NextNav Inc. Reports First Quarter 2022 Results
May 12 2022 - 4:05PM
NextNav (NASDAQ: NN) (“NextNav” or the “Company”), a leader in next
generation GPS and 3D geolocation, today reported financial results
for NextNav’s first quarter ended March 31, 2022.
Ganesh Pattabiraman, NextNav Co-founder and CEO, stated, “We are
off to a solid start to the year as we expand on the foundational
work behind building the future of next generation GPS. We continue
to see strong momentum in the adoption of vertical location
capabilities with our Pinnacle service across markets, including
public safety, gaming and IoT, helping to drive $1.2 million in
revenue in the first quarter. We are also making strong progress
building towards the launch of our TerraPoiNT network, with its
market leading accuracy and reliability continuing to be validated
by independent agencies and groups at both the government and
industry level. We remain encouraged by the traction we're gaining
in key markets and with notable platforms and partners and are
excited for the opportunities ahead.”
Recent Operational Highlights:
- NextNav Partners With NGA to Bring Vertical Location to
the NG9-1-1 Community: In April 2022, NextNav partnered
with NGA 911, LLC (NGA) to provide actionable vertical location to
its ever-growing public safety client base. Using the NGA-powered
NGCS ESInet, agencies gain greater situational awareness and
benefit from a common picture of Emergency Communication Centers
(ECCs) in a single framework.
- GeoComm Partners With NextNav to Improve Emergency
Response Indoors: In May 2022, NextNav announced a
partnership with GeoComm, one of the leaders in map data and
location intelligence for Public Safety. Through the partnership,
GeoComm will be able to convert position information and make it
actionable – converting to street address, building, floor
information making it more actionable.
- NextNav, Widow Games Bring First-Ever 3D Geolocation
Authentication to the Metaverse: In April 2022, NextNav
announced that it is partnering with Widow Games to bring NextNav’s
3D geolocation capabilities to their applications, enabling more
immersive virtual experiences tied to the real environments of
users, and leveraging location verification to validate
transactions and interactions in the metaverse.
- echo3D Partnership to Unlock New Metaverse
Experiences: In February 2022, NextNav announced that it
has partnered with echo3D, a cloud platform that is revolutionizing
the way 3D, augmented reality (AR) and virtual reality (VR) content
is stored and streamed to provide echo3D developers with the
crucial 3D location data needed to build immersive AR and VR
content built on top of the physical world.
- NextNav Partners with Last Mile Technology to Enhance
Asset Tracking: In April 2022, NextNav announced a
partnership with Last Mile Technology, a provider of proprietary
asset movement and sensor event analysis services, to enhance
vertical location capabilities of their asset tracking solutions.
With vertical location intelligence powered by NextNav’s Pinnacle
service, Last Mile’s Multi-function Asset Tracker can now report
precise 3D geolocation data of any asset via API, web, or mobile
applications.
Three Months Ended March 31, 2022 Financial
Highlights:
- Revenue: was $1.2 million in the three months
ended March 31, 2022, as compared to $251 thousand in the prior
year period, primarily driven by increased revenue from technology
and services contracts with commercial customers.
- Operating Loss: was $16 million in the three
months ended March 31, 2022, including $7.2 million in stock
compensation expense, as compared to an operating loss of $12.6
million in the prior year period, including $5.3 million related to
issuance of vested warrants for rent expense.
- Net Loss: was $9.7 million in the three months
ended March 31, 2022, including a gain of $6.4 million related to
the change in fair value of warrants, as compared to $27.1 million
in the prior year period, including a loss of $11.7 million related
to a change in the fair value of warrants.
- Balance Sheet: As of March 31, 2022, the
Company had $93.8 million in cash and was debt-free.
Conference Call Information
NextNav will host a conference call for analysts and investors
at 5:00 PM ET on May 12, 2022, to discuss its financial results for
the first quarter 2022 and business outlook. To access the call,
please register by visiting the following website:
https://conferencingportals.com/event/jDTlaQAq.
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 May
26, 2022, by dialing (800) 770-2030 from the U.S., or (647)
362-9199 from outside the U.S. The conference I.D. number is
62936.
About NextNav Inc.
NextNav (Nasdaq: NN) is a leader in next generation GPS,
enabling a whole new ecosystem of applications and services that
rely upon vertical location and resilient geolocation technology.
The company’s Pinnacle network delivers highly accurate vertical
positioning to transform location services, reflect the 3D world
around us, and support innovative, new technologies. NextNav’s
TerraPoiNT network delivers accurate, reliable, and resilient
positioning, navigation and timing (PNT) services to support
critical infrastructure and other GPS-reliant systems in the
absence or failure of GPS.
For more information, please visit https://nextnav.com/ or
follow NextNav on Twitter or LinkedIn.
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
Erica Bartsch / Neal NagarajanSloane &
Companyebartsch@sloanepr.com ; nnagarajan@sloanepr.com
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