NextNav Inc. (NASDAQ: NN) is a company specializing in next-generation positioning, navigation, and timing (PNT) solutions. The firm focuses on enhancing GPS resiliency through its innovative terrestrial technologies that provide reliable positioning services. NextNav aims to address vulnerabilities in GPS critical for national security and infrastructure.

In the first quarter of 2025, NextNav reported a year-over-year revenue increase, with revenue reaching $1.5 million, up from $1.0 million during the same period last year. The growth in revenue was primarily driven by higher service revenue from technology and services contracts with government and commercial customers. The operating loss for the quarter was $17.0 million, compared to an operating loss of $16.2 million a year earlier.

Net loss for the first quarter was $58.6 million, which included a loss of $24.5 million associated with a change in the fair value of a derivative liability and a debt extinguishment loss of $14.4 million. This contrasts with a net loss of $31.6 million reported in the first quarter of 2024.

The company’s balance sheet showed cash and equivalents at $150.4 million and short-term investments at $38.0 million as of March 31, 2025. This represents a significant increase in liquidity due to the issuance of $190 million of 5% redeemable senior secured convertible notes due 2028, which was closed during the quarter.

NextNav’s operating expenses totaled $18.5 million for the quarter, reflecting an increase of $1.3 million from the same quarter in the previous year. The company’s operational strategy includes managing capital prudently amid its efforts to enhance PNT resiliency and expand its technology solutions.

The net long-term debt as of March 31, 2025, stood at $213.1 million and includes a derivative liability amounting to $56.5 million, net of an unamortized discount of $33.4 million, with a face value of $190 million. The comprehensive loss attributed to common stockholders for the period was $57.6 million, compared to a loss of $32.1 million in the prior year.

NextNav’s continued focus on regulatory engagement has been highlighted by its recent successes, including the FCC’s unanimous vote to advance inquiries into developing positioning technologies, which supports the strategic relevance of NextNav’s operations in the context of national security and infrastructure needs.