its strategy, announcing Lisa Hook as the board’s new lead independent director. Sorond said Hook brings public company board experience across technology, telecommunications, and national security, and cited her prior experience as CEO of Neustar.
Financial update: cash position and non-cash warrant-related losses
Chief Financial Officer Tim Gray said that following actions taken in 2025 to enhance liquidity, NextNav ended the fourth quarter with approximately $152 million in cash equivalents and short-term investments. He said the company plans to take a “deliberate approach to liquidity and commercialization.”
Gray also noted the company has “a significant number of warrants expiring in 2026” that could deliver “over $200 million in additional capital” depending on stock price performance. He added that management believes NextNav has “significant runway and funding for multiple years.”
On results, Gray highlighted that gains and losses tied to outstanding private warrants and derivative liabilities fluctuate with the stock price. In the fourth quarter, he said the company recognized approximately $48 million in losses related to the change in fair value of the derivative and warrants liability. Gray said the non-cash losses contributed to a quarterly net loss of roughly $68 million, and described the charges as a result of funding completed earlier in 2025 that he said put the company on “very solid footing.”
In closing remarks, Sorond said NextNav remains optimistic about a path toward an FCC vote on an NPRM “in the near term,” with “clear line of sight” to a Report and Order. She said the company is proud of progress toward what she described as a resilient, future-proof terrestrial complement and backup to GPS.
About NextNav (NASDAQ:NN)
NextNav, Inc is a provider of advanced 3D geolocation infrastructure and positioning services in the United States. The company operates a nationwide network designed to deliver real-time horizontal and vertical location data for consumer, enterprise and public safety applications. By leveraging spectrum holdings in the 900 MHz band, NextNav’s network offers precise altitude and position information that complements GPS and other satellite systems, particularly in urban canyons, indoors or underground environments where traditional signals struggle.
At the core of NextNav’s offering is its TerraPoiNT platform, which enables developers, carriers and emergency response centers to integrate high-accuracy vertical location into their applications and workflows.
