NextNav Inc. (NASDAQ: NN) is a provider of next-generation positioning, navigation, and timing (PNT) solutions, intended to support a new ecosystem of geolocation applications. The company focuses on building a terrestrial complement to the Global Positioning System (GPS) and aims to enhance national security, public safety, and economic resilience through its technology.

For the fourth quarter of 2024, NextNav reported revenue of $1.9 million, up from $1.2 million in the same quarter of 2023. For the entire fiscal year 2024, revenue reached $5.7 million, compared to $3.9 million in 2023. The revenue growth was primarily driven by a one-time license fee for soft GPS technology and service revenues from government and commercial contracts.

Operating expenses in the fourth quarter increased to $16.7 million, down from $21.2 million in the prior year’s quarter. When considering the full year, operating expenses totaled $65.8 million, a decrease from $67.4 million in 2023. Excluding stock-based compensation and depreciation, operating expenses for 2024 stood at $46.7 million, compared to $40.7 million in 2023.

NextNav’s net loss for the fourth quarter amounted to $32.3 million, which included a loss of $14.9 million related to the change in fair value of warrants associated with the Telesaurus Asset Purchase Agreement. This is in contrast to a net loss of $16.4 million in the same quarter a year prior, which had included a gain of $5.7 million on warrant liabilities. For the full fiscal year, the net loss grew to $101.9 million, compared to a net loss of $71.7 million in 2023, influenced by a $32.2 million loss from adjustments to warrant liabilities.

At the end of the fourth quarter, NextNav’s balance sheet reflected $80.1 million in cash, cash equivalents, and short-term investments, attributed to disciplined cash management and an additional $3.5 million from warrant exercises. The company carried $54.6 million in debt net of unamortized discounts, with a gross debt value of $70 million.

NextNav also confirmed a note purchase agreement for a private offering of $190 million in senior secured convertible notes maturing in 2028. Approximately $70 million of the proceeds will be used to redeem existing 10% senior secured notes due in December 2026. The company is also set to provide warrants with conversion prices ranging from $12.56 to $20.

In summary, NextNav’s financial results for the fourth quarter and year-end reflect a mix of revenue growth and increased net losses, alongside efforts to strengthen its capital structure. The company is actively pursuing regulatory approvals and partnerships aimed at advancing its next-generation PNT solutions.