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NEXTNAV INC.

American search company that raised $205 million in 2025 (SEC Form D)1

In its 2026 annual report the company says: “We are the market leader in delivering resilient, next generation, complementary positioning, navigation and timing solutions designed to overcome the limitations and vulnerabilities of existing space-based Global Navigation Satellite Systems, including the Global Positioning System.”4 It is headquartered in Reston, Virginia.1

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Last updated Oct 21, 2026.

Overview

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  • TickerNN on Nasdaq1
  • IndustrySearch, Detection, Navigation, Guidance, Aeronautical Sys1
  • HeadquartersReston, Virginia1
  • Incorporated inDE2
  • Business address11911 Freedom Drive, Ste 200, Reston, Va 201902
  • Filer categoryNon-accelerated filer, Emerging growth company2
  • Legal formCorporation

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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. Re…4 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

-1535.8%Operating margin5
-4138.5%Net margin5
-19.3%Revenue growth, 20255
-$50.8MFree cash flow5

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Commercial Services brought in 82% of the revenue NEXTNAV INC. broke down this way in fiscal 2025.

  1. Commercial Services$3.8M582%down 18% from 2024
  2. Government Contract Services$814.0K518%down 24% from 2024
Products and services by year
Products and services20242025
Commercial Services$4.6M$3.8M
Government Contract Services$1.1M$814.0K

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Research and development32¢$19.0M
  • Selling, general and admin67¢$39.6M
  • Income tax0¢$198.0K

Out of $4.6M in revenue.5 The company lost money this year.

Financial statements

Revenue67895$4.6M in 2025+704% since 2020
0$2.0M$4.0M$6.0M2020: $569.0K$569.0K20202021: $763.0K$763.0K2021+34%2022: $3.9M$3.9M2022+415%2023: $3.9M$3.9M2023−2%2024: $5.7M$5.7M2024+47%2025: $4.6M$4.6M2025−19%
Operating income67895-$70.2M in 2025+138% since 2020
-$80.0M-$60.0M-$40.0M-$20.0M02020: -$29.5M-$29.5M20202021: -$42.4M-$42.4M2021+44%2022: -$65.5M-$65.5M2022+54%2023: -$63.5M-$63.5M2023−3%2024: -$60.1M-$60.1M2024−5%2025: -$70.2M-$70.2M2025+17%
Net income67895-$189.3M in 2025+38% since 2020
-$200.0M-$150.0M-$100.0M-$50.0M02020: -$137.3M-$137.3M20202021: -$144.7M-$144.7M2021+5%2022: -$40.1M-$40.1M2022−72%2023: -$71.7M-$71.7M2023+79%2024: -$101.9M-$101.9M2024+42%2025: -$189.3M-$189.3M2025+86%

Every line of the income statement as filed: the last 2 fiscal years, latest first.5

Period ending2025-12-312024-12-31
Revenue$4.6M$5.7M
Cost of goods sold (exclusive of depreciation and amortization)$8.5M$10.8M
Research and development$19.0M$16.2M
Selling, general and administrative$39.6M$33.5M
Depreciation and amortization$7.8M$5.2M
Total operating expenses$74.8M$65.8M
Operating loss-$70.2M-$60.1M
Interest expense, net-$12.4M-$9.4M
Debt extinguishment loss-$14.4M
Change in fair value of warrants-$5.7M-$33.2M
Change in fair value of derivative liability-$77.2M
Other income (loss), net-$9.1M$970.0K
Loss before income taxes-$189.1M-$101.7M
Provision for income taxes-$198.0K-$173.0K
Foreign currency translation adjustment$3.1M-$1.5M
Comprehensive loss-$186.1M-$103.4M
Net loss-$189.3M-$101.9M
Net loss attributable to common stockholders-$189.3M-$101.9M
Weighted average of shares outstanding basic (in shares)132.9K shares121.5K shares
Weighted average of shares outstanding diluted (in shares)132.9K shares121.5K shares
Net loss attributable to common stockholders per share - basic (in dollars per share)-$1.42-$0.84
Net loss attributable to common stockholders per share - diluted (in dollars per share)-$1.42-$0.84

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Corporate structure

NEXTNAV INC. sits at the top of its group. 14 entities, 3 countries on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of NEXTNAV INC.

  • Capital Ventures International Filed SCHEDULE 13G/A on NEXTNAV INC., latest Aug 14, 2026 (6 filings since Mar 21, 2024)
  • FIG Buyer GP, LLC Filed SCHEDULE 13G/A on NEXTNAV INC., latest Aug 14, 2026 (4 filings since May 24, 2024)
  • Joseph D. Samberg Filed SCHEDULE 13G/A on NEXTNAV INC., latest Aug 13, 2026 (7 filings since Jul 25, 2022)
  • Wolf Hill Capital Management, LP Filed SCHEDULE 13G/A on NEXTNAV INC., latest Aug 13, 2026 (2 filings since May 14, 2026)
  • Neil S. Subin Filed SCHEDULE 13D/A on NEXTNAV INC., latest May 22, 2026 (4 filings since Nov 8, 2021)
  • PointState Capital LP Filed SCHEDULE 13G on NEXTNAV INC., latest May 21, 2026
  • VANGUARD GROUP INC Filed SCHEDULE 13G/A on NEXTNAV INC., latest Mar 27, 2026 (2 filings since Jan 30, 2026)
  • OSI Capital Management LLC Filed SCHEDULE 13G/A on NEXTNAV INC., latest Feb 17, 2026 (3 filings since May 26, 2023)
  • BlackRock Filed SCHEDULE 13G on NEXTNAV INC., latest Oct 17, 2025
  • New Enterprise Associates 14, L.P. Filed SCHEDULE 13D/A on NEXTNAV INC., latest Jan 7, 2025 (3 filings since Dec 1, 2021)
  • Columbia Capital IV, LLC Filed SC 13D/A on NEXTNAV INC., latest Dec 6, 2024 (5 filings since Nov 8, 2021)
  • Charles Frischer Filed SC 13D/A on NEXTNAV INC., latest Apr 15, 2024 (3 filings since Mar 8, 2024)
  • NEXTNAV INC. Reston, Virginia
    • Commlabs Technology Centre Private Limited Subsidiary · India
    • CommLabs, Inc. Subsidiary · Delaware, United States
    • NextNav Acquisition Corp. Subsidiary · Delaware, United States
    • NextNav France Subsidiary · France
    • NextNav HoldCo France Subsidiary · France
    • NextNav Holdings, LLC Subsidiary · Delaware, United States
    • NextNav Intermediate HoldCo, LLC Subsidiary · Delaware, United States
    • NextNav MS 3, LLC Subsidiary · Delaware, United States
    • NextNav MS 4, LLC Subsidiary · Delaware, United States
    • NextNav MS 5, Inc. Subsidiary · Delaware, United States
    • NextNav MS 6, LLC Subsidiary · Delaware, United States
    • NextNav MS 7, Inc. Subsidiary · Delaware, United States
    • Progeny LMS, LLC Subsidiary · Indiana, United States

Built from subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What NEXTNAV INC. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Accumulated depreciation$16.5M5 Dec 31, 2025$13.7M5 Dec 31, 2024+20.0%
Operating-lease assets (leased space)$14.9M5 Dec 31, 2025$17.4M5 Dec 31, 2024−14.5%

Investments

ItemLatestA year beforeChange
Marketable securities, current$107.4M5 Dec 31, 2025$40.8M5 Dec 31, 2024+163.3%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$19.2M5 Dec 31, 2025$17.0M5 Dec 31, 2024+12.9%
Intangible assets, net (excluding goodwill)$42.2M5 Dec 31, 2025$9.6M5 Dec 31, 2024+339.7%
Accumulated amortization$6.2M5 Dec 31, 2025$4.5M5 Dec 31, 2024+37.9%
Finite-lived intangibles, net$5.7M5 Dec 31, 2025$6.1M9 Dec 31, 2024−6.5%

Properties, in its own words

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 2 of the 10-K filed Mar 17, 2026.4

Leadership

Who has led NEXTNAV INC., and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Ganesh Pattabiraman2021–2023
  2. Mariam Sorond2023–now

President

  1. Ganesh Pattabiraman2021–2022
  2. Mariam Sorond2023–now

Chief financial officer

  1. Christian D. Gates2021–2025
  2. Timothy Gray2025–now

Chief operating officer

  1. Sanyogita Shamsunder2024
  2. Susan Brasse Insley2025–now
2025
Board members and other officers (20)

Named in SEC Form D filings

People the company listed in its private-offering notices.

  • DirectorALAN HOWE named Nov 14, 2022 to Apr 7, 202537

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • CommLabs, Inc. Delaware3
  • Commlabs Technology Centre Private Limited Bangalore, India3
  • NextNav Acquisition Corp. Delaware3
  • NextNav France Puteaux, France3
  • NextNav HoldCo France Puteaux, France3
  • NextNav Holdings, LLC Delaware3
  • NextNav Intermediate HoldCo, LLC Delaware3
  • NextNav MS 3, LLC Delaware3
  • NextNav MS 4, LLC Delaware3
  • NextNav MS 5, Inc. Delaware3
  • NextNav MS 6, LLC Delaware3
  • NextNav MS 7, Inc. Delaware3
  • NextNav, LLC Delaware3
  • Progeny LMS, LLC Indiana3

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Former names

  • Spartacus Acquisition Shelf Corp.Jun 10, 2021 to Oct 22, 20212

Timeline

  1. Aug 11, 20268-K Results of operations38
  2. Jun 16, 20268-K Regulation FD disclosure; Other events39
  3. May 27, 20268-K Regulation FD disclosure; Other events40
  4. May 27, 20268-K Shareholder vote41
  5. May 14, 20268-K Results of operations42
  6. Mar 17, 20268-K Results of operations43
  7. Feb 27, 20268-K Executive or director change44
  8. Nov 6, 20258-K Results of operations45
  9. Oct 15, 20258-K Entered a material agreement46
  10. Sep 26, 20258-K Completed an acquisition or sale47
  11. Sep 25, 20258-K Completed an acquisition or sale48
  12. Sep 22, 20258-K Executive or director change; Other events49
  13. Dec 1, 2023New chief executive Mariam Sorond becomes CEO13
  14. Oct 28, 2021New chief executive Ganesh Pattabiraman becomes CEO14

Calendar

Coming up

  1. Nov 5, 2026Reports results for the quarter ending Sep/2026 A year earlier it reported ($0.12) a share, on Nov 6, 2025.50

When it reported results

  1. Aug 11, 2026Reported quarterly or annual results38
  2. May 14, 2026Reported quarterly or annual results42
  3. Mar 17, 2026Reported quarterly or annual results43
  4. Nov 6, 2025Reported quarterly or annual results45
  5. Aug 6, 2025Reported quarterly or annual results51
  6. May 9, 2025Reported quarterly or annual results52
  7. Mar 12, 2025Reported quarterly or annual results53
  8. Nov 13, 2024Reported quarterly or annual results54

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

640 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 59 major events, 285 insider forms, 64 large holders, 2 private raises, 210 other. The latest 20:

  1. Sep 25, 20264 PRIMARY DOCUMENT EDGAR
  2. Sep 25, 20264 PRIMARY DOCUMENT EDGAR
  3. Sep 24, 2026144 EDGAR
  4. Sep 23, 2026144 EDGAR
  5. Sep 21, 20264 PRIMARY DOCUMENT EDGAR
  6. Sep 17, 2026144 EDGAR
  7. Sep 17, 20264 PRIMARY DOCUMENT EDGAR
  8. Sep 16, 2026144 EDGAR
  9. Sep 16, 2026144 EDGAR
  10. Sep 16, 20264 PRIMARY DOCUMENT EDGAR
  11. Sep 16, 20264 PRIMARY DOCUMENT EDGAR
  12. Sep 16, 20264 PRIMARY DOCUMENT EDGAR
  13. Sep 15, 2026144 EDGAR
  14. Sep 14, 2026144 EDGAR
  15. Sep 3, 20264 PRIMARY DOCUMENT EDGAR
  16. Sep 1, 2026144 EDGAR
  17. Aug 14, 2026SCHEDULE 13G/A EDGAR
  18. Aug 14, 2026SCHEDULE 13G/A EDGAR
  19. Aug 13, 2026SCHEDULE 13G/A EDGAR
  20. Aug 13, 2026SCHEDULE 13G/A EDGAR

The 640 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

155 open-market trades by officers, directors and large owners since October 2021: 32 buys and 123 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Sep 24, 2026Insley Susan BrasseChief Operating OfficerSale2,370$14.22$33.7KForm 4
Sep 23, 2026Gray TimothyChief Financial OfficerSale11,099$14.64$162.5KForm 4
Sep 17, 2026Shams SammaadChief Accounting OfficerSale1,576$14.64$23.1KForm 4
Sep 16, 2026Shams SammaadChief Accounting OfficerSale430$14.79$6.4KForm 4
Sep 15, 2026Insley Susan BrasseChief Operating OfficerSale849$15.29$13.0KForm 4
Sep 14, 2026Black James SGeneral CounselSale1,878$15.34$28.8KForm 4
Sep 3, 2026Sorond MariamCEO, President and DirectorSale2,831$14.72$41.7KForm 4
Sep 3, 2026Sorond MariamCEO, President and DirectorSale69,853$15.30$1.1MForm 4
Jun 29, 2026Shams SammaadChief Accounting OfficerSale2,006$17.84$35.8KForm 4
Jun 24, 2026Insley Susan BrasseChief Operating OfficerSale2,370$17.13$40.6KForm 4
Jun 16, 2026Insley Susan BrasseChief Operating OfficerSale849$19.36$16.4KForm 4
Jun 16, 2026Sorond MariamCEO, President and DirectorSale2,830$18.33$51.9KForm 4
Jun 12, 2026Black James SGeneral CounselSale1,878$22.96$43.1KForm 4
Jun 1, 2026Sorond MariamCEO, President and DirectorSale69,853$19.92$1.4MForm 4
Mar 26, 2026Shams SammaadChief Accounting OfficerSale3,945$19.54$77.1KForm 4
Mar 24, 2026Insley Susan BrasseChief Operating OfficerSale2,370$18.57$44.0KForm 4
Mar 20, 2026Gray TimothyChief Financial OfficerSale1,405$18.11$25.4KForm 4
Mar 20, 2026Shams SammaadChief Accounting OfficerSale1,767$18.11$32.0KForm 4
Mar 20, 2026Black James SGeneral CounselSale9,429$17.97$169.4KForm 4
Mar 20, 2026Insley Susan BrasseChief Operating OfficerSale3,599$18.11$65.2KForm 4

All 155 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025Mariam Sorond$800.0K$6.5M77
2025Timothy A. Gray$147.2K$3.3M77
2025James Black$292.5K$1.8M77
2024President and Chief Executive Officer and Chair of the Board of Directors$550.0K$3.1M77

Money raised

Private offerings the company reported to the SEC on Form D.

  1. Mar 27, 2025Raised $190 million in a private offering of debt Form D: 15 investors so far Form D
  2. Oct 31, 2022Raised $15 million in a private offering of equity Form D: 32 investors so far Form D

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Fortress Investment Group LLC18,167,792$323.9M61.0%+3,989,738
Clutterbuck Capital Management LLC8,964,292$159.8M92.0%−336,514
BlackRock, Inc.8,345,940$148.8M0.0%+868,345
Susquehanna Advisors Group, Inc.5,550,124$99.0M2.8%No change
Vanguard Capital Management LLC3,934,461$70.2M0.0%+31,802
Milfam LLC3,267,920$58.3M46.2%+752,707
PointState Capital LP3,114,953$55.5M1.0%New
Wolf Hill Capital Management, LP2,738,547$48.8M4.7%−4,301,644
Van Eck Associates Corp2,730,772$48.7M0.0%+804,865
Vanguard Portfolio Management LLC2,570,992$45.8M0.0%+218,616
Geode Capital Management, LLC2,554,434$45.6M0.0%+212,064
State Street Corp2,343,255$41.8M0.0%+108,338
Citadel Advisors LLC2,188,090$39.0M0.0%+1,679,569
Millennium Management LLC1,873,548$33.4M0.0%+535,377
Whitefort Capital Management, LP1,596,116$28.5M7.3%+1,535,461
UBS Group AG1,336,198$23.8M0.0%−1,286,400
Plustick Management LLC1,250,000$22.3M9.4%−458,000
Jane Street Group, LLC1,215,747$21.7M0.0%+140,205
Ancora Advisors LLC1,083,439$19.3M0.4%−1,086,736
Susquehanna International Group, Llp1,081,680$19.3M0.0%+12,348
Group One Trading LLC1,029,972$18.4M0.5%−182
Northern Trust Corp878,156$15.7M0.0%+84,182
Warberg Asset Management LLC859,839$15.3M15.4%New
Point72 Asset Management, L.P.855,637$15.3M0.0%+399,768
Weiss Asset Management LP798,255$14.2M0.2%New

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How NEXTNAV INC. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARNEXTNAV INC.1
  • CIK0001865631
  • Employer ID (EIN)87-08546544
  • Filer statusNon-accelerated filer an emerging growth company; a smaller reporting company; not a shell company4
  • Incorporated inDelaware4
  • Fiscal year endsDecember 311
  • Industry code (SIC)3812 Search, Detection, Navigation, Guidance, Aeronautical Sys1
  • SEC reviewing officeOffice of Manufacturing, Division of Corporation Finance1
  • Business address11911 Freedom Drive, Ste 200, Reston, VA 201901
  • Phone800-775-09821
  • Shares outstanding168,809,910 as of Aug 7, 202612
  • Public float$1.7B as of Jun 30, 20254
  • AuditorErnst & Young LLP, Tysons, Virginia PCAOB ID 42; no auditor attestation of internal control over financial reporting4
  • On EDGAR sinceJun 10, 20211
  • Filings657 in all: 4 (247), 144 (124), 8-K (54), 3 (33), SC 13G/A (17), 10-Q (15), SC 13G (14), CORRESP (13)1
    All 40 form types

    EFFECT (13), SCHEDULE 13G/A (13), 424B3 (12), UPLOAD (12), S-3 (9), SC 13D/A (8), 144/A (7), 10-K (5), 425 (5), 8-K/A (5), DEF 14A (5), DEFA14A (5), S-8 (5), SC 13D (5), SCHEDULE 13G (5), 3/A (3), 4/A (2), D (2), POS AM (2), POS EX (2), S-4/A (2), SCHEDULE 13D/A (2), SEC STAFF LETTER (2), 25-NSE (1), 8-A12B (1), CERT (1), PRE 14A (1), S-1 (1), S-1/A (1), S-3/A (1), S-3ASR (1), S-4 (1)

  • Latest filingsAnnual report (10-K) Mar 17, 2026
    Quarterly report (10-Q) Aug 11, 2026
    Proxy statement (DEF 14A) Apr 8, 2026
    Latest 8-K (8-K) Aug 11, 2026

Securities registered for trading

ClassSymbolExchange
Common Stock, $0.0001 par valueNNNasdaq
Warrants, each to purchase one share of Common StockNNAVWNasdaq

From the cover page of the 10-K filed Mar 17, 2026 (Section 12(b) of the Exchange Act).4

Risk factors and legal proceedings

The risks NEXTNAV INC. names in Item 1A of its 10-K filed Mar 17, 2026: 47 risks under these headings, as written.4

  • 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.
  • 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.
  • 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.
  • Our ability to sell Pinnacle z-axis service may be limited and depends on third-party adoption and market demand.
  • 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.
  • 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.
  • 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.
  • 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.
  • We face competition from multiple sources.
  • Our Pinnacle network infrastructure is dependent on a hosting arrangement with AT&T.
The other 36 risks
  • We rely, in part, on AT&T for distribution of our services to FirstNet® customers.
  • Our services may not continue to be adopted or retained by wireless carriers and device vendors for E911.
  • Our Pinnacle service in smartphones relies on the availability of barometric pressure measurements and 2D location being made available to us or our customers.
  • Our inability to maintain access to third-party platforms, such as mobile application stores, could significantly impair our service distribution and revenue.
  • 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 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.
  • 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.
  • 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.
  • 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.
  • Natural or man-made disasters or terrorist attacks could have an adverse effect on our business.
  • 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 may become subject to litigation arising out of any security breaches, which may adversely affect 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 depend on the availability of personnel with the requisite level of technical expertise.
  • 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.
  • 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 results could be adversely impacted by increased inflation and supply chain pressure impacting our or our vendors’ expenses and availability of resources and components.
  • Global economic conditions may directly or indirectly increase our risks from supply chain, cybersecurity, foreign currency fluctuations, or other factors.
  • 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.
  • 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.
  • 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.
  • 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.
  • 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 are subject to renewal by the FCC and no certainty exists that we will be able to secure ongoing renewals of our licenses.
  • 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.
  • 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.
  • A portion of our business plan targets government customers, which subjects us to risks, including early termination, audits, investigations, sanctions and penalties.
  • 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 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.
  • 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
  • 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 principal stockholders own a significant percentage of our stock and will be able to exert significant control over matters subject to stockholder approval.
  • 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 have never paid dividends on our capital stock, and we do not anticipate paying any cash dividends in the foreseeable future.
  • 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.
  • 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.

Legal proceedings

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.

The opening of Item 3, Legal Proceedings.4

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