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Vergleich mit Peer Group
📊 Peer Group
📈 Was ist das?
Die Peer Group sind die Unternehmen mit dem ähnlichsten Geschäftsmodell. Sie dienen als Vergleichsmaßstab, um eine Aktie einzuordnen.
🧮 Wie wird sie ausgewählt?
Nach Ähnlichkeit des Geschäftsmodells, also Unternehmen aus derselben Branche, mit vergleichbaren Produkten und einer ähnlichen Kundengruppe. Nur so vergleichst du Äpfel mit Äpfeln.
🏛️ Wofür ist sie wichtig?
Ob eine Aktie günstig oder teuer ist, lässt sich am ehesten im Vergleich beurteilen. Ein KGV von 18 oder ein EV/FCF von 20 wirkt je nach Maßstab günstig oder teuer. Die Peer Group liefert dabei den treffsichersten Maßstab: Unternehmen mit ähnlichem Geschäftsmodell, die denselben Bedingungen unterliegen.
🎯 Was bedeutet das für Anleger?
Liegt eine Kennzahl unter dem Peer-Durchschnitt, ist die Aktie relativ günstiger bewertet, über dem Durchschnitt entsprechend teurer. Ein Abschlag zur Peer Group kann eine Chance sein, aber auch einen Grund haben (zum Beispiel geringeres Wachstum). Der Vergleich ist ein Startpunkt, kein Urteil.
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📘 Marktkapitalisierung
📈 Was ist das?
Die Marktkapitalisierung zeigt, wie viel ein Unternehmen laut Börse aktuell wert ist.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Sie hilft Unternehmen in Größenklassen (Large, Mid, Small Cap) einzuordnen und gibt Hinweise auf Marktmacht und Stabilität.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Große Unternehmen gelten als stabiler, zahlen oft Dividenden, wachsen aber langsamer.
- Kleine Firmen können stärker wachsen, sind aber schwankungsanfälliger.
- Die Marktkapitalisierung ist ein guter Indikator für Unternehmensgröße, aber kein Maß für Unter- oder Überbewertung.
📘 Enterprise Value (Unternehmenswert)
📈 Was ist das?
Der Enterprise Value (EV) zeigt, was ein Unternehmen tatsächlich kostet, wenn man es komplett übernehmen würde – inklusive Schulden und abzüglich Cash.
🧮 Wie wird es berechnet?
(= Marktkapitalisierung + Nettoverschuldung)
🏛️ Wofür ist es wichtig?
Der EV ist eine realistischere Bewertungsbasis als die Marktkapitalisierung, da er die Kapitalstruktur berücksichtigt. Er ist Grundlage für Kennzahlen wie EV/FCF oder EV/Sales.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Der Enterprise Value zeigt, was ein Unternehmen tatsächlich wert ist – unabhängig davon, wie es finanziert ist.
- Er ist besonders wichtig für professionelle Investoren, da er eine objektivere Grundlage für Bewertungsvergleiche bietet als die Marktkapitalisierung allein.
- Ein Unternehmen mit hoher Verschuldung erscheint im EV teurer, eines mit viel Cash günstiger – auch wenn sie an der Börse gleich viel wert sind.
📘 Nettoverschuldung
📈 Was ist das?
Die Nettoverschuldung zeigt, wie viele Schulden nach Abzug des verfügbaren Cashs tatsächlich verbleiben.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Sie zeigt, wie stark ein Unternehmen von Fremdkapital abhängig ist – und wie gut es in der Lage ist, seine Schulden kurzfristig zu bedienen.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Eine niedrige oder negative Nettoverschuldung bedeutet hohe finanzielle Stabilität.
- Unternehmen mit viel Cash und geringer Verschuldung sind besser gerüstet für Krisen.
- Eine hohe Nettoverschuldung erhöht das Risiko – besonders bei steigenden Zinsen oder konjunkturellen Schwächen.
📘 Cash
📈 Was ist das?
Der Cashbestand zeigt, wie viele liquide Mittel einem Unternehmen sofort zur Verfügung stehen.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Er gibt Auskunft über die finanzielle Flexibilität: Ein hoher Cashbestand ermöglicht Investitionen, Rückkäufe oder Krisenresistenz.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein hoher Cashbestand zeigt finanzielle Stärke und Handlungsspielraum.
- Cash kann für Investitionen, Schuldentilgung oder Aktienrückkäufe genutzt werden.
- Allerdings: Zu viel ungenutztes Kapital kann auch auf mangelnde Investitionsideen hinweisen.
📘 Anzahl ausstehender Aktien
📈 Was ist das?
Die Anzahl ausstehender Aktien gibt an, wie viele Aktien eines Unternehmens aktuell im Umlauf sind und von Investoren gehalten werden.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Sie ist die Grundlage für viele Kennzahlen wie Gewinn je Aktie (EPS), Marktkapitalisierung oder KGV.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Je weniger Aktien im Umlauf sind, desto höher fällt z. B. der Gewinn je Aktie aus – wichtig für Bewertung und Dividendenrendite.
- Aktienrückkäufe verringern die Anzahl ausstehender Aktien – und steigern den Wert je Aktie.
- Kapitalerhöhungen haben den gegenteiligen Effekt: mehr Aktien → Verwässerung der bestehenden Anteile.
📘 Kurs-Gewinn-Verhältnis (KGV)
📈 Was ist das?
Das KGV zeigt, wie oft der Gewinn pro Aktie im aktuellen Aktienkurs enthalten ist – also wie „teuer“ eine Aktie im Verhältnis zum Gewinn ist.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Das KGV gehört zu den bekanntesten Bewertungskennzahlen. Es hilft Anlegern einzuschätzen, ob eine Aktie im Vergleich zu ihrem Gewinn eher günstig oder teuer erscheint.
🧮 Berechnung
📊 KGV (TTM) = bezogen auf den Gewinn der letzten 12 Monate (Trailing Twelve Months):🎯 Was bedeutet das für Anleger?
- Ein niedriges KGV kann auf eine günstige Bewertung hindeuten – oder auf Probleme im Geschäftsmodell.
- Ein hohes KGV kann Wachstumserwartungen widerspiegeln – oder eine überbewertete Aktie.
📘 Kurs-Umsatz-Verhältnis (KUV)
📈 Was ist das?
Das KUV zeigt, wie viel Anleger für 1 € Umsatz eines Unternehmens zahlen – unabhängig vom Gewinn.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Das KUV ist besonders bei wachstumsstarken oder noch nicht profitablen Unternehmen hilfreich. Es zeigt, wie hoch der Umsatz an der Börse bewertet wird.
🧮 Berechnung
Marktkapitalisierung = 2,43 Mrd. $ | Umsatz (TTM) = 3,98 Mio. $
Marktkapitalisierung = 2,43 Mrd. $ | Umsatz erwartet = 4,25 Mio. $
🎯 Was bedeutet das für Anleger?
- Ein niedriges KUV kann auf Unterbewertung hindeuten – oder auf schwache Margen.
- Ein hohes KUV kann hohe Erwartungen widerspiegeln – oder übermäßigen Optimismus.
- Besonders sinnvoll bei Wachstumsunternehmen, bei denen der Gewinn oder Free Cashflow (noch) keine Aussagekraft hat.
📘 Unternehmenswert zu Umsatz (EV/Sales)
📈 Was ist das?
EV/Sales zeigt, wie viel Anleger für 1 € Umsatz eines Unternehmens zahlen, wenn man auch Schulden und Cash berücksichtigt – es ist eine kapitalstrukturbereinigte Version des KUV.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Diese Kennzahl eignet sich besonders für den Vergleich von Unternehmen mit unterschiedlicher Verschuldung – sie zeigt, wie teuer ein Unternehmen tatsächlich im Verhältnis zum Umsatz ist.
🧮 Berechnung
Enterprise Value = 2,20 Mrd. $ | Umsatz (TTM) = 3,98 Mio. $
Enterprise Value = 2,20 Mrd. $ | Umsatz erwartet = 4,25 Mio. $
🎯 Was bedeutet das für Anleger?
- EV/Sales ist neutral gegenüber der Kapitalstruktur und eignet sich gut für Unternehmensvergleiche.
- Ein niedriges Verhältnis kann auf eine günstig bewertete Aktie hindeuten – ein hohes Verhältnis auf hohe Erwartungen oder Überbewertung.
- Besonders nützlich bei wachstumsstarken, noch nicht profitablen Firmen.
📘 Unternehmenswert zu Free Cashflow (EV/FCF)
📈 Was ist das?
EV/FCF zeigt, wie viele Jahre es dauern würde, bis ein Unternehmen seinen Unternehmenswert durch freien Cashflow „zurückverdient”.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Diese Kennzahl hilft, Unternehmen auf Basis ihrer tatsächlichen Cash-Erträge zu bewerten – unabhängig von Bilanzierungsregeln oder buchhalterischem Gewinn.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein niedriges EV/FCF deutet auf eine günstige Bewertung bei starker Cashgenerierung hin.
- Ein hohes EV/FCF kann entweder auf Optimismus oder auf temporär schwachen Cashflow hindeuten.
- Besonders hilfreich bei reifen, profitablen Unternehmen mit stabilen Cashflows.
📘 Kurs-Buchwert-Verhältnis (KBV)
📈 Was ist das?
Das KBV zeigt, wie hoch der Marktwert eines Unternehmens im Verhältnis zu seinem bilanziellen Eigenkapital ist.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Das KBV ist besonders bei Substanzwerten (z. B. Banken, Industrie) relevant. Es hilft Anlegern zu erkennen, ob ein Unternehmen unter oder über seinem buchhalterischen Vermögen bewertet ist.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein KBV unter 1 kann auf Unterbewertung oder schwache Rentabilität hindeuten.
- Ein KBV über 1 zeigt, dass der Markt dem Unternehmen Mehrwert über den Buchwert hinaus zuschreibt (z. B. Marken, Patente, Wachstum).
- Das KBV eignet sich besonders gut für Unternehmen mit stabilen, materiellen Vermögenswerten.
📘 Eigenkapitalquote
📈 Was ist das?
Die Eigenkapitalquote zeigt, wie hoch der Anteil des Eigenkapitals an der Bilanzsumme eines Unternehmens ist – also wie stark es sich aus eigenen Mitteln finanziert.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Eine hohe Eigenkapitalquote steht für finanzielle Stabilität, Krisenfestigkeit und gute Bonität. Sie ist besonders relevant bei der Beurteilung der Verschuldung.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Eine hohe Eigenkapitalquote signalisiert finanzielle Stabilität – besonders in Krisenzeiten.
- Ein niedriger Wert kann auf ein höheres Risiko oder eine aggressive Verschuldung hinweisen.
- Wichtig: Die Eigenkapitalquote sollte immer gemeinsam mit der Eigenkapitalrendite betrachtet werden. Nur so lässt sich beurteilen, ob ein Unternehmen nicht nur solide, sondern auch effizient wirtschaftet.
📘 Eigenkapitalrendite (ROE)
📈 Was ist das?
Die Eigenkapitalrendite zeigt, wie effizient ein Unternehmen mit dem Kapital seiner Aktionäre arbeitet – also wie viel Gewinn es pro Euro Eigenkapital erwirtschaftet.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Die Eigenkapitalrendite ist eine zentrale Rentabilitätskennzahl. Sie hilft Anlegern zu erkennen, ob das Unternehmen eine attraktive Verzinsung auf das eingesetzte Eigenkapital erwirtschaftet.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Eine hohe Eigenkapitalrendite spricht für ein starkes, effizientes Geschäftsmodell.
- Besonders interessant ist sie bei kapitalintensiven Firmen oder solchen mit hoher Eigenkapitalquote.
- Wichtig: Ein sehr hoher ROE kann auch auf hohe Schulden hinweisen – daher sollte sie immer im Kontext mit der Eigenkapitalquote betrachtet werden.
📘 Return on Capital Employed (ROCE)
📈 Was ist das?
ROCE misst die Gesamtrentabilität eines Unternehmens – also wie effizient es das eingesetzte Kapital (Eigen- und Fremdkapital) zur Gewinnerzielung nutzt.
🧮 Wie wird es berechnet?
Das eingesetzte Kapital ist das gesamte betriebsnotwendige Kapital, unabhängig von der Finanzierungsquelle.
🏛️ Wofür ist es wichtig?
ROCE eignet sich besonders gut für den Vergleich unterschiedlich finanzierter Unternehmen. Es zeigt, wie effektiv ein Unternehmen Kapital investiert – unabhängig von der Kapitalstruktur.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein hoher ROCE zeigt, dass ein Unternehmen sein Kapital effizient einsetzt – unabhängig davon, ob es durch Eigen- oder Fremdkapital finanziert ist.
- Je höher der ROCE im Vergleich zu ähnlichen Unternehmen, desto mehr Wert schafft das Unternehmen mit seinem investierten Kapital.
- Besonders wichtig ist der ROCE bei Firmen mit hohen Investitionen – z. B. in Industrie, Energie oder Infrastruktur.
📘 Return on Invested Capital (ROIC)
📈 Was ist das?
ROIC zeigt, wie effizient ein Unternehmen das Kapital investiert, das langfristig im operativen Geschäft gebunden ist – unabhängig davon, ob es aus Eigen- oder Fremdkapital stammt.
🧮 Wie wird es berechnet?
- NOPAT = „Net Operating Profit After Taxes“
- Investiertes Kapital = operatives Vermögen abzüglich nicht-verzinster Schulden
🏛️ Wofür ist es wichtig?
ROIC ist eine der präzisesten Kennzahlen zur Bewertung der Kapitalrendite – besonders im Vergleich zur Eigenkapitalrendite, weil es Verzerrungen durch Schulden vermeidet. Er zeigt, ob ein Unternehmen Mehrwert für alle Kapitalgeber schafft.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein hoher ROIC zeigt, wie gut ein Unternehmen mit dem tatsächlich investierten (betriebsnotwendigen) Kapital wirtschaftet.
- Im Unterschied zu ROCE wird nur Kapital betrachtet, das wirklich zur Finanzierung operativer Aktivitäten dient – und verzinst werden muss.
- Besonders hilfreich, um die Kapitalrendite von Unternehmen mit viel „überschüssigem“ Kapital oder zinsfreien Verbindlichkeiten realistisch zu vergleichen.
📘 Verschuldungsgrad (Leverage Ratio)
📈 Was ist das?
Der Verschuldungsgrad zeigt, wie stark ein Unternehmen durch verzinsliche Schulden (z. B. Kredite und Anleihen) im Verhältnis zum Eigenkapital finanziert ist.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Die Kennzahl hilft, das finanzielle Risiko und die Abhängigkeit von Fremdkapital zu beurteilen. Ein hoher Verschuldungsgrad kann die Eigenkapitalrendite steigern – birgt aber auch erhöhte Risiken bei Zinsanstiegen oder Liquiditätsengpässen.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein niedriger Verschuldungsgrad steht für finanzielle Stabilität und Unabhängigkeit.
- Ein hoher Wert kann auf erhöhte Risiken hinweisen – insbesondere bei schwankenden Zinsen oder konjunkturellen Schwächen.
- Wichtig: Immer im Kontext zur Branche und Kapitalintensität bewerten.
📘 Umsatz
📈 Was ist das?
Der Umsatz zeigt, wie viel ein Unternehmen insgesamt mit seinen Produkten und Dienstleistungen verdient – also den Bruttoerlös vor Abzug von Kosten.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Der Umsatz ist eine der zentralen Kennzahlen zur Einschätzung der Unternehmensgröße, Marktstellung und Wachstumskraft.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein wachsender Umsatz zeigt eine steigende Nachfrage und kann ein guter Frühindikator für Gewinnsteigerungen sein.
- Vergleiche von aktuellem und erwartetem Umsatz geben Hinweise auf das Marktumfeld und Analystenerwartungen.
- Wichtig: Starker Umsatz allein genügt nicht – auch Margen und Profitabilität zählen.
📘 EBITDA
📈 Was ist das?
EBITDA steht für „Earnings Before Interest, Taxes, Depreciation and Amortization“ – also Gewinn vor Zinsen, Steuern und Abschreibungen. Es zeigt das operative Ergebnis eines Unternehmens, bereinigt um bilanztechnische und finanzierungsbedingte Effekte.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
EBITDA ist eine verbreitete Kennzahl zur Beurteilung der operativen Leistungsfähigkeit – insbesondere bei kapitalintensiven Unternehmen oder im internationalen Vergleich.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein hohes oder wachsendes EBITDA spricht für starke operative Erträge – unabhängig von Bilanzierung oder Steuerlast.
- EBITDA ist besonders nützlich, um Unternehmen branchenübergreifend zu vergleichen.
- Wichtig: EBITDA ist keine offizielle Gewinnkennzahl – Abschreibungen und Finanzierungskosten werden ausgeklammert.
📘 EBIT
📈 Was ist das?
EBIT steht für „Earnings Before Interest and Taxes“ – also Gewinn vor Zinsen und Steuern. Es zeigt das operative Ergebnis eines Unternehmens nach Abschreibungen, aber vor Finanzierungs- und Steueraufwand.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
EBIT ist eine zentrale Kennzahl zur Beurteilung der Profitabilität aus dem Kerngeschäft – unabhängig von Kapitalstruktur oder Steuersystem.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein hohes EBIT deutet auf ein profitables Kerngeschäft hin – vor Zinslasten oder steuerlichen Effekten.
- Es erlaubt objektivere Vergleiche zwischen Unternehmen mit unterschiedlicher Finanzierung.
- Im Vergleich mit EBITDA zeigt EBIT bereits den Einfluss von Abschreibungen auf das operative Ergebnis.
📘 Nettogewinn
📈 Was ist das?
Der Nettogewinn ist der verbleibende Jahresüberschuss (oder -fehlbetrag) eines Unternehmens – nach Abzug aller Kosten, Steuern, Zinsen und Abschreibungen
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Der Nettogewinn ist die zentrale Erfolgskennzahl – er zeigt, wie profitabel ein Unternehmen nach allen Kosten tatsächlich arbeitet.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein steigender Nettogewinn zeigt, dass das Unternehmen effizient wirtschaftet – trotz aller Kosten.
- Die Entwicklung des Gewinns beeinflusst z. B. direkt das KGV und weitere Kennzahlen.
- Im Zeitverlauf lässt sich ablesen, wie stabil und profitabel ein Geschäftsmodell wirklich ist.
📘 Free Cashflow (FCF)
📈 Was ist das?
Der Free Cashflow gibt Aufschluss über die echte finanzielle Stärke eines Unternehmens – unabhängig von Bilanzierungsregeln. Er zeigt, wie viel Spielraum für Dividenden, Aktienrückkäufe oder Schuldenabbau besteht.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
FCF reflects a company’s real financial strength – regardless of accounting profits. It shows how much flexibility a company has for dividends, share buybacks, or debt reduction.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein hoher Free Cashflow bedeutet, dass ein Unternehmen echte Finanzkraft besitzt – unabhängig vom bilanzierten Gewinn.
- Er ist oft die solideste Grundlage für nachhaltige Dividenden und Aktienrückkäufe.
- Sinkender FCF kann ein Warnsignal sein – auch wenn der Gewinn stabil aussieht.
📘 Umsatzwachstum
📈 Was ist das?
Das Umsatzwachstum zeigt, wie stark sich die Erlöse eines Unternehmens im Vergleich zum Vorjahr verändert haben – tatsächlich (TTM) und auf Prognosebasis (erwartet).
🧮 Wie wird es berechnet?
Erwartet = (Umsatz erwartet ÷ Umsatz Vorjahr − 1) × 100
Erwartetes Wachstum basiert auf Analystenschätzungen für das laufende Geschäftsjahr.
🏛️ Wofür ist es wichtig?
Ein wachsender Umsatz ist ein zentrales Signal für steigende Nachfrage, Geschäftsausweitung und Marktanteilsgewinne – besonders bei Wachstumsunternehmen.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Wachstum ist der Motor langfristiger Wertsteigerung – besonders bei Technologie- und Wachstumsaktien.
- Wichtig ist nicht nur das aktuelle Wachstum, sondern auch dessen Nachhaltigkeit.
- Prognosen zeigen, ob Analysten weiteres Potenzial erwarten – oder eine Verlangsamung.
📘 EBITDA-Wachstum
📈 Was ist das?
Das EBITDA-Wachstum zeigt, wie stark das operative Ergebnis eines Unternehmens vor Zinsen, Steuern und Abschreibungen im Vergleich zum Vorjahr gestiegen oder gesunken ist.
🧮 Wie wird es berechnet?
Erwartet = (erwartetes EBITDA ÷ EBITDA Vorjahr − 1) × 100
Erwartetes Wachstum basiert auf Analystenschätzungen für das laufende Geschäftsjahr.
🏛️ Wofür ist es wichtig?
Ein steigendes EBITDA ist ein Zeichen für verbesserte operative Ertragskraft – unabhängig von Finanzierungsstruktur oder Abschreibungen.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Starkes EBITDA-Wachstum signalisiert operative Effizienz und Skalierung – besonders relevant in Wachstumsphasen.
- EBITDA-Wachstum ist ein Frühindikator für Margen- und Gewinnentwicklung – sollte aber stets im Zusammenhang mit Umsatz und EBIT betrachtet werden.
📘 EBIT Wachstum
📈 Was ist das?
Das EBIT-Wachstum zeigt, wie stark das operative Ergebnis eines Unternehmens (nach Abschreibungen, aber vor Zinsen und Steuern) im Vergleich zum Vorjahr gewachsen ist.
🧮 Wie wird es berechnet?
Erwartet = (erwartetes EBIT ÷ EBIT Vorjahr − 1) × 100
Erwartetes Wachstum basiert auf Analystenschätzungen für das laufende Geschäftsjahr.
🏛️ Wofür ist es wichtig?
Das EBIT-Wachstum ist ein direkter Indikator für die wirtschaftliche Entwicklung des operativen Geschäfts – unter Berücksichtigung der Kapitalintensität (Abschreibungen).
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Steigendes EBIT signalisiert wachsende operative Rentabilität – auch unter Berücksichtigung von Abschreibungen.
- Das EBIT-Wachstum ist ein wichtiges Maß zur Beurteilung von Geschäftsmodellen mit hohen Investitionskosten.
- Im Zusammenspiel mit Umsatz- und EBITDA-Wachstum ergibt sich ein umfassendes Bild zur operativen Entwicklung.
📘 Nettogewinn-Wachstum
📈 Was ist das?
Das Nettogewinn-Wachstum zeigt, wie stark der Jahresüberschuss eines Unternehmens gegenüber dem Vorjahr gestiegen oder gesunken ist – sowohl tatsächlich (TTM) als auch auf Basis von Prognosen (erwartet).
🧮 Wie wird es berechnet?
Erwartet = (erwarteter Nettogewinn ÷ Nettogewinn Vorjahr − 1) × 100
Der erwartete Wert basiert auf Analystenschätzungen für das laufende Geschäftsjahr.
🏛️ Wofür ist es wichtig?
Der Gewinn ist die entscheidende Ergebnisgröße für ein Unternehmen. Ein wachsender Nettogewinn deutet auf steigende Effizienz, stabile Kostenkontrolle und nachhaltige Ertragskraft hin.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Wachsender Nettogewinn stärkt die Bewertung, Dividendenfähigkeit und Kursfantasie.
- Stagnierender oder rückläufiger Gewinn trotz Umsatzwachstum kann auf Margendruck hinweisen.
📘 Free Cashflow-Wachstum
📈 Was ist das?
Das Free-Cashflow-Wachstum zeigt, wie sich der freie Mittelzufluss eines Unternehmens im Vergleich zum Vorjahr verändert hat – also der Betrag, der nach allen operativen Ausgaben und Investitionen übrig bleibt.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Free Cashflow ist der echte, verfügbare Geldzufluss. Wachstum in diesem Bereich ist ein Zeichen für finanzielle Stärke und steigende Flexibilität bei Dividenden, Rückkäufen oder Investitionen.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Sinkender Free Cashflow kann auf steigende Investitionen, höhere Kosten oder stagnierende operative Erträge hindeuten.
- Besonders bei Dividendenwerten ist das FCF-Wachstum wichtig – denn Dividenden werden letztlich aus dem verfügbaren Cash gezahlt.
- Ein negativer Trend sollte genauer analysiert werden – er ist nicht zwangsläufig schlecht, aber potenziell ein Warnsignal.
📘 Bruttomarge
📈 Was ist das?
Die Bruttomarge zeigt, wie viel vom Umsatz nach Abzug der direkten Herstellungskosten (Material, Produktion) als Bruttogewinn übrig bleibt – also der „Rohgewinn“ eines Unternehmens.
🧮 Wie wird es berechnet?
Auch: Bruttomarge = Bruttogewinn ÷ Umsatz × 100
🏛️ Wofür ist es wichtig?
Die Bruttomarge gibt Aufschluss über die Profitabilität eines Produkts oder Geschäftsmodells vor Fixkosten, Steuern und Zinsen. Sie zeigt, wie effizient ein Unternehmen produzieren oder einkaufen kann.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Eine hohe Bruttomarge deutet auf starke Preissetzungsmacht und effiziente Herstellung hin.
- Sinkende Bruttomargen können auf Kostensteigerungen oder Preisdruck hindeuten.
- Besonders im Vergleich zu Wettbewerbern liefert die Bruttomarge wertvolle Einblicke in die Geschäftsqualität.
📘 EBITDA-Marge
📈 Was ist das?
Die EBITDA-Marge zeigt, wie viel vom Umsatz als operativer Gewinn vor Zinsen, Steuern und Abschreibungen (EBITDA) übrig bleibt. Sie misst die operative Effizienz – ohne Verzerrungen durch Finanzierung oder Buchwerte.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Die EBITDA-Marge hilft zu verstehen, wie viel operativer Gewinn ein Unternehmen aus jedem Euro Umsatz erzielt – unabhängig von Kapitalstruktur oder steuerlichem Umfeld.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Eine hohe EBITDA-Marge zeigt starke operative Ertragskraft – unabhängig von Bilanzierungseffekten.
- Die Marge ermöglicht gute Vergleiche zwischen Unternehmen und Branchen.
- Ein stabiler oder wachsender Wert kann auf effiziente Kostenkontrolle und Skalierbarkeit hindeuten.
📘 EBIT-Marge
📈 Was ist das?
Die EBIT-Marge zeigt, wie viel Prozent des Umsatzes als operativer Gewinn nach Abschreibungen, aber vor Zinsen und Steuern übrig bleiben.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Die EBIT-Marge misst die operative Ertragskraft eines Unternehmens unter Berücksichtigung der Kapitalintensität (z. B. Maschinen, Anlagen). Sie eignet sich gut zum Vergleich von Geschäftsmodellen mit unterschiedlich hohen Abschreibungen.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Eine hohe EBIT-Marge zeigt, dass ein Unternehmen auch nach Abschreibungen effizient arbeitet.
- Sie ist besonders relevant in kapitalintensiven Branchen.
- Langfristig stabile oder steigende Margen sind ein Zeichen wirtschaftlicher Stärke und Preissetzungsmacht.
📘 Nettomarge
📈 Was ist das?
Die Nettomarge zeigt, wie viel vom Umsatz am Ende als „Reingewinn“ übrig bleibt – also nach Abzug aller Kosten, Zinsen, Steuern und Abschreibungen.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Die Nettomarge gibt an, wie effizient ein Unternehmen über alle Stufen hinweg wirtschaftet. Sie zeigt, wie viel Gewinn tatsächlich je Euro Umsatz übrig bleibt.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Eine hohe Nettomarge zeigt, dass ein Unternehmen nicht nur operativ stark ist, sondern auch seine Finanzierung und Steuerbelastung im Griff hat.
- Vergleiche mit Wettbewerbern geben Einblicke in die wirtschaftliche Qualität.
- Sinkende Nettomargen trotz Umsatzwachstum können ein Warnsignal sein – etwa für steigende Kosten oder sinkende Effizienz.
📘 Free Cashflow Marge
📈 Was ist das?
Die Free-Cashflow-Marge zeigt, wie viel vom Umsatz nach Abzug aller operativen Ausgaben und Investitionen tatsächlich als freier Mittelzufluss übrig bleibt.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Diese Marge misst die echte Liquidität, die ein Unternehmen erwirtschaftet – unabhängig von Bilanzierungsregeln oder Abschreibungen. Sie ist besonders relevant für Dividenden, Rückkäufe und Investitionen.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Eine hohe Free-Cashflow-Marge zeigt, dass ein Unternehmen nachhaltig liquide Mittel erwirtschaftet.
- Sie ist ein starkes Signal für finanzielle Stabilität und Ausschüttungspotenzial.
- Wichtig ist der langfristige Trend – sinkende Werte können auf steigende Investitionen oder rückläufige operative Effizienz hindeuten.
📘 Ergebnis je Aktie (EPS)
📈 Was ist das?
Das Ergebnis je Aktie (EPS) zeigt, wie viel Gewinn auf eine einzelne Aktie entfällt – und ist eine der wichtigsten Kennzahlen zur Bewertung von Unternehmen.
🧮 Wie wird es berechnet?
Die verwässerte Aktienanzahl berücksichtigt auch potenzielle neue Aktien, etwa durch Optionen, Wandelanleihen oder andere Umtauschrechte.
🏛️ Wofür ist es wichtig?
EPS bildet die Basis für viele Bewertungskennzahlen wie KGV, PEG oder Payout Ratio. Es macht den Gewinn für Aktionäre vergleichbar – unabhängig von der Unternehmensgröße.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- EPS hilft, die Profitabilität pro Aktie zu erfassen – und ist besonders wichtig im Zeitvergleich oder im Vergleich mit Analystenschätzungen.
- Steigendes EPS kann ein Zeichen für stabiles Wachstum oder Aktienrückkäufe sein.
- Wichtig: Verwende verwässertes EPS für realistische Bewertungen – besonders bei stark aktienbasierten Vergütungssystemen.
📘 Free Cashflow je Aktie (FCF je Aktie)
📈 Was ist das?
Der Free Cashflow je Aktie zeigt, wie viel freier Mittelzufluss einem Unternehmen pro Aktie zur Verfügung steht – nach Investitionen, aber vor Dividenden oder Schuldentilgung.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Der FCF je Aktie zeigt, wie viel liquide Mittel pro Aktie tatsächlich im Unternehmen verbleiben – wichtig für Dividenden, Aktienrückkäufe oder Schuldentilgung. Im Gegensatz zum Gewinn ist er schwerer manipulierbar und daher besonders aussagekräftig.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein hoher Free Cashflow je Aktie ist ein Zeichen für hohe finanzielle Flexibilität.
- Er zeigt, wie viel Kapital ein Unternehmen effektiv einsetzen oder ausschütten kann.
- Besonders relevant für dividendenstarke Unternehmen oder solche mit starker Kapitalrendite.
📘 Short Interest
📈 Was ist das?
Short Interest zeigt, wie viele Aktien eines Unternehmens aktuell leerverkauft wurden – also von Investoren geliehen und verkauft, in der Erwartung fallender Kurse.
🧮 Wie wird es berechnet?
Der Wert zeigt den Anteil der Aktien, der aktuell auf fallende Kurse spekuliert wird.
🏛️ Wofür ist es wichtig?
Short Interest dient als Stimmungsindikator: Ein hoher Wert deutet auf Skepsis oder negative Erwartungen gegenüber dem Unternehmen hin – kann aber auch zu einem „Short Squeeze“ führen, wenn der Kurs plötzlich steigt.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein niedriger Short Interest deutet auf Vertrauen in das Unternehmen hin.
- Ein hoher Wert kann ein Warnsignal sein – oder eine Chance, wenn sich die Stimmung dreht.
- Besonders spannend in volatilen Märkten oder vor wichtigen Quartalszahlen.
📘 Employees
📈 Was ist das?
Die Mitarbeiteranzahl zeigt, wie viele Personen ein Unternehmen weltweit beschäftigt – ein Indikator für Größe, Struktur und Geschäftsmodell.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Sie hilft bei der Einschätzung von Skaleneffekten, Effizienz und Personalkosten. Zusammen mit Umsatz und Gewinn lassen sich Kennzahlen wie Produktivität je Mitarbeiter ableiten.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Viele Mitarbeiter bedeuten große operative Komplexität – aber auch hohes Umsatzpotenzial.
- Produktivität je Mitarbeiter ist ein wichtiger Indikator für Effizienz.
- Besonders spannend bei stark wachsenden Tech- oder Industrieunternehmen.
📘 Umsatz je Mitarbeiter
📈 Was ist das?
Der Umsatz je Mitarbeiter zeigt, wie viel Erlös ein Unternehmen durchschnittlich pro Beschäftigtem erwirtschaftet – eine Kennzahl für Effizienz und Produktivität.
🧮 Wie wird es berechnet?
Die Mitarbeiterzahl stammt in der Regel aus dem letzten verfügbaren Jahresbericht.
🏛️ Wofür ist es wichtig?
Diese Kennzahl hilft, Geschäftsmodelle zu vergleichen – insbesondere zwischen arbeitsintensiven und technologiegetriebenen Unternehmen. Ein hoher Wert deutet auf Automatisierung, Effizienz oder hohen Wertschöpfungsanteil hin.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein hoher Umsatz je Mitarbeiter spricht für ein skalierbares und margenstarkes Geschäftsmodell.
- Ein niedriger Wert kann auf arbeitsintensive Prozesse oder geringere Wertschöpfung hinweisen.
- Besonders hilfreich beim Vergleich von Tech- vs. Industrieunternehmen.
NextNav Aktie Analyse
Analystenmeinungen
11 Analysten haben eine NextNav Prognose abgegeben:
Analystenmeinungen
11 Analysten haben eine NextNav Prognose abgegeben:
NextNav Events
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aktien.guide Basis
NextNav — Q2 2026 Earnings Call
1. Management Discussion
Hello, everyone. Thank you for joining us, and welcome to the NextNav Second Quarter 2026 Earnings Call. [Operator Instructions] I will now hand the conference over to Jared Pollack. Jared, please go ahead.
Good afternoon, everyone, and welcome to NextNav's Second Quarter 2026 Earnings Conference Call. Participating on today's call are Mariam Sorond, NextNav's Chief Executive Officer; and Tim Gray, NextNav's Chief Financial Officer.
Before we begin, let me remind everyone that this call will include certain statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of the words may, anticipate, believe, expect, intend, should, could and similar expressions. Such forward-looking statements, which may relate to NextNav's forecast of future results, future prospects, developments, business strategies are subject to known and unknown risks, uncertainties and assumptions, many of which are outside NextNav's control and could cause actual results to differ. In particular, such forward-looking statements include the achievement of certain FCC-related milestones and FCC approvals; NextNav's projections, plans, objectives and expectations; and NextNav's future business strategies and competitive position. These statements are based on management's current expectations and beliefs as well as a number of assumptions concerning future events.
You are cautioned not to place undue reliance upon the forward-looking statements, which speak only as of the date made, and NextNav undertakes no commitment to update or revise the forward-looking statements, except as required by law. For additional information regarding risks and uncertainties, please refer to the risk factors and other disclosures contained in the company's filings with the SEC.
Following prepared remarks, the company will host an operator-led question-and-answer session. In addition, a replay of our discussion will be posted to the company's Investor Relations website. I'd now like to turn the call over to Ms. Sorond. Please go ahead, Mariam.
Thank you, Jared. Good afternoon, and thank you all for joining us today. Since our last earnings call, we have strengthened our position across every dimension of our business from balance sheet and strategic partnerships to our regulatory engagement and technical validation. Financially, we took decisive actions that transformed our balance sheet and increased available liquidity to approximately $300 million. This enhanced financial position provides NextNav with substantial resources and flexibility to execute our strategy from a position of considerable financial strength. Tim will provide more details shortly.
Operationally, I'd like to highlight our recently announced partnership with Safran Electronics & Defense, an important milestone that enables NextNav to demonstrate the potential of our terrestrial 5G-powered 3D PNT solution in real-world operating environments and validate its role within future resilient PNT ecosystems. Taken together, we believe these and other recent accomplishments leave NextNav stronger and exceptionally well positioned to capitalize on our next phase of growth.
Turning now to our process with the FCC. We have continued to make meaningful progress and remain encouraged by the positive momentum. That momentum continues with the recent and significant development. Yesterday, SpaceX filed an ex-parte letter in our proceeding, urging the FCC to encourage fast investments to put scarce low- and mid-band spectrum to use for terrestrial, direct device and IoT services, expressly calling out NextNav's 900-megahertz proposal.
In the filing, SpaceX cited the ongoing interest in new spectrum bands to serve Americans in innovative ways. We view this as meaningful validation of the ongoing need for additional low-band spectrum from a key voice in the industry. The filing from SpaceX reinforces both the urgency of putting scarce low-band spectrum to productive use and industry recognition of the value these spectrum resources can unlock. I'll now step back and provide an update on the broader process.
As we have discussed previously, the FCC has formally submitted a draft notice of proposed rulemaking, or NPRM, focused on promoting the development of PNT technologies and solutions for an interagency review process, including review by the Office of Information and Regulatory Affairs or OIRA. We believe this represents a critical step that underscores the FCC's focus on addressing the national security urgency of identifying resilient backups and complements to GPS.
Moreover, in early July, Chairman Carr released the FCC's fiscal year 2026 to 2030 strategic plan, which included spurring development of the new PNT technologies as an alternative to GPS to ensure redundancy against GPS outages and reduce vulnerabilities. As we have mentioned previously, while OIRA reviews are relatively new for FCC rulemaking, review across executive branch agencies has been a long-standing process, and timing remains subject to such ongoing reviews. These processes are designed to incorporate input from all stakeholders, and we continue to support that work through regular engagement with the FCC and various federal agencies.
As is typical in proceedings of this significance, a range of questions has been raised, particularly by unlicensed users of the band. Our team has been working closely with the relevant agencies to provide technically sound education, ensuring concerns are evaluated thoroughly and transparently. As a result of these efforts, we believe our team has made meaningful progress across multiple departments to support the FCC's process.
Beginning with the FCC's notice of inquiry in March 2025, we have seen a depth and breadth of stakeholder responses to our proposal that is more typical of the period following the issuance of an NPRM. As a result, NextNav has been addressing matters at an earlier stage, which we believe has made this proceeding more mature at this stage than comparable proceedings.
This dynamic has in part facilitated ongoing engagement with freight railroads, tolling industry stakeholders and utilities, making good progress towards coexistence planning to develop a practical path forward for deployment that aligns with industry stakeholders' priorities. We believe this approach has been constructive as introducing later-stage considerations into the record earlier may help streamline a post-NPRM process and support a more efficient path towards report and order.
At the same time, we continue to see meaningful support from key stakeholders. In addition to our long history and continued constructive engagement with various federal agencies, we are continuing to mobilize third-party supporters, including leaders from the public safety community. Such support was reflected in a letter submitted by the International Association of Firefighters, or IAFF, to Congress and the FCC in advance of the June 2026 hearing on PNT by the House Energy and Commerce Subcommittee on Communications & Technology. The letter emphasized the urgent need for more accurate, reliable and resilient location tracking and positioning technologies to help protect firefighters, improve emergency response capabilities and ensure first responders have the tools necessary to safely carry out their missions.
The hearing underscored strong bipartisan agreement on 2 key points: first, the need for a resilient complementary PNT system to strengthen America's critical infrastructure; and second, the FCC's role as the expert agency and ultimate decision-maker on spectrum matters. The hearing provided a valuable opportunity to educate various lawmakers on GPS vulnerabilities and the importance of a system-of-systems approach to PNT. Notably, NextNav was one of only a handful of recognized experts participating.
Additionally, we shared our views with the FCC on the draft unlicensed direct-to-device or D2D NPRM proposal and continue to believe in the inherent value of lower 900-megahertz spectrum for D2D services. While the FCC's draft NPRM proposed changes that would permit unlicensed earth-to-space transmissions in the lower 900-megahertz band, that band was ultimately not included for consideration in the FCC's final NPRM.
I will now turn to operational progress where we continue to build meaningful momentum. First, as I highlighted at the start, we recently announced an agreement with Safran Electronics & Defense, an important milestone in evaluating the role of terrestrial 5G-powered 3D PNT within future resilient PNT ecosystems. The collaboration will integrate and demonstrate interoperability between NextNav's terrestrial 5G PNT network and Safran's navigation and timing receivers, providing an opportunity to validate the performance of our technology in real-world operating environments and assess its contribution to the resilience and continuity requirements of mission-critical applications. This partnership paves the way for NextNav and Safran to deliver solutions to the urgent and growing need for resilient PNT in defense, UAV, aviation, energy and other critical infrastructure markets.
Next, we continue to develop wide-area sensing capabilities for counter-UAS detection. Through our Santa Clara pilot network and growing ecosystem of integrated sensing and communications partners, we are advancing such solutions. Today, we're very pleased to announce Tiami Networks as a sensing ecosystem partner supporting the development of 900-megahertz 5G PRS-based counter-UAS detection solutions for homeland security and critical infrastructure applications.
We also entered into a new partnership that expands the delivery of our Z-axis technology through an innovative device-based model. This agreement provides important commercial validation of our technology by bringing NextNav's Z-axis software and reference data directly on to a Tier 1 partner's devices for 911 vertical location services.
Beyond adding a new customer, it highlights the versatility of our platform, advances our device-based strategy and creates a pathway for future 3D PNT offerings and incremental revenue opportunities over time. Additionally, we achieved a significant technology milestone during the quarter that underscores the growing importance of PNT in the AI era.
We demonstrated approximately 20 nanoseconds of timing accuracy over our operational 5G PNT network in real-world outdoor, indoor and GPS-denied environments. As AI infrastructure scales, precise and resilient timing becomes increasingly critical, making PNT a foundational enabler of AI data centers and our other mission-critical systems. Our results significantly exceed critical infrastructure requirements and further validate the commercial readiness of our terrestrial 5G-powered 3D PNT platform for applications spanning AI, utilities, telecommunications, public safety and national security.
We also strengthened our position in the emerging drone ecosystem by joining GSMA and other industry leaders in an industry-first initiative to help shape the future of safe scalable drone operations. This collaboration highlights the growing recognition that resilient network-based PNT capabilities will be essential to enabling trusted low-altitude aviation and reinforces the potential role of NextNav's 5G-powered 3D PNT platform in supporting the next generation of commercial and public sector drone applications.
We believe these operational developments reflect steady disciplined progress across the business and further validate the strategic foundation of our solution. As it relates to our process with the FCC, the engineering case for a viable GPS backup and complement is well supported by our technical studies. We are confident in our position as a one of one within a system of systems requiring capabilities that only NextNav can provide a unique combination of wide-scale positioning, timing and 3D geolocation services, which are commercially viable and we believe can be made available during the current administration with swift action from the FCC. Moreover, our solution is future-proof and does not require taxpayer funding.
Concurrently, we remain in active dialogue with potential strategic partners across not only wireless carriers but also satellite operators, big tech, among others, to help realize our strategic goal of enabling a 5G-based backup and complemented GPS. From our perspective, what was already a constructive commercial environment has only improved as interest continues to expand for access to low-band spectrum.
In sum, our conviction remains unchanged. We are confident that we will resolve the remaining technical and policy questions within the time-tested FCC and inter-agency decision-making processes as we continue to engage constructively with both supporters and our opponents. Our confidence is based in part on the knowledge that the FCC is historically renowned for getting the process right.
With that, I will turn things over to Tim for a review of our financials. Tim?
Thank you, Mariam, and good afternoon, everyone. Our second quarter was absolutely transformational financially. We've gone debt-free, eliminated our public SPAC warrants and increased our available liquidity to roughly $300 million, comprised of approximately $230 million in cash, cash equivalents and marketable securities as of June 30, 2026, plus $70 million of warrant exercise proceeds collected on July 1, 2026. This significantly strengthens our balance sheet and provides us with the flexibility and resources to execute our strategy from a much stronger position.
Let me give you a few details on the warrant and debt actions that we took in the quarter. We converted all of our debt to 15.2 million shares as all of our debt holders converted to shares instead of receiving cash for their positions. I believe this is a sign of confidence from our shareholders.
On our public SPAC warrants, holders exercised 14.8 million warrants for shares delivering nearly $170 million to NextNav by July 1. Lastly, for our second quarter, a reminder that the gains or losses related to our outstanding private warrants and derivative liability fluctuate based on movements in our stock price. During the second quarter, we recognized a loss of approximately $32 million associated with the change in fair value of the derivative and warrants liability. This noncash loss was partially offset by the company's gain on debt extinguishment of roughly $21 million for the quarter, resulting in a net loss of approximately $33.8 million.
With that, I'll turn the call back over to the operator for questions. Operator?
[Operator Instructions] Your first question comes from the line of Mike Crawford with B. Riley Securities.
2. Question Answer
I was hoping you could dig a little bit more deeply into this comment made public today in the PNT proceeding for SpaceX, where it's great to see them saying that they want "mobile broadband operations" consistent with NextNav's 900-megahertz proposal, but there's also this Attachment A with spectrum deployment commitments regarding quality of service and uplink user throughput, spectral efficiency. Can you just walk us through that spectrum deployment commitment's aspect of Attachment A and how that relates to NextNav?
Thank you, Mike, for the question. First of all, let me just reiterate, we are very excited to see their involvement in this proceeding. They're validating the demand for low-band spectrum and in a market where the supply is very limited. We've always said we plan to partner on this and we find this as a very great involvement.
They did ask for a rulemaking designed to put spectrum with flexible use spectrum allocations to support a range of terrestrial services and D2D operations. They are also putting in the details as they want this to be supported in the configurations that they want. Notably, they mentioned, as you highlighted, our configuration, and they are talking about the build-out and other details as it goes with this. But this is a very exciting involvement for us.
Okay. And then just a separate question is you have this ongoing investment in MetCom in Japan in collaboration, but there are certain aspects that haven't been met triggering additional funding and/or warrant conversion there. Is there any update on MetCom and where you might be going with that?
We continue to partner with MetCom. We find the partnership extremely valuable, especially as it is one of our international focuses where they're using our Z-axis capabilities. I am not familiar with the warrant conversion. Tim, do you have any data on that? We can get back to you.
Yes, Mike. They're still working to achieve the considerations that we would need to be able to do the warrant access, which is some agreement from the Japanese government on their spectrum positioning. So as that moves forward, we'll talk more about it when we're -- when we go ahead and do that conversion.
[Operator Instructions] Your next question comes from the line of Tim Horan with Oppenheimer.
I'm going to break the rules here and ask 3 multipart questions. I guess, first, why do you think SpaceX is doing this? Do they want to lease your spectrum, do -- partner with you, buy the spectrum? What's their motivation here?
Tim, thanks for the question. I think SpaceX, consistent with their earnings, are building or intending to build a terrestrial network along with the D2D network, and they've highlighted the need for low-band spectrum. And that -- there's not much of that available. So I think their interest is driven by the fact that low band is scarce, and they're showing their interest through this filing of wanting to make sure that low band is made available.
Second, have you conducted any further testing since the last earnings call? And can you get in a little bit more detail what conversations you're having with the rails, the tollbooth operators and anyone else that you might be having conversations that are opposed to this?
Thanks again. I think with the rails, we have had great progress. We concluded the testing in Colorado with them. The results have been great. We have -- we are in dialogue with them to continue that engagement. We have also started talking to some of the other various licensed entities and unlicensed entities. And we -- our door is always open to any stakeholder who wants to talk with us or otherwise, they'll have to go through the FCC process for addressing their concerns.
And do you plan on doing any more testing? And how do those tests go?
Well, I mean, first of all, there's 3D PNT. We're definitely doing more testing. We show timing resiliency. We're going to show positioning. So you'll see a lot more results out of our network that are -- I'm excited about.
On the coexistence part, we will test when we need to that -- when it advances our proceeding. We are open to that if there is a need for the testing. But right now, we're very happy with the results of the testing that we've already done.
And third, can you just update us when you think the FCC could issue the notice of proposed rulemaking? Do they have to wait for the next meeting? Or can they do something inter meeting? And in regards to the White House, the OIRA process, do they reach out to you guys for more information? Or do they work for the FCC? Or any thoughts on what's holding them up?
Yes. So the FCC's typical process is to do it through their public meetings, and those are based on a schedule. We have engaged with multiple federal agencies and stakeholders in the interagency process, and we will continue to do that. We find it positive and constructive to do that right now, and we'll continue to talk with the progress that we've made so far.
And do you deal directly to OIRA? Or do they deal through the FCC?
Stakeholders can go directly and talk to OIRA. That is a part of the process. So if there is a need, any stakeholder who's interested in this proceeding can go talk to them. But the OIRA and the FCC and NTIA processes are interagency.
There are no further questions at this time. I will now turn the call back to Mariam Sorond, CEO, for closing remarks.
In closing, we continue to make steady progress across the business, including regulatory, operational, commercial and financial fronts. We remain actively engaged throughout the FCC and interagency processes while advancing strategic partnerships, validating our technology and strengthening our financial position.
Our conviction remains unchanged. We believe NextNav is uniquely positioned to deliver a resilient future-proof terrestrial complement and backup to GPS and to play a critical role in strengthening U.S. economic, public safety and national security. We remain focused on execution and confident in the opportunity ahead. Thank you for your continued support.
This concludes today's call. Thank you for attending. You may now disconnect.
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NextNav — Q2 2026 Earnings Call
NextNav — Q2 2026 Earnings Call
Stark verbesserte Bilanz und operative Validierung, aber Unternehmenswert bleibt stark vom Ausgang des FCC-Spektrumsprozesses abhängig.
📊 Quartal auf einen Blick
- Available Liquidity: ~ $300M (≈$230M Kasse/Marktwerte zum 30.6.2026 + $70M Warrant-Erlöse am 1.7.2026)
- Nettoverlust: ≈ $33.8M für Q2 (inkl. ~$32M Fair‑Value‑Verlust auf Derivate/Warrants, teilweise ausgeglichen durch ~$21M Gewinn aus Schuldenausbuchung)
- Kapitalmaßnahmen: Alle Schulden in 15.2M Aktien umgewandelt; 14.8M öffentliche SPAC‑Warrants ausgeübt
- Technologie‑Meilenstein: ~20 Nanosekunden Timing‑Genauigkeit über 5G‑PNT in realen und GPS‑entzugenen Umgebungen
🎯 Was das Management sagt
- Regulatorischer Fokus: Fortschritte im FCC‑Verfahren, NPRM in interagency review (OIRA) — Management erwartet Fortgang, nennt aber kein bindendes Timing
- Partnerschaften: Neue Kooperationen mit Safran und Tiami Networks zur Validierung 5G‑PNT, außerdem Device‑Integration für Z‑Achse in Tier‑1‑Geräten
- Kommerzielle Strategie: Aktivere Gespräche mit Netzbetreibern, Satellitenbetreibern und Big Tech; Positionierung als „system‑of‑systems“ Backup zu GPS ohne Steuerzahlerfinanzierung
🔭 Ausblick & Guidance
- Finanzielle Guidance: Keine neue Umsatz‑/Ergebnisprognose im Call; Schwerpunkt auf Nutzung der erhöhten Liquidität zur Umsetzung der Strategie
- Regulatorischer Katalysator: Wertentwicklung stark vom Timing und Resultat des FCC/NPRM‑ und OIRA‑Prüfprozesses abhängig; CEO glaubt an Lösung innerhalb der laufenden Administration
- Risiken: Koexistenz‑Bedenken, Einwände unlizenzierter Nutzer und interagency‑Review können Prozess verzögern
❓ Fragen der Analysten
- SpaceX‑Eingabe: Analysten fragten nach Motiven und Implikationen des SpaceX‑Ex‑Parte; Management sieht Bestätigung der Nachfrage nach knappem Low‑Band‑Spektrum, konkrete Partnerabsichten wurden nicht offengelegt
- MetCom Japan: Nachfrage zu ausstehenden Bedingungen für zusätzliche Finanzierungen/Warrant‑Konversion; Management: Voraussetzungen (staatliche Klärung der Spektrumsposition) noch nicht erfüllt
- Tests & Coexistenz: Fragen zu weiteren Tests mit Schienenbetreibern und Zuverlässigkeitsnachweisen; Management berichtet über erfolgreiche Colorado‑Tests, plant weitere Nachweise bei Bedarf, bleibt aber bei Details zurückhaltend
⚡ Bottom Line
- Bewertungsschlüssel: Bilanzstärkung und technische Validierung reduzieren finanzielle und technologische Risiken, während der Unternehmenswert kurzfristig durch ein binäres regulatorisches Ergebnis (FCC/OIRA) dominiert wird; Investoren sollten FCC‑Verlauf, Partnerschaften und konkrete kommerzielle Verträge beobachten.
NextNav — Q1 2026 Earnings Call
1. Management Discussion
Good afternoon, ladies and gentlemen, and thank you for standing by. My name is Kelvin, and I will be your conference operator today. At this time, I would like to welcome everyone to NextNav's First Quarter 2026 Earnings Call. [Operator Instructions] I would now like to turn the call over to Jared Pollack. Please go ahead.
Good afternoon, everyone, and welcome to NextNav's First Quarter 2026 Earnings Conference Call. Participating on today's call are Mariam Sorond, NextNav's Chief Executive Officer; and Tim Gray, NextNav's Chief Financial Officer. Before we begin, let me remind everyone that this call will include certain statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of the words may, anticipate, believe, expect, intend, should, could and similar expressions. Such forward-looking statements, which may relate to NextNav's forecast of future results, future prospects, developments and business strategies are subject to known and unknown risks, uncertainties and assumptions, many of which are outside of NextNav's control and could cause actual results to differ.
In particular, such forward-looking statements include the achievement of certain FCC-related milestones and SEC approvals, NextNav's projections, plans, objectives and expectations and NextNav's future business strategies and competitive position. These statements are based on management's current expectations and beliefs as well as a number of assumptions concerning future events. You are cautioned not to place undue reliance upon the forward-looking statements, which speak only as of the date made, and NextNav undertakes no commitment to update or revise the forward-looking statements, except as required by law. For additional information regarding risks and uncertainties, please refer to the risk factors and other disclosures contained in the company's filings with the SEC. Following prepared remarks, the company will host an operator-led question-and-answer session. In addition, a replay of our discussion will be posted to the company's Investor Relations website. I'd now like to turn the call over to Ms. Sorond. Please go ahead, Mariam.
Thank you, Jared. Good afternoon, and thank you all for joining us today. As we have discussed previously, the FCC moved forward to formally send a notice of proposed rulemaking or NPRM, focused on promoting the development of PNT technologies and solutions through a standard interagency review process. We believe this represents a critical step that underscores the FCC's focus on addressing the national security urgency of identifying resilient backups and complements to GPS. This positive milestone was achieved in rapid time and with extraordinary momentum under this administration. We know the draft NPRM continues to proceed through the interagency review processes, including review by the Office of Information and Regulatory Affairs or OIRA. These processes are designed to incorporate perspectives from all stakeholders, and we are actively supporting that work. While OIRA reviews are relatively new for FCC rulemaking, review across executive branch agencies has been a long-standing process.
Importantly, we continue to work constructively with the FCC and other government agencies to support these processes. The timing remains subject to these ongoing reviews. The FCC has a long history of evaluating technically complex and nationally important issues and finding pathways to successful resolution. Its process has worked for decades, time and time again, including in spectrum matters more complex than ours. What we believe has been particularly constructive about this proceeding is how the public comment process that followed the FCC's March 2025 Notice of Inquiry, or NOI, accelerated the discussion. The NOI generated a depth and volume of responses typically seen following an NPRM, surfacing various matters earlier than usual. As a result, NextNav has been addressing or are often post NPRM matters earlier on, which we believe has made this proceeding more advanced at this stage than comparable proceedings.
This is in part why activities such as joint testing with the railroads are occurring today. We believe this approach is constructive as bringing later-stage considerations into the record earlier may improve the efficiency of a post-NPRM phase moving towards report and order. In addition to the ongoing interagency review of the draft NPRM, as we have discussed previously, the FCC has granted experimental authorizations to NextNav to support both our 5G PNT network testing in Santa Clara County, California and joint testing with railroads at their testing facility in Pueblo, Colorado. Our 5G PNT network testing marks an important step towards commercialization. I will reiterate that our ongoing network testing is moving in parallel to the NPRM process. And while railroad testing is relevant to the broader record with the FCC, neither of these efforts are a prerequisite to the FCC issuing an NPRM.
In addition to our ongoing collaboration with railroad stakeholders, we continue to engage with the tolling industry. Last week, we attended the IBTTA Technology Summit in Orlando, Florida, where we spoke with tolling technology vendors, operators and IBTTA executives to express our interest in pursuing a collaborative approach to coexistence considerations and validation efforts based on our intention to work with the vendors and operators to ensure protection of tolling operations. With our progress, it is not surprising that we have recently seen a significant increase in opposition activity. This increased activity has included a recent attempt to stall the NPRM through the House Appropriations Committee. This attempt to circumvent the FCC has concerned government and industry as it is widely viewed as a dangerous precedent for U.S. spectrum policy.
Former Energy and Commerce Committee Chair, Greg Walden, described the attempt as interfering with the SEC's process. As Walden specifically noted, it's really early in the process to drop a bunker buster bomb on the FCC technology review process. We agree and further view these attempts as simply underscoring the strength of the existing record in the NOI proceeding, a record that led the FCC to advance an NPRM. We fully trust the FCC and interagency processes and firmly believe concerns can be addressed during an NPRM process. Chairman Kara has shared at an event in April that one of the biggest priorities for us at the FCC is to help support alternatives to GPS. And further that, we want everyone that has a technology that could potentially be a complement to GPS to get a fair shot at any regulatory changes that they might need.
So while we have seen increased opposition activity, we stand by our engineering and are proactively seeking to address concerns raised by stakeholders within industry and the Hill. In addition to our long history and continued constructive engagement with various federal agencies, we are continuing to build a highly targeted coalition of third-party supporters and actively engaging with both supporters and opponents on the Hill. We're also placing emphasis on sharing real-world evidence that supports our engineering analysis in the record. Just last week, we conducted a real-world coexistence demonstration using our 5G PNT network and a standard RFID reader with multiple RFID tags. This put recent claims about RFID interference to the test through a live demonstration at 20 feet between the 5G transmitter and the RFID reader, a setup that is far more extreme than seen in real-world circumstances. That test shows that RFID technologies are resilient by design and can continue to operate alongside 5G signals in the lower 900 megahertz band without operational impact.
Outside of our regulatory development, NextNav continues to build momentum across the broader policy and industry ecosystem. We are actively participating in high-level dialogues, including at the Milken Global Conference last week and through my role on the CTIA Board of Directors, where discussions increasingly focused on AI and the critical need for additional spectrum to support AI in the immediate future. At NextNav, we understand that wireless networks and reliable PNT are the underlying invisible infrastructure powering successful expansion of the AI systems that will define the next decade of the autonomous economy. Further, NextNav filed comments in the SEC's proceeding in support of President Trump's National Strategy of American drone dominance. We're excited to move into the next phase of sensing technologies and have joined the OCUDU Ecosystem Foundation. The Department of War's Future Generation Wireless Technology Office launched the OCUDU initiative and leads its ongoing development.
Finally, as market dynamics evolve, we remain in active dialogue with potential partners across not only wireless carriers, but also satellite operators and big tech, among others, to help realize our strategic goal of enabling a 5G-based backup and complement to GPS. From our perspective, what was already a constructive commercial environment has only improved as interest continues to expand for access to low-band spectrum. Taken together, we believe these developments reflect steady, disciplined progress across regulatory, technical and strategic fronts. From our perspective, the engineering case for a viable GPS backup is well supported by our technical studies.
We are equally confident in our position as a one of a one within a system of systems requiring capabilities that only NextNav can provide, a unique combination of wide-scale positioning, timing and 3D geolocation services, which are commercially viable and we believe can be made available during the current administration with swift action from the FCC. Moreover, our solution is future-proof and does not require taxpayer funding. Our conviction remains unchanged. We see a path to resolving technical and policy questions within the time-tested FCC and interagency decision-making process as we continue to engage constructively with both supporters and our opponents. Our confidence is based in part on the knowledge that the FCC is historically renowned for getting the process right. With that, I will turn things over to Tim for a review of our financials. Tim?
Thank you, Mariam, and good afternoon, everyone. NextNav continues to be in a position of financial strength with a strong cash position and low-band spectrum assets, with the potential to have a much more robust balance sheet in the near term. On liquidity, we finished the first quarter of 2026 with approximately $143 million in cash and cash equivalents and short-term investments. We are continuing to manage our use of capital and balance our approach to liquidity as we continue to move forward on our ambitious goals. It is important to note that we have a significant number of warrants expiring in October of this year that have the potential to deliver over $200 million in additional capital, depending on stock price performance.
The redemption of these warrants will provide NextNav with significant additional resources and balance sheet strength going forward. For our first quarter, a financial item of note, as a reminder, the gains or losses related to our outstanding private warrants and derivative liability fluctuate based on movements in our stock price. In the first quarter, we recognized gains of approximately $12.6 million associated with the change in the fair value of the derivative and warrants liability. These noncash gains partially offset the company's net loss for the quarter, resulting in a net loss of approximately $10.6 million. These accounting adjustments are primarily related to the financing transactions completed earlier in 2025 which strengthened the company's balance sheet. With that, I'll turn the call back over to the operator for questions. Operator?
[Operator Instructions] Your first question comes from the line of Mike Crawford of B. Riley Securities.
2. Question Answer
Would you mind just summarizing how much 900-megahertz spectrum NextNav currently owns and how this was acquired over time? And then what PNT precision gains would be enabled by a full 10/5 signal?
Mike, thanks for the question. NextNav currently has rights to about 4 billion megahertz POPs across the 900 to lower 900 megahertz band. And our PNT simulations currently, which will be tested through our field efforts over in Santa Clara show comparable 2 GPS performance, which is single-digit accuracy and timing synchronization to meet critical infrastructure needs.
Okay. And then my follow-up question just relates to how a drone or a physical AI instance would access the PRS reference signal embedded in 5G? Is there any other additional steps that would be required for these systems to access that signal?
Yes. I mean, first of all, let me say we're super excited about this new capability that we're stepping into, which is sensing of drones as it becomes a really important issue for our national security, and we really like the Department of Wars and the FutureG Office's efforts for making sure that we have a solid technology and solution to this. What's we basically are working with is the ability and what's really nice about it is that it's the PRS signal in a 5G setting, not only provides positioning and timing capability, we really don't have to do anything else with that signal to be able to then extract drone detection and sensing, which makes this a very attractive solution.
And I just want to emphasize solution, not just the technology. And one of the strengths of NextNav is that we provide solutions. And that solution means that we not only are developing the tech, but we also have the spectrum and the licenses to be able to deploy that technology. That's a very powerful statement that working across federal agencies and our national security interest and equities, they find it extremely compelling, and therefore, we're excited to be joining OCUDU and start this journey.
[Operator Instructions] Your next question comes from the line of Tim Horan of Oppenheimer.
On the sensing technology, is there something -- does that tie to the PNT or is that unique to what you guys are doing from a P&T and technology perspective? Does anyone else have that capability?
Thank you, Tim, for the question. So it is the same PRS signal that you extract positioning and timing from that actually gets used to sense drones and objects at a certain elevation. So the signal is the same, the underlying 5G is the same. And then what we extract is through a technology that is spearheaded by the OCUDU Department of War Office that's called ISAC, which is integrated sensing technologies that is also standards based. So what nice thing about having an underlying 5G that evolves the 6G and 7G network is that you use standards-based technologies to not only get positioning and timing, but you're also able to use that same signal within the same radio for being able to sense and detect drones.
And how you use that capability? Does anyone else have that to your knowledge?
So there's a lot of companies. One thing about ISAC is a standard space, and there's a lot of vendors, and we could read publicly about them that are developing the ISAC technology, which is 5G based. But what we provide is not just the tech and the underlying network, but we provide the solution because one of the problems is that you also need the spectrum to be able to deploy all of this on, which is a great sort of fit for us where we bring the spectrum and the tech to the table.
That's what I meant. I mean, so the spectrum and the PNT as long as the technology, that's fairly unique because anyone -- I mean, it doesn't sound like anyone else can replicate that type of sensing technology easily. But correct me if I'm wrong...
Exactly. That's a really good point, right? I mean you have -- I mean, Ericsson and among other RAN vendors are developing this technology. But at the end of the day, they need a partner, they need someone to bring the spectrum to the table. And we already have both. And we're working with a wide industry on this. It's a very, I would say, very interesting technology and very interesting development that's happening within the 5G network right now.
And are you working with the FAA is looking for -- they're massively upgrading the system and looking for ways to incorporate drones and other things. Are you working with that process at all?
So what we started out is filing in the drone dominance proceeding with the FCC, which we're super excited about. And what we've announced publicly is also separate in that our OCUDU membership. That is what we've stated publicly. But of course, we're talking to all the stakeholders on the vendor and also agency space about this.
There are no further questions at this time. And with that, I will now turn the call back over to Mariam Sorond, CEO for final closing remarks. Please go ahead.
Thank you. In closing, we continue to engage constructively with key stakeholders. As anticipated, interagency review and FCC processes continue as it has in matters more complex than ours. At the same time, we're building momentum towards commercialization and seeing expanding interest across the broader ecosystem. We continue to focus on our strategy and execution to achieve our goals. We are very proud of the progress we are making to deliver a resilient future-proof terrestrial complement and backup to GPS, strengthening U.S. economic and national security at a critical moment in time. Thank you, everyone.
Ladies and gentlemen, this concludes today's call. We thank you for participating. You may now disconnect your line.
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NextNav — Q1 2026 Earnings Call
NextNav — Q4 2025 Earnings Call
1. Management Discussion
Hello, and thank you for standing by. My name is Tiffany, and I will be your conference operator today.
At this time, I would like to welcome everyone to the NextNav Fourth Quarter 2025 Earnings Call. [Operator Instructions].
I would now like to turn the call over to [ Jarrod Pollock ], [ Jarrod ], please go ahead.
Good afternoon, everyone, and welcome to NextNav's Fourth Quarter 2025 Earnings Conference Call. Participating on today's call are Mariam Sorond, NextNav's Chief Executive Officer; and Tim Gray, NextNav's Chief Financial Officer.
Before we begin, let me remind everyone that this call will include certain statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by use of the words may, anticipate, believe, expect, intend, should, could and similar expressions. Such forward-looking statements which may relate to NextNav forecast of future results, future prospects, developments and business strategies are subject to known and unknown risks, uncertainties and assumptions, many of which are outside NextNav's control and could cause actual results to differ.
In particular, such forward-looking statements include the achievement of certain FCC-related milestones and FCC approvals. NextNav's projections, plans, objectives and expectations and NextNav's future business strategies and competitive position. These statements are based on management's current expectations and beliefs as well as a number of assumptions concerning future events. You are cautioned not to place undue reliance upon the forward-looking statements, which speak only as of the date made, and NextNav undertakes no commitment to update or revise the forward-looking statements, except as required by law.
For additional information regarding risks and uncertainties, please refer to the risk factors and other disclosures contained in the company's filings with the SEC. Following prepared remarks, the company will host an operator-led question-and-answer session. In addition, a replay of our discussion will be posted to the company's Investor Relations website.
I'd now like to turn the call over to Ms. Sorond. Please go ahead, Mariam.
Thank you, Jared. Good afternoon, and thank you all for joining us today. I'll begin with an important update on our FCC process. Earlier this month, the FCC formerly sent a draft notice of proposed rulemaking or NPRM, focused on PNT technology and solutions to the White House OMB. This is a critical step in the process, and I am confident in the NPRM advancing to report an order. This development underscores the FCC's focus on addressing the national security urgency of identifying resilient backups and complements to GPS. It reflects an incredible milestone achieved in rapid time and extraordinary momentum under this administration. While I am thrilled it does not come as a surprise as this progress is consistent with the confidence I have expressed over the prior quarters regarding the FCC's direction. The NextNav team has worked tirelessly alongside a highly engaged FCC, and we are extremely proud of where we stand today.
It marks significant validation of NextNav solution to a critical national security priority at a time of heightened global risk as adversaries continue to invest in their own terrestrial PNT capabilities. The U.S. must meet the moment. The under agency review of the NPRM is now progressing as expected. While we do not yet know specific content, we do know that NPRM can take many forms. And based on the strength and completeness of the existing record, we remain confident in a direct path to a report in order.
NextNav plays an important role in a system of systems framework that combines multiple terrestrial and space-based capabilities to build redundancy and resiliency across America's critical infrastructure. a redundancy that exists today for our adversaries, including Russia and China, but not for the United States. NextNav proposed solution is a one-of-one within this system of systems framework requiring capabilities that only NextNav can provide a unique combination of wide-scale positioning, timing and 3D geolocation services which are commercially viable and we believe can be made available during the current administration.
Moreover, our solution is future-proof and does not require taxpayer funding. The anticipated NPRM is supported by a well-developed and complete record. Though as we have stated on prior earnings calls, the exact timing of the process remains outside of our control. We applaud the administration and Chairman Carr for their actionable leadership on this issue and look forward to continuing to work constructively with the FCC and key stakeholders as the process moves forward.
As the national conversation around resilience and critical infrastructure is expanding, NextNav is increasingly contributing to the highest levels of industry and policy leadership. To that end, I am pleased to have joined the CTIA Board of Directors and participated in my first Board meeting alongside a dynamic group of leaders. I look forward to advancing the association's mission and helping expand the capabilities of 5G networks in ways that strengthen America's national security infrastructure to ensure our industry remains a good standard for innovation, public safety and natural security globally. Furthermore, NextNav continued to advance dialogue across both regulatory and industry audiences through participation in recent events, including Mobile World Congress 2026 in Barcelona and the 2026 Milken South Florida dialogues.
Discussions at these forums highlighted several key themes. First, there was clear recognition that multiple public and private sector organizations are working towards PNT capabilities with PNT increasingly viewed as the killer application for 5G and 6G, one that could be among the most valuable transformative uses of these networks. Second, it was clear that strengthening resiliency and vulnerable systems is essential both for deterrence and for regaining U.S. leadership in critical technologies.
It was top of mind in discussions that GPS has clear vulnerabilities, including indoor coverage gaps, jamming and spoofing. And it takes as little as a $200 jammer purchased online to disrupt signals, let alone the capabilities of an adversary. Recent developments in the Middle East conflict, including widespread GPS and communications jamming highlight how quickly these disruptions can escalate and destabilize critical systems. That's why a ground component is essential. And NextNav has the largest footprint capable of delivering a unique combination of positioning, timing and 3D geolocation capabilities.
Independent of our work with the FCC, NextNav continues to advance its technology and commercialization efforts. First, we are very proud to have begun operating the world's first 5G powered PNT network, marking an important step towards commercialization. While the FCC granted NextNav an experimental license to begin this testing in a defined geographic location, I will reiterate that the testing itself is for early commercialization purposes and is independent of the FCC's NPRM process.
Next, we announced an expanded partnership with Japan's MetCom, we believe this partnership is a compelling validation of demand for resilient terrestrial 5G-based 3D PNT solutions and represents a potentially significant commercial opportunity beyond the U.S. market. Under the agreement, MetCom has licensed our technology to power new terrestrial timing services in major Japanese metropolitan areas, highlighting both the strength of the deal and the international scalability of our platform, particularly given our 3GPP standards-based approach, which makes technology partnerships outside the U.S. especially attractive.
It is essential to support our allies in a complex geopolitical landscape. As a public company, strengthening our governance is important as we advance the terrestrial market-based backup and complement to GPS. With that, we are pleased to welcome Lisa Hook as our Board's new Lead Independent Director. She brings decades of public company board experience at the intersection of technology, telecommunications and National security. For experience as CEO of Neustart, a publicly traded global information services company, leading you through years of complex technology and policy make her an ideal thought partner as we execute on our mission.
With that, I will turn things over to Tim for a review of our financials. Tim?
Thank you, Mariam, and good afternoon, everyone. Based on the actions taken in 2025 to enhance the company's liquidity NextNav continues to hold a position of financial strength and strategic advantage with a strong cash position, valuable spectrum assets and the continued development of field testing of our resilient proven technology.
On liquidity, we finished the fourth quarter with approximately $152 million in cash, cash equivalents and short-term investments. We will continue to manage our use of capital as we advance our ambitious goals, taking a deliberate approach to liquidity and commercialization.
In addition, we have a significant number of warrants expiring in 2026 that have the potential to deliver over $200 million in additional capital depending on stock price performance. So let me be very clear that we believe we have significant runway in funding for multiple years. For our fourth quarter, a financial item of note. As a reminder, the gains or losses related to our outstanding private warrants and derivative liability fluctuate based on movements in our stock price.
While last quarter, we had gains, this quarter, we're reporting losses. In the fourth quarter, we recognized losses of approximately $48 million associated with the change in the fair value of the derivative and warrant liability. The impact of these noncash losses resulted in our net loss for the quarter of roughly $68 million. These charges are a result of the funding the company took on earlier in 2025, which has put the company on very solid footing.
With that, I'll turn the call over to the operator for questions. Operator?
[Operator Instructions] Your first question comes from the line of Mike Crawford with B. Riley Securities.
2. Question Answer
We were pleased to see that the FCC sent this promoting the development of PNT technologies to the OMB on March 2, but have you seen the content of what was actually sent. And do we know if that's any different from what has been contemplated previously?
Mike, thanks for the question. I -- the NPRM has been drafted. And it is in the inner agency review process. We have not seen the content, and that is part of the process, contents will be available the draft review will be available once it finalizes its interagency process with the NTIA [indiscernible] and OMB [indiscernible].
And then the data that you've been collecting shows that you get more precise PNT when you have a 10/5 channel. And so do you think that, that is something that's what we're likely going to see when we get an NPRM and eventually report in order?
Well, definitely, we've been testing and we're testing towards a 10 plus 5 capability, and that's part of our commercialization effort. And it's also just basically how 5G networks operate with respect to positioning, it becomes more accurate with the downlink being 10 megahertz. So we've made those studies over the FCC. And we remain confident that we're going to move forward with this FCC working with them to make sure that we meet the backup and complete requirements of GPS.
Your next question comes from the line of David Joyce with Seaport Research Partners.
Could you please provide any interesting learnings so far with your MetCom relationship? And perhaps connect that with how that might help with accelerated commercialization in the U.S.?
I think there's definitely an international opportunity. MetCom is part of that for us, and we're super excited about the partnership that we've had with them and this new development with respect to what they're doing in Japan. I think this is a solution that, as we have said, can be taken global and it does have a national opportunity. What we're facing today with a lot of the GPS or GNSS in general, jamming and spoofing issues is a global problem. So we will share the results of whatever MetCom does when they publicize it with the market. But right now, this is a great step advancing that partnership and relationship with us.
That concludes our question-and-answer session. I will now turn the call back over to Mariam Sorond for closing remarks.
In closing, NextNav remains highly optimistic about the path ahead toward an FCC vote on an NPRM in the near term, with clear line of sight to a report in order, and we look forward to continued engagement with the FCC and key stakeholders. We are very proud of the progress we're making to deliver a resilient future-proof terrestial complement and backup to GPS, strengthening U.S. economic and national security at a critical moment in time. Thank you all.
Ladies and gentlemen, this concludes today's call. Thank you all for joining. You may now disconnect.
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NextNav — Q4 2025 Earnings Call
NextNav — Q3 2025 Earnings Call
1. Management Discussion
Ladies and gentlemen, thank you for standing by, and welcome to the NextNav Q3 2025 Earnings Conference Call. [Operator Instructions] As a reminder, today's call is being recorded. I will now hand today's call over to Nev Reilly. Nevin Reilly, please go ahead.
Good morning, everyone, and welcome to NextNav's Third Quarter 2025 Earnings Conference Call. Participating on today's call are Mariam Sorond, NextNav's Chief Executive Officer; and Tim Gray, NextNav's Chief Financial Officer.
Before we begin, let me remind everyone that this call will include certain statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by use of the words may, anticipate, believe, expect, intend, should, could and similar expressions. Such forward-looking statements, which may relate to NextNav's forecast of future results, future prospects, developments and business strategies are subject to known and unknown risks, uncertainties and assumptions, many of which are outside NextNav's control and could cause actual results to differ.
In particular, such forward-looking statements include the achievement of certain FCC-related milestones and SEC approvals, NextNav's projections, plans, objectives and expectations and NextNav's future business strategies and competitive position. These statements are based on management's current expectations and beliefs as well as a number of assumptions concerning future events. You are cautioned not to place undue reliance upon the forward-looking statements, which speak only as of the date made, and NextNav undertakes no commitment to update or revise the forward-looking statements, except as required by law. For additional information regarding risks and uncertainties, please refer to the risk factors and other disclosures contained in the company's filings with the SEC.
Following prepared remarks, the company will host an operator-led question-and-answer session. In addition, a replay of our discussion will be posted to the company's Investor Relations website. I'd now like to turn the call over to Ms. Sorond. Please go ahead, Mariam.
Thank you, Nevin. Good morning, and thank you all for joining us today. Before I begin, I want to take a moment to welcome Tim Gray as NextNav's Chief Financial Officer. Tim is an industry veteran, bringing a rare combination of deep spectrum knowledge and experience leading the finance function at growth-oriented companies that have technology in the marketplace. We are excited to have him on board for our next chapter of growth as we prepare for commercialization of our technology. Welcome to the team, Tim.
I also want to recognize Chris Gates for all his meaningful contributions, particularly in ensuring NextNav leads with a healthy balance sheet and liquidity position. Chris will maximize his expertise in corporate development and increasingly important responsibility as we prepare for the commercialization of our technology and will work closely with Tim on strategic positioning in our next chapter of growth.
I'll begin with an update on our FCC process. Since the FCC's March 2025 Notice of Inquiry, or NOI, on PNT technologies, NextNav has filed a robust set of technical and economic studies that demonstrate the feasibility and public interest benefits of our proposal to enable 5G-based 3D PNT in the lower 900 megahertz band. We continue to proactively contribute to the FCC process and believe the FCC has sufficient data to issue a Notice of Proposed Rulemaking, or NPRM.
In early September, we met with senior staff from the FCC Wireless Bureau and Office of Engineering and Technology as well as Arpan Sura, Senior Counsel and Chief AI Officer to Chairman Brendan Carr, proactively summarizing the record and urging the FCC to promptly issue an NPRM. We were also pleased to see Chairman Carr continue to reiterate the importance of PNT in public remarks over the past few months.
We thank Chairman Carr and FCC staff for their continued diligence in consideration of the need for PNT resiliency given the numerous competing priorities and demands on the FCC's resources. While we cannot speculate on NPRM timing, we note that the FCC C-band NOI preceded the PNT NOI. Chairman Carr has talked about the FCC's summer 2027 deadline to complete an auction of the C-band, referring to that as a very compressed time line given the work that needs to be done. And just last week, Chairman Carr announced that the FCC will vote on a C-band NPRM at its November 20 open meeting. Given the congressional mandate for action, we were not surprised that the FCC continued its work on this issue.
What we can say on timing is that the ongoing government shutdown has halted most of the work at the FCC. But we continue to actively engage with administration and congressional officials who are not furloughed to advocate for our proposal. In addition to our work with the FCC, we continue to advance our technology and make progress on commercialization independent of the FCC process.
First, we are aggressively advancing the technical work needed to deliver a 5G-based 3D PNT solution as a complement to GPS, addressing an urgent national security need. Last month, we reached a major milestone towards enabling a wide-scale commercial 5G-based 3D PNT solution, deriving accurate timing and positioning information while simultaneously delivering both downlink and uplink data transmissions utilizing standard 5G network equipment. This achievement highlights the seamless integration of NextNav's technology and 5G.
Next, in partnership with Oscilloquartz, we were pleased to achieve the successful integration of our 5G-based PNT technology and an Oscilloquartz GNSS-enabled grandmaster clock. This achievement marks another significant step towards the commercialization of a GPS complement and backup serving the needs of national security, public safety and mission-critical enterprise timing applications. These achievements reinforce the scalability and practicality of a resilient terrestrial complement to GPS, and we are focused on continuing our forward progress towards commercialization.
Last month, we also extended our agreement with AT&T relating to our Pinnacle network operations by 2 years to October 2028. This network, which operates primarily in partnership with AT&T, is providing public safety applications like enhanced 911 across all major cellular networks and to FirstNet. This recognition of our continuing technology leadership in Z-axis is an important component of our commercialization for a 5G-based 3D PNT capability.
Finally, in October, we showcased our leadership in location technologies at Mobile World Congress 2025 Las Vegas. Our booth received a lot of traffic from attendees, and we highlighted both our current vertical location capabilities as well as our progress towards commercialization of 5G-based 3D PNT.
Looking ahead to the remainder of 2025 and beyond, NextNav remains deeply committed to advancing PNT resiliency in support of national security, public safety and economic stability. As there is already broad awareness of the need for a terrestrial complement and backup to GPS, we are uniquely positioned to build on our momentum. We remain focused on executing our strategic road map and driving innovation in geolocation technology.
With that, I will turn things over to Tim for a review of our financials. Tim?
Thank you, Mariam, and good morning, everyone. I'm thrilled to join NextNav and bring my experience for its next chapter of growth as it prepares to optimize the lower 900 megahertz band, delivering a win for national security, public safety and the American economy. NextNav has a strong financial foundation and a compelling growth story. I look forward to helping NextNav navigate its exciting future and to engaging with shareholders on our journey forward together.
In the third quarter, NextNav continued to hold a position of financial strength and strategic advantage with strong liquidity, valuable spectrum assets and the development and testing of our resilient proven technology. Having repaid our $70 million senior secured debt in March 2025, we have demonstrated consistent robust financial health. NextNav's remaining convertible notes do not mature until June 2028, and additional capital may also be realized through warrant conversions over the coming years.
The closing of the Telesaurus transaction and subsequent securing of additional spectrum in the lower 900 megahertz band has positioned NextNav to continue to create value for our shareholders. Recent low-band spectrum transactions present a positive development for investors, validating spectrum as a highly strategic asset. NextNav's lower 900 megahertz spectrum represents a scarce yet valuable asset to enable a 5G-based complement and backup to GPS and to deliver broadband. This transaction added 128 active lower 900 megahertz band spectrum licenses and resulted in the issuance of roughly 1.2 million shares at closing.
With that, I'd like to address a few additional financial highlights. In the third quarter, we recognized gains of approximately $23.6 million associated with the change in the fair value of the derivative and warrants liability. The impacts of these noncash gains resulted in net income for the quarter of nearly $0.5 million. In addition, we finished the third quarter with $167.6 million in cash, cash equivalents and short-term investments. We are continuing to conservatively manage our use of capital as we work to advance our business and develop our assets, taking a deliberate approach to liquidity and commercialization. There is significant runway in funding for NextNav to continue its work on achieving its ambitious goals.
With that, I'll turn the call back over to the operator for questions. Operator?
[Operator Instructions] Your first question is from the line of Mike Crawford with B. Riley Securities.
2. Question Answer
Mariam, now that the FCC is through its space month and has started that C-band auction process, do you think PNT could be next on the priority list?
Thank you, Mike. Thanks for the question. As you know, the FCC doesn't provide guidance on their timing, neither do we provide guidance, but we continue to believe that this is an important issue and a priority for Chairman Carr. And getting C-band NOI done will actually definitely pave the way for him to focus on his other priorities and for the commission to focus on their other priorities.
Okay. And then just shifting gears. In the past, the company had or has had international strategy, including some collaboration in Japan, maybe using some donated 800 megahertz spectrum to help propagate your solution. But is there anything that's changed or that you can share with what you're doing internationally or how you would potentially port your IP and get paid outside of the U.S. [ where you hold ] spectrum?
We continue to have the partnership with MetCom, and MetCom has actually achieved significant milestones also in their journey. I wouldn't call it donated spectrum, but just spectrum in Japan is actually licensed differently here than the U.S. But it is very valuable spectrum that they're also working on and they're working for it with their regulator and just recently have had some good progress with the regulator, and we're both working together.
They also use our Pinnacle altitude solution out in Japan already commercially. So it's not just also waiting for that spectrum to go through the regulatory process. So it's a great partnership for us. We appreciate it. And also, I think Japan being one of the U.S. allies to work on national security makes sense. It probably would make sense for us also to look at the international market. But right now, we are very focused on making sure that we prove our solution in the United States.
Your next question is from the line of Brendan Lynch with Barclays.
You mentioned the relationship with AT&T and FirstNet. Can you expand on what the relationship -- what other relationships with carriers you could develop and how that might help you build out the PNT solution?
Thank you for the question. And that's a good question. Actually, as you may have seen, we just highlighted a key point regarding the extension of our AT&T agreement, which we're very happy about. So we're already operating a positioning system in partnership with a major wireless carrier for public safety applications. And that we're very excited about the extension of that agreement. And the solution for that agreement, which is the Z-axis is already being used in the Verizon network besides the public safety applications that it is being used in. So Verizon is using that commercial solution. So we have an existing partnership. We do need to expand that partnership, obviously, to do the x/y and the rest of our solution. I believe that the FCC, considering this a priority in advancing what we're doing, will actually be a great milestone in taking those partnerships further.
Okay. Very good. That's helpful. And then on the recent EchoStar transaction, there's obviously been some movement in the spectrum that's available. How do you see the spectrum supply and demand dynamic going forward? Obviously, you mentioned some of the considerations around the SEC, but maybe more focused on swaps or sales between owners of spectrum now.
Yes, I'm glad you brought up that because this is a great landscape we're seeing right now. And also, just by the way, just this morning, there was another transaction between EchoStar and SpaceX. But just let me say that we are creating a 10 megahertz downlink. This is a very rare and already scarce low-band spectrum position. Chairman Carr continues to mention the importance of freeing up even additional spectrum for broadband. The One Big Beautiful Bill requires freeing up spectrum, but none of them are below 1 gigahertz.
I think I also want to highlight one of the things that the AT&T CEO commented post the EchoStar transaction about the 600 megahertz spectrum. 600 megahertz spectrum is not in the AT&T network, by the way. But he did say that I have never regretted owning low-band spectrum over the course of my career. So I agree with him. And this highlights really the demand for low spectrum.
So in addition to that AT&T transaction, we obviously saw other transactions with EchoStar. We continue to see the transactions. We believe that, that low-band spectrum when it's available, the demand is significant. And the fact that we're seeing an expanding universe of participants in the market for spectrum besides the major carriers and -- which includes the satellite operators, this demand is going to expand. And collectively, we see all of this as positive for our business.
Your next question is from the line of Ryan Koontz with Needham.
I want to ask about any updates you have on your commercialization and partner strategy model for the U.S. relative to mass rollout. And then specifically, how does this Oscilloquartz integration play into that at all? I mean, obviously, timing is a pretty -- it's everywhere in the U.S. wireless network today, but probably not proliferate enough to handle, I would guess, your needs for the number of instances around the country.
Thank you, Ryan, for the question. I think there is definitely a high degree of attention to our spectrum and regulatory process. But as a company, we're very focused and really excited about just not only just enabling what we're doing with the spectrum and capacity, but our solution to provide this complementary PNT. So obviously, we've been operationalizing the key technologies, not only on advancing what we're doing with the network side that shows PNT broadband on 5G standard equipment, but also, as you mentioned, the use of the signal that it provides recently highlighted with Oscilloquartz is -- sorry, let me just remind everyone.
They are a leading provider of timing solutions, so we're super excited about integrating their timing solution into the network, which is significant. And you're right, there's been -- there is a lot of focus on timing in addition to positioning because it remains in the critical infrastructure and a significant point. So we're super excited about moving that partnership forward. And I think that's going to definitely be one of the integrations in addition to the future integrations that we need to do to get the operational and commercialized network ready for a backup and complement to GPS.
Interesting. And maybe one more, if I could. With regards to any movement of existing networks that are needed to accommodate your solution, have you done any scoping there in terms of those costs and how they'd be funded? I think you guys have talked about toll collection and a few things like that, that might need to be repacked.
Okay. So you're talking about the coexistence in the band and the spectrum users, yes.
Yes.
So we provided a study to the FCC that thoroughly evaluates the tolls and talks about the minimal impact to them and how they would need retuning, and that retuning is not at all going to be a hardware swap. It's a software retuning. We're very confident in our study. We've been working on this, and we provided that to the FCC that those costs when you are talking about just software and not rip-and-replace equipment, become extremely minimal, especially with the minimal impact to them.
So I would not call it a significant cost. As far as the rest of the -- we continue to work really well with the railroads. As far as the rest of the unlicensed use of the spectrum, we're not asking anyone to vacate or go to another spectrum, and there is no cost associated with it. And as we have shown through our FCC studies, there's also no impact to the unlicensed community.
Your next question is from the line of Peter Supino with Wolfe Research.
This is Ron on for Peter. We recently saw the Department of Transportation awards to Iridium to test a solution with T-Mobile. Can you provide any comments on the implications or opportunities for NextNav?
Thank you for the question. I mean what we just recently saw, and this is a little bit of what Ryan brought up on the importance of timing, but let me just say, what we just recently saw, it highlights the importance of having multiple systems to have a very robust and complement backup to GPS. But as a reminder, let me just remind everyone, we had the highest performance in positioning and navigation and timing technologies in the DOT's -- Department of Transportation's 2021 testing. And you may remember that we also received an award under the same program in 2024. And it remains the largest award so far. And -- but we're very happy to see other solutions also get an opportunity.
And as we've always said from the beginning, this reiterates this concept of the system of systems and the importance of backup solutions, especially for critical infrastructure, which telco is one. So we want to address this issue. We do require the system of systems because GPS is used so broadly.
Now at NextNav, we believe we offer the best path to a wide-scale solution for most of the use cases, but of course, satellite and other potential terrestrial systems also have a role to play, and they will create opportunities for seamless integrated solutions as well. So overall, the positive development with the Iridium testing and the partnership with DOT for this entire landscape and reinforcing what we're working to achieve right now, which is we're on the right path.
At this time, there are no further questions. I will now hand the call back over to our presenters for closing remarks.
Thank you. And as I mentioned at the beginning of the call, we have continued to proactively advocate for the FCC to take the next steps in its process despite the government shutdown and are pleased with the technological progress we have made as we prepare for commercialization of our technology. NextNav looks forward to enabling a wide-scale future-proof complement and backup to GPS as quickly as possible. We are proud of the work we are accomplishing to bolster the U.S. economy and national security, and we are very grateful to our shareholders for their support. Thank you, everyone.
This concludes today's call. Thank you for joining. You may now disconnect your lines.
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NextNav — Q3 2025 Earnings Call
Finanzdaten von NextNav
Umsatz
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Umsatz (TTM) einfach erklärtDirekte Kosten
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Bruttoertrag
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Forschungs- und Entwicklungskosten
Die Forschungs- und Entwicklungskosten (engl. research & development costs, kurz R&D) geben Auskunft darüber, wie viel das Unternehmen in die Forschung und die Entwicklung seiner Produkte investiert. Vor allem prozentual vom Umsatz und im Vergleich zu direkten Wettbewerbern sind die Kosten interessant.
EBITDA
Das EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) ist der Gewinn des Unternehmens vor Zinsen, Steuern und Abschreibungen. Berechnet man den prozentualen Anteil vom Umsatz, spricht man von der EBITDA-Marge.
Abschreibungen
Abschreibungen stellen Wertminderungen von Vermögensgegenständen des Unternehmens dar (z.B. durch Abnutzung von Maschinen).
EBIT (Operatives Ergebnis)
Das EBIT (engl. Earnings Before Interest and Taxes) ist der Gewinn des Unternehmens vor Zinsen und Steuern, das auch als operatives Ergebnis bezeichnet wird. Berechnet man den prozentualen Anteil vom Umsatz, spricht man von
der EBIT-Marge.
Nettogewinn
Der Nettogewinn stellt den Gewinn oder Verlust nach Abzug aller Kosten dar.
Nettogewinn einfach erklärtaktien.guide Premium
| Jun '26 |
+/-
%
|
||
| Umsatz | 3,98 3,98 |
36 %
36 %
100 %
|
|
| - Direkte Kosten | 8,15 8,15 |
16 %
16 %
205 %
|
|
| Bruttoertrag | -4,17 -4,17 |
23 %
23 %
-105 %
|
|
| - Vertriebs- und Verwaltungskosten | 42 42 |
12 %
12 %
1.058 %
|
|
| - Forschungs- und Entwicklungskosten | 21 21 |
32 %
32 %
540 %
|
|
| EBITDA | -68 -68 |
18 %
18 %
-1.703 %
|
|
| - Abschreibungen | 7,80 7,80 |
44 %
44 %
196 %
|
|
| EBIT (Operatives Ergebnis) EBIT | -76 -76 |
20 %
20 %
-1.899 %
|
|
| Nettogewinn | -112 -112 |
33 %
33 %
-2.811 %
|
|
Angaben in Millionen USD.
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Firmenprofil
NextNav entwickelt Positionierungs-, Navigations- und Zeitmessungslösungen der nächsten Generation. Mit seinem Pinnacle-System bietet es Geräten mit einem barometrischen Drucksensor einen Höhenservice auf Bodenhöhe. Das Unternehmen wurde im Mai 2021 von Ganesh Pattabiraman und Arun Raghupathy gegründet und hat seinen Hauptsitz in McLean, VA.
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| Hauptsitz | USA |
| CEO | Ms. Sorond |
| Mitarbeiter | 103 |
| Gegründet | 2021 |
| Webseite | nextnav.com |


