NextNav Inc. Reports Fourth Quarter and Full Year 2021 Results
March 23 2022 - 4:05PM
NextNav Inc. (NASDAQ: NN) (“NextNav” or the “Company”), a leader in
next generation GPS and 3D geolocation, today reported financial
results for NextNav’s fourth quarter and full year ended December
31, 2021.
Ganesh Pattabiraman, NextNav Co-founder and CEO, stated, “It was
an exciting year for NextNav, capped off by the completion of our
business combination with Spartacus Acquisition Corp., and
continued execution against our strategic growth initiatives. We
signed several marquee customer agreements with companies,
including Qualcomm, Bosch Sensortec and one of the nation’s largest
wireless carriers. We continued to build a solid pipeline of
customers for our Pinnacle service in market segments such as
public safety and gaming. Our next generation
terrestrial-based network, TerraPoiNT, underpinned by 2.4 billion
MHz Pops of nationwide spectrum, continues to perform well in
independent testing by global agencies and groups, further
validating the market-leading performance and resilience of this
revolutionary technology.
We are encouraged by the traction we are gaining in key markets
and with notable platforms and partners in the U.S., resulting in
customer billings of $2.4 million in 2021, the vast majority of
which occurred in the fourth quarter. We are also looking forward
to building traction in important international markets and look
forward to capitalizing on the groundwork we laid in 2021.”
Recent Operational Highlights:
- Nationwide Wireless Carrier for E911: In
December 2021, NextNav entered into an agreement with one of the
nation’s largest wireless carriers to deliver vertical location for
Enhanced 911 (“E911”), using NextNav’s Pinnacle 911 solution for
all its customers.
- Qualcomm Technologies: In October 2021,
NextNav announced a collaboration with Qualcomm Technologies, Inc.,
to enable NextNav’s Pinnacle 911 z-axis software and network-based
services for use with the Qualcomm Location Suite. The effort is
expected to facilitate device and original equipment manufacturer
vendors’ ability to integrate z-axis capabilities into existing
carrier infrastructure for 911 purposes.
- Bosch Sensortec: In December 2021, NextNav
announced a partnership with Bosch Sensortec, the leading provider
in sensing solutions for consumer electronics, to enable more
precise vertical location in barometric pressure sensors.
- European Commission's Joint Research Centre’s
Trial: In February 2022, NextNav announced its
participation in the European Commission’s Joint Research Centre
alternative positioning, navigation, and timing (“PNT”) evaluation
in Ispra, Italy. The test furthers the European Union’s creation of
a backup to the Global Navigation Satellite System, such as Galileo
or GPS, and is intended to assess which technologies could
strengthen and expand the European PNT capacity.
Three and Twelve Months Ended December 31, 2021
Financial Highlights:
- Revenue: was $0.02 million in the three months
ended December 31, 2021, as compared to $0.1 million in the prior
year period. For the twelve months ended December 31, 2021, revenue
was $0.8 million, associated with customer billings of $2.4
million, as compared with $0.6 million in the prior year period,
primarily driven by increased revenue from technology and services
contracts with commercial customers.
- Operating Loss: was $(14.2) million in the
three months ended December 31, 2021, as compared to $(13.0)
million in the prior year period. For the twelve months ended
December 31, 2021, operating loss was $(42.4) million, as compared
to $(29.5) million in the prior year period.
- Net Loss: was $(46.2) million in the three
months ended December 31, 2021, primarily driven by a change in
fair value of warrants, as compared to $(113.9) million in the
prior year period and $(144.7) million in the twelve months ended
December 31, 2021, primarily driven by a change in fair value of
warrants, as compared to $(137.3) million in the prior year
period.
- Balance Sheet: As of December 31, 2021, the
Company had $100 million in cash and was debt-free, providing
balance sheet flexibility.
Conference Call Information
NextNav will host a conference call for analysts and investors
at 5:00 PM ET on March 23, 2022, to discuss its financial results
for the fourth quarter and Full Year 2021 and business outlook. To
access the call, please register by visiting the following website:
https://www.incommglobalevents.com/registration/q4inc/10288/nextnav-q4/#3921-earnings/.
Upon registering, each participant will be provided with call
details and a registrant ID.
NextNav is also providing an investor relations presentation
with information on its business and operations, which is available
in the investor relations section of the NextNav website at
https://ir.nextnav.com. Analysts and investors are directed to the
website to review this information.
A replay of the call can also be accessed via phone through
March 30, 2022, by dialing (866) 813-9403 from the U.S., or +44 204
525 0658 from outside the U.S. The conference I.D. number is
237544.
About NextNav Inc.
NextNav (NASDAQ: NN) provides next generation GPS and 3D
geolocation. NextNav Pinnacle uses highly accurate vertical
positioning to transform location services so they reflect the 3D
world around us. NextNav TerraPoiNT system keeps critical
infrastructure resilient with reliable Position, Navigation and
Timing services in the absence of GPS. With carrier-grade
dependability and a rapidly expanding nationwide service footprint,
NextNav is driving a whole new ecosystem for geolocation
applications and services.
Forward-Looking Statements
This press release contains “forward-looking statements” within
the meaning of the “safe harbor” provisions of the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements may be identified by the use of words such as
“forecast,” “intend,” “seek,” “target,” “anticipate,” “believe,”
“expect,” “estimate,” “plan,” “outlook,” and “project” and other
similar expressions that predict or indicate future events or
trends or that are not statements of historical matters. These
statements, which involve risks and uncertainties, relate to
analyses and other information that are based on forecasts of
future results and estimates of amounts not yet determinable and
may also relate to NextNav’s future prospects, developments and
business strategies. In particular, such forward-looking statements
include statements about NextNav’s position to drive growth in its
3D geolocation business and expansion of its next generation GPS
platform, the business plans, objectives, expectations and
intentions of NextNav, NextNav’s partnerships and the potential
success thereof and NextNav’s estimated and future business
strategies, competitive position, industry environment and
potential growth opportunities. These statements are based on
NextNav’s management’s current expectations and beliefs, as well as
a number of assumptions concerning future events.
Such forward-looking statements are subject to known and unknown
risks, uncertainties, assumptions and other important factors, many
of which are outside NextNav’s control, that could cause actual
results to differ materially from the results discussed in the
forward-looking statements. These risks, uncertainties, assumptions
and other important factors include, but are not limited to: (1)
the ability of NextNav to continue to gain traction in key markets
and with notable platforms and partners, both within the U.S. and
internationally; (2) the ability of NextNav to grow and manage
growth profitably, maintain relationships with partners, customers
and suppliers, including with respect to NextNav’s Pinnacle 911
solution and its TerraPoiNT network, and the ability to retain its
management and key employees; (3) the ability of NextNav to
maintain balance sheet flexibility and generate and effectively
deploy capital in line with its business strategies; (4) the
possibility that NextNav may be adversely affected by other
economic, business and/or competitive factors (including the
impacts of the ongoing COVID-19 coronavirus pandemic); and (5)
other risks and uncertainties indicated from time to time in other
documents filed with the Securities and Exchange Commission by
NextNav. New risks and uncertainties arise from time to time, and
it is impossible for us to predict these events or how they may
affect us. You are cautioned not to place undue reliance upon any
forward-looking statements, which speak only as of the date made,
and NextNav undertakes no commitment to update or revise the
forward-looking statements, whether as a result of new information,
future events or otherwise.
Source: NN-FIN
Contacts
Investors:
Whit ClaySloane & Companywclay@sloanepr.com917-601-6012
Erica BartschSloane &
Companyebartsch@sloanepr.com917-232-2718
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