NextNav (NN) AI Stock Analysis

• Market Cap: $1.96B
• Dividend Yield: N/A
• Average Volume (3M): 1.01M
• Price to Earnings (P/E): ―
• Beta (1Y): 1.42
• Revenue Growth: 11.61%
• EPS Growth: -54.84%
• Country: US
• Employees: 96
• Sector: Technology
• Sector Strength: 88
• Industry: Internet Content & Information
• EPS (TTM): -0.12
• Shares Outstanding: 134,829,090
• 10 Day Avg. Volume: 1,064,124
• 30 Day Avg. Volume: 1,012,131
• PEG Ratio: -0.68
• Price to Book (P/B): 37.72
• Price to Sales (P/S): 333.49
• P/FCF Ratio: -49.29
• Enterprise Value/Market Cap: 1.13
• Enterprise Value/Revenue: 400.23
• Enterprise Value/Gross Profit: -619.76
• Enterprise Value/Ebitda: -33.82
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): -0.71
• Revenue Forecast (FY): $4.73M

• Rating: 61 Neutral
• Price Target: $15.50 ▲(10.95% Upside)

NextNav's overall stock score is driven by strong technical momentum and positive corporate developments, offset by weak financial performance and challenging valuation metrics. The earnings call provided a positive outlook, but financial instability remains a significant concern.

Positive Factors

Strong Cash Position

A large cash and short-term investment balance provides runway to fund commercialization, regulatory engagement, and network buildouts without immediate reliance on public markets. This liquidity supports multi-quarter execution of strategic initiatives and cushions near-term financing risk.

AT&T Partnership & Pinnacle Extension

A multi-year extension with AT&T secures access to established infrastructure, lowering capex and speeding deployment of NextNav services. Contractual continuity through 2028 enhances revenue visibility for network operations and strengthens credibility for public-safety and commercial customers.

Spectrum Acquisition Strengthens Position

Owning spectrum in the lower 900 MHz band is a structural asset that enables differentiated 3D PNT services and raises barriers to entry. Spectrum control supports long-term product deployment, regulatory filings, and exclusive service offerings in indoor and urban geolocation markets.

Negative Factors

Negative Stockholders' Equity

Negative equity indicates liabilities exceed assets, signaling structural leverage and solvency risk. This condition limits access to debt financing, can constrain strategic investments, and may require dilutive financings or asset sales to restore balance sheet health over the medium term.

Deeply Negative Margins and Revenue Decline

Sustained negative gross margins and declining revenue indicate the core business is not yet economically scalable. Without durable margin improvement or revenue stabilization, profitability will remain elusive, undermining the case for long-term organic growth and requiring structural business model changes.

Operating Cash Flow Deficit

Persistent negative operating cash flow pressures liquidity despite strong cash balances. Continued OCF deficits force reliance on financing or non-core asset moves, reducing flexibility to invest in network expansion and prolonging the timeline to self-sustaining operations.

NextNav Business Overview & Revenue Model

Company Description

NextNav Inc. provides next generation global positioning system (GPS) and 3D geolocation services. The company delivers next generation positioning, navigation, and timing solutions through its network-based Pinnacle and TerraPoiNT solutions. Its Pinnacle 3D geolocation service is commercially available in approximately 4,400 cities and towns in the United States; and its TerraPoiNT terrestrial-based encrypted network has deployments in 51 total markets nationally. The company sells its solutions directly to customers or through partners. The company was founded in 2007 and is headquartered in McLean, Virginia.

How the Company Makes Money

NextNav generates revenue primarily through the licensing of its proprietary technology and data solutions to various sectors, including government agencies, public safety organizations, and commercial enterprises. Key revenue streams include subscription-based services for real-time location data, one-time fees for integration and setup, and partnerships with telecommunications companies that leverage NextNav's technology for enhanced services. The company also benefits from collaborations with municipalities and urban planners, providing location services that support smart infrastructure and public safety initiatives, contributing significantly to its earnings.

NextNav Financial Statement Overview

Summary

NextNav is facing significant financial challenges across all key areas. The income statement shows persistent losses and declining revenue, while the balance sheet reveals high leverage and negative equity. Although there is some improvement in free cash flow, overall cash flow remains weak. The company needs to address its revenue generation and cost management to improve its financial health.

Income Statement

NextNav's income statement reveals significant challenges. The company has consistently reported negative gross profit margins, with the TTM (Trailing-Twelve-Months) gross profit margin at -43.74%. Net profit margins are also deeply negative, indicating substantial losses relative to revenue. Revenue growth has been negative in the TTM period, showing a decline of 11.50%. These factors highlight ongoing profitability issues and a lack of revenue growth.

Balance Sheet

The balance sheet shows a concerning financial structure with negative stockholders' equity in the TTM period, leading to a negative debt-to-equity ratio. This indicates that liabilities exceed assets, posing a risk to financial stability. The return on equity is positive due to negative equity, but this is not a sign of strength. Overall, the balance sheet reflects high leverage and financial instability.

Cash Flow

Cash flow analysis indicates some improvement, with a positive free cash flow growth rate of 4.68% in the TTM period. However, operating cash flow remains negative, and the operating cash flow to net income ratio is also negative, suggesting cash flow challenges. The free cash flow to net income ratio is slightly above 1, indicating that free cash flow covers net losses, but overall cash flow health remains weak.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	5.54M	5.67M	3.86M	3.93M	763.00K	569.00K
Gross Profit	-3.58M	-5.11M	-8.88M	-7.88M	-17.63M	-7.20M
EBITDA	-65.55M	-55.48M	-59.04M	-61.31M	-40.65M	-127.03M
Net Income	-153.56M	-101.88M	-71.73M	-40.12M	-144.67M	-137.34M
Balance Sheet
Total Assets	263.07M	161.74M	162.16M	123.79M	136.82M	44.90M
Cash, Cash Equivalents and Short-Term Investments	167.58M	80.11M	85.83M	55.45M	100.08M	8.67M
Total Debt	245.81M	71.44M	66.11M	7.82M	0.00	58.87M
Total Liabilities	285.19M	111.62M	82.06M	19.92M	36.87M	535.28M
Stockholders Equity	-22.12M	50.12M	78.73M	100.02M	99.96M	-490.38M
Cash Flow
Free Cash Flow	-47.15M	-38.36M	-38.19M	-40.67M	-49.21M	-35.58M
Operating Cash Flow	-46.62M	-38.01M	-35.44M	-37.09M	-47.93M	-28.41M
Investing Cash Flow	-56.77M	-39.47M	1.07M	-15.74M	-1.28M	-7.18M
Financing Cash Flow	125.44M	35.10M	68.98M	43.00K	135.64M	34.77M

NextNav Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 13.97
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For NN, the sentiment is Positive. The current price of 13.97 is below the 20-day moving average (MA) of 15.87, below the 50-day MA of 14.68, and below the 200-day MA of 14.31, indicating a neutral trend. The MACD of -0.25 indicates Positive momentum. The RSI at 45.65 is Neutral, neither overbought nor oversold. The STOCH value of 23.68 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for NN.

NextNav Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
NN	61 Neutral	$1.96B	-11.55	-706.79%	―	11.61%	-54.84%
TRVG	55 Neutral	$200.45M	73.32	1.22%	―	17.38%	―
PODC	51 Neutral	$71.31M	-11.74	-34.22%	―	20.01%	27.28%
CCG	50 Neutral	$66.24M	-7.44	―	―	105.31%	95.66%
BODI	50 Neutral	$72.23M	-1.67	-102.66%	―	-37.41%	60.58%
SEAT	46 Neutral	$91.00M	-0.27	-51.54%	―	-16.83%	-485.31%

NextNav Corporate Events

NextNav Extends Agreement with AT&T for Pinnacle Network

On October 9, 2025, NextNav LLC amended its agreement with AT&T Services, Inc. to extend the term of their Equipment, Network Colocation and Installation Agreement for the Pinnacle network operations by approximately two years, now expiring on October 28, 2028. This extension maintains the operational and financial terms of the original agreement, allowing NextNav to continue leveraging AT&T’s infrastructure for its public safety applications, while also retaining the flexibility to expand its network independently.

The most recent analyst rating on (NN) stock is a Hold with a $14.00 price target. To see the full list of analyst forecasts on NextNav stock, see the NN Stock Forecast page.